Sunday, July 25


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‘Bond King’ Jeffrey Gundlach sees bitcoin tumbling to $23,000-but says this could be a chance to buy the dip

Jeffrey Gundlach is the CEO of investment firm DoubleLine. CNBC/Getty Images Billionaire investor Jeffrey Gundlach has said the bitcoin chart currently looks "pretty scary" and that the cryptocurrency could well fall to $23,000-roughly where it stood in the middle of December 2020.Gundlach, commonly known as the Bond King, told CNBC on Thursday that a drop to around $23,000 could be a good time for investors who are want to increase their involvement with bitcoin to buy the dip. But he said the asset is not for him, as he doesn't have that kind of risk tolerance in his DNA.Bitcoin has fallen more than 50% since touching a record high above $64,000 in April. It traded at around $31,300 on Friday, having stood above $34,000 on Monday.Gundlach, who is CEO of investment firm DoubleLi...
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El Salvador will give $30 in bitcoin to citizens who download the government’s crypto app before the token becomes legal tender in September

El Salvador's President Nayib Bukele addresses the nation about his bitcoin legal tender plan on June 24, 2021. Casa Presidencial official Twitter account. El Salvador is planning to give $30 in bitcoin to citizens who download the government's crypto app, Chivo. The initiative comes as the much-anticipated "Bitcoin Law" takes effect on September 7. President Nayib Bukele in a national address explained how the landscape would look like for 6.5 million Salvadorans. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. El Salvador is planning to give $30 in bitcoin to citizens who download the government's cryptocurrency app, Chivo, CoinDesk reported citing a local news outlet.The initiative comes as the "Bitcoin Law" takes effect on September 7, making the Cen...
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Bitcoin tumbles 8% after China steps up crackdown on crypto mining, shutting down 26 key sites in Sichuan

China is increasingly cracking down on bitcoin. Florence Lo/Illustration/Reuters Bitcoin dropped 8% on Monday after Chinese authorities ramped up their crackdown on cryptocurrency "mining" over the weekend, with bodies in the Sichuan province ordering 26 of the biggest miners to halt operations.The world's biggest cryptocurrency fell to $32,950 as of 6.20 am ET. Bitcoin was down around 49% from April's record high of close to $65,000, but was still roughly 12% higher for the year.Other cryptocurrencies also dropped sharply, with ether down around 6% and binance coin roughly 4% lower, according to Coinmarketcap. A broader market sell-off also appeared to be weighing on crypto, as investors moved towards safer assets.The latest move by Chinese authorities to restrict bitcoin mining...