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Bitcoin

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…

US Hackers demanding ransom in bitcoin attack govt computers

GEORGIA: Hackers demanding ransom payable in bitcoin have attacked computers of the Atlanta city government in the southern US state of Georgia, officials say. The ransomware assault shut down multiple internal and external applications for the city, including apps that people use to pay bills and access court-related information, Mayor Keisha Lance Bottoms told a news conference Thursday. "This is a very serious situation," Bottoms said. City officials said they learned of the attack before dawn Thursday when they…

G20 agrees to keep ‘watchful eye’ on cryptocurrencies

BUENOS AIRES: Financial policymakers from the world’s top 20 economies agreed to keep a watchful eye on cryptocurrencies on Tuesday and opened the door to regulating the booming industry at a later stage. Wild swings in the price of Bitcoin, the best known of a myriad of digital currencies issued by private companies, and fears they may be used for evading taxes, launder money, finance terrorism or just scam small investors have raised calls for concerted actions by global regulators. Finance ministers and central…

Google bans cryptocurrency advertising

LONDON: Alphabet Inc’s Google said on Wednesday it was banning advertisements for cryptocurrencies and initial coin offerings, the latest internet company to clamp down on the sector amid growing concerns about scams. Google’s action, which takes effect in June and follows a similar move by Facebook earlier this year, sent the price of the best-known cryptocurrency, bitcoin, down more than 10 percent to its lowest in a month. Interest in cryptocurrencies has surged in the last year as their prices rocketed. That…

UK-based Coinfloor to launch physically settled bitcoin futures

BOCA RATON, Fla: Cryptocurrency exchange operator Coinfloor said on Wednesday it will launch a futures exchange for digital assets that will include the first physically delivered bitcoin futures contracts next month. The new London-based trading platform, known as CoinfloorEX, is aimed at hedge funds, proprietary trading firms and sophisticated retail investors, as well as cryptocurrency miners, Mark Lamb, co-founder of Coinfloor, said in an interview. “When you talk to the liquidity providers, they all say the same…

Creation of digital currencies carries ‘significant fraud risks’: report

ZURICH: The creation of digital currencies, like bitcoin, by central banks could revolutionise the global financial system but also carries significant fraud risks, the Bank for International Settlements warned on Monday. In a report, the Bank for International Settlements (BIS) said the launch of crypto currencies by central banks had potential benefits but could also have a detrimental impact, including exposing banking centres to a greater risk of cyber attacks. "The potential effect of fraud could be more…

‘Bitcoin not a legitimate method of payment’

BEIJING: China does not recognize Bitcoin and other digital currencies as legitimate forms of payment, the central bank governor, Zhou Xiaochuan, said on Friday. “We do not currently recognize Bitcoin and other digital currencies as a tool like paper money, coins and credit cards for retail payments,” Zhou told reporters on the sidelines of the annual parliament session. “The banking system does not accept it.” China has taken a string of steps in recent months to clamp down on the cryptocurrency market, including…

China says Bitcoin not a legitimate method of payment

BEIJING: China does not recognize Bitcoin and other digital currencies as legitimate forms of payment, the central bank governor, Zhou Xiaochuan, said on Friday. “We do not currently recognize Bitcoin and other digital currencies as a tool like paper money, coins and credit cards for retail payments,” Zhou told reporters on the sidelines of the annual parliament session. “The banking system does not accept it.” Read More: China looks to completely block cryptocurrency trading China has taken a string of steps in…

Bitcoin falls below $9,000 in latest slump

WASHINGTON: Bitcoin fell below $9,000 Friday afternoon to a daily low of $8,587, according to CoinDesk's Bitcoin Price Index. The latest fall is said to triggered by regulation fears. On Thursday, the US Securities and Exchange Commission warned of “potentially unlawful” systems that trade crypto-currencies, which investors may use with an unearned sense of safety. The world's biggest and best-known digital currency BTC=BTSP was last down 7.53 percent at $9,924.03 on the Luxembourg-based Bitstamp exchange yesterday. It…