BITCOIN's massive crash saw it drop below $40,000, as fears grow it could hit the dreaded "death cross" indicator.

Bitcoin has dropped steeply over the last seven days, with more than 14 percent being wiped off its price.

As a result, investors became worried about the “death cross” -- a bearish indicator charting when the 50-day moving average dips below the 200-day moving average, according to CoinDesk.

However, as of 10:15am ET on Monday, Bitcoin had recovered slightly and was back over $40,000, according to CoinBase.

Over the last seven days, Shiba Inu and Ethereum have also struggled.

As of 10:15am ET Monday, Shiba Inu was down 20 percent over the last week, while Ethereum was down 21 percent, both according to CoinBase.

Read our cryptocurrency live blog for the latest news and updates...

  • $7.7billion lost to scammers in 2021

    More than $7.7billion worth of cryptocurrency was stolen worldwide in 2021.

    The revelation came in a report by blockchain data firm Chainalysis, which also found scams involving crypto are up 81 percent over last year.

    Scams were the largest crypto-based crime with fewer individual scam victims in 2021 but a higher average loss per victim, Yahoo Money reported.

  • What is NuCypher, continued

    This allows users to share private data with a number of others in a secure way.

    Holders of its token NU can stake their tokens through the network to run a node, which is responsible for creating and sending information.  

    Interestingly, NuCypher token is an ERC-20, which means it is built on Ethereum.

  • What is NuCypher?

    NuCypher was founded by Michael Egorov MacLane Wilkison in 2015, but it wasn’t until 2019 when the public testnet for NuCypher’s network was launched.

    NuCypher specifically operates as a decentralized key management system that uses blockchain technology.

  • $7.7billion lost to scammers in 2021

    More than $7.7billion worth of cryptocurrency was stolen worldwide in 2021.

    The revelation came in a report by blockchain data firm Chainalysis, which also found scams involving crypto are up 81 percent over last year.

    Scams were the largest crypto-based crime with fewer individual scam victims in 2021 but a higher average loss per victim, Yahoo Money reported.

  • What is the Metaverse? continued

    Meta’s VR boss Andrew Bosworth said: “The metaverse is a set of virtual 3D spaces where you can share immersive experiences with each other when you can’t be together.”

    “What comes after the internet? Instead of looking at a screen, you get to be in the experiences.

    “You don’t have to experience it in VR. Most people initially will experience it on screens they already have.”

    Facebook’s Mark Zuckerberg called it “the next version of the internet,” and predicted the true metaverse will be ready within the decade.

  • What is the Metaverse?

    The Metaverse has a broad definition. It is an internet, but it is immersive – so you live within it.

    The platform will have games, social networks, videos, shopping, health and fitness and more.

  • What are red flags of scams?

    Gizmodo shared that other red flags of the SQUID coin being illegitimate was that the website that the creators launched was filled with spelling and grammatical errors.

    The crypto’s telegram channel also did not allow comments from outsiders, and its Twitter account did not allow users to reply to posts, which Gizmodo flagged as suspicious.

  • Shiba Inu Coin, continued

    Whether you’ve already invested or not, keep in mind that making money through cryptocurrencies or other investments is never guaranteed, even with a popular one like Shiba Inu.

    Cryptocurrencies are especially volatile, so their values can crash with little to no notice.

  • What is Shiba Inu Coin?

    Shiba Inu is a cryptocurrency token that allows users to hold trillions of them.

    The tokens feature the same Shiba Inu dog as Dogecoin, which has risen massively in popularity recently.

  • What are Shiboshi NFTs?

    Shiboshi NFTs are non-fungible tokens representing various “lovable creatures.”

    The NFT holders will also be able to name the Shiboshis for an additional $100.

    The Shiboshis will come with generic names like 00001.

    The post states: “It’s important to name your Shiboshi because names are unique and can only exist once in the Shib Oshiverse.

    “With the expansions, we are planning, this could potentially make your Shiboshi more valuable.”

  • What is Cardano?

    Cardano (ADA) is a cryptocurrency that uses blockchain, making it difficult to be hacked.

    It was launched in 2017 and set up by Charles Hoskinson, who was one of the eight co-founders of Bitcoin rival, Ethereum.

    Every time someone buys or sells the cryptocurrency, it’s permanently recorded on the platform’s blockchain.

    Unlike some other cryptocurrencies, the blockchain is more transparent so anyone can see it. It’s managed by the Cardano Foundation.

    The “altcoin” has been designed to make sure that investors can have some say in how the currency is run.

    It means those who own Cardano have the right to vote on any proposed changes to the software, reports Coinmarketcap.

  • Trader on cryptocurrency losses, part two

    The investor didn’t give up on new coins and bought into SHIB after hearing rumors that it had been found in Tesla‘s source code and would potentially be used as a payment option for the company.

    The rumor turned out to be untrue, leaving the trader in the red again.

    The third and last time was before the new coin Matic was announced. The trader said they bought up the coin too close to the announcement date.

    “Anyway, don’t believe in rumours and hype, just stick to your usual crypto plan”, the trader said.

  • Trader details their cryptocurrency losses

    An investor revealed online how they lost a fortune after buying cryptocurrency based on rumors — three times.

    The anonymous trader described the losses on Reddit, saying their first loss on Cardano hurt the most.

    “Everything about the announcement seemed legit: It’s not a sh**coin, Smart contracts are a thing and there was a lot of hype,” the trader said.

    The trader said as soon as Cardano went live, its price tanked leaving the trader at a huge loss.

  • Why is Bitcoin bad for the environment?

    The problem surrounds the amount of energy used to mine a single Bitcoin.

    Computers are needed for complex mathematical calculations to put a new Bitcoin into circulation online.

    This process is also known as mining.

    A lot of energy is needed for Bitcoin mining and some experts are concerned that vast amounts of fossil fuels are being used to create this energy.

  • What is Ethereum?

    Ethereum is a cryptocurrency that was released in 2015. It’s the second largest after Bitcoin.

    In fact, some experts believe it has the potential to one day overtake Bitcoin as the dominant coin in the market.

    It was founded by eight people, one of which is 27-year-old cryptocurrency “celebrity” Vitalik Buterin.

    He recently became the world’s youngest crypto billionaire as Ethereum soared in value.

    Ethereum is also a ledger technology – using “blockchain”, like Bitcoin – that companies are using to build new programmes.

  • El Salvador adopts Bitcoin, continued

    However, those who do not have access to technologies that can carry out Bitcoin are excluded from being required to accept it.

    The US dollar and Bitcoin are now the country’s official currencies.

    It’s the first time Bitcoin has been adopted as a legal tender in a sovereign nation.

  • El Salvador adopts Bitcoin

    The nation’s president Nayib Bukele passed a bill in June that stated that from September 7, Bitcoin can be used in any transaction and all businesses must accept the e-currency as payment.

    The law also states that tax contributions can be paid via Bitcoin and exchanges in the cryptocurrency will not be subject to capital gains tax.

    Under the new law, El Salvador will “promote necessary training and mechanisms so that the population can access [Bitcoin] transactions.”

  • US cities embrace cryptocurrency, part two

    The mayor of Miami is also working to expand cryptocurrency options in the Florida city.

    Mayor Francis Suarez said he would take his paychecks in Bitcoin and wants residents to be able to pay fees and taxes in the cryptocurrency.

    Miami launched a token earlier this year called MiamiCoin, which generated $30million in revenue over three months, Suarez told Bloomberg News.

  • US cities embrace cryptocurrency

    A Tennessee city hopes to become the first in the nation to offer its employees cryptocurrency as a payroll conversion option.

    The Jackson Sun reports that a request for proposal (RFP) has been opened, allowing third party platforms to apply to be the city’s cryptocurrency converter.

    “We offer our employees a deferred compensation opportunity for their retirement already. Why not add more options?” the mayor told the news outlet.

    He said the move will diversify ways city employees can receive payment and allow the city to pay contractors in Bitcoin.

  • Who is behind Algorand?

    The Algorand Foundation based in Singapore is behind the project.

    Algorand claims that it speeds up transactions and improves efficiency when compared to bitcoin and other blockchains.

  • What is Algorand?

    Algorand is a cryptocurrency of the Algorand blockchain, a public decentralized network on which smart contracts can be built.

    It was created in 2019 by Silvio Micali, a professor a the prestigious Massachusetts Institute of Technology (MIT).

    The computer scientist has also won the Turing Award for his work in the area of cryptography.

  • How to calculate tax bills with cryptocurrency

    Because cryptocurrency is considered property, it’s subject to capital gains when exchanged or sold at a profit — including exchanging digital coins, cashing out to US dollars, or making a purchase.

    Form 1040, used to file an annual income tax return, has a question about “virtual currency” on the first page.

    “The Internal Revenue Code and regulations require taxpayers to maintain records that are sufficient to establish the  positions taken on tax returns,” it says on the IRS website. “You should therefore maintain, for example, records documenting receipts, sales, exchanges, or other dispositions of virtual currency and the fair market value of the virtual currency.”

  • Ohanian on Buterin, part three

    “I’ve never been more excited about the potential of the Internet,” Ohanian added.

    “And that’s largely thanks to Vitalik Buterin.”

    Buterin is the co-founder of Ethereum and also co-founded Bitcoin Magazine in 2011.

  • Ohanian on Buterin, continued

    “No one person could’ve possibly come up with all of the uses for Ethereum, but it did take one person’s idea to get it started,” Ohanian added about Buterin.

    “From there, a new world has opened up, and given rise to new ways of leveraging blockchain technology—some of which I’ve invested in.”

    “Whether it’s startups like Sorare reinventing fantasy sports or Rainbow users showing off their NFT collections, none of this would’ve existed without Vitalik’s creation.”

  • Ohanian on Buterin

    “Thanks to Reddit’s r/Ethereum community, I’ve had the privilege of following Vitalik Buterin’s career from early on, which is why I’ve taken a certain pride in watching his legacy grow,” Ohanian wrote of the programmer.

    “Sure, we can talk about the value he’s created as the platform’s co-founder, including Ethereum’s impressive market cap of around $400 billion, the dazzling world of decentralized apps and this year’s boom in the trading of NFTs.”

    “What makes Vitalik so special, though, is that he is a builder’s builder.”

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