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Bitcoin

World’s first cryptocurrency Bitcoin marks 10 years

LONDON: October 31, 2008 marked the birth of bitcoin. Ten years on, the world's first cryptocurrency is at the forefront of a complex financial system viewed warily by markets and investors. From its first evocation amid a global financial crisis, in a white paper written by Satoshi Nakamoto, an unknown pseudonym, bitcoin conveyed a political vision. The "abstract" set out in the paper for bitcoin, currently worth about $6,400 per unit from a starting point of virtually zero, was for "a purely peer-to-peer version of…

India launches its first Bitcoin ATM

BENGALURU: A first Bitcoin ATM has been launched in India, which will allow customers to deposit and withdraw the currency from the kiosk. Cryptocurrency exchange named Unocoin has launched an ATM in Bangaluru. Unocoin said that the decision to launch the ATM was taken after the Reserve Bank of India (RBI) ban in July, which put a virtual ban on trading in cryptocurrencies. “Due to the RBI’s recent notification on ‘Prohibition on Dealing in Virtual Currencies’, our banking relationships were disrupted some time ago,”…

Bitcoin slips below $8,000 as investors step away from risk

NEW YORK: Bitcoin briefly fell below $8,000 as investors scaled back their exposure to cryptocurrenices, after a sell-off in shares of technology and internet companies spilled over into other risky assets. The technology index tumbled 1.79 percent as disappointing results last week from Facebook Inc, Twitter Inc and Intel Corp spurred worries about growth for a sector that has led the equity market to record highs. “It looks like the entire market is in a risk-off mood today. It started with the (FAANG) stocks, but…

Cryptocurrency tether used to boost bitcoin prices, study finds

NEW YORK: There is evidence that tether, a digital currency pegged to the US dollar, may have been used to manipulate the price of bitcoin and other cryptocurrencies, according to a research paper released by the University of Texas on Wednesday. “Tether seems to be used both to stabilise and manipulate bitcoin prices,” said the paper’s co-authors, professor John Griffin and doctoral student Amin Shams. Critics of tether have raised concerns over the past year about whether Tether Limited actually holds $1 in reserve…

US launches criminal probe into bitcoin price manipulation: Bloomberg

WASHINGTON: The US Department of Justice has launched a criminal probe into whether traders are manipulating the price of bitcoin and other digital currencies, Bloomberg reported on Thursday. The investigation concerns illegal practices that can influence prices such as spoofing, or flooding the market with fake orders to trick other traders, Bloomberg said, citing four people familiar with the matter. Federal prosecutors are working with the Commodity Futures Trading Commission (CFTC), the report added. Neither the…

Bitcoin slips to No. 13 in China’s new cryptocurrency index

NEW YORK: Ethereum is the top public blockchain in the cryptocurrency space, while that of bitcoin, the original virtual currency, is ranked 13th, according to the Chinese government’s first monthly Global Public Chain Assessment Index released on Thursday. The index was created and released by the China Center for Information Industry Development, part of the Ministry of Industry and Information Technology in Beijing. It evaluates the technological capability, usefulness of the application, and innovativeness of the…

State Bank warns banks, general public against use of cryptocurrencies

State Bank of Pakistan (SBP) on Monday warned the commercial banks and general banks against the use of cryptocurrencies like Bitcoin or Litecoin, ARY News reported. According to a notice issued by central bank, cryptocurriencies like Bitcoin, Litecoin, Pakcoin. OneCoin, DasCoin and Pay Diamond are neither recognized as a Legal Tender nor has SBP authorized or licensed any individual or entity for the issuance, sale, purchase, exchange or investment in any such virtual currencies or tokens in Pakistan.…

Bitcoin declared ‘halal’ under Islamic law

An Islamic scholar has declared bitcoin ‘halal’ under Sharia Law, contradicting earlier ‘edicts’ that insisted the popular cryptocurrency is forbidden in the religion. The new statement has appeared in the publication of the study into whether bitcoin is halal or haram preceded unprecedented price gains for bitcoin, which saw it’s value surge by more than $1,000 in less than an hour. This has led some analysts to speculate that news of bitcoin’s Sharia law compliance may have contributed to the price surge. The study,…

Bitcoin price jumps to two-week high after dramatic fall earlier

LONDON: Cryptocurrency prices jumped on Thursday, led by a surge in bitcoin to two-week highs, with people active in the market citing a squeeze on traders who have bet against prices, given a lack of obvious news to trigger the gains. On the Luxembourg-based Bitstamp exchange BTC=BTSP, bitcoin rose as much as 17 percent at one point in mid-morning European trading. By 1250 GMT, it was up 11 percent at $7,705, its highest level since March 29. Other cryptocurrencies like Ethereum .MVETH and Ripple .MVXRP also rose…

State Bank of Pakistan warns against trade in digital currencies

KARACHI: The State Bank of Pakistan (SBP) issued a warning, intimating public and all the concerned about potential risks of trade in virtual currencies. According to the SBP, “Virtual Currencies like Bitcoin, Litecoin, Pakcoin, OneCoin, DasCoin, Pay Diamond etc. or Initial Coin Offerings (ICO) tokens are not legal tender, issued or guaranteed by the Government of Pakistan. SBP has not authorized or licensed any individual or entity for the issuance, sale, purchase, exchange or investment in any such Virtual…