Bitcoin falls below $30,000, lowest since July 2021

Bitcoin slumped below $30,000 for the first time since July 2021 on Tuesday as cryptocurrencies track sinking markets with investors spooked by aggressive US monetary tightening and surging inflation.

The world's largest cryptocurrency by market value fell as low as $29,764 in Tuesday trade, before recovering above $30,000, extending a recent collapse in price as investors desert assets viewed as risky.

Bitcoin's value has more than halved since a November surge that saw the token hit a record of nearly $69,000.

While crypto enthusiasts view bitcoin as a hedge against inflation, an influx of more traditional investors tend to view it as a riskier asset.

They have been offloading bitcoin and other digital tokens along with other volatile assets like tech stocks as the US Federal Reserve moves to hike interest rates to tackle decades-high inflation.

"Bitcoin is breaking below some key technical levels as the never-ending selloff on Wall Street continues," said Edward Moya, senior market analyst for the Americas at Oanda.

"The institutional investor is paying close attention to bitcoin as many who got in last year are now losing money on their investment," he added.

While the token's "long-term fundamentals have not changed in months", concerns about growth and a possible recession are creating "a very difficult environment for cryptos", Moya said.

"No one is looking to buy the crypto dip just yet and that leaves bitcoin vulnerable here."

The slump in crypto follows dives on US equities and other markets, with the tech-rich Nasdaq closing down 4.3 percent on Monday, the S&P 500 declining 3.2 percent and the Dow ending off 2.0 percent.

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Crypto exchange Binance blocks Russian users targeted by sanctions

The United States, Britain, Europe and Canada announced new sanctions on Russia on Saturday, including blocking certain lenders' access to the SWIFT international payment system, following Russia's invasion of Ukraine.

Crypto exchange Binance is blocking the accounts of any Russian clients targeted by sanctions, it told Reuters on Monday, but will not freeze the accounts of others after Ukraine called for a block on Russian users at major digital currency platforms.

"We're blocking accounts of those on the sanctions list (if they have Binance accounts) and ensuring that all sanctions are met in full," a spokesperson for the company said on Monday, declining to give further details.

The United States, Britain, Europe and Canada announced new sanctions on Russia on Saturday, including blocking certain lenders' access to the SWIFT international payment system, following Russia's invasion of Ukraine.

Ukraine Vice Prime Minister Mykhailo Fedorov said on Sunday he had requested major crypto exchanges to block the digital wallet addresses of Russian users, which allow transactions in crypto coins.

Fedorov, who is also minister of digital transformation, had on Saturday offered a "generous reward" for information on digital wallets held by Russian and Belarusian politicians.

"It's crucial to freeze not only the addresses linked to Russian and Belarusian politicians, but also to sabotage ordinary users," he wrote.

A separate Binance representative told Reuters: "We are not going to unilaterally freeze millions of innocent users' accounts. Crypto was meant to provide greater financial freedom for people across the globe."

Binance, the world's largest cryptocurrency exchange, said last month it wanted to expand in Russia and neighbouring states. Russia is a major market for Binance, with over 113,000 members of its Russian-language Telegram channel.

Since 2019, Binance has allowed users to deposit and withdraw Russian roubles via payments company Advcash.

Advcash, which is headquartered in Belize, told Reuters that users would be able to continue to make instant deposits and withdrawals on Binance via its digital wallets.

"On our platform, some users may experience limitations arising from sanctions imposed on specific banks," it added.

"Making sure our services are transparent, fully regulated and provided in accordance with all applicable laws is and has always been our top priority."

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Warren Buffett won't pay even $25 for all Bitcoin in the world

SAN FRANCISCO: As Bitcoin hovers in the range of $38,000 - $40,000 per digital coiin, billionaire Warren Buffett said that he will not even pay $25 for all the Bitcoin in the world.

Addressing Berkshire Hathaway's annual shareholder meeting, the ace investor said Bitcoin is not a productive asset and doesn't produce anything tangible, reported CNBC.

"If you told me you own all of the Bitcoin in the world and you offered int to me for $25, I wouldn't take it because what would I do with it? I'd have to sell it back to you one way or another. It isn't going to do anything,"he was quotes as saying in the report.

"Whether it goes up or down in teh next year, or 5 or 10 years, I don't know. But the one thing I'm pretty sure of is that it doesn't produce anything, "Buffett added.

"It's got a magic to it and people have attached magic to lots of things, "said Buffett, whose Berkshire Hathaway is back in the market as his conglomerate made roughly $41 billion of net purchases in the first quarter (Q1) this year.

The purchases in the first quarter helped chip away at Berkshire's cash pile, which ended the quarter at $106 billion, the lowest since the third quarter of 2018.

"If you said for a 1 per cent interest in all the farmland in the United States, pay our group $25 billion, I'll write you a cheque this afternoon, "Buffett said.

"If you offer me 1 per cent of all the apartment houses in the country and you want another $25 billion, I'll write you a cheque. The apartments are going to produce rent and the farms are going to produce food,"said the billionaire, adding that Bitcoin will not produce anything. 

Bitcoin finished April down by 17 per cent, making it the worst monthly performance this year.

The global crypto market cap is $1.74 trillion and Bitcoin dominates it with a 42.15 per cent share, as per data from CoinMarketCap.

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