@BusinessDaily

Bitcoin slumps below a million as regulatory fears intensify

5 months ago, 17 Jan 20:17

By: Reuters

Bitcoin skidded below Sh1 million ($10,000) on Wednesday, halving in value from its peak price, with investors gripped by fears regulators could clamp down on the volatile cryptocurrency that sky-rocketed last year. The price of bitcoin, the world’s biggest and best known cryptocurrency, fell to as low as around Sh950,000 ($9,500) on the Luxembourg-based Bitstamp exchange, the lowest since Dec. 1. Bitcoin had touched a peak of almost Sh2 million ($20,000) in December - and indeed crossed over that threshold on some exchanges - but has since been roiled by several large selloffs. Other cryptocurrencies plunged as well. Ethereum and Ripple were both down heavily after reports South Korea and China could ban cryptocurrency trading, sparking worries of a wider regulatory crackdown. “There is a lot of panic in the market. People are selling to try and get the hell out of there,” said Charles Hayter, founder of Cryptocompare, which owns cryptocurrencies. “You have more regulatory uncertainty ... and because of these falls, you have these other fallouts,” he said, referring to the collapse of some cryptocurrencies in the recent slump in prices. Analysts at Citi said on Wednesday bitcoin could halve again in value amid the current rout, adding that a possible fall to between the $5,605 and $5,673 area “looks very likely to be very speedy”. With South Korea, Japan and China all making noises about a regulatory swoop, and officials in France and the United States vowing to investigate cryptocurrencies, there are concerns that global coordination on how to regulate them will accelerate. Officials are expected to debate the rise of bitcoin at the upcoming G20 summit in Argentina in March. “Cryptocurrencies could be capped in the current quarter ahead of the G20 meeting in March, where policymakers could discuss tighter regulations,” said Shuhei Fujise, chief analyst at Alt Design. Bitcoin has plummeted before. Marc Singer, an adviser at Singer Xenos in Miami, noted bitcoin fell 93 percent in value over a five-month period in 2011. The last time bitcoin more than halved in value was from November 2014 to January 2015. Tuesday’s decline followed reports that South Korea’s finance minister had said banning trading in cryptocurrencies is still an option and that Seoul plans a set of measures to clamp down on the “irrational” cryptocurrency investment craze. Separately, a senior Chinese central banker said authorities should ban centralized trading of virtual currencies as well as individuals and businesses that provide related services. “Bitcoin is deciding whether this is the moment to crash and burn,” said Steven Englander, head of strategy at New York-based Rafiki Capital. “My conjecture is that cryptocurrency holders are trying to decide whether to abandon bitcoin because its limitations mean it will be superseded by better products or bet that it can thrive despite them.” Wild swings Cryptocurrencies enjoyed a bumper year in 2017 as mainstream investors entered the market and as an explosion in so-called initial coin offerings (ICOs) - digital, token-based fundraising rounds - drove demand. While many observers say the ...
Read More


Category: business news markets corporate lifestyle economy opinion

Suggested

9 hours ago, 00:00
@CITIZENTV - By: Reuters
MP Njomo says “pretty sure” move to repeal rate cap will be defeated

MP Njomo says "pretty sure" move to repeal rate cap will be defeated ...

Category: business
3 hours ago, 06:22
@AfricaNews - By: Africanews
Ethiopia appoints new central bank governor | Africanews

The government announced earlier this month that it will sell stakes in its telecoms monopoly, state-owned carrier Ethiopian Airlines and other assets, a decision that could open one of the world’s ...

Category: africa africa_business business news
7 hours ago, 02:04
@TheStar - By: Abel Muhatia @muh ...
Stanbic lists in Singapore trade finance platform

Stanbic Bank has joined a list of more than 40 financial institutions across 17 countries to list in a digital trade finance platform with an aim to distribute trade assets. The bank has signed a memo ...

Category: business news
8 hours ago, 01:34
@TheStar - By: Brian Wasuna @bwa ...
KFC, contractor fry each other after building deal turns sour

KFC is embroiled in a vicious fight with a contractor that it hired to build five of its branches in Nairobi, Nakuru and Nanyuki.Gemineye Construction argues that KFC underpaid it by Sh34 million for ...

Category: topnews news business
15 hours ago, 17:53
@BusinessDaily - By: Bd Reporter
Equity Bank bags Chinese company loans deal

Equity Group has signed a two-year deal with China National Aero-technology International Engineering Corporation (AVIC-ENG) that opens a credit line for the Chinese firm in East Africa. ...

Category: business opinion news lifestyle corporate economy
6 hours ago, 03:00
@BusinessDaily - By: Annie Njanja
Telcom operators reject money tax

Kenya’s telecoms operators have expressed disappointment at Treasury’s intention to increase excise tax on mobile money transactions. ...

Category: business lifestyle news

@BusinessDaily

Bitcoin slumps below a million as regulatory fears intensify

5 months ago, 17 Jan 20:17

By: Reuters
Bitcoin skidded below Sh1 million ($10,000) on Wednesday, halving in value from its peak price, with investors gripped by fears regulators could clamp down on the volatile cryptocurrency that sky-rocketed last year. The price of bitcoin, the world’s biggest and best known cryptocurrency, fell to as low as around Sh950,000 ($9,500) on the Luxembourg-based Bitstamp exchange, the lowest since Dec. 1. Bitcoin had touched a peak of almost Sh2 million ($20,000) in December - and indeed crossed over that threshold on some exchanges - but has since been roiled by several large selloffs. Other cryptocurrencies plunged as well. Ethereum and Ripple were both down heavily after reports South Korea and China could ban cryptocurrency trading, sparking worries of a wider regulatory crackdown. “There is a lot of panic in the market. People are selling to try and get the hell out of there,” said Charles Hayter, founder of Cryptocompare, which owns cryptocurrencies. “You have more regulatory uncertainty ... and because of these falls, you have these other fallouts,” he said, referring to the collapse of some cryptocurrencies in the recent slump in prices. Analysts at Citi said on Wednesday bitcoin could halve again in value amid the current rout, adding that a possible fall to between the $5,605 and $5,673 area “looks very likely to be very speedy”. With South Korea, Japan and China all making noises about a regulatory swoop, and officials in France and the United States vowing to investigate cryptocurrencies, there are concerns that global coordination on how to regulate them will accelerate. Officials are expected to debate the rise of bitcoin at the upcoming G20 summit in Argentina in March. “Cryptocurrencies could be capped in the current quarter ahead of the G20 meeting in March, where policymakers could discuss tighter regulations,” said Shuhei Fujise, chief analyst at Alt Design. Bitcoin has plummeted before. Marc Singer, an adviser at Singer Xenos in Miami, noted bitcoin fell 93 percent in value over a five-month period in 2011. The last time bitcoin more than halved in value was from November 2014 to January 2015. Tuesday’s decline followed reports that South Korea’s finance minister had said banning trading in cryptocurrencies is still an option and that Seoul plans a set of measures to clamp down on the “irrational” cryptocurrency investment craze. Separately, a senior Chinese central banker said authorities should ban centralized trading of virtual currencies as well as individuals and businesses that provide related services. “Bitcoin is deciding whether this is the moment to crash and burn,” said Steven Englander, head of strategy at New York-based Rafiki Capital. “My conjecture is that cryptocurrency holders are trying to decide whether to abandon bitcoin because its limitations mean it will be superseded by better products or bet that it can thrive despite them.” Wild swings Cryptocurrencies enjoyed a bumper year in 2017 as mainstream investors entered the market and as an explosion in so-called initial coin offerings (ICOs) - digital, token-based fundraising rounds - drove demand. While many observers say the ...
Read More

Category: business news markets corporate lifestyle economy opinion

Suggested

9 hours ago, 00:00
@CITIZENTV - By: Reuters
MP Njomo says “pretty sure” move to repeal rate cap will be defeated

MP Njomo says "pretty sure" move to repeal rate cap will be defeated ...

Category: business
3 hours ago, 06:22
@AfricaNews - By: Africanews
Ethiopia appoints new central bank governor | Africanews

The government announced earlier this month that it will sell stakes in its telecoms monopoly, state-owned carrier Ethiopian Airlines and other assets, a decision that could open one of the world’s ...

Category: africa africa_business business news
7 hours ago, 02:04
@TheStar - By: Abel Muhatia @muh ...
Stanbic lists in Singapore trade finance platform

Stanbic Bank has joined a list of more than 40 financial institutions across 17 countries to list in a digital trade finance platform with an aim to distribute trade assets. The bank has signed a memo ...

Category: business news
8 hours ago, 01:34
@TheStar - By: Brian Wasuna @bwa ...
KFC, contractor fry each other after building deal turns sour

KFC is embroiled in a vicious fight with a contractor that it hired to build five of its branches in Nairobi, Nakuru and Nanyuki.Gemineye Construction argues that KFC underpaid it by Sh34 million for ...

Category: topnews news business
15 hours ago, 17:53
@BusinessDaily - By: Bd Reporter
Equity Bank bags Chinese company loans deal

Equity Group has signed a two-year deal with China National Aero-technology International Engineering Corporation (AVIC-ENG) that opens a credit line for the Chinese firm in East Africa. ...

Category: business opinion news lifestyle corporate economy
6 hours ago, 03:00
@BusinessDaily - By: Annie Njanja
Telcom operators reject money tax

Kenya’s telecoms operators have expressed disappointment at Treasury’s intention to increase excise tax on mobile money transactions. ...

Category: business lifestyle news
Our App