18.57 – UPDATE – Bitcoin slighty up
Bitcoin is valued at $9,280, which is a slight increase on its value at 17.41 when it was $9,220. It is still a drop from what it started off at in the morning, which was $9,577.
Currently nine out of ten of the top ten cryptocurrencies are down. The only digital coin out of the top ten that is up is Cardano.
17.41 – UPDATE – Bitcoin continues to fall
According to CoinMarketCap, bitcoin is now priced at $9,220.
17.11 – UPDATE – Cryptocurrency mining is ‘perfectly legal’ in Europe, official says
Mariya Gabriel, European Commissioner for Digital Economy and Society, has said cryptocurrency mining is perfectly legal in Europe and only subject to standard electricity rules.
In a statement Gabriel said: “If the energy consumed for this activity is produced according to law, there is no legal basis to forbid or even limit it. … As mining of cryptocurrency is not an illegal activity, the Commission did not put in place any means to track it, so far.”
However she said mining is subject to EU rules regarding “energy efficiency, the power sector and greenhouse gases emissions,” as it is an electricity-consuming economic activity.
She said the European Commission would continue to review the growing impact cryptocurrencies have on energy consumption and demand.
15.35 – UPDATE – Bitcoin on a steady drop
Bitcoin is currently priced at $9,381 and has been on a sharp drop since 14.14.
Bitcoin is currently priced at $9,833.
In another step for bitcoin towards mainstream society, Thomson Reuters has announced it will be analysing bitcoin related chatter on the web for crypto investors. It will base its opinion of the cryptocurrency on news and social media websites, to assist traders who buy and sell bitcoin.
This new tool will be will be run in conjuncture with MarketPsych Data, a behavioural economics research firm, and scan over 400 websites.
A large amount of these websites, focus mainly on reporting cryptocurrencies.
Market opinion and analysing online views has often been used by traders of more traditionalal asset classes.
Austin Burkett, global head of quant and feeds at Thomson Reuters said: “News and social media are driving the investment and risk management process more than ever with the continuing rise of passive and quant-driven trading.
“Our customers can use it to generate alpha. They can drive positive investment returns. They can use it to better balance the risk in their portfolios.”
7.30am MORNING HEADLINES
Good morning, and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.
Bitcoin is priced at $9,577 at time of press after putting on a $1,000 overnight.
Data from Google shows that there is a direct relationship between bitcoin’s price and the number of searches made on the primary internet search engine.
According to CoinTelegraph, during February’s crypto market slump that sent BTC below $7000, the number of Google searches for ‘bitcoin’ dropped to the lowest levels since October of 2017.
Unsurprisingly searches for ‘bitcoin’ peaked between December 17-23, coinciding with Bitcoin’s price rising to above $20,000 for the first time on December 17, 2017.
However, since mid-February, searches for ‘bitcoin’ have fallen and the price has fallen to below $10,000.
Updates below throughout the day….
12.36am – UPDATE – Binance hack reaction
Ilia Kolochenko, CEO of web security company High-Tech Bridge, told Express.co.uk:
“The recent (Binance) attack seems to have been quite well planned, organised and executed, and experienced professionals are most probably behind it.
“Even if Binance offers ten times more bounty, they are unlikely to get what they want. Professional Black Hats have ample skills and sufficient knowledge to cover their operations in a reliable manner and cut any traces.
“Also, the bounty offer is tricky: the information about attackers’ identity and their arrest may be disjunctive and unrelated matters, for example if attackers are located in an uncooperative jurisdiction or is a Nation-State hacking group. Therefore, this announcement seems more like a good marketing campaign.”
10.55am – UPDATE – $2 million ICO scam?
An CNBC investigation by Arjun Kharpal has found that scammers have “stolen” more than $2 million in cryptocurrency after carrying out an apparent fake initial coin offering (ICO).
CNB allege that the scammers used a fake LinkedIn profile and copied pictures from another user’s Instagram to create a false persona — and successfully drew more than 1,000 investors into the ICO project.
More to follow…
9.43am – UPDATE – BTC climbing
Bitcoin is now up $261 on the day so far at $9,794.
8.37am – UPDATE – Ripple to team up with Amazon?
Joesph Carey reports on long-standing rumours that Amazon is developing its own cryptocurrency and has registered domains including – amazonethereum.com, amazoncryptocurrency.com and amazoncryptocurrencies.com.
If Ripple formed part of this project then prices against BTC could rise dramatically.
Read the full report here.