7.40am MORNING HEADLINES
Good morning, and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.
Bitcoin has fallen back overnight from $11,658 to $11,261 as a fall cut the day’s gains in just a few hours.
Senior Analyst, Jesse Cohen from Investing.com told Express.co.uk that after last year’s mind-boggling run-up in prices, 2018 has not started well for cryptocurrencies.
She said: “Despite the modest recovery in recent days, Bitcoin prices remain down about 15 percent since the start of 2018.”
She adds that Bitcoin isn’t the only mainstream cryptocurrency to suffer a rough start, with Ripple, the third biggest cryptocurrency in terms of market cap, declining 55 percent since Jan. 1 – making it, “one of the worst performing digital currencies of 2018.”
“Yet, not all coins have endured the wrath of sellers, with some of the more resilient names, like VeChain, NEO and Monero, catching many cryptowatchers by surprise.”
Updates below throughout the day….
9.59am – UPDATE – Canadian regulators send warning
Finance regulators have warned locals about the dangers of investing in a so-called “cryptocurrency bank” and its associated token after the website was deemed to be illegal.
Representatives from the Financial and Consumer Services Commission (FCSC) released a statement to warn people about Bitcoin-bank.io, which promises a daily return on deposits through the use of a “BTCB” token, yesterday.
Read the full report here.
8.34am – UPDATE – BTC more likely to stop at $100 than $100,000
Harvard economist Kenneth Rogoff has said that a decade from now, bitcoin is more likely to be $100 than $100,000.
The likelihood of bitcoin falling to $100 was greater than that of the digital currency rising to $100,000 a decade from now.
Mr Rogoff told CNBC’s “Squawk Box: “I think bitcoin will be worth a tiny fraction of what it is now if we’re headed out 10 years from now … I would see $100 as being a lot more likely than $100,000 ten years from now.
“Basically, if you take away the possibility of money laundering and tax evasion, its actual uses as a transaction vehicle are very small.”