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Bitcoin briefly surpassed its record high of $69,000 per unit before it dipped by more than 10% on Tuesday capping a wild roller coaster ride for the worlds most popular digital coin which has officially emerged from its months-long crypto winter.

Bitcoin reached a high of $69,202 on Tuesday eclipsing the all-time record of $68,999.99 that was set in Nov. 2021 before retreating to around $62,300 as of 4 p.m. Eastern time.

Other cryptocurrencies such as ethereum, BNB, Solana and Dogecoin appeared to follow bitcoins trajectory on Tuesday.

Ethereum, which started the day at $3,698 per unit, rose 3% on Tuesday to $3,815 before it fell below $3,400 shedding more than 6%.

Despite bitcoins late-day dip, things are looking up for investors who have snapped up the digital currency in recent weeks.

Since Jan. 1, bitcoin has gained nearly 40%. In the last year, the cryptocurrency has risen by a whopping 175%.

Bitcoins rally is a far cry from the crypto winter which began in late 2021, when the digital coin flirted with $70,000 before freefalling to below $16,000 in late 2022.

Since then, bitcoin has been gradually recovering in fits and starts.

Experts told The Post that a regulatory stamp of approval by the Securities and Exchange Commission, which greenlighted 11 spot exchange traded funds, whetted investor appetites. 

Crypto analysts are also anticipating a halving of bitcoin next month.

Halving is a process that takes place every four years in which the rate at which tokens are released is cut in half, along with the rewards given to miners.

Supply of bitcoin is limited to 21 million, of which 19 million have already been mined.

Ted Jenkin, CEO of Atlanta-based financial planning firm oXYGen Financial, told The Post that investors, who are betting on bitcoin while anticipating interest rate cuts by the Fed, should still be cautious.

Part of the growth is always linked to the frenzy of people chasing a hot category or stock and the law of supply and demand kicks in to drive up price, Jenkin told The Post.

He compared bitcoin with AI chip maker Nvidia, whose market capitalization crossed the $2 trillion mark thanks to Wall Street enthusiasm over its growth potential.

Just remember, these are highly volatile early stage technology assets and they will have a ton of volatility, Jenkin said. 

Be careful about thinking of this as a get rich quick scheme.

With Post wires

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COVID schemes’ fraud and error cost taxpayers £11bn

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COVID schemes' fraud and error cost taxpayers £11bn

COVID-19 fraud and error cost the taxpayer nearly £11bn, a government watchdog has found.

Pandemic support programmes such as furlough, bounce-back loans, support grants and Eat Out to Help Out led to £10.9bn in fraud and error, COVID Counter-Fraud Commissioner Tom Hayhoe’s final report has concluded.

Lack of government data to target economic support made it “easy” for fraudsters to claim under more than one scheme and secure dual funding, the report said.

Weak accountability, bad quality data and poor contracting were identified as the primary causes of the loss.

The government has said the sum is enough to fund daily free school meals for the UK’s 2.7 million eligible children for eight years.

An earlier report from Mr Hayhoe for the Treasury in June found that failed personal protective equipment (PPE) contracts during the pandemic cost the British taxpayer £1.4 billion, with £762 million spent on unused protective equipment unlikely ever to be recovered.

Factors behind the lost money had included government over-ordering of PPE, and delays in checking it.

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COVID schemes’ fraud and error cost taxpayers £11bn

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COVID schemes' fraud and error cost taxpayers £11bn

COVID-19 fraud and error cost the taxpayer nearly £11bn, a government watchdog has found.

Pandemic support programmes such as furlough, bounce-back loans, support grants and Eat Out to Help Out led to £10.9bn in fraud and error, COVID Counter-Fraud Commissioner Tom Hayhoe’s final report has concluded.

Lack of government data to target economic support made it “easy” for fraudsters to claim under more than one scheme and secure dual funding, the report said.

Weak accountability, bad quality data and poor contracting were identified as the primary causes of the loss.

The government has said the sum is enough to fund daily free school meals for the UK’s 2.7 million eligible children for eight years.

An earlier report from Mr Hayhoe for the Treasury in June found that failed personal protective equipment (PPE) contracts during the pandemic cost the British taxpayer £1.4 billion, with £762 million spent on unused protective equipment unlikely ever to be recovered.

Factors behind the lost money had included government over-ordering of PPE, and delays in checking it.

More on Covid-19

This breaking news story is being updated and more details will be published shortly.

Please refresh the page for the latest version.

You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow us on WhatsApp and subscribe to our YouTube channel to keep up with the latest news.

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Luigi Mangione had handgun, silencer and ‘manifesto’ in backpack during arrest, police say

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Luigi Mangione had handgun, silencer and 'manifesto' in backpack during arrest, police say

Police officers found a handgun, a silencer and a red notebook described as a “manifesto” when they arrested Luigi Mangione.

The 27-year-old was arrested in December 2024 and charged with killing UnitedHealthcare chief executive Brian Thompson in New York City.

Mangione‘s lawyers want to block prosecutors from showing or telling jurors at his eventual trial in Manhattan about statements he allegedly made and items they said police seized from his backpack during his arrest at a McDonald’s in Pennsylvania.

The objects include a 9mm handgun prosecutors say matches the one used in the killing, a silencer, a magazine with bullets wrapped in underwear and a notebook in which they say Mangione described his intent to “wack” a healthcare executive.

Mangione with his attorney. Pic: Reuters
Image:
Mangione with his attorney. Pic: Reuters

The defence contends the items should be excluded because police did not get a warrant before searching Mangione’s backpack.

Prosecutors deny claims Mangione was illegally searched and questioned.

They also want to suppress some statements he made to police, such as allegedly giving a false name, because officers asked him questions before telling him he had a right to remain silent.

Last week, Mangione watched surveillance videos of the killing of Mr Thompson, 50, as he walked to a New York City hotel for his company’s annual investor conference.

Mangione has pleaded not guilty to state and federal murder charges.

The state charges carry the possibility of life in prison, while federal prosecutors are seeking the death penalty.

This week’s hearing concerns only the state case, but Mangione’s lawyers want to bar evidence from both cases.

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In September, a judge dismissed two terrorism counts against Mangione, finding prosecutors had not presented enough evidence Mangione intended to intimidate health insurance workers or influence government policy.

Trial dates are yet to be set in either the state or federal cases.

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