Cryptocurrency LIVE: BTC, ETH and DOGE prices rebound after 'dormant wallet wakes up' ( Game News )

Cryptocurrency LIVE: BTC, ETH and DOGE prices rebound after 'dormant wallet wakes up' ( Game News )

ALL MAJOR cryptocurrencies saw their prices rise this morning following a slump earlier in the week - and they continue to increase.

As of 7am today, Bitcoin rose by 2.14 percent over the last 24 hours, bringing the price to $32,570.40. Ethereum - the second-largest cryptocurrency - also jumped by 4.39 percent, increasing its price to $1,963.48.

Binance Coin’s price rose to £303.66 - an increase of 3.33 percent - while Cardano jumped by 2.16 percent ($1.24)

Dogecoin - which has often been backed by Tesla chief Elon Musk - also saw a rise of 1.17 percent over the last 24 hours ($0.1929).

This comes after all cryptocurrencies struggled as all prices continued to fall this week.

According to the latest figures from Coin Market Cap, Bitcoin’s seven-day average was around 2.16 percent.

Ethereum also struggled during the start of the week, with their seven-day average down by 4.99 percent.

Dogecoin’s seven-day average also tanked by 11.79 percent.

This comes as a dormant Satoshi-era Bitcoin wallet suddenly activated after nearly a decade.

The wallet - which contained more than $26million worth of cryptocurrency - was created shortly after Bitcoin’s pseudonymous creator Satoshi Nakamoto disappeared in 2012.

Movement of funds from the Bitcoin address was spotted by crypto-tracking Twitter bot Whale Alert.

640 of the 791 Bitcoins within the wallet were moved to an unknown address, according to blockchain records.

14:03 ECB working on new cryptocurrency to go alongside cash
The European Central Bank is launching a two-year investigation on whether to introduce a digital version of the euro to complement cash.

The ECB said in a statement that the digital euro must be able to meet consumers’ needs while helping prevent illegal activity such as money laundering and must not have an adverse impact on financial stability and monetary policy.

Digitalisation “is reaching all areas of our lives,” Fabio Panetta, a member of the ECB’s executive board, wrote in a blog post.

He said: “The coronavirus pandemic has shown just how fast such change can happen.

“And this is affecting the way we pay.

“We are increasingly buying digitally and online.”

He said that there were many questions to be answered and that “a decision about whether or not to issue a digital euro will only come at a later stage”.

12:22 Shares in Picasso painting up for grabs in blockchain sale
Connoisseurs of Pablo Picasso will soon be able to own a share in one of his paintings for less than $6,000.

‘Fillette au beret’ is being sold via the blockchain in what has been described as a world first.

Sygnum, the digital asset-focussed Swiss bank, and co-organiser Artemundi said: “This marks the first time the ownership rights in a Picasso, or any artwork, are being broadcast onto the public blockchain by a regulated bank.”

Subscriptions for the four million Swiss franc (€3.68million) sale are expected to open at the end of July.

Tradable shares in the painting available for 5,000 Swiss francs and above.

10:27 Dogecoin co-creator slams cryptocurrency
One of Dogecoin’s co-founders, Jackson Palmer, took to Twitter and blasted cryptocurrency as an “inherently right-wing, hyper-capitalistic technology”.

In a Twitter storm, he wrote cryptocurrency takes the worst parts of capitalism and uses technology to circumvent regulatory oversight.

He claimed it removes key “safety nets” for the average investor and leaves them vulnerable to cryptocurrency’s volatility.

Mr Palmer vowed never to go back to dabbling in cryptocurrency.

08:56 Bitcoin to blame for Tesla’s shares with US companies becoming less correlated
According to the latest report from Elon Musk’s company, the 20-day correlation b between Tesla’s stock price and the Nasdaq 100 index fell from 0.83 on June 17 to 0.14 yesterday.

Amy Wu Silverman, derivative strategist at RBC Capital Markets, said Tesla’s drop in shares is to do with their “bitcoin exposure”.

She said: “When I ask around, the feedback I get is that this is related to their Bitcoin exposure and how it will have to be accounted for they report earnings.”

08:13 China’s share of bitcoin mining slumped before Beijing’s crackdown
China’s bitcoin production fell sharply before a Beijing’s recent crackdown on cryptocurrency mining, according to research from the University of Cambridge.

Xi Jinping’s nation has long been the centre of global cryptocurrency mining but recently the government has cracked down on the industry.

However, the research found the decline in Chinese mining power came ahead of a crackdown by China's state council, or cabinet, on bitcoin mining and trading in late May, citing underlying financial risks.