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Bitcoin

Banking group Nordea bans its 31,000 employees from investing in Bitcoin

STOCKHOLM: Nordea has forbidden all its roughly 31,000 employees from trading in cryptocurrencies such as bitcoin due to high risks, it said on Monday. The Nordic region’s biggest bank said the ban will be imposed from Feb. 28. “The risks are seen as too high and the protection is insufficient for both the co-workers and the bank,” a Nordea spokeswoman told a UK-based wire service in an e-mail, adding that employees who currently own cryptocurrencies will not be forced to sell them, although recommended to do so.…

Bitcoin to drop as low as $1000 this year from its peak of $20,000: Wall Street CIO

A drastic drop of almost fifty percent in Bitcoin value last week has worried the investors while fears of global crackdown on cryptocurrency is an added woe to those investing in the digital currency. Peter Boockvar, the Chief Investment Officer at Bleakley Advisory Group, sees the potential for Bitcoin (BTC) to be around for a long time, but with a significant price drop coming when the Bitcoin bubble bursts, CNBC reports. Last week, Bitcoin fell almost 50%, piercing below $10,000, while other cryptocurrencies took…

Three Bitcoin operators sued for fraud in US

WASHINGTON: The U.S. derivatives watchdog said on Friday that it has filed charges against three separate virtual currency operators alleging the defendants had defrauded customers and broken other commodity trading rules, in a further sign regulators globally are cracking down on the emerging asset class. The lawsuits, filed by the Commodity Futures Trading Commission in a New York district court, come amid heightened fears globally over the risks that bitcoin and other virtual currencies may pose to investors and the…

India sends tax notices to cryptocurrency investors as trading hits $3.5 billion

NEW DELHI: India has sent tax notices to tens of thousands of people dealing in cryptocurrency after a nationwide survey showed more than $3.5 billion worth of transactions have been conducted over a 17-month period, the income tax department said. Tech-savvy young investors, real estate players and jewellers are among those invested in bitcoin and other virtual currencies, tax officials told Reuters after gathering data from nine exchanges in Mumbai, Delhi, Bengaluru and Pune. Governments around the world are…

Fears of global crackdown fail to dampen digital currency interest

MIAMI: Worries about a crackdown by global regulators on cryptocurrency trading could slow the pace of bitcoin’s rise but should not threaten its existence, investors and market participants at a cryptocurrency conference said on Thursday. At the North American Bitcoin Conference in Miami, investors and executives interviewed by Reuters were unfazed by government moves to further regulate cryptocurrencies, which have sent prices into a tailspin. “It’s impossible to ban bitcoin and cryptocurrency trading because the…

Bitcoin drops 50 percent as it falls below $10,000 from almost $20,000

SEOUL: Bitcoin fell almost 50%, piercing below $10,000, while other cryptocurrencies took similar spills due to investor fears that regulators could clamp down on them in an effort to curb speculation. The world’s biggest and best-known cryptocurrency at one point lost 30 percent of its value since Tuesday. Bitcoin, despite some stabilization in late U.S. trading, was half its record peak of almost $20,000 set on the Luxembourg-based Bitstamp exchange a month ago. Ethereum and Ripple, the No. 2 and No. 3 virtual…

Here’s how regulation worries are impacting the Bitcoin value

TOKYO/LONDON: Bitcoin skidded more than 11 percent on Wednesday, extending a precipitous downturn in fortunes with investors spooked by fears regulators might clamp down on an asset whose value has skyrocketed in the past year. The price of the world’s biggest and best known cryptocurrency fell to as low as $10,065 on the Luxembourg-based Bitstamp exchange, a six-week low and close to half the peak price of almost $20,000 it reached in December. Other cryptocurrencies plunged as well. Ethereum and Ripple were both down…

Bitcoin price slips as China widens crackdown on cryptocurrency

BEIJING: China is preparing for a new crackdown on cryptocurrency, planning to stamp out remaining trading in the country, according to state media. China will gradually clean up over-the-counter trading platforms, peer-to-peer networks where large exchanges occur and firms registered in the country which allow Chinese to trade overseas, the state-run Securities Journal said Tuesday. The publication cited an anonymous source close to regulators tackling online finance risks. The new plan follows China's crackdown on…

Bitcoin falls 14 percent on crackdown fears, hits four-week low

BEIJING: A senior Chinese central banker says authorities should ban centralized trading of virtual currencies including Bitcoin as well as individuals and businesses that provide related services, an internal memo from a government meeting seen by Reuters showed. In the memo outlining details of discussions at a meeting of internet regulators and other policymakers last week, PBOC Vice Governor Pan Gongsheng said the government would continue to apply pressure to the virtual currency trade and prevent the build up of…

South Korea delays plan to ban Bitcoin

SEOUL: South Korea said on Monday that its plans to ban virtual coin exchanges had not yet been finalized as government agencies were still in talks to decide how to regulate the market. “The plan to ban cryptocurrency exchanges, recently mentioned by the nation’s justice minister, is one measure in talks to curb speculative investments, which the government will carry on with enough discussion for before finalizing the decision,” an official at the Office for Government Policy Coordination told a news conference. On…