Tech & Science The prices of Bitcoin, Ethereum and Ripple plunged this week after news that U.S. banking giant Goldman Sachs was ditching plans to open a crypto trading desk. The value of a single bitcoin tanked from $7,400 to around $6,300 in less than 24 hours, according to metrics recorded by the websites Coindesk and CoinMarketCap. Bloomberg noted that bitcoin had tumbled as much as 9.8 percent between Wednesday and Thursday. It said the market was trading near the lowest level since November last year. Analysis indicated each of the top 20 cryptocurrencies had fallen in price over the past week. “The fall in ethereum has spooked the market,” Charles Hayter, CEO of CryptoCompare, told Newsweek. And he appeared hesitant to blame the negative shift solely on the bank's move, commenting: “Goldman Sachs reappraisal of their digital asset trading desk is nothing to be alarmed. There are multiple incumbent financial institutions … [Read more...] about Bitcoin Price Crash: Ethereum, Ripple Also Plunge After Goldman Sachs Ditches Crypto Plans
Blockchain bitcoin price
Tech & Science Cryptocurrency Bitcoin Bitcoin Price The price of the cryptocurrency Bitcoin continued to fall this week, crashing to a low of $5,806 per coin on Thursday. One blockchain expert has now warned “there is more blood to come.” In early March, the virtual currency was priced at more than $11,000 per coin but has been on a downward trajectory since, balancing out at around $5,900 on Friday. It has been a drastic fall from grace for the headline-grabbing ‘internet money,’ which sold for upwards of $19,000 in late-2017. Ran Neuner, the founder of a blockchain company who predicted bitcoin’s price would fall to $5,900 earlier this month, told CNBC this week that his models suggest the drop is far from over. “Unfortunately, the same model that told us we would be going to $5,900 is telling us that there is more blood to come, said Neuner, who runs enterprise technology company Onchain. “[The model] is calling a 62 percent chance of a … [Read more...] about Bitcoin Price: ‘More Blood to Come’ as Cryptocurrency Crashes Below $6,000
THE SPIKE in Bitcoin prices last year that saw the virtual currency peak at almost $20,000 per coin may have been a result of shady price manipulation, a new study has found. The paper comes from an academic with a track record of spotting fraud in traditional financial markets. Its arrival has caused the price of Bitcoin to plummet, with the virtual cash valued at $6,417 at the time of writing, down roughly 65 percent from its 2017 high. The new research suggests that nearly half of Bitcoin's meteoric rise last year was due to artificial inflation using fellow digital currency "Tether": a so-called "stable coin" pegged at one-to-one value with the US dollar. That means that each of the $2.2billion worth of Tether floating around is supposedly backed by a real US dollar deposit located in a bank account belonging to its creator Bitfinex, a cryptocurrency exchange registered in the British Virgin Islands. “It is the mother of all crypto criminal scams,” economist Nouriel … [Read more...] about Bitcoin price boom manipulated by the ‘mother of all crypto scams’, say experts
NEW YORK (Reuters) - There is evidence that tether, a digital currency pegged to the U.S. dollar, may have been used to manipulate the price of bitcoin BTC=BTSP and other cryptocurrencies, according to a research paper released by the University of Texas on Wednesday. FILE PHOTO: A Bitcoin logo is seen on a cryptocurrency ATM in Santa Monica, California, U.S., January 4, 2018. REUTERS/Lucy Nicholson/File Photo “Tether seems to be used both to stabilize and manipulate bitcoin prices,” said the paper’s co-authors, professor John Griffin and doctoral student Amin Shams. Critics of tether have raised concerns over the past year about whether Tether Limited actually holds $1 in reserve for each tether issued, as it claims. More than $2.2 billion of tether was issued between March 2017 and January 2018, according to the paper. Regulators worldwide are increasing their scrutiny of cryptocurrency markets. The Commodity Futures Trading Commission and the U.S. … [Read more...] about Cryptocurrency tether used to boost bitcoin prices, study finds
Tech & Science Cryptocurrency Bitcoin The price of bitcoin spiked by $1,000 in less than an hour on Thursday and was briefly valued at more than $8,000 per coin before dipping. Is the world’s most popular cryptocurrency making a grand comeback, or is it doomed to fail? In January this year, the price held at around $14,000 before traveling on a downward trajectory. In February, warnings from many economists that it was a bubble seemingly came true as the value plunged to $6,040. Metrics provided by CoinMarketCap show it struggled to break $7,000 in recent weeks. But is the cryptocurrency buzz dying down? Not just yet, experts say, but it does appear that the market remains both unpredictable and volatile, two of the main characteristics that define most of the virtual currencies available today. The price, which ebbs and flows on a daily basis, is highly-reactive to real-world events. Charles Hayter, CEO of CryptoCompare, told Newsweek, that he hopes the … [Read more...] about Bitcoin Price Surges above $8,000, but Is This the Cryptocurrency Comeback?