Bitcoin price LIVE: Bitcoin drops $2000 as yet ANOTHER hack attack rocks cryptocurrencies
BITCOIN’S price is yet to recover from a cyber attack yesterday evening on digital wallet provider BlackWallet. Over $400,000 (£290,000) of cryptocurrency Stellar Lumen after an unidentified group broke into the web-based wallet application.
The proposed Venezuelan cryptocurrency the “Petro” may violate sanctions against the OPEC nation’s socialist government according to the US Treasury Department.
Venezuelan President Nicolas Maduro this month said his government will soon issue 100million petros, backed by an equivalent number of barrels of oil, partly to get around the US sanctions.
Russia has developed its own cryptocurrency in a similar move to circumvent western economic sanctions called the cryptoruble.
Maduro wishes to experience some of the success bitcoin has tasted.
CBlocks is a new service which aims to lower the cryptocurrency entry barriers by choosing what coins to buy for you. The company picks five random currencies from the top 300 on CoinMarketCap and then ships them to your address on a USB wallet.
It also provides you with a fact sheet for the currency you receive. CBlocks offers four different packages ranging from $75 to $475.
However, at this point the company only ships within the US.
The project was inspired by CryptoRouletter which shows you six random cryptocurrencies and shows you what profits you would have made if you had invested on a certain day.
Since this morning bitcoin, Ethereum and ripple have all dropped in value. Bitcoin is now valued at $11,688.90.
Both China and South Korea going against cryptocurrencies has really hurt the market as these two have been long time allies of the digital currencies.
One of the casualties of today’s crypto price disruption is the typically strong, and stable Theresa May coin.
The May coin lost 13.4 per cent today and is now priced at $0.013353.
The price of the originaly bitcoin has fallen again to $11,773.
12.47pm – UPDATE – Price drops but regulation might be such a bad thing
Bitcoin’s price is back down again to £11,986 as the day goes from bad to worse, to better to bad again.
Dr Daniele Bianchi, of Warwick Business School, Assistant Professor of Finance and a cryptocurrency expert told Express.co.uk: “Increasing value and legitimacy of cryptocurrencies is not only good for investors, but also brings attention from regulators and policymakers.
“As Bitcoin and altcoins are becoming more mainstream, being constantly in the spotlight, we are seeing regulators becoming more active to crack down on illegal uses.
“The situation is not the same across countries however. While the South Korean and the Chinese governments are planning to take decisive steps in monitoring and limiting trading in cryptos, the Russian government has drafted a new bill for the legalisation of cryptos trading in authorised platforms.
“We should expect a great deal of diversity in the way regulators will deal with cryptocurrency trading. The bottom line is that, although governments need to put in place efficient regulations that prevent investors getting into difficult situations, the way such regulations are drafted will largely depend on their view of cryptos as a useful financial innovation rather than a threat.”
Kay Van-Petersen of Saxo Bank said in December 2016 that bitcoin would reach $2,000 in 2017 and he’s back with another prediction.
Bitcoin could hit $100,000 in 2018, the analyst told CNBC, the price being driven by a larger uptake of institutional investors and futures contracts.
Are we not on the way back up? Bitcoin is at $12,163 at the time of press with Ripple at $1.45 and Ethereum at $1,122.
11.20am – UPDATE – Bitcoin rebounds (a little more)
Bitcoin is back up at $12,126 making the days’ loss $1,459 on the day so far.
11.11am – UPDATE – Bitcoin rebounds (a little)
Bitcoin’s price has rebounded from the low of $11,255 to $11,982 at the time of press.
Ripple is yet to budge from the $1.35 mark.
Bitcoin has sunk to $11,982 at the time of press, marking a $1,693 loss on the day so far and a fall of 13.26 per cent.
Ripple is still down 25 per cent on the day at $1.37, having recovered a little in the last hour.
Ethererum, now being tracked over here, is down at $1,066 (…and all that) a slight recovery from an hour ago.
10.33am – UPDATE – China, not South Korea to blame?
Iqbal Gandham, UK Managing Director at eToro, has told Express.co.uk:
“The market is correcting off the back of news that China is moving to crack down on cryptocurrency trading. Chinese investors are likely spooked having heard the news and the market is on edge as a result.
“But we don’t expect to see a major sell-off. Bitcoin in particular has gone through this cycle before, eventually shrugging off regulatory clampdowns from governments and central banks after initially falling in price.
9.59am – UPDATE – Slipping?
Bitcoin has dropped $2,128.28 on the day so far at the time of press. Yikes.
Etheruem has lost $259.37.
Ripple may have only lost a few cents but that marks a third of its price.
9.23am – UPDATE – Let the price plunge begin
Bitcoin is down to $11,794 after hacks, revelations of price manipulations, and threats of government regulation have dominated the new year.
Remember this time last month we were all watching agasp as bitcoin’s price headed towards the $19,000 peak it hit on December 19.
Feeling down? Over in Japan a new eight-member girl pop group have emerged called Kasotsuka Shojo (‘Virtual Currency Girls’). The new band dress as french maids with mexican wrestler masks over their faces and each member represents a different cryptocurrency. Obviously.
The Financial Times (who else) are reporting that Hinano Shirahama, as bitcoin, has appointed herself the band’s leader, however in an early onstage tussle at the group’s first ever gig, bitcoin’s leadership was challenged by Rara Naruse, the representative of bitcoin cash.