Bitcoin price news LIVE - Ethereum & BTC rise as Twitter boss Jack Dorsey gets behind crypto plus Dogecoin & Cardano

EXPLAINED: WILL THE CRYPTOCURRENCY MARKET RECOVER?

Cryptocurrencies like Bitcoin and Ethereum have dropped in value after making steady made gains over the last week.

The market has seen a slow recovery from plummeting last month after hitting record highs.

Thursday saw all the major currencies on CoinMarketCap up for the first time in a while. But this growth appeared to stall on Friday morning with currencies like Bitcoin and Ether returning to the red and the market dropping by around 6%.

The price of Bitcoin – the largest cryptocurrency – is currently around $36,700 – down around 6%, loosing gains it had recently made.

More on the story here.

HOW TO SPOT CRYPTO SCAMS

CRYPTO scams are popping up all over the internet. We explain how to spot them.

• Promises of a high or guaranteed return – Does the offer look realistic? Scammers often attract money by making fake promises.
• Heavy marketing and promotional offers – If they are using marketing tricks to con customers you should beware.
• Unamed or non-existent team members – Just like any business you should be easily able to find out who is running it.
• Check the whitepaper – Every crypto firm should have a white paper. This should explain how it plans to grow and make money. If this doesn’t make sense, then it could be because the founders are trying to confuse you.
• Do your research – Check reviews online and Reddit threads to see what other people think. 

CRYPTOCURRENCY DEALERS IN HOT WATER

IN an investigation set up by the Financial Conduct Authority, the City regulator, it has emerged that up to 50 companies dealing in cryptocurrencies such as bitcoin may be forced to close after failing to meet the UK’s anti-money laundering rules.

It was announced yesterday that an “unprecedented number” of companies had withdrawn applications from a temporary permit scheme that allowed firms to continue trading until the regulator could approve or reject their operations. 

A large number of firms have fallen short of anti-money laundering standards put in place to halt criminal organisations from disguising the source of their money.

Fines or legal action will be issued by the FCA to companies that refuse to shut their businesses down.

ELON MUSK SENDS BITCOIN, DOGECOIN AND ETHERIUM VALUES PLUNGING WITH LINKIN PARK MEME TWEET ABOUT ‘THE END’

ELON Musk sent Bitcoin's value into free fall after he posted a meme about Linkin Park with the hashtag #Bitcoin and a broken heart emoji.

The CEO of SpaceX and Tesla tweeted a meme of a split couple discussing lyrics from Linkin Park's hit In the End suggesting a breakup - like the billionaire's relationship with Bitcoin.

"Her: I know I said it would be over between us if you quoted another Linkin Park song but I've found someone else," the meme read. "Him: So in the end it didn't even matter?"

Accompanying the meme, which showed a man and a woman distantly sitting next to each other on a couch, was the hashtag #Bitcoin and a broken heart emoji.

The billionaire's tweeting caused Bitcoin's value to decrease by six percent, while other cryptocurrencies like Ethereum (by seven percent) and Dogecoin (by eight percent) also nosedived.

In a subsequent tweet, Musk posted another meme of a woman facetiming a man saying "I miss you," and "why are you crying" said the woman, with the man replying "cuz I miss you too."

Read more here.

HOW TO SPOT CRYPTO SCAMS

CRYPTO scams are popping up all over the internet. We explain how to spot them.

• Promises of a high or guaranteed return – Does the offer look realistic? Scammers often attract money by making fake promises.
• Heavy marketing and promotional offers – If they are using marketing tricks to con customers you should beware.
• Unamed or non-existent team members – Just like any business you should be easily able to find out who is running it.
• Check the whitepaper – Every crypto firm should have a white paper. This should explain how it plans to grow and make money. If this doesn’t make sense, then it could be because the founders are trying to confuse you.
• Do your research – Check reviews online and Reddit threads to see what other people think. 

EXPLAINED: WILL CHAINLINK GO UP IN VALUE?

Chainlink is currently trading at $31.77 at the time of writing on Thursday afternoon, according to Coindesk.

That’s up 2% in the last 24 hours and around 32% since Sunday, when it was trading at $23.71.

But while Chainlink has been surging, like other cryptocurrencies it can easily tumble again and it’s difficult to predict when.

Chainlink hit an all time high of $51.24 on May 10, but the cryptocurrency crashed later in the month.

It’s still trading at around 40% less than that record high