Losses at the British fintech firm Revolut practically doubled final year, in spite of cashing in on the year-finish cryptocurrency boom. The organization — founded by the former Lehman Brothers trader Nik Storonsky and chaired by the ex-Standard Life Aberdeen boss Martin Gilbert — said it produced £39m on its cryptocurrency investments final year, whilst growing demand for its crypto trading solutions helped pushed revenues up 34% to £222m in the 12 months to 31 December. While the corporation stated it was ultimately profitable in the final two months of the year — coinciding with some of the strongest demand for cryptocurrencies in 2020 — further investment in engineers and share-based payouts for staff pushed Revolut to a pretax loss of £207,875 last year. Bitcoin was down 8.5% on Monday, at about $32,500, soon after reports that China’s central bank has demanded a tougher crackdown on the use of cryptocurrencies. It followed the meteoric rise in the price of the major cryptocurrency bitcoin, which jumped nearly 300% to $28,500 in 2020, before hitting a short-lived peak of much more than $64,000 in mid-April this year.
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Federal prosecutors on Friday accused antivirus application corporation founder John McAfee and his associate of orchestrating fraudulent schemes to rake in millions of dollars from cryptocurrency investors. McAfee, who presents a larger-than-life on-line persona and has twice run for president, is at present being held in Spain, exactly where he faces separate criminal tax evasion charges. Department of Justice alleges. McAfee resigned from the antivirus firm he founded in 1994, but in 2013 designed a profane parody video explaining how users can uninstall the software program. McAfee, 75, and his «cryptocurrency group» advisor Jimmy Watson, 40, allegedly engaged in an «age-old pump-and-dump scheme,» FBI Assistant Director William F. Sweeney Jr. mentioned in a press release announcing the indictment in Manhattan federal court. In the «scalping» scheme, McAfee and cryptocurrency altcoins his group allegedly purchased significant amounts of low cost cryptocurrency altcoins, then aggressively promoted them on-line with «false and misleading endorsement tweets» to artificially inflate their industry rates. The pair also utilised McAfee’s well-known Twitter account to tout «numerous cryptocurrencies by means of false and misleading statements to conceal their correct, self-interested motives,» Manhattan U.S. Attorney Audrey Strauss said in the release from the Justice Division.
Cryptocurrency Crash: Is It Time to Purchase the Dip? It really is been a tension-filled month for cryptocurrency investors. With crypto prices not too long ago seeing a substantial pullback, we put collectively a panel of 3 Motley Fool contributors and asked each and every member if now appears like the appropriate time to obtain. Main sell-offs started just after Tesla CEO Elon Musk stated that the company would no longer accept Bitcoin (CRYPTO:BTC) as payment for its vehicles, citing environmental issues about the energy needed to mine tokens. News that China would take measures to discourage mining and prevent corporations in the nation from adopting cryptocurrencies triggered more sell-offs across the space. What’s prompting the big crypto swings, once again? Study on for their takes on whether or not the current crypto crash has presented a huge buying opportunity. Image supply: Getty Photos. Keith Noonan: Elon Musk is clearly an influential figure and has some incredible successes to his name, and it’s possible his involvement in the cryptocurrency space delivers indicators about lengthy-term adoption trends. Cryptocurrencies have gone on sale, and investors may well be asking yourself what comes subsequent.by