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NEW YORK (AP) — Bitcoin extended its streak of record highs after ticking above $99,000 for the first time overnight. The cryptocurrency has rocketed more than 40% in just two weeks. Now, bitcoin is at the doorstep of $100,000, just two years after dropping below $17,000 following the collapse of crypto exchange FTX. The dramatic rally arrives as industry players expect the incoming Trump administration to bring a more “crypto-friendly” approach toward regulating the digital currency. Bitcoin was trading at $98,882 early Friday, according to CoinDesk. As with everything in the volatile crypto markets, the future is impossible to know. And while some are bullish, other experts continue to warn of investment risks. Here’s what you need to know. Back up. What is cryptocurrency again? Cryptocurrency has been around for a while now. But, chances are, you’ve heard about it more and more over the last few years. In basic terms, cryptocurrency is digital money. This kind of currency is designed to work through an online network without a central authority — meaning it’s typically not backed by any government or banking institution — and transactions get recorded with technology called a blockchain. Bitcoin is the largest and oldest cryptocurrency, although other assets like ethereum, tether and dogecoin have also gained popularity over the years. Some investors see cryptocurrency as a “digital alternative” to traditional money — but it can be very volatile, with its price reliant on larger market conditions. Why is bitcoin soaring? A lot of the recent action has to do with the outcome of the U.S. presidential election. Crypto industry players have welcomed Trump’s victory, in hopes that he would be able to push through legislative and regulatory changes that they’ve long lobbied for — which, generally speaking, aim for an increased sense of legitimacy without too much red tape. Trump, who was once a crypto skeptic, recently pledged to make the U.S. “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. His campaign accepted donations in cryptocurrency and he courted fans at a bitcoin conference in July. He also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies. How of this will actually pan out — and whether or not Trump will successfully act quickly on these promises — has yet to be seen. “This is not necessarily a short-term story, it’s likely a much longer-term story,” Citi macro strategist David Glass told The Associated Press last week. “And there is the question of how quickly can U.S. crypto policy make a serious impact on (wider adoption).” Adam Morgan McCarthy, a research analyst at Kaiko, thinks the industry is craving “just some sort of clarity.” Much of the approach to regulating crypto in the past has been “enforcement based,” he notes, which has been helpful in weeding out some bad actors — but legislation might fill in other key gaps. Gary Gensler, who as head of the Securities and Exchange Commission under President Joe Biden has led a U.S. government’s crackdown on the crypto industry, penalized a number of crypto companies for violating securities laws. Gensler announced Thursday that he would step down as SEC chair on Jan. 20, Inauguration Day. Despite crypto’s recent excitement around Trump, McCarthy said that 2024 has already been a “hugely consequential year for regulation in the U.S.” — pointing to January’s approval of spot bitcoin ETFs, for example, which mark a new way to invest in the asset. Spot ETFs have been the dominant driver of bitcoin for some time now — but, like much of the crypto’s recent momentum, saw record inflows postelection. According to Kaiko, bitcoin ETFs recorded $6 billion in trade volume for the week of the election alone. In April, bitcoin also saw its fourth “halving” — a preprogrammed event that impacts production by cutting the reward for mining, or the creation of new bitcoin, in half. In theory, if demand remains strong, some analysts say this “supply shock” can also help propel the price long term. Others note it may be too early to tell. What are the risks? History shows you can lose money in crypto as quickly as you’ve made it. Long-term price behavior relies on larger market conditions. Trading continues at all hours, every day. At the start of the COVID-19 pandemic, bitcoin stood at just over $5,000. Its price climbed to nearly $69,000 by November 2021, during high demand for technology assets, but later crashed during an aggressive series of Federal Reserve rate hikes. And in late 2022 collapse of FTX significantly undermined confidence in crypto overall, with bitcoin falling below $17,000. Investors began returning in large numbers as inflation started to cool — and gains skyrocketed on the anticipation and then early success of spot ETFs. But experts still stress caution, especially for small-pocketed investors. And lighter regulation from the coming Trump administration could mean less guardrails. While its been a big month for crypto — and particularly bitcoin, which McCarthy notes has set record highs for ten of the last 21 days — there’s always risk for “correction,” or seeing prices fluctuate back down some. Some assets may also have more restrictions than others. “I would say, keep it simple. And don’t take on more risk than you can afford to,” McCarthy said — adding that there isn’t a “magic eight ball” to know for certain what comes next. What about the climate impact? Assets like bitcoin are produced through a process called “mining,” which consumes a lot of energy. Operations relying on pollutive sources have drawn particular concern over the years. Recent research published by the United Nations University and Earth’s Future journal found that the carbon footprint of 2020-2021 bitcoin mining across 76 nations was equivalent to the emissions from burning 84 billion pounds of coal or running 190 natural gas-fired power plants. Coal satisfied the bulk of bitcoin’s electricity demands (45%), followed by natural gas (21%) and hydropower (16%). Environmental impacts of bitcoin mining boil largely down to the energy source used. Industry analysts have maintained that clean energy has increased in use in recent years, coinciding with rising calls for climate protections
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LOS ANGELES (AP) — Receiver Demarcus Robinson will not be suspended by the Los Angeles Rams this week after his arrest on suspicion of driving under the influence. Robinson will be available to play when the Rams (5-6) visit the New Orleans Saints on Sunday, Rams coach Sean McVay said Wednesday. “I think he does understand the severity of this, and how lucky we were that nobody was injured,” McVay said. “I do believe that he's remorseful. We are going to let the legal process take place. The league has a process as well.” Robinson was arrested early Monday morning after California Highway Patrol officers observed a white Dodge sedan driving over 100 mph on the 101 freeway in the western San Fernando Valley, a few miles from the Rams’ training complex in Woodland Hills. The driver, who identified himself as Robinson, had “objective signs and symptoms of alcohol impairment,” the CHP said in a statement released to The Associated Press. Robinson spoke to the team and expressed remorse about his arrest, McVay and quarterback Matthew Stafford said. “I think it was a bad decision he made,” McVay said. “I don't think that makes him a bad person, and I do believe this is something that, with the words that he said, our guys will learn from it, and hopefully nobody is ever going to repeat something like this. Let it be a learning opportunity, and a fortunate outcome that nobody was injured.” Robinson has 26 receptions for 384 yards and a team-leading six touchdown catches while starting all 11 games in his second season with the Rams . He caught a TD pass in the Rams' 37-20 loss to Philadelphia several hours before his arrest. The nine-year NFL veteran has served as a capable No. 3 option for Stafford behind star receivers Cooper Kupp and Puka Nacua. Robinson spent his first six NFL seasons with the Kansas City Chiefs, winning a Super Bowl ring in February 2020, and spent one year with Baltimore before joining the Rams last year. “Let this be a lesson to all of us,” Stafford said. “We're lucky with the result that came of it, to be honest with you, that nobody was hurt or injured. I know that D-Rob is a great person. I love being around him. Love him as a teammate. ... I'm just trying to support him, help him out any way I can.” AP NFL: https://apnews.com/NFL
NoneJets running back Hall 'looks promising' to play vs. Jags, but cornerback Reed is doubtfulJamison Guerra scored a season-high 21 points and Oregon Tech made a season-best 11 3-pointers, but it wasn’t enough to topple No. 4-ranked College of Idaho, as the Yotes made key defensive stops in the final two minutes to stop the Hustlin’ Owls 74-66 Saturday night a Cascade Collegiate Conference game in Caldwell, Idaho. OIT (5-3, 1-1 CCC) cut a late 70-62 lead down to 70-66 on consecutive Jackson Cooper baskets with two minutes left and recorded consecutive defensive stops. However, open 3-pointers from Erik Fraser and Kam Osborn rimmed out, as did a Guerra chance — with C of I (7-1, 2-0) sealing the win at the foul line. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.
AP Business SummaryBrief at 5:52 p.m. EST