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Cryptocurrency Daily Roundup

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Bitcoin price plummeted as much as 14 percent as South Korean justice ministry is planning laws to ban trading in cryptocurrencies. Adding to the gloom, billionaire investor Warren Buffett warns that cryptocurrencies are set to have a bad ending.

Here is a round-up of main news from the cryptocurrency space over the last 24 hours:

1. South Korea Closes In On Cryptocurrency Speculation, Bitcoin Prices In a Tailspin

Runaway trends in the price of cryptocurrencies have brought them under the regulators' scanner in several countries, clouding the outlook for what was touted as the next big thing after Internet. South Korea and China, which are among the most active markets for cryptocurrencies, are leading the list of countries that are initiating crackdown measures. Latest on the regulation front was an announcement by South Korea on Thursday that the justice ministry is planning a legislation to curb the excessive speculation in the cryptocurrency market. The measures include a ban on all cryptocurrency exchanges in the country, thus effectively preventing trading in digital currencies. The price of Bitcoin plunged as much as 14 percent to below $13,000 following the news.

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2. Warren Buffett Warns Crypto Boom To End In Tears

Billionaire investor Warren Buffett has warned that cryptocurrencies are set to have a bad ending and he would not bet any money on them. "In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending," Buffett, who is the chairman and CEO of Berkshire Hathaway, said in an interview to CNBC on Wednesday. "When it happens or how or anything else, I don't know." On the same show, Buffett's partner Charlier Munger said both bitcoin and venture capital were bubbles.

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3. Goldman Sachs Says Bitcoin Could Be Money

Cryptocurrencies could become an alternative form of money in countries with troubled economies, Goldman Sachs strategists Zach Pandl and Charles Himmelberg reportedly said in an internal note to clients. Citing countries such as Zimbabwe and the Democratic Republic of the Congo, the strategists said cryptocurrencies such as Bitcoin may offer viable alternatives. There is demand for an internationally accepted medium of exchange and store of value, they added.

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4. Binance, World Largest CryptoExchange, Keeps Growing

The world's largest cryptocurrency exchange by volume, Binance, is adding "a couple of million" registered users every week and 240,000 people signed up in just an hour on Wednesday, the company's Chief Executive Office Zhao Changpeng said in an interview to Bloomberg Television. The demand is so high that the Hong Kong-based exchange is limiting new users. Binance handled about $5.27 billion worth of digital currencies as of 8.42 am ET on Thursday with Tron being the leading digital currency on the exchange.

5. Kodak Reveals Plans To Mine Own Cryptocurrency

Photo company Eastman Kodak revealed plans to mine its own cryptocurrency named the KodakCoin, to enable photographers to control their image rights. The digital coin is set to work on the new blockchain-based platform KodakOne. The company's initial coin offering are set to open on January 31. The news sent the stock soaring over 60 percent, repeating the similar jumps witnessed in stocks of companies that have announced any link to the blockchain technology. At the CES tech show in Las Vegas, Kodak also unveiled plans to install a Bitcoin mining facility at its headquarters in Rochester, New York, which will be rented out to customers.

Current Prices of Cryptocurrencies

As of 9.48 am ET, Bitcoin was down 0.02 percent at $13,690 and Ether lower by 7.62 percent at $1,200 on coinbase.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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