EL ZONTE, El Salvador (AP) — After El Salvador’s congress made the bitcoin legal tender this week, eyes turned to this rural fishing village on the Pacific coast. Known to surfers for its pounding waves, El Zonte has had the cryptocurrency in its economy for the past year. Some 500 fishing and farming families use bitcoin to buy groceries and pay utilities, something the government envisions for the country at large. Bitcoin already was legal to use in El Salvador but its acceptance was… Source link

The FBI’s surprise announcement Monday that it had seized some of the ransom that Colonial Pipeline paid to criminal hackers came as a double shock. On one hand, it was major news that the U.S. government had flexed its cybersecurity muscles on behalf of the owner and operator of the country’s largest fuel pipeline, taking over a bitcoin account and marking the first public recovery of funds ever from a known ransomware gang.  On the other hand, it raised a question: Why hadn’t the U.S. done… Source link

A man buys in a store that accepts bitcoins in El Zonte, El Salvador. Stanley Estrada/AFP via Getty Images hide caption toggle caption Stanley Estrada/AFP via Getty Images A man buys… Source link

Bitcoin and cryptocurrency prices have struggled over the last month, with around $1 trillion wiped from the value of the combined crypto market since it peaked at around $2.5 trillion in mid-May. The bitcoin price fell to just over $30,000 per bitcoin this week before rebounding thanks to El Salvador’s plans to adopt bitcoin as its official currency alongside the U.S. dollar. Elsewhere, the other top five cryptocurrencies by value—ethereum, Binance’s BNB, cardano, and dogecoin—have… Source link

Ethereum Ethereum fell by 5.35% on Thursday. Reversing a 4.07% gain from Wednesday, Ethereum ended the day at $2,471.59. A mixed start to the day saw Ethereum rise to an early morning intraday high $2,625.00 before hitting reverse. Falling short of the first major resistance level at $2,691, Ethereum slid to a late intraday low $2,428.16. The reversal saw Ethereum fall through the first major support level at $2,469 before ending the day at $2,471 levels. At the time of writing, Ethereum was up… Source link

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The energy used to mine cryptocurrencies is comparable to that of many developed countries and rivals the emissions from major fossil-fuel users and producers such as airlines and oil-services firms. By Vildana HajricBloomberg The Bitcoin Mining Council made its formal debut Thursday amid a growing debate over the amount of energy used in cryptocurrencies. “The Bitcoin Mining Council is a voluntary and open forum of Bitcoin miners committed to the network and its core principles,”… Source link

(Photo by Yuriko Nakao) Getty Images They say you should never trade drunk and that is true, and recently I have added to that idea by saying you should never invest or trade when you are ill. So here is an example of what you can end up thinking when you are sick, in my case after a right beating up from the Pfizer vaccine, which I’m happy to say is simply worth suffering to avoid a go-round with Covid. Been there, done that, nearly bought the t-shirt. So here is the set… Source link

Litecoin might post a healthy recovery and breach the $300 level within June  Litecoin is a Bitcoin fork. Charlie Lee, its creator, envisioned a version of Bitcoin that handles payments faster and requires low energy consumption to settle transactions. In other words, Litecoin is Bitcoin lite. The cryptocurrency is, therefore, ideal for microtransactions such as paying for a cup of cappuccino. Over time, Litecoin has risen to become a useful complementary alternative for Bitcoin. Litecoin… Source link

Jodie Kelley, Electronic Transactions Association CEO, discusses the hit to Bitcoin and explains how the Justice Department was able to recover much of the ransom paid out during the Colonial Pipeline hack. Bitcoin was trading more than 8% higher on Thursday morning. The price was around $36,293 per coin, while rivals Ethereum and Dogecoin were trading around $2,545 and 33 cents per coin, respectively, according to Coindesk. GET FOX BUSINESS ON THE GO BY CLICKING HERE U.S. Sen. Elizabeth… Source link