[Home] [Headlines] [Latest Articles] [Latest Comments] [Post] [Mail] [Sign-in] [Setup] [Help] [Register]
|
Status: Not Logged In; Sign In
Business Title: Bitcoin price falls below $6,000 as banker signals crackdown The new head of the Bank for International Settlements, Augustine Carstens, said bitcoin had become a combination of “a bubble, a Ponzi scheme and an environmental disaster” that threatened to undermine public trust in central banks. “If authorities do not act pre-emptively, cryptocurrencies could become more interconnected with the main financial system and become a threat to financial stability,” he said, speaking at Goethe University in Frankfurt, Germany. “There is a strong case for policy intervention. Appropriate authorities have a duty to educate and protect investors and consumers, and need to be prepared to act.” Carsten, a former governor of Mexico’s central bank, said that despite the meteoric rise of bitcoin, cryptocurrencies were merely “pretending” to be currencies and were “unsafe”, potentially facilitating tax evasion, money laundering and criminal finance. As the head of the body that represents the world’s central banks, his comments are the clearest sign yet that global regulators are preparing a crackdown on bitcoin, the price of which rose by 900% last year, making it the best performing asset of 2017. It hit a peak of near $20,000 in the week before Christmas. However, it has fallen by more than 50% since the beginning of 2018, as investors grow increasingly fearful of intervention by regulators. Bitcoin is not recognised by any central bank and allows people to bypass banks and traditional payment methods to pay for goods and services. Carstens said central banks should in particular pay attention to the ties linking cryptocurrencies to real currencies, to ensure the relationship was “not parasitic”. His comments follow a string of warnings on bitcoin from authorities and economists around the world, including India, the US, and South Korea. Facebook has banned bitcoin and other cryptocurrency adverts on its site. Meanwhile, Lloyds Banking Group has banned customers from using its credit cards to buy bitcoin, amid fears it could be left in debt as the cryptocurrency’s value deflates. Poster Comment: Repeating - However, it has fallen by more than 50% since the beginning of 2018, as investors grow increasingly fearful of intervention by regulators. Post Comment Private Reply Ignore Thread Top • Page Up • Full Thread • Page Down • Bottom/Latest Begin Trace Mode for Comment # 4. Presently: 1 Bitcoin equals 6747.12 US Dollar
#2. To: All (#1) Nouriel Roubini, the noted economist, thinks the price of bitcoin is going to zero. Roubini, who is also known as "Dr Doom," claimed some people will use a market manipulation tactic known as wash trading to prop up the bitcoin price. He called bitcoin the "biggest bubble in human history."
#3. To: All (#2) 42 minutes ago: BITCOIN PRICE: ETHEREUM, RIPPLE XRP AND ALL OTHER TOP 100 DIGITAL CURRENCIES TUMBLE
#4. To: All (#3) Banking group fears cryptocurrency’s plunging value could leave it with huge debt People walk past a branch of Lloyds Bank on Oxford Street in London Lloyds Banking Group has banned credit card customers from buying bitcoin amid fears it could be left in debt as the cryptocurrency’s value deflates. The banking giant, which includes Halifax, MBNA and Bank of Scotland, is thought to be the first in the UK to ban credit card customers from borrowing to buy the cyptocurrency, which has more than halved in value in recent months. Bitcoin’s slide has led to concerns that people who borrow money to purchase it will be left with large debts if the virtual currency continues to depreciate. Significant numbers of people in Britain are thought to have bought bitcoin as it surged in value, peaking at nearly $20,000 (£14,465) in December. As news of Lloyds’s ban emerged on Sunday the value was about $8,000 (£5,700). A spokeswoman for the banking group said: “Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies.” The move follows warnings by regulators in the US, South Korea, China, Russia and India. Germany’s Bundesbank has also called for global regulation of bitcoin and France’s finance minister wants tougher rules for cryptocurrencies. Meanwhile, Facebook banned adverts for bitcoin and other cryptocurrencies on its sites after recent criticism from users about scams and hoaxes being promoted in their newsfeed. Critics say cryptocurrencies are used by criminals and rogue states to carry out clandestine transactions. This month US billionaire Warren Buffett ruled out a foray into cryptocurrencies, warning the Bitcoin boom will “come to a bad ending”. The chairman and chief executive of Berkshire Hathaway has joined the chorus of voices criticising the digital currency. His comments came just a day after JP Morgan’s chief executive, Jamie Dimon, said he regretted calling bitcoin a “fraud”, though he is still not interested in the digital currency. Despite the slide, bitcoin’s current value is significantly higher than its $900 (£640) position recorded in January 2017. https://www.theguardian.com/business/2018/feb/05/lloyds- bank-bans-buying-bitcoins-credit-cards
Replies to Comment # 4. Bitcoin has totally gone out of favor. If it had a real entity behind it, Bitcoin Inc. would need to hire a crisis PR firm and fast. The king of cryptocurrency is down 41% in four weeks. As a result, the market cap of cryptocurrencies traded worldwide is now down by half, based on data from Coinmarketcap.com. Here's why everyone has turned on it. China's regulators will reportedly block local investor access to cryptocurrency exchanges anywhere in the world, not just in mainland China. If you're a Chinese gambler in crypto, it will become even harder to buy from your laptop in Shanghai using exchanges in Hong Kong or Singapore. Mobile payment systems firm Stripe said in January it will no longer accept Bitcoin as payment. At least four other e-commerce operators have said the same, including Microsoft, which is no longer accepting Bitcoin. On Sunday, Lloyds Banking Group added its name to a chorus of American banks no longer allowing their credit card holders to buy cryptocurrencies on debt. "Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies," a company spokeswoman told Reuters. Bitcoin investors need to program a stop-loss at these levels, says Fernando Pertini, founder of Millenia Asset Management in San Jose, Costa Rica. "I believe we will see Bitcoin back to $2,500," says Millenia's fund manager. "Maybe even lower."
End Trace Mode for Comment # 4. Top • Page Up • Full Thread • Page Down • Bottom/Latest |
|||
|
[Home] [Headlines] [Latest Articles] [Latest Comments] [Post] [Mail] [Sign-in] [Setup] [Help] [Register]
|