China has banned all crypto transactions in the country. Here is what it means and why experts say bitcoin will bounce back | Currency News | Financial and Business News

China’s declaration that crypto-transactions are illegal drove down bitcoin and other digital currencies Friday. China, however, didn’t ban possession of digital currencies, which likely prevented deeper losses. The central bank warned of criminal investigations into people suspected of buying and trading cryptocurrencies. See more stories on Insider’s business page. China took its most forceful action … Read more

Some early crypto enthusiasts have bailed on the sector, saying the movement has bought into hype without understanding the technology’s limits | Currency News | Financial and Business News

A recent Financial Times Magazine piece interviewed several early crypto superfans who have since become disillusioned. Perhaps the most high-profile display of a crypto backer turning on the space is dogecoin creator, Jackson Palmer. But the most vocal crypto proponents are not deterred. Twitter’s Jack Dorsey says bitcoin will create “world peace.” Sign up here … Read more

PayPal Holdings launches crypto buying and selling in the UK

PayPal Holdings will allow customers in the UK to buy, sell and hold bitcoin and other cryptocurrencies starting this week, the company said on Monday. The roll-out, which marks the first international expansion of PayPal’s cryptocurrencies services outside of the United States, could inspire further mainstream adoption of the new asset class. With over 403 … Read more

How an unemployed day-trader burned by both GameStop and dogecoin ended up owning 20 billion units of a cryptocurrency known as ASS coin | Currency News | Financial and Business News

38-year-old Eric Hackney put $500 into a cryptocurrency called Australian Safe Shepherd, which is more commonly known as ASS coin, Bloomberg reported. He now owns 20 billion units of the altcoin. Hackney invested in ASS coin after losing money on GameStop and missing out on gains in dogecoin, both social media favorites. See more stories … Read more

A Goldman Sachs managing director has reportedly quit after raking in huge gains from dogecoin | Currency News | Financial and Business News

A Goldman Sachs executive has reportedly quit after making millions of dollars from dogecoin, according to eFinancialCareers. Goldman Sachs and the former employee did not immediately respond to Insider’s request for comment. Sources cited in the report said he may be starting a hedge fund. Sign up here for our daily newsletter, 10 Things Before … Read more

Billionaire tech investor Peter Thiel warns bitcoin might serve as a Chinese financial weapon against the US – and says it threatens the dollar | Currency News | Financial and Business News

Peter Thiel, one of Silicon Valley’s most prominent venture capitalists, suggested bitcoin could pose a threat to the US during a virtual seminar held by the Richard Nixon Foundation this week.”Even though I’m a pro-crypto, pro-bitcoin maximalist person, I do wonder whether at this point bitcoin should also be thought of in part as a … Read more

How to invest in blockchain, the high-risk but high-potential technology behind bitcoin and other digital transactions | Currency News | Financial and Business News

Investing in blockchain technology has become hot due to its role as the database for cryptocurrencies and digital transactions. You can invest in blockchain technology via stocks of companies that offer cryptocurrency-related services or are developing other industrial applications for it. Despite its growth potential, blockchain technology should be seen as a high-risk investment. ETFs … Read more