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Is Bitcoin Over? 

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The worth of internet cryptocurrencies such as Bitcoin rose in recent years, with bitcoin chalking up a rise of over 1,500 per-cent from around $1,000 per coin to more than $18,000 between January and December. Since climbing to this fever pitch, though, the cryptocurrency market has lost almost three-quarters of its value, losing over $500b (£393bn) in a steep sell-off that puts the recent decline of the Turkish lira in the dark.

Bitcoin is in a downward spiral.

The price of a Bitcoin is now about $6,245, a 68 per-cent drop in recent months. Ethereum, the second-largest cryptocurrency, has suffered a similar slide. It is down over 80 per-cent from around $1,400 to $173 a coin over the same period. Lastly, Ripple, the third-largest, is down 92 per-cent, from around $3.20 a coin to $0.26.

Downward spiral

Experts say numerous factors drove the decline. One of the most critical is the refusal of the US regulators to approve a number of Exchange Traded Funds (ETFs) based on Bitcoin because of concerns over the security of exchanges.

Mark Ward, head of execution at Sanlam UK, said: “A lot was waiting on that ETF approval and it hasn’t come as the SEC just doesn’t think cryptocurrencies are secure enough for the mainstream currency.” This unwillingness was reinforced by the largest cryptocurrency hack on record: in January $534m was taken from Japanese exchange Coincheck, dwarfing the notorious hack on MountGox in 2014. Other raids recently are those on South Korean exchanges Coinrail and Bithumb, which lost £37m and $30m respectively.

Other noted factors for the crypto crash are the increasing price of mining the bigger currencies, many warnings from central banks, and a surge of selling among crypto entrepreneurs. Though, for some money specialists, really what we are seeing is the end of a trend.

Some Good Advice On Using Credit Cards

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Credit cards are a ubiquitous part of most people’s financial picture. While they can certainly be extremely useful, they can also pose serious risk, if not used properly. Let the ideas in this article play a major role in your daily financial decisions, and you will be on your way to building a strong financial foundation.

Be vigilant of all purchases, so you can make sure not to overspend. It is quite easy to lose track of what you are using your credit card for, so you should commit yourself to keeping track of all of these expenditures in either a notebook or on a spreadsheet.

Check your credit report regularly. By law, you are allowed to check your credit score once a year from the three major credit agencies. This may be often enough, if you use credit sparingly and always pay on time. You may want to spend the extra money, and check more often if you carry a lot of credit card debt.

Carefully consider those cards that offer you a zero percent interest rate. It may seem very alluring at first, but you may find later that you will have to pay sky high rates down the road. Learn how long that rate is going to last and what the go-to rate will be when it expires.

Before you ever use a new credit card, it is important to carefully read through all of the terms of the credit card agreement. A lot of credit card places think of your first purchase as your agreement to their terms. Be aware of all of the “fine print” that comes with your credit card!

Just about everyone has used a credit card at some point in their life. The impact that this fact has had on an individual’s overall financial picture, likely depends on the manner in which they utilized this financial tool. By using the tips in this piece, it is possible to maximize the positive that credit cards represent and minimize their danger.