Bitcoin continued its tumble after the China Banking Association warned members of risks associated with digital currencies. The cryptocurrency fell to below 39,000, per Bitcoin, before a rebound to $40,212. The statement from China’s industry association said all members should “resolutely refrain from conducting or participating in any business activities related to virtual currencies.” A week ago, Bitcoin was trading above $50,105 after its price plunged 10% following Tesla CEO Elon Musk’s reversal of his stance on the digital currency.
Government and industry officials confronting an epidemic of ransomware, where hackers freeze the computers of a target and demand a payoff, are zeroing in on cryptocurrency regulation as the key to combating the scourge, sources familiar with the work of a public-private task force said. In a report on Thursday, the panel of experts is expected to call for far more aggressive tracking of bitcoin and other cryptocurrencies.
Bitcoin hit a fresh record high above $23,000 on Thursday, extending a wild rally for the cryptocurrency that has seen it more than triple in value this year. The world’s most-valuable digital currency surged 12% to $23,421, according to crypto market data provider Coin Metrics, taking its year-to-date gains to more than 200%. Bitcoin only just smashed the $20,000 mark on Wednesday.
Canada’s largest cryptocurrency exchange is unable to access millions in digital currency following the sudden death of its founder. Quadriga has filed for creditor protection and estimates that about C$180m ($137m) in cryptocurrency coins is missing. It has not been able to locate or secure its cryptocurrency reserves since Gerald Cotten died in December. Cotten, 30, had sole responsibility for handling the funds and coins.
U.S. Treasury Secretary Steven Mnuchin Opens a New Window. said during a press conference on Monday that he was not currently comfortable with Facebook launching its Libra cryptocurrency Opens a New Window. platform. The Treasury Department has concerns that Libra could be misused by terrorist financiers and/or money launders, to carry out illicit activities ranging from cybercrime to tax evasion, extortion and ransomware.
In a big victory for the Wall Street, federal regulators approved a broad proposal to ease financial crisis-era regulations on risky trading on Wednesday. The change to the 2010 Volcker Rule would give Wall Street banks more freedom to make their own complex bets. The move is another government effort to loosen financial regulations.
Bitcoin jumped suddenly on Tuesday, following months of relatively low volatility in an asset once known for its wild price swings. Earlier Tuesday, bitcoin briefly touched the $5,000 mark on the Luxembourg-based Bitstamp exchange. The digital asset has added over $14 billion to its market value in the last 24 hours, according to CoinMarketCap. It comes after a massive slump for the cryptocurrency market last year. Bitcoin fell over 76 percent in 2018, and is still well below an all-time high near $20,000 it notched in December 2017.
The world’s richest woman, L’Oreal heiress Liliane Bettencourt, passed away peacefully overnight, aged 94, her family confirmed. Bettencourt had an estimated 2017 net worth of $40 billion, all of her assets, including her holding stake in L’Oreal, have been placed in a trust controlled by her daughter. One of her grandchildren succeeds her as vice chairman and was also named to guard her personal affairs.
China’s president, Xi Jinping, has projected himself as the leader of a new economic order in a plan known as the belt and road initiative. The plan which is estimated to come to $1 trillion, will connect over 60 countries although not the United States. Xi’s plan is to connect and establish trade routes, creating a new economic infrastructure which has yet to be seen. He plans to connect China from Asia to the Middle East, Africa, and Europe.
The founding partner of a recognized Silicon Valley venture capital firm, Steve Jurvetson, will leave the firm after the beginning of an investigation into his alleged ‘predatory behavior’ with women. Jurvetson spoke out Monday, saying he is leaving to ‘focus on personal matters, including taking legal action against those whose false statements have defamed me.’