Bitcoin price fell below $9,000 on Thursday for the first time in over two months, plagued by a plethora of concerns, but an early investor has forecast the price to hit $20,000 this year. South Korea and China are mulling further cooperation to curb the recent cryptocurrency speculation. However, such moves did not deter a Singapore-based mobile payment app from launching its own cryptocurrency.
Here is a wrap up of the main news from the crypto space over the last 24 hours.
Bitcoin Below $9K First Time Since November
The price of Bitcoin dropped below $9,000 on Thursday for the first time since late November. As of 3.29 am ET on Friday, Bitcoin was down 15.31 percent at $8,342.57 on Coinbase. A myriad of reasons is behind the recent fall, including concerns over the perceived link between the issuance of altcoin Tether, which claims to be backed by the US dollar, and the price of Bitcoin. Cryptocurrency exchange Bitfinex, which issues the Tether coin, has been subpoenaed by the Commodity Futures Trading Commission. Regulatory concerns also weigh on the Bitcoin price after the Indian finance minister said on Thursday that the government would take measures to eliminate the use of cryptocurrencies for illegitimate transactions. He reiterated that cryptocurrency is not a legal tender in India. Read more...
Early Investor Sees Bitcoin Rallying To $20K This Year: Report
Bitcoin could drop to as low as $7,500, before rallying back to $20,000 this year, Ran Neu Ner, an early investor in the cryptocurrency and the host of CNBC Africa's Cryptotrader show, predicted. Neu Ner said volatile swings are normal for Bitcoin, which is quite resilient and will bounce back. The price of Bitcoin dropped below $9,000 on Thursday for the first time since late November. As of 3.29 am ET on Friday, Bitcoin was down 15.31 percent at $8,342.57 on Coinbase. Read more...
S. Korean FinMin Sees Need to Cooperate With China In Blockchain Tech: Report
South Korea's Finance Minister Kim Dong-yeon stressed on the need for his country cooperating with China over the blockchain, the distributed ledger technology underlying the leading cryptocurrency Bitcoin. The finance minister is visiting China and will hold talks with He Lifeng, the country's National Development and Reform Commission, on Friday, South Korean news agency Yonhap reported. Kim also held talks with the People's Bank of China Governor Zhou Xiaochuan during which they discussed the steps to curb the recent cryptocurrency craze. Read more...
UNICEF Launches Blockchain Fundraising By Mining Ethereum
UNICEF is asking gamers around the world to help it raise funds for helping children in the war-torn Syria, using the blockchain technology. The agency has launched a project that asks gamers to join in an effort called Game Chaingers, which aims to raise funds by mining the cryptocurrency Ethereum. Anyone with a computer that has graphic card can join the network. Participants have to install a mining software called Claymore to generate Ethereum right into UNICEF's wallet. According to the project's website, nine miners have joined the network. Read more...
Singapore's SpherePay To Launch Cryptocurrency
The Singapore-based SpherePay mobile payment platform announced that it will launch its own cryptocurrency in the same name with the symbol, SAY. The company said it will create a universal and globally accepted peer-to-peer trading ecosystem that links virtual currency assets to real life by offering the world's first virtual currency that is QR code payment. The token sale is set to commence in two days. Read more...
Australia's Brisbane Airport To Soon Accept Cryptocurrecnies
Australia's Brisbane airport joined with companies around the world to give legality for cryptocurrencies, even as regulators continue to take a cautious stand. The airport recently partnered with local start-up TravelbyBit to launch the world's first digital currency airport terminal. As per the deal, decentralised blockchain-enabled payments could be made in shops, bars and restaurants on the premises of Australia's third busiest airport by aircraft movements. In a statement, the company noted that travelers will soon be able to use TravelbyBit's cryptocurrency payment system, including Bitcoin, Dash, Ethereum, and other digital currencies. Read more...
Venezuela Sets Initial Price Of Petro At $60
The Venezuelan government has set $60 as the pre-sale value of one petro, the country's national cryptocurrency. Hugbel Roa, the minister of science and technology, said the digital currency's initial price is based on the approximate cost of a barrel of crude oil produced in the country in mid-January, and that the currency will be backed by the country's vast oil reserves. The Petro's value will be subject to change, corresponding to fluctuations in oil price. Read more...
FedEx Partners With BiTA To Pioneer In Transport Blockchain
Shipping giant FedEx has reportedly partnered with Blockchain in Transport Alliance (BiTA) in order to integrate blockchain-based platforms into its operations. Freightwaves reported that FedEx has outlined plans to set standards for the use of blockchain in governing and tracking shipment transactions. The company, which joined the organization as a founding member, has already begun testing some blockchain platforms. Read more...
NetCents Adds Litecoin To The NC Exchange
NetCents Technology Inc. Thursday announce that the NC Exchange now supports Litecoin. The company has added Litecoin functionality to its platform allowing users of the NC Exchange to transact with Litecoin. Users will now be able to deposit, withdraw and trade Litecoin for supported fiat and cryptocurrencies with other NC Exchange users. User can also use Litecoin to make payments to merchants who use the NetCents Technology payment gateway. Read more...
Sberbank To Trade Cryptocurrencies Overseas To Bypass Russian Rules
Russia's Sberbank has announced plans to start trading cryptocurrencies abroad to bypass the country's regulations. Domestic rules do not recognize digital currencies such as Bitcoin as a means of payment. The state-owned bank is looking at trading pairs of the most liquid and well-known cryptocurrencies, the bank's Head of Global Markets Andrey Shemetov said at a news conference. The bank initially plans to offer crypto trading to customers in Switzerland. Read more...
Current Prices
As of 6.04 am ET on Friday, Bitcoin was down 13.6 percent at $8,141.15 and Ethereum was lower by 21.47 percent at $846.48 on Coinbase.
by RTT Staff Writer
For comments and feedback: editorial@rttnews.com