Last week the trustee for Mt. Gox released a statement (scroll down to get to an English translation) that it had sold about $400 million worth of Bitcoin and Bitcoin cash between December 18 last year and February 5. This was done to generate proceeds to pay back Bitcoin owners and creditors due to Mt. Gox being hacked in February 2014, when 850,000 Bitcoins were stolen.
Bitcoin and other major digital currencies dropped sharply Monday morning.
Bitcoin briefly tumbled to a low near $10,050 on Coinbase Monday afternoon ET, marking a loss of about 11 percent over the last 24 hours. Bitcoin traded near $10,192 as of 4:28 p.m. on Coinbase, the leading U.S. marketplace for buying and selling major digital currencies.
Ethereum fell below the psychologically key $1,000 level again and traded about 10 percent lower near $943, according to CoinMarketCap.
South Korean banks have been providing virtual account services to cryptocurrency exchanges and earning commissions from them. According to data obtained by the country’s Financial Supervisory Service, banks made 36 times more in commission income from crypto exchanges last year than the previous year.
Sourced through Scoop.it from: www.businessinsider.com.au
Despite a sharp price recovery to over $11,500 today, bitcoin’s bulls are not out of the woods yet, the price charts suggest.
Coindesk’s Bitcoin Price Index (BPI) has climbed 25.9 percent from the eight-week low of $9,199.59 hit yesterday at 15:44 UTC. As of writing, bitcoin (BTC) is trading at $11,590 levels.
The world’s largest cryptocurrency by market capitalization has appreciated by 8 percent in the last 24 hours, according to data source OnChainFX.
However, the investor community isn’t convinced by the move, and comments on social media show that some believe the overnight recovery is nothing more than a “dead cat bounce.”
Sourced through Scoop.it from: www.youtube.com
Since reaching that low point, though, the cryptocurrency market cap has experienced a 10 percent recovery and is currently valued at $458 billion.
Bitcoin’s spot price was slumping on Tuesday, touching a six-week low below $11,000, as the biggest cryptocurrencies came under pressure across the board.
The selloff follows reports that South Korean Finance Minister Kim Dong-yeon said banning trading in virtual currencies was “a live option.” That has added to ongoing worries about a potential crackdown in what’s considered the world’s third-largest crypto trading market.
A senior official at the People’s Bank of China is reportedly calling for a wider ban on services related to cryptocurrency trading in the country.
Pan Gongsheng, vice governor of the central bank, said, to prevent market risk, the government would apply more strict regulation to end all cryptocurrency trading-related activities and services. The news comes via a Reuters report today, citing an internal memo reviewed by the news agency.
While it’s not yet clear whether the reported memo will become immediate policy, the news indicates the continuing severe stance taken by China’s top regulators towards curbing cryptocurrency speculation and lowering perceived financial risk in the country.
According to the report, Pan said in the memo that a wider ban should extend to services and activities including individual or institutional market-makers, centralized trading platforms, guarantors, or settlement providers like online cryptocurrency wallets.
Cryptocurrency might be gaining mainstream appeal, but much like other new technologies, the average person isn’t aware of the all the risks involved. Most aren’t…