Bitcoin is inching towards hitting the $10,000 mark after it dropped to as low as $6000 over regulatory worries a few days ago. The European Central Bank's (ECB) pronouncement that regulating cryptocurrencies is not high on its to-do list, also kept the currency from falling further.
Here is a wrap up of the main news from the cryptocurrency market over the last 24 hours.
UK Crypto Companies Float Independent Trade Body
Seven cryptocurrency companies have floated an independent trade organization in the UK to bring self regulation into the industry. The group named CyrptoUK was formed by Coinbase, Etoro, Cryptocompare, Blockex, Cex.io, Commerceblock and Coinshares. CryptoUK chairman Iqbal Gandham said the CryptoUK has been established to promote best practice and to work with government and regulators to ensure that the UK benefits from the exciting potential of this international technology.
Cryptocurrency prices Recover after ECB allays ban fears
The prices of leading cryptocurrency Bitcoin and others such as Ripple, Ethereum, Litecoin gained after European Central Bank (ECB) allayed fears of a ban on trading in virtual currencies. He said it's not his institution's job to regulate cryptocurrencies. As part of the ECB's #AskDraghi video series, when asked whether he would recommend purchasing bitcoin by a college student, Mario Draghi, the president of the ECB, said he would think "carefully" about buying bitcoin.
Charlie Munger Calls Bitcoin "noxious poison"
Charlie Munger, a billionaire investor who was also a longtime deputy to Warren Buffett,was highly critical of digital currencies during a question-and-answer session Wednesday at the publishing company's annual shareholder meeting. "It's just disgusting that people are taken in by something like this," he said. He also condemned the US government's lax approach to the crypto craze, and called for a crackdown. The technology that drives bitcoin might be interesting, but the investing frenzy that the world witnessed last year should have prompted a government crackdown like the one in China, according to the 93-year old media mogul.
Only a Minority in Germany Purchased Bitcoin: Poll
Majority of people in Germany have heard about Bitcoin, but only a minority have purchased or used it, German news provider dpa reported citing a representative poll by industry association Bitkom. The poll said two thirds or 64 percent of the respondents said they know how to start with Bitcoin. But only 4 percent have either bought or used it. In 2016, only 36 percent of the respondents were aware of this digital currency, and in 2013, just 14 percent, the poll showed.
Malaysia Against Ban on Cryptocurrency
At a time governments mull crackdown on cryptocurrency in the wake of overwhelming investor craze, the apex bank of Malaysia is calling for the public to decide the fate of cryptocurrencies in the country. Bank Negara Malaysia Governor Muhammad Ibrahim has promised not to ban cryptocurrencies, and said he will let the market decide on the cryptocurrencies that are here to stay. Malaysia's Deputy Finance Minister Johari Abdul Ghani said a ban would curb innovation and creativity in the financial sector.
Forbes 'Fintech 50' lists 11 Blockchain, Crypto Cos.
Forbes Fintech 50 list for 2018 includes 11 companies related to either cryptocurrency or blockchain. They Include Coinbase,San Francisco; and Ripple, San Francisco. Others listed are: Bitfury Group, Amsterdam; Blockchain, London; Chain, San Francisco; Chainalysis, New York City; Shapeshift, Zug, Switzerland; Symbiont, New York City;Xapo, Palo Alto, CA; Veem, San Francisco; and Xapo, CA.
Current Prices
As of this writing, Bitcoin is trading at $9,749 and Ethereum at $930 on Coinbase.
by RTT Staff Writer
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