Bitcoin price LIVE: BTC has breached the $10,000 mark but can it sustain it?
BITCOIN rose above the $10,000 mark yesterday and seems to be holding around that area. Although the price is fluctuating heavily as it has gone above and below the $10,000 mark today.
21.23 - UPDATE - Bitcoin starting to find its feet above $10,000 mark
Bitcoin is now starting to rise beyond the $10,000 mark as it now lies at $10,128.
Ethereum is at $942 and edging ever closer to the $1,000 mark.
Litecoin, which has had a lot of attention lately due to its fork which will take place on Sunday giving birth to Litecoin Cash and the introduction of LitePay, the transaction processor for Litecoin, now stands at $230.
19.29 - UPDATE - Could cryptocurrencies be banned in 2018?
Adrian Markey, Chartered Account and Crypto Tax Specialist, said the threat of banning cryptocurrencies this year is real.
Speaking exclusively to Express.co.uk, he said: “It’s definitely possible that countries will ban it. But I think it would be pretty short-sighted for them to do that.
“Even if they don’t make it illegal, what they could do is loot it to the extent that if you legislate it or regulate it, you are kind of almost defeating the purpose of taking that power of regulation and the power of being the trusted third party away from the banks.
“You are disposing of one of the cultural aspects that people like about blockchain.”
18.28 - UPDATE - Bitcoin is barely holding on to its above $10,000 value
Bitcoin is just about holding its spot above $10,000, it stands at $10,000.80. Seven out of the top ten cryptocurrencies are currently down according to CoinMarketCap. Both ethereum and Ripple are currently down as well.
UBS chief: Bitcoin is a bubble that will come crashing down
17.42 - UPDATE - US Government is nowhere near to regulating bitcoin
Rob Joyce, special assistant to the president and White House cybersecurity coordinator has said that the US Government is now where near to regulating bitcoin.
Speaking at the Munich Security Conference in Germany, Joyce emphasised the need to better understand the cryptocurrency's risks and benefits before embarking on any sort of regulatory regime.
Mr Joyce said: ”I think we're still absolutely studying and understanding what the good ideas and bad ideas in that space are. So, I don't think it's close."
17.22 - UPDATE - CME trading bitcoin futures does not hurt its risk rating
Moody’s, a rating agency, doesn’t think that bitcoin’s future listing would hurt CME’s risk rating. The key takeaway is that the bitcoin’s volatility would have been the biggest threat for the CME. However, the application of higher margin requirements by the CME, in combination with other measures, kept things in check.
16.50 - UPDATE - Japan to self-regulate afte heist last month
In response to last month’s $530 (£381million) heist of cryptocurrencies, Japan’s two cryptocurrency industry groups are planning to merge and to form a self-regulating body.
The Japan Blockchain Association and the Japan Cryptocurrency Business Association are expected to merge as early as April.
Last month, hackers stole about $530 million from Tokyo-based cryptocurrency exchange Coincheck Inc, in one of the biggest-ever heists of digital currency.
15.30 AFTERNOON HEADLINES
Bitcoin has now been above the $10,000 mark for some time now and seems to be sitting comfortably.
Daniele Bianchi, of Warwick Business School, is assistant professor of finance, and researches cryptocurrencies said: “The market for cryptocurrencies has been on a rollercoaster over the last few weeks. This is true for both bitcoin and other major cryptocurrencies such as Ethereum and Litecoin, which are rapidly recovering some of the losses experienced over the last month.”
Even comedian Ellen DeGeneres is now talking about bitcoin. However, she did seem perplexed by it. She said: "Everybody is talking about bitcoin, nobody understands it. It's like a plot twist in a confusing movie, when you're watching a movie and your friends are acting like they know what's going on, and you're like, 'Yeah, I do too.’”
Irregardless of Ellen understanding the cryptocurrency or not it seems to be attracting a big segment of the population.
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 $9,854, a $162 loss on the day so far. Ethereum is at $923 and Ripple is priced at $1.17.
However, despite the slight slip, bitcoin commentators are heralding this return to the symbollic $10,000 mark as proof of, "enewed energy in the crypto market".
Iqbal Gandham from eToro, told Express.co.uk that BTC has now shaken off some of the volatility from the start of the year.
He said: "We believe we have turned a corner, particularly off the back of news that regulators in the USA, Singapore, and South Korea have no plans to ban cryptocurrencies.
“The reality is that emerging technologies carrying radically new ideas will always see swings in their value before their potential is fully realised and the price stabilises. But the potential of blockchain technology is becoming increasingly clear to everyone from central banks, hedge funds, governments, to big incumbents, so we’d expect the price to climb higher still.”
Christopher Keshian, CEO of $APEX Token Fund, said that bitcoin is now at levels similar to what we saw last year, prior to the incredibly aggressive bull market in the latter part of 2017.
Mr Keshian says that prices are settling after hitting and, "outlying and momentarily unsustainable growth curve".
He said: "It is only through corrections that we will see the Amazons and Googles of cryptocurrencies appear. Sell-offs are important as they reveal those investment products which are badly structured and those which can whether volatility and will help to build a valuable, lasting and useful tool in global infrastructure.
"Weaker projects and investment managers will not be able to survive during lean times that test their true mettle. The tech underpinning cryptocurrencies is real, the marketing is not. A low tide reveals this distinction and lays bare the foundation - or lack thereof - of a project.
"Ultimately, we believe cryptocurrencies are in a bull market – but that the upward curve will be jagged one.”
Updates below throughout the day....
Bitcoin: Expert says world is ready for new kind of currency
12.29pm - UPDATE - Bitcoin becomes a problem for divorce lawyers
A leading private client law firm has said that bitcoin has become a problem for couples going through a separation.
Jacqueline Fitzgerald, Partner at Wilsons, said: “Proving that one spouse has a substantial holding in a cryptocurrency and adding that to the marital assets can be a big problem.”
"If one party refuses to disclose details of their Bitcoin activities, or keep them a secret, then are untraceable.”
Ms Fitzgerald says that unlike a UK bank or other financial institution, an overseas bitcoin exchange is unlikely to respond to a court order to disclose an individual’s assets or freeze them.
Another concern, she says, is bitcoin’s volatile nature.
Ms Fitzgerald adds: "Its value can plunge or rocket, making it difficult to negotiate the price at which it is split.
“When the final order of the divorce has been signed, the spouse who swaps bitcoins for other assets in the divorce will not be able to claw back any funds if bitcoin collapses.
"Nor can they be forced to pay more if bitcoin soars – as long as they have made full disclosure.”
10.36am - UPDATE - Bitcoin wobble?
BTC is now priced at $9,843 a $184 loss on the day so far.
9.16am - UPDATE - Coinbase users 'freaking out' over fees
Coinbase customers are up in arms after the popular exchange allegedly withdrew money out of their accounts.
In some cases the debits drained their linked bank accounts below zero, resulting in overdraft charges.
Users flocked to Reddit said: “My bank account went from very comfortable to negatives balance, not to mention extra $5 charges, and overdraft fees.”
“As a result my rent check bounced, and my bank went further into negative for a NSF charge for $25. My landlord is not a nice person and is on my CASE and I have nothing to offer him. I am FREAKING OUT.”