Why the Price of Bitcoin, Ethereum and Litecoin Just Tanked (Vice News)
The price of bitcoin dropped as much as 20 percent early Tuesday after regulators in South Korea repeated warnings they may ban cryptocurrency trading. Cryptocurrencies across the board took a hit, with all of the top 100 digital coins listed by CoinMarketCap dropping in value. More than $160 billion was wiped off the value of all cryptocurrencies listed by the website in the space of 10 hours, highlighting the remarkable volatility in the market.
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The Bad News Bears Come for Bitcoin (Barron’s)
Bitcoin isn’t just taking hits from regulators. A research paper on bitcoin price manipulation is also making the rounds. Neil Gandal, JT Hamrick, Tyler Moore, and Tali Oberman recently published “Price Manipulation in the Bitcoin Ecosystem” in the Journal of Monetary Economics, which found that a single person likely drove bitcoin prices to $1,000 from $150 in just two months. Their work also shows that trading volume across exchanges ticked up on days where there was suspicious activity.
Bitcoin bombs, cryptocoins crash on regulation fears (Rappler.com)
PARIS, France – Bitcoin, the best known of hundreds of ‘virtual’ coins, slumped on Tuesday, January 16, to a 6-week low below $12,000 as analysts blamed a rush by various jurisdictions to regulate the sector. The final weeks of last year were marked by bitcoin mania as the unit topped $20,000, but it lost some 20% in Tuesday trading which saw most of its fellow cryptocurrencies similarly wilt. “Bitcoin has dropped below $12,000, a level not seen since early December. The cryptocurrency has fallen nearly 40 percent since its all-time high,” noted David Madden, market analyst with CMC Markets.
Goldman FX Trader Joins Cryptocurrency Broker (FNLondon)
An executive director from Goldman Sachs has left the US banking powerhouse to join a UK cryptocurrency broker, marking another step in the professionalisation of the fledgling sector. Phillip Gillespie, who joined Goldman in 2015, is to become chief executive of B2C2’s cryptocurrency operations in Japan. Gillespie will start at the firm on January 29. The move comes as cryptocurrencies, such as bitcoin, have evolved from instruments associated with money laundering towards greater legitimacy. Last month, Cboe Global Markets and CME Group, two of world’s biggest derivatives exchanges, launched their own bitcoin futures contracts with enthusiasts contending the introduction will attract institutional and professional traders.
Bitcoin Tumbled As much As 20% Tuesday (CNN Money)
The price of the volatile digital currency dipped below $12,000, its lowest level in more than a month, according to data from CoinDesk.com. Other popular cryptocurrencies ethereum and ripple also posted double-digit losses. It’s unclear why bitcoin fell. Cryptocurrency is a murky market with frequent swings. “Volatility is quite common in the cryptocurrency world,” said Mati Greenspan, a Tel Aviv-based analyst at investment firm eToro.
More Than 200,000 Sign Petition in South Korea to Stop Government’s Crackdown of Bitcoin ‘Happy Dream’ (CNBC)
A petition in South Korea against cryptocurrency regulation has reached the number of signatures that would induce a government response. As of Tuesday morning, ET, more than 212,700 had signed a petition launched Dec. 28 on the website of the South Korean presidential office. A Google translation of the website states that if more than 200,000 people support a petition within 30 days, officials will respond.
Diamond Trade Turns to Technology That Keeps Bitcoin Anonymous (Bloomberg)
The world’s biggest diamond producer is turning to the technology behind bitcoin to track gems from mine to retailer. De Beers is running a pilot scheme using blockchain to create a virtual ledger of diamond sales. The technology made famous by the cryptocurrency is also seen as having the potential to reshape industries from finance to retailing. It will enable De Beers to show transactions to all participants while keeping their identities and the value of the sales hidden.
As Bitcoin, Ethereum, and Ripple Plunge, These Cryptocurrencies Are on the Rise (Fortune)
Bitcoin’s tremendous drop in the past 24 hours is having a domino effect—on Ripple, Ethereum, and pretty much every other cryptocurrency that’s traded. Massive selloffs, for reasons that are not yet clear, are resulting in drops of 15 to 30% for the 100 top digital currencies, as ranked by CoinMarketCap. But even amidst the crash (the first since last December), there are a few cryptocurrencies that are eking out gains today. As of 9 a.m. ET, two digital currencies were showing notable gains on Tuesday.
There’s a Cryptocurrency Named After Theresa May and It’s Neither Strong Nor Stable (Metro.co.uk)
So what if you’re looking for a strong and stable investment in the world of digital dosh? Well, you might want to look into a new cryptocurrency named after Prime Minister Theresa May. It’s called TheresaMayCoin and has almost tripled in value this year to soar to the giddy heights of, erm, way less than a tenth of a penny. The Bitcoin-style virtual currency was launched last year and has proved a reliably rubbish investment ever since.
