Bitcoin has new become the most sought after currency after its valuation skyrocketed in the recent weeks. Now, another cryptocurrency-related incident has come to light. A man from Britain accidentally threw out a hard drive which had Bitcoins, only realising after it was lost.

In exchange for help from local authorities, he has offered to pay over $70 million, if a permit for the excavation of the landfill site is provided.

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James Howells, an IT worker, threw out the hard drive carrying 7,500 bitcoins by mistake. He had accumulated the currency between June and August in 2013, when it was of little value.

But as its value shot up, he frantically searched for it… only to realise he had discarded the hard disc with the currency. Howells has approached the Newport City Council in Wales, hoping to receive permission to dig up a part of the landfill, where he believes the hard drive ended up.

Also read:&nbsp;<a href="http://13.235.153.162/world/sellers-on-dark-web-promise-vaccines-after-charging-1000-in-bitcoin-nothing-is-delivered-356443" hreflang="en">Sellers on dark web promise vaccines. After charging $1000 in bitcoin, nothing is delivered.</a>

To help out the council, in exchange, he has offered a quarter of the valuation. He claims that the amount could be distributed among local residents. In recent days, the price of bitcoin hit on all-time high, currently trading around $37,000.

Howells realised that the hard drive was missing when his currency was worth $9 million. Right now, he estimates that it is worth $273 million.

He told CNN that the city council has so far rejected the offer, and have also refused to have a face to face discussion on the matter with him.

Also read:&nbsp;<a href="http://13.235.153.162/world/man-to-lose-usd-240-million-worth-bitcoins-if-he-gets-password-wrong-356402" hreflang="en">Man to lose USD 240 million worth bitcoins if he gets password wrong</a>

After discovering the mistake, Howells went to the garbage dump to see where the hard drive might have ended up. He told CNN at the time: "As soon as I saw the site, I thought you've got no chance. The area covered is huge."

He also added that the value of the hard is over $273 million, and that he would be “happy” to share a portion of that amount with the people of Newport.

Bitcoin has new become the most sought after currency after its valuation skyrocketed in the recent weeks. Now, another cryptocurrency-related incident has come to light.

Bitcoin has new become the most sought after currency after its valuation skyrocketed in the recent weeks. Now, another cryptocurrency-related incident has come to light. A man from Britain accidentally threw out a hard drive which had Bitcoins, only realising after it was lost. In exchange for help from local authorities, he has offered to pay over $70 million, if a permit for the excavation of the landfill site is provided. James Howells, an IT worker, threw out the hard drive carrying 7,500 bitcoins by mistake. He had accumulated the currency between June and August in 2013, when it was of little value. But as its value shot up, he frantically searched for it… only to realise he had discarded the hard disc with the currency. Howells has approached the Newport City Council in Wales, hoping to receive permission to dig up a part of the landfill, where he believes the hard drive ended up. Also read: Sellers on dark web promise vaccines. After charging $1000 in bitcoin, nothing is delivered. To help out the council, in exchange, he has offered a quarter of the valuation. He claims that the amount could be distributed among local residents. In recent days, the price of bitcoin hit on all-time high, currently trading around $37,000. Howells realised that the hard drive was missing when his currency was worth $9 million. Right now, he estimates that it is worth $273 million. He told CNN that the city council has so far rejected the offer, and have also refused to have a face to face discussion on the matter with him. Also read: Man to lose USD 240 million worth bitcoins if he gets password wrong After discovering the mistake, Howells went to the garbage dump to see where the hard drive might have ended up. He told CNN at the time: "As soon as I saw the site, I thought you've got no chance. The area covered is huge." He also added that the value of the hard is over $273 million, and that he would be “happy” to share a portion of that amount with the people of Newport.

British man accidentally threw out bitcoins worth $273 million. Here's how he plans to retrieve it

The FBI announced Monday the arrest of a professed supporter of Al-Qaeda who was planning to target members of the US military and their families with a bomb attack on a July 4 parade in Cleveland, Ohio.

Demetrius Pitts, who had expressed allegiance to the al Qaeda militant group, was arrested on Sunday after a meeting with an undercover FBI agent where he said he planned to plant a bomb at a parade celebrating the U.S. Independence Day holiday and would target other locations in Cleveland and Philadelphia.

"His desire: to kill military personnel and their families," said FBI special agent Steve Anthony.

"What would hit them in the core? ... Blow up. Have a bomb. Blow up at the Fourth of July parade," Stephen Anthony, the FBI's head agent in Cleveland, quoted Pitts as saying. Anthony also told a news conference that the man was "willing to chop off hands and heads."

Pitts, 48, is from the Cleveland suburb of Maple Heights, Ohio, the FBI said in a statement.

FBI and Justice Department officials said Pitts, a US native with "an extensive criminal history" was arrested Sunday after discussing how to carry out the attack with the undercover agent.

They had been watching him for months after he made statements in support of Al-Qaeda and expressed "violent intentions" against groups including the US armed forces, Anthony said.

The posts called for Muslims to train in hand-to-hand combat and in the use of arms and explosives, Anthony said.

"His Facebook posts, quite frankly, were disturbing," he said.

They said he was focused on the possible locations of an attack and that it was not clear whether he had the ability himself to acquire or build bombs.

Officials also said it was not clear if Pitts had a network inside the United States or abroad.

Pitts was charged with attempting to provide support to a designated foreign terrorist organization.&nbsp

The FBI announced Monday the arrest of a professed supporter of Al-Qaeda who was planning to target members of the US military and their families with a bomb attack on a July 4 parade in Cleveland, Ohio.

The FBI announced Monday the arrest of a professed supporter of Al-Qaeda who was planning to target members of the US military and their families with a bomb attack on a July 4 parade in Cleveland, Ohio. Demetrius Pitts, who had expressed allegiance to the al Qaeda militant group, was arrested on Sunday after a meeting with an undercover FBI agent where he said he planned to plant a bomb at a parade celebrating the U.S. Independence Day holiday and would target other locations in Cleveland and Philadelphia. "His desire: to kill military personnel and their families," said FBI special agent Steve Anthony. "What would hit them in the core? ... Blow up. Have a bomb. Blow up at the Fourth of July parade," Stephen Anthony, the FBI's head agent in Cleveland, quoted Pitts as saying. Anthony also told a news conference that the man was "willing to chop off hands and heads." Pitts, 48, is from the Cleveland suburb of Maple Heights, Ohio, the FBI said in a statement. FBI and Justice Department officials said Pitts, a US native with "an extensive criminal history" was arrested Sunday after discussing how to carry out the attack with the undercover agent. They had been watching him for months after he made statements in support of Al-Qaeda and expressed "violent intentions" against groups including the US armed forces, Anthony said. The posts called for Muslims to train in hand-to-hand combat and in the use of arms and explosives, Anthony said. "His Facebook posts, quite frankly, were disturbing," he said. They said he was focused on the possible locations of an attack and that it was not clear whether he had the ability himself to acquire or build bombs. Officials also said it was not clear if Pitts had a network inside the United States or abroad. Pitts was charged with attempting to provide support to a designated foreign terrorist organization.

Man to lose USD 240 million worth bitcoins if he gets password wrong

Bitcoin fell more than 5% on Friday, a day after topping $40,000 for the first time. The world's most popular digital currency slid to as low as $36,618.36 on Bitstamp exchange, after reaching an all-time high of $40,402.46 in the previous session.

Bitcoin slides more than 5% after topping $40,000 for first time

Digital currency Bitcoin extended its record smashing rally on Friday topping more than $40,000, double the value from a little more than three years ago.

The digital currency has climbed more than 700% from a March 12 closing low.

Increased demand from institutional, corporate, and more recently retail investors has powered bitcoin’s surge this year, attracted by the prospect of quick gains in a world of ultra-low yields and negative interest rates.

The world’s most popular cryptocurrency climbed as high as $40,402.46 and was last up 6.1% at $39,100. It crossed $30,000 for the first time on January 2 and $20,000 on December 16.

Smaller coins ethereum, the second largest in terms of market capitalization, and XRP, the fourth biggest, gained 1.8% at $1,231 and 31% at 32 U.S. cents, respectively. Both currencies often move in tandem with bitcoin.

Some investors viewed bitcoin as a hedge against inflation amid enormous monetary stimulus aimed at battling the economic devastation caused by COVID-19.

Market participants though warned a correction could be in the cards after a scorching rally.

“While further growth is inevitable, investors should not expect this to move in a straight line,” said Gavin Smith, chief executive officer of cryptocurrency consortium, Panxora Group.

“The reality is that bitcoin is far from being a magic money tree, nor is it free from downward price swings. In fact, we can expect dips as sharp as 25% at times as investors periodically withdraw profits,” he added.

Bitcoins surge happened as the market cap for the entire cryptocurrency sector topped $1 trillion on Thursday, according to data trackers CoinMarketCap and CoinGecko.

Glassnode, which provides insight on blockchain data, noted that retail interest in bitcoin has increased the last few weeks, with the number of bitcoin addresses or wallets holding a “non-zero amount” of the virtual currency reaching an all-time high of more than 33 million.

The information provider also said while interest in bitcoin and news coverage have grown, it is far from being in bubble territory. The number of daily new bitcoins has still not reached 2017 levels, Glassnode said, suggesting the currency is experiencing strong organic growth in adoption, but not the sort of “viral growth typical of a bubble.”

(With inputs from agencies)

Digital currency Bitcoin extended its record smashing rally on Friday topping more than $40,000, double the value from a little more than three years ago. The digital currency has climbed more than 700% from a March 12 closing low.

Digital currency Bitcoin extended its record smashing rally on Friday topping more than $40,000, double the value from a little more than three years ago. The digital currency has climbed more than 700% from a March 12 closing low. Increased demand from institutional, corporate, and more recently retail investors has powered bitcoin’s surge this year, attracted by the prospect of quick gains in a world of ultra-low yields and negative interest rates. The world’s most popular cryptocurrency climbed as high as $40,402.46 and was last up 6.1% at $39,100. It crossed $30,000 for the first time on January 2 and $20,000 on December 16. Smaller coins ethereum, the second largest in terms of market capitalization, and XRP, the fourth biggest, gained 1.8% at $1,231 and 31% at 32 U.S. cents, respectively. Both currencies often move in tandem with bitcoin. Some investors viewed bitcoin as a hedge against inflation amid enormous monetary stimulus aimed at battling the economic devastation caused by COVID-19. Market participants though warned a correction could be in the cards after a scorching rally. “While further growth is inevitable, investors should not expect this to move in a straight line,” said Gavin Smith, chief executive officer of cryptocurrency consortium, Panxora Group. “The reality is that bitcoin is far from being a magic money tree, nor is it free from downward price swings. In fact, we can expect dips as sharp as 25% at times as investors periodically withdraw profits,” he added. Bitcoins surge happened as the market cap for the entire cryptocurrency sector topped $1 trillion on Thursday, according to data trackers CoinMarketCap and CoinGecko. Glassnode, which provides insight on blockchain data, noted that retail interest in bitcoin has increased the last few weeks, with the number of bitcoin addresses or wallets holding a “non-zero amount” of the virtual currency reaching an all-time high of more than 33 million. The information provider also said while interest in bitcoin and news coverage have grown, it is far from being in bubble territory. The number of daily new bitcoins has still not reached 2017 levels, Glassnode said, suggesting the currency is experiencing strong organic growth in adoption, but not the sort of “viral growth typical of a bubble.” (With inputs from agencies)

Just five days after passing $30,000, Bitcoin tops $40,000

Is Bitcoin the new gold? The world's most popular currency soared to a record high of $34,800 on Tuesday. But who created Bitcoin? Who controls it? Is it backed by any govt? How does one use it?

Gravitas: Is Bitcoin the new gold?

Digital currency is the future with Bitcoin, Ethereum, Z-cash, and Stellar lumens at the fore, among many. On Tuesday, the world's most popular cryptocurrency - Bitcoin soared to a record high of 34,800 dollars in Asia, marking an 800% surge since mid-March 2019.

A huge milestone, Bitcoin is all set to become a mainstream mode of payment by the end of 2021.

Some refer to Bitcoin as the new gold, but there is still a lot we don’t know. Who created it? Who controls it? Is it backed by any government? How does one use it? How do the transactions take place? And what about illegal transactions? We bring to you the answers.

Also read:&nbsp;<a href="http://13.235.153.162/business-economy/bitcoin-passes-30000-for-the-first-time-354074" hreflang="en">Bitcoin passes $30,000 for the first time</a>

Bitcoin is a purely online currency created from computer code, and has been in circulation since 2009. The identity of its creator remains a mystery to this day. Unlike traditional currencies, it has no central bank and is not backed by any government.

Instead, Bitcoin's community of users control and regulate it via the block chain, which a shared public ledger on which the entire bitcoin network relies. It's a mathematical process designed to provide anonymous &amp; secure transfers.

Also read:&nbsp;<a href="http://13.235.153.162/technology/us-seizes-bitcoins-worth-1billion-the-largest-cryptocurrency-haul-in-history-342170" hreflang="en">US seizes bitcoins worth $1billion, the largest cryptocurrency haul in history</a>

To get started, users can install a Bitcoin wallet on their computer or phone which generates an address unique to each transaction. They can use this to buy goods &amp; services, even other currencies. The transactions are validated by members of the bitcoin community by tracing the origin of each bitcoin using a special software.

This technique is known as mining - a process that is intended to ensure that no single bitcoin can be spent in more than one place simultaneously. Members of this network are known as miners. They are pitted against one another as they race to solve increasingly complex ‘’cryptograms’’ on extremely powerful computers.

The fastest to do so are issued with new bitcoins as a reward for their efforts. This is the only way new bitcoins can be created. However, there is a limit to how many new bitcoins can be created - capped at 21 million units.

The advantages of this cryptocurrency are several - the transactions are anonymous, the transfers are instantaneous, and it’s all free of charges.

Also read:&nbsp;<a href="http://13.235.153.162/technology/twitter-reveals-how-bitcoin-scammers-hijacked-celebrity-accounts-317307" hreflang="en">Twitter reveals how Bitcoin scammers hijacked celebrity accounts</a>

To add to that - there is no price cap - and no middlemen.

But that does not mean that there are no disadvantages - Bitcoin transactions are irreversible and it's an extremely volatile currency subject to wild fluctuations in price.

Security is also an issue with digital wallets stored in computers or phones, vulnerable to theft by hackers. Lastly, the anonymous nature of Bitcoin makes it a popular currency for illegal transactions.

In February 2016, a Los Angeles hospital had to pay 17,000 US dollars in bitcoins to hackers who took control of its computers for more than a week. But the benefits far outweigh the drawbacks, and the popularity of bitcoin is set to grow exponentially in this decade.

Digital currency is the future with Bitcoin, Ethereum, Z-cash, and Stellar lumens at the fore, among many. On Tuesday, the world's most popular cryptocurrency - Bitcoin soared to a record high of 34,800 dollars in Asia, marking an 800% surge since mid-March 2019.

Digital currency is the future with Bitcoin, Ethereum, Z-cash, and Stellar lumens at the fore, among many. On Tuesday, the world's most popular cryptocurrency - Bitcoin soared to a record high of 34,800 dollars in Asia, marking an 800% surge since mid-March 2019. A huge milestone, Bitcoin is all set to become a mainstream mode of payment by the end of 2021. Some refer to Bitcoin as the new gold, but there is still a lot we don’t know. Who created it? Who controls it? Is it backed by any government? How does one use it? How do the transactions take place? And what about illegal transactions? We bring to you the answers. Also read: Bitcoin passes $30,000 for the first time Bitcoin is a purely online currency created from computer code, and has been in circulation since 2009. The identity of its creator remains a mystery to this day. Unlike traditional currencies, it has no central bank and is not backed by any government. Instead, Bitcoin's community of users control and regulate it via the block chain, which a shared public ledger on which the entire bitcoin network relies. It's a mathematical process designed to provide anonymous & secure transfers. Also read: US seizes bitcoins worth $1billion, the largest cryptocurrency haul in history To get started, users can install a Bitcoin wallet on their computer or phone which generates an address unique to each transaction. They can use this to buy goods & services, even other currencies. The transactions are validated by members of the bitcoin community by tracing the origin of each bitcoin using a special software. This technique is known as mining - a process that is intended to ensure that no single bitcoin can be spent in more than one place simultaneously. Members of this network are known as miners. They are pitted against one another as they race to solve increasingly complex ‘’cryptograms’’ on extremely powerful computers. The fastest to do so are issued with new bitcoins as a reward for their efforts. This is the only way new bitcoins can be created. However, there is a limit to how many new bitcoins can be created - capped at 21 million units. The advantages of this cryptocurrency are several - the transactions are anonymous, the transfers are instantaneous, and it’s all free of charges. Also read: Twitter reveals how Bitcoin scammers hijacked celebrity accounts To add to that - there is no price cap - and no middlemen. But that does not mean that there are no disadvantages - Bitcoin transactions are irreversible and it's an extremely volatile currency subject to wild fluctuations in price. Security is also an issue with digital wallets stored in computers or phones, vulnerable to theft by hackers. Lastly, the anonymous nature of Bitcoin makes it a popular currency for illegal transactions. In February 2016, a Los Angeles hospital had to pay 17,000 US dollars in bitcoins to hackers who took control of its computers for more than a week. But the benefits far outweigh the drawbacks, and the popularity of bitcoin is set to grow exponentially in this decade.

Bitcoin: All questions about the growing cryptocurrency - answered!

Bitcoin, the leading virtual currency, saw its price pass $30,000 on Saturday for the first time in just its latest record high.

The first decentralised cryptocurrency surpassed $30,823.30 at 1313 GMT, according to data compiled by the Bloomberg news agency, having broken $20,000 on December 16.

Analyst Timo Emden noted that "the appetite for risk", which is reflected in buying of bitcoin, "remains unshakeable".

"More historic highs could follow," the Germany-based analyst added.

Just 12 years old, bitcoin has seen a meteoric rise since March, when it stood at $5,000, spurred by online payments giant PayPal saying it would enable account holders to use cryptocurrency.

After PayPal's announcement in October, analysts at investment banking giant JPMorgan Chase compared the cryptocurrency to gold.

"Bitcoin could compete more intensely with gold as an 'alternative' currency over the coming years given that millennials will become over time a more important component of investors' universe," they said.

A number of central banks have meanwhile responded to the rise of cryptocurrencies and the dwindling global use of cash by announcing plans for bank-backed digital units.

Several central banks including those of China and Sweden -- but also the US Federal Reserve -- are also testing digital applications in response to Facebook's recent moves to produce its own digital unit, Libra.

Unregulated by any central bank, bitcoin emerged as an attractive option for investors with an appetite for the exotic -- although criminals have also picked up on its under-the-radar appeal.

Debate has meanwhile raged over the status of the digital asset, launched in late 2008, as to whether it should be seen as a form of money, an asset or a commodity.

After the unit surpassed $1,000 for the first time in 2013, it increasingly began to attract the attention of financial institutions and has experienced wild price swings.

Bitcoin, the leading virtual currency, saw its price pass $30,000 on Saturday for the first time in just its latest record high. The first decentralised cryptocurrency surpassed $30,823.

Bitcoin, the leading virtual currency, saw its price pass $30,000 on Saturday for the first time in just its latest record high. The first decentralised cryptocurrency surpassed $30,823.30 at 1313 GMT, according to data compiled by the Bloomberg news agency, having broken $20,000 on December 16. Analyst Timo Emden noted that "the appetite for risk", which is reflected in buying of bitcoin, "remains unshakeable". "More historic highs could follow," the Germany-based analyst added. Just 12 years old, bitcoin has seen a meteoric rise since March, when it stood at $5,000, spurred by online payments giant PayPal saying it would enable account holders to use cryptocurrency. After PayPal's announcement in October, analysts at investment banking giant JPMorgan Chase compared the cryptocurrency to gold. "Bitcoin could compete more intensely with gold as an 'alternative' currency over the coming years given that millennials will become over time a more important component of investors' universe," they said. A number of central banks have meanwhile responded to the rise of cryptocurrencies and the dwindling global use of cash by announcing plans for bank-backed digital units. Several central banks including those of China and Sweden -- but also the US Federal Reserve -- are also testing digital applications in response to Facebook's recent moves to produce its own digital unit, Libra. Unregulated by any central bank, bitcoin emerged as an attractive option for investors with an appetite for the exotic -- although criminals have also picked up on its under-the-radar appeal. Debate has meanwhile raged over the status of the digital asset, launched in late 2008, as to whether it should be seen as a form of money, an asset or a commodity. After the unit surpassed $1,000 for the first time in 2013, it increasingly began to attract the attention of financial institutions and has experienced wild price swings.

Bitcoin passes $30,000 for the first time

The world's most popular cryptocurrency touched $29,300 before pulling back, most recently down 0.67% at $28,774.36. It has surged by nearly half since breaking $20,000 for the first time on December 16.

The price of Bitcoin topped $29,000 on Thursday for the first time, with the digital currency almost quadrupling in value this year amid heightened interest from investors big and small alike.

The world's most popular cryptocurrency touched $29,300 before pulling back, most recently down 0.67% at $28,774.36. It has surged by nearly half since breaking $20,000 for the first time on December 16.

Bitcoin's potential for quick gains, as well as expectations it could become a mainstream payment method, has attracted demand from larger U.S. investors, as well as from traders who normally stick to equities.

"You can buy a stock like Amazon, you can buy a stock like Apple, and you know what you got," said Dennis Dick, a proprietary trader at Bright Trading LLC. "Bitcoin you really just have digits on a screen and you're really hoping that the guy behind you sees it as being worth more than what you just paid for it, so it's a purely speculative view," he said.

Still, intrigued by the story behind bitcoin and the traction it was getting with institutional investors, he put 1% of his net worth into a bitcoin fund around five weeks ago, which has doubled in value since then, and he sold half on Thursday.

"When you double your money within five weeks, if you sell half of it, I figure now you’re playing with the house's money," he said.

Recent gains have taken bitcoin's market capitalization past $536 billion, according to industry website CoinMarketCap.

The world's most popular cryptocurrency touched $29,300 before pulling back, most recently down 0.67% at $28,774.36. It has surged by nearly half since breaking $20,000 for the first time on December 16.

The world's most popular cryptocurrency touched $29,300 before pulling back, most recently down 0.67% at $28,774.36. It has surged by nearly half since breaking $20,000 for the first time on December 16. The price of Bitcoin topped $29,000 on Thursday for the first time, with the digital currency almost quadrupling in value this year amid heightened interest from investors big and small alike. The world's most popular cryptocurrency touched $29,300 before pulling back, most recently down 0.67% at $28,774.36. It has surged by nearly half since breaking $20,000 for the first time on December 16. Bitcoin's potential for quick gains, as well as expectations it could become a mainstream payment method, has attracted demand from larger U.S. investors, as well as from traders who normally stick to equities. "You can buy a stock like Amazon, you can buy a stock like Apple, and you know what you got," said Dennis Dick, a proprietary trader at Bright Trading LLC. "Bitcoin you really just have digits on a screen and you're really hoping that the guy behind you sees it as being worth more than what you just paid for it, so it's a purely speculative view," he said. Still, intrigued by the story behind bitcoin and the traction it was getting with institutional investors, he put 1% of his net worth into a bitcoin fund around five weeks ago, which has doubled in value since then, and he sold half on Thursday. "When you double your money within five weeks, if you sell half of it, I figure now you’re playing with the house's money," he said. Recent gains have taken bitcoin's market capitalization past $536 billion, according to industry website CoinMarketCap.

Bitcoin touches record above $29,000, extending 2020 rally

Bitcoin jumped to record $28,600. The digital currency has almost quadruples the value this year amid heightened interest recorded from big investors.

Bitcoin heads for $ 29,000 amid heightened interest recorded from big investors

Total investor inflows into cryptocurrency funds and products hit $5.6 billion so far this year.

Total crypto fund inflows top $5 billion this year

Major U.S. cryptocurrency exchange Coinbase said on Wednesday its retail and professional-focused platforms were hit by connection problems and network congestion, as bitcoin smashed through $20,000 to its highest level ever.

Crypto exchange Coinbase hit by tech trouble as bitcoin breaks $20,000

Lets now move to the world of Cryptocurrency as its 2020 rally steamed ahead, boosted by increased demand from both institutional and retail investors. Bitcoin soared to a record high against the dollar on yesterday.

Bitcoin surges to all-time records in 2020

Bitcoin rallied Tuesday for the second consecutive day, gaining $1,500 to approach an all-time high in a market that is now ready to take on risk.

In late European trading, the virtual currency was worth $17,502 and was headed towards its record of $19,041 reached in late 2017.

Forex.com analyst Fawad Razaqzada said &nbsp;"There has been strong appetite for all risk assets, including cryptos, in the wake of extraordinary government and central bank stimulus measures to combat the negative impact of the pandemic."

The coronavirus has forced officials to support financial markets with cash and loan guarantees to ward off an economic collapse, attenuating the level of risk and helping stock markets in the United States to set new records on Monday.

Bitcoin was created in 2008 by the pseudonymous Satoshi Nakamoto, and marketed as an alternative to traditional currencies.

Unregulated by any central bank, it was sold as an attractive option for investors with an appetite for the exotic -- and criminals also appreciate its under-the-radar appeal.

Michael Hewson, an analyst at CMC Markets, felt "the rally has been driven largely by an investment community that appears more comfortable buying cryptocurrencies."

Bitcoin's most recent upward trend coincided with an announcement by online payment system Paypal on October 21 that it would allow users to buy and sell using bitcoin as well as other cryptocurrencies such as Ethereum and Litecoin.

Bitcoin rallied Tuesday for the second consecutive day, gaining $1,500 to approach an all-time high in a market that is now ready to take on risk. In late European trading, the virtual currency was worth $17,502 and was headed towards its record of $19,041 reached in late 2017.

Bitcoin rallied Tuesday for the second consecutive day, gaining $1,500 to approach an all-time high in a market that is now ready to take on risk. In late European trading, the virtual currency was worth $17,502 and was headed towards its record of $19,041 reached in late 2017. Forex.com analyst Fawad Razaqzada said "There has been strong appetite for all risk assets, including cryptos, in the wake of extraordinary government and central bank stimulus measures to combat the negative impact of the pandemic." The coronavirus has forced officials to support financial markets with cash and loan guarantees to ward off an economic collapse, attenuating the level of risk and helping stock markets in the United States to set new records on Monday. Bitcoin was created in 2008 by the pseudonymous Satoshi Nakamoto, and marketed as an alternative to traditional currencies. Unregulated by any central bank, it was sold as an attractive option for investors with an appetite for the exotic -- and criminals also appreciate its under-the-radar appeal. Michael Hewson, an analyst at CMC Markets, felt "the rally has been driven largely by an investment community that appears more comfortable buying cryptocurrencies." Bitcoin's most recent upward trend coincided with an announcement by online payment system Paypal on October 21 that it would allow users to buy and sell using bitcoin as well as other cryptocurrencies such as Ethereum and Litecoin.

Bitcoin breaches $17,500 dollars in risk-on market

Homing in on an&nbsp;all-time high of just under $20,000,&nbsp;Bitcoin hit $19,000 on Tuesday for the first time in nearly three years.

The world’s most popular cryptocurrency was last up 3.2 per cent&nbsp;at $18,958. Bitcoin has gained nearly 40&nbsp;per cent&nbsp;in November alone and is up around 160&nbsp;per cent&nbsp;this year.

Fuelling its gains have been the demand for risk-on assets amid unprecedented fiscal and monetary stimulus, hunger for assets perceived as resistant to inflation, and expectations that cryptocurrencies would win mainstream acceptance.

<img alt="F" data-entity-type="file" data-entity-uuid="04088e26-d1d8-4eaa-ad9e-59bf34435747" src="//cdn.wionews.com/sites/default/files/inline-images/bitcoin.jpg" />

Bitcoin&nbsp;investors, which include top hedge funds and money managers, are betting the virtual currency could more than quintuple to as high as $100,000 in a year.

It's a wager that has drawn eye-rolls from skeptics who believe the volatile cryptocurrency is a speculative asset rather than a store of value like gold.

Also read:&nbsp;<a href="https://www.wionews.com/technology/us-seizes-bitcoins-worth-1billion-the-largest-cryptocurrency-haul-in-history-342170">US seizes bitcoins worth $1billion, the largest cryptocurrency haul in history</a>

Since January,&nbsp;bitcoin&nbsp;has gained 160%, bolstered by strong institutional demand as well as scarcity as payment companies such as Square and Paypal buy it on behalf of customers.

Bitcoin&nbsp;is within sight of its all-time peak of just under $20,000 hit in December 2017. It debuted in 2011 at zero and was last trading at $18,415.

Going from $18,000 to $100,000 in one year is not a stretch, Brian Estes, chief investment officer at hedge fund Off the Chain Capital, said.

"I have seen&nbsp;bitcoin&nbsp;go up 10X, 20X, 30X in a year. So going up 5X is not a big deal."

Estes predicts&nbsp;bitcoin&nbsp;could hit between $100,000 and $288,000 by end-2021, based on a model that utilizes the stock-to-flow ratio measuring the scarcity of commodities like gold. That model, he said, has a 94 per cent&nbsp;correlation with the price of&nbsp;bitcoin.

Citi technical analyst Tom Fitzpatrick said in a note last week that&nbsp;bitcoin&nbsp;could climb as high as $318,000 by the end of next year, citing its limited supply, ease of movement across borders, and opaque ownership.

Those numbers though are a head-scratcher for Toronto-based Kevin Muir, an independent proprietary trader.

"Any hedge fund model on&nbsp;bitcoin&nbsp;is rubbish. You can't model a mania," Muir said. "Is it plausible? For sure. It's a mania. But does anyone actually have a clue? Not a chance."

DEARTH OF SUPPLY

Bitcoin&nbsp;relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. The first to solve the puzzle and clear the transaction is rewarded new&nbsp;bitcoins.

Its technology was designed to cut the reward for miners in half every four years, a move meant to curb inflation. In May,&nbsp;bitcoin&nbsp;went through a third "halving," which reduced the rate at which new coins are created, restricting supply.

That halving has kickstarted&nbsp;bitcoin's renewed ascent.

Square's Cash App and PayPal, which recently launched a crypto service to its more than 300 million users, have been scooping up all new&nbsp;bitcoins, hedge fund Pantera Capital said in its letter to investors on Friday. That has caused a&nbsp;bitcoin&nbsp;shortage and has driven the rally in the last few weeks.

BIG FUNDS BUYING?

The so-called whale index, which counts addresses or wallets holding at least 1,000&nbsp;bitcoins, is at an all-time high, said Phil Bonello, research director at digital asset manager Grayscale. Bonello said more than 2,200 addresses were linked to large&nbsp;bitcoin&nbsp;holders, up 37% from 1,600 in 2018, suggesting that institutional money has stormed in.

Investors like Stanley Druckenmiller, founder of hedge fund Duquesne Capital, and Rick Rieder, BlackRock Inc's chief investment officer of global fixed income, have recently touted&nbsp;bitcoin.

Retail investors though are still mostly sidelined due to the pandemic's effect on the economy. But with the entry of Square and PayPal, Lennard Neo, head of research at crypto index fund provider Stack Funds, expects a deluge of retail demand more intense than in 2017.

Neo forecasts&nbsp;bitcoin&nbsp;to reach $60,000-$80,000 by the end of 2021.

Tempus Inc currency trader Juan Perez was unimpressed, even shocked, with all the lofty forecasts and said a bet on&nbsp;bitcoin&nbsp;at $100,000 next year would be a bet on the collapse of the global financial system.

"Governments around the world won't let that happen. They will not let fiat currencies collapse just like that," Perez said.

Homing in on an all-time high of just under $20,000, Bitcoin hit $19,000 on Tuesday for the first time in nearly three years. The world’s most popular cryptocurrency was last up 3.

Homing in on an all-time high of just under $20,000, Bitcoin hit $19,000 on Tuesday for the first time in nearly three years. The world’s most popular cryptocurrency was last up 3.2 per cent at $18,958. Bitcoin has gained nearly 40 per cent in November alone and is up around 160 per cent this year. Fuelling its gains have been the demand for risk-on assets amid unprecedented fiscal and monetary stimulus, hunger for assets perceived as resistant to inflation, and expectations that cryptocurrencies would win mainstream acceptance. Bitcoin investors, which include top hedge funds and money managers, are betting the virtual currency could more than quintuple to as high as $100,000 in a year. It's a wager that has drawn eye-rolls from skeptics who believe the volatile cryptocurrency is a speculative asset rather than a store of value like gold. Also read: US seizes bitcoins worth $1billion, the largest cryptocurrency haul in history Since January, bitcoin has gained 160%, bolstered by strong institutional demand as well as scarcity as payment companies such as Square and Paypal buy it on behalf of customers. Bitcoin is within sight of its all-time peak of just under $20,000 hit in December 2017. It debuted in 2011 at zero and was last trading at $18,415. Going from $18,000 to $100,000 in one year is not a stretch, Brian Estes, chief investment officer at hedge fund Off the Chain Capital, said. "I have seen bitcoin go up 10X, 20X, 30X in a year. So going up 5X is not a big deal." Estes predicts bitcoin could hit between $100,000 and $288,000 by end-2021, based on a model that utilizes the stock-to-flow ratio measuring the scarcity of commodities like gold. That model, he said, has a 94 per cent correlation with the price of bitcoin. Citi technical analyst Tom Fitzpatrick said in a note last week that bitcoin could climb as high as $318,000 by the end of next year, citing its limited supply, ease of movement across borders, and opaque ownership. Those numbers though are a head-scratcher for Toronto-based Kevin Muir, an independent proprietary trader. "Any hedge fund model on bitcoin is rubbish. You can't model a mania," Muir said. "Is it plausible? For sure. It's a mania. But does anyone actually have a clue? Not a chance." DEARTH OF SUPPLY Bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. The first to solve the puzzle and clear the transaction is rewarded new bitcoins. Its technology was designed to cut the reward for miners in half every four years, a move meant to curb inflation. In May, bitcoin went through a third "halving," which reduced the rate at which new coins are created, restricting supply. That halving has kickstarted bitcoin's renewed ascent. Square's Cash App and PayPal, which recently launched a crypto service to its more than 300 million users, have been scooping up all new bitcoins, hedge fund Pantera Capital said in its letter to investors on Friday. That has caused a bitcoin shortage and has driven the rally in the last few weeks. BIG FUNDS BUYING? The so-called whale index, which counts addresses or wallets holding at least 1,000 bitcoins, is at an all-time high, said Phil Bonello, research director at digital asset manager Grayscale. Bonello said more than 2,200 addresses were linked to large bitcoin holders, up 37% from 1,600 in 2018, suggesting that institutional money has stormed in. Investors like Stanley Druckenmiller, founder of hedge fund Duquesne Capital, and Rick Rieder, BlackRock Inc's chief investment officer of global fixed income, have recently touted bitcoin. Retail investors though are still mostly sidelined due to the pandemic's effect on the economy. But with the entry of Square and PayPal, Lennard Neo, head of research at crypto index fund provider Stack Funds, expects a deluge of retail demand more intense than in 2017. Neo forecasts bitcoin to reach $60,000-$80,000 by the end of 2021. Tempus Inc currency trader Juan Perez was unimpressed, even shocked, with all the lofty forecasts and said a bet on bitcoin at $100,000 next year would be a bet on the collapse of the global financial system. "Governments around the world won't let that happen. They will not let fiat currencies collapse just like that," Perez said.

Bitcoin cryptocurrency near record high, hits $19,000 for first time in three years

Bitcoin soared to its highest level since December 2017 as the asset’s perceived quality as a hedge against inflation and expectations of mainstream acceptance lured institutional and retail demand.

World Business Watch: Bitcoin hits nearly three year peak | Highest level reached since Dec 2017

Bitcoin continued its weeks-long surge rising more than 8% to pass $15,000 for the first time since January 2018 amid post-election volatility.

World Business Watch: Bitcoin hits highest level since Jan 2018 amid post-election volatility

PayPal will allow customers to hold bitcoin and other virtual coins in its online wallet and shop using cryptocurrencies at the 26 million merchants on its network.

World Business Watch: PayPal to open up network to cryptocurrencies

Britain’s financial watchdog said on Tuesday it would ban the sale to retail investors of products tracking the price of cryptoassets like Bitcoin, arguing that most people lost money on them.

UK watchdog bans Bitcoin-based products for retail investors

Financial authority in the UK on Tuesday banned some cryptocurrency-based products in order to safeguard retail consumers. From next year, firms in UK will not be able to sell, market or distribute products that track prices of crypto-assets. This covers futures, options, exchange-traded notes and contracts-for-difference. Although analysts believe that the decision will not affect the actual sale of cryptocurrencies, the online trading platforms for cryptocurrencies like Bitcoin, Ripple and Ether among others are expected to get a hit.

UK's Financial Conduct Authority said that it has taken the decision to safeguard retail consumers as they are exposed to unexpected financial losses due to unregulated crypto-assets. Volatility and unreliable valuations add to retail consumers' woes.

The latest decision by the FCA came a year after it actually proposed such a ban. The authority took a review of the situation in its analysis that went on for a year.

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Soon after the decision of the FCA, shares in the online trading platform fell by 2-3 per cent.

Cryptocurrencies have attracted a lot of interest from investors all around the globe in recent years. According to an estimate, the cryptocurrency market is worth around USD 337 billion. It was worth USD 200 billion just 2 years ago.

Financial authority in the UK on Tuesday banned some cryptocurrency-based products in order to safeguard retail consumers. From next year, firms in UK will not be able to sell, market or distribute products that track prices of crypto-assets.

Financial authority in the UK on Tuesday banned some cryptocurrency-based products in order to safeguard retail consumers. From next year, firms in UK will not be able to sell, market or distribute products that track prices of crypto-assets. This covers futures, options, exchange-traded notes and contracts-for-difference. Although analysts believe that the decision will not affect the actual sale of cryptocurrencies, the online trading platforms for cryptocurrencies like Bitcoin, Ripple and Ether among others are expected to get a hit. UK's Financial Conduct Authority said that it has taken the decision to safeguard retail consumers as they are exposed to unexpected financial losses due to unregulated crypto-assets. Volatility and unreliable valuations add to retail consumers' woes. The latest decision by the FCA came a year after it actually proposed such a ban. The authority took a review of the situation in its analysis that went on for a year. × Soon after the decision of the FCA, shares in the online trading platform fell by 2-3 per cent. Cryptocurrencies have attracted a lot of interest from investors all around the globe in recent years. According to an estimate, the cryptocurrency market is worth around USD 337 billion. It was worth USD 200 billion just 2 years ago.

Cryptocurrency products banned in UK after year-long review

A Chinese hacker group called&nbsp;APT41 has been&nbsp;charged by the US Justice Department after the Federal Bureau of Investigation (FBI) and Microsoft caught two of the hackers in a combined effort.&nbsp;

APT41 is a group of seven hackers, out of which five of them are Chinese nationals and are expert hackers. Majority of the group members have been employees of&nbsp;Chengdu 404 Network Technology — a company that provides legal hacking services to the company to help&nbsp;detect vulnerabilities in clients' computer networks. The other company involved in the case is&nbsp;SEA Gamer Mall, a Malaysia-based firm that sells video game currency, power-ups and other in-game items.

They trapped various groups — from gaming companies to non-profit organisations — by several sophisticated and basic phishing methods. While some companies got duped through phishing emails, rest gave permission to the group to modify their codes, which provided them free and unlimited access to clients' computers and internal data.

The group has been alleged of hacking hundreds of computers of various companies around the world. The hackers accessed identities, personal information and used the hacked information to ask for ransom and commit&nbsp;cryptocurrency/bitcoin frauds. They also hacked into systems of gaming companies through which they used the data to sell game items back to the customers and dupe them of money.

They have&nbsp;also been alleged of compromising government&nbsp;data in Vietnam and India.&nbsp;

Whether or not the group was working for the Chinese government is not yet clear. The court has alleged that the hackers collected information regarding pro-democracy activists of Hong Kong and&nbsp;a Buddhist monk from Tibet. One of the hackers,&nbsp;Jiang Lizhi, has a history of working with&nbsp;China's Ministry of State Security.

However, none of these allegations have successfully proved a connection between the hacker group and the Chinese government. More investigation is being carried out for this.

Out of seven, two members have been caught. However, these two were businessmen in Malaysia, and the hackers are still at large. The two businessmen were caught in a&nbsp;sweeping operation by the FBI and private companies including Microsoft to block the hackers from using their online accounts.

The US is currently seeking permission to extradite the hacker groups, which is seemingly difficult as none of the members have lived in the US, but have committed frauds in the country.

A Chinese hacker group called APT41 has been charged by the US Justice Department after the Federal Bureau of Investigation (FBI) and Microsoft caught two of the hackers in a combined effort.

A Chinese hacker group called APT41 has been charged by the US Justice Department after the Federal Bureau of Investigation (FBI) and Microsoft caught two of the hackers in a combined effort. APT41 is a group of seven hackers, out of which five of them are Chinese nationals and are expert hackers. Majority of the group members have been employees of Chengdu 404 Network Technology — a company that provides legal hacking services to the company to help detect vulnerabilities in clients' computer networks. The other company involved in the case is SEA Gamer Mall, a Malaysia-based firm that sells video game currency, power-ups and other in-game items. They trapped various groups — from gaming companies to non-profit organisations — by several sophisticated and basic phishing methods. While some companies got duped through phishing emails, rest gave permission to the group to modify their codes, which provided them free and unlimited access to clients' computers and internal data. The group has been alleged of hacking hundreds of computers of various companies around the world. The hackers accessed identities, personal information and used the hacked information to ask for ransom and commit cryptocurrency/bitcoin frauds. They also hacked into systems of gaming companies through which they used the data to sell game items back to the customers and dupe them of money. They have also been alleged of compromising government data in Vietnam and India. Whether or not the group was working for the Chinese government is not yet clear. The court has alleged that the hackers collected information regarding pro-democracy activists of Hong Kong and a Buddhist monk from Tibet. One of the hackers, Jiang Lizhi, has a history of working with China's Ministry of State Security. However, none of these allegations have successfully proved a connection between the hacker group and the Chinese government. More investigation is being carried out for this. Out of seven, two members have been caught. However, these two were businessmen in Malaysia, and the hackers are still at large. The two businessmen were caught in a sweeping operation by the FBI and private companies including Microsoft to block the hackers from using their online accounts. The US is currently seeking permission to extradite the hacker groups, which is seemingly difficult as none of the members have lived in the US, but have committed frauds in the country.

Chinese hacker group, APT41, dupe companies in Malaysia and China

Social media giant Twitter on Friday explained how Bitcoin scammers hijacked celebrity accounts of&nbsp;Barack Obama, Jeff Bezos and Kim Kardashian&nbsp;two weeks ago.

The tech firm revealed that&nbsp;hackers responsible for the&nbsp;recent high-profile breach used&nbsp;a&nbsp;phone to fool the social media company's employees into giving them access.

They used the technique of "spear-phishing" to attack, which&nbsp;is a practice of sending emails ostensibly from a known or trusted sender in order to induce targeted individuals to reveal confidential information.

Also read:&nbsp;<a href="https://www.wionews.com/world/australia-unveils-law-forcing-google-facebook-to-pay-for-news-317157" hreflang="en">Australia unveils law forcing Google, Facebook to pay for news</a>

Attackers also targeted specific employees who had access to account support tools,&nbsp;<a href="https://blog.twitter.com/en_us/topics/company/2020/an-update-on-our-security-incident.html">Twitter</a>&nbsp;said, adding that it restricted access to its internal tools and systems ever since the incident occurred.

Hackers had accessed&nbsp;Twitter's internal systems on July 15 to hijack some of the platform's top voices including US&nbsp;presidential candidate Joe Biden, reality TV star Kim Kardashian, former US&nbsp;President Barack Obama and billionaire Elon Musk and used them to solicit digital currency.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/amazon-takes-on-spacex-set-to-invest-10-billion-in-satellite-broadband-plan-317163" hreflang="en">Amazon takes on SpaceX, set to invest $10 billion in satellite broadband plan</a>

Publicly available blockchain records show the apparent scammers received more than $100,000 worth of cryptocurrency.

The hackers targeted 130 accounts. They managed to tweet from 45 accounts, access the direct message inboxes of 36, and download the Twitter data from seven. Dutch anti-Islam lawmaker Geert Wilders has said his inbox was among those accessed.

Twitter didn't provide any more information about how the attack was carried out, saying it would provide a more detailed report later, given the ongoing law enforcement investigation. The company has previously said the incident was a coordinated social engineering attack&nbsp;that targeted some of its employees with access to internal systems and tools.

Social media giant Twitter on Friday explained how Bitcoin scammers hijacked celebrity accounts of Barack Obama, Jeff Bezos and Kim Kardashian two weeks ago. The tech firm revealed that hackers responsible for the recent high-profile breach used a phone to fool the social media company's employees into giving them access.

Social media giant Twitter on Friday explained how Bitcoin scammers hijacked celebrity accounts of Barack Obama, Jeff Bezos and Kim Kardashian two weeks ago. The tech firm revealed that hackers responsible for the recent high-profile breach used a phone to fool the social media company's employees into giving them access. They used the technique of "spear-phishing" to attack, which is a practice of sending emails ostensibly from a known or trusted sender in order to induce targeted individuals to reveal confidential information. Also read: Australia unveils law forcing Google, Facebook to pay for news Attackers also targeted specific employees who had access to account support tools, Twitter said, adding that it restricted access to its internal tools and systems ever since the incident occurred. Hackers had accessed Twitter's internal systems on July 15 to hijack some of the platform's top voices including US presidential candidate Joe Biden, reality TV star Kim Kardashian, former US President Barack Obama and billionaire Elon Musk and used them to solicit digital currency. Also read: Amazon takes on SpaceX, set to invest $10 billion in satellite broadband plan Publicly available blockchain records show the apparent scammers received more than $100,000 worth of cryptocurrency. The hackers targeted 130 accounts. They managed to tweet from 45 accounts, access the direct message inboxes of 36, and download the Twitter data from seven. Dutch anti-Islam lawmaker Geert Wilders has said his inbox was among those accessed. Twitter didn't provide any more information about how the attack was carried out, saying it would provide a more detailed report later, given the ongoing law enforcement investigation. The company has previously said the incident was a coordinated social engineering attack that targeted some of its employees with access to internal systems and tools.

Twitter reveals how Bitcoin scammers hijacked celebrity accounts

Some of America's richest and powerful names were targeted by hackers on Twitter. The list of victims includes Elon Musk, Bill Gates, Jeff Bezos & Barack Obama. Can twitter survive the bitcoin hack? WION's Executive Editor Palki Sharma Upadhyay gets you a report.

Gravitas: Can Twitter survive the Bitcoin scam?

Several high-profile Twitter accounts were simultaneously hacked on July 15 by attackers who used the accounts with millions of followers to spread a cryptocurrency scam. watch report.

Bitcoin scammers hack Twitter | Prominent US personalities hacked

Digital assets and cryptocurrencies like bitcoin, ethereum and XRP have often been called highly volatile and risky assets used by either speculators or dubious characters for dark web anonymous transactions facilitating illegal activities. Bitcoin has been around for over ten years at this point and it has proven to be useful for more than just speculation, and when it comes to using it for illegal transactions, it is not a clever solution to use a payment where the payment history is ending up on a permanent blockchain freely accessible.

The industries and companies that are developing technology using blockchain are now numbering in the thousands, and with more and more incentive to solve problems with fiat currencies, the industry is set to expand exponentially in the coming years. A fundamental difference between regular fiat currencies like the dollar, and bitcoin, is that the dollar is an inflationary currency that loses value over time due to money printing. Bitcoin, on the other hand, is a deflationary currency with a fixed, limited total supply.

Another characteristic of bitcoin besides the limited supply is the periodic halving of the reward handed out to miners processing transactions on the network and in turn increase the security of it. Currently, miners are rewarded with 12.5 bitcoins per block of transactions confirmed on the network, after the halving the reward will be reduced to 6.25 bitcoins per block. The next bitcoin halving is scheduled to happen on May 12, and investors are expecting that the digital asset will see new all-time highs as there will be a smaller supply of newly created Bitcoins.

When bitcoin halvings have happened historically, it has lead to a bull-market pushing the price of Bitcoin up dramatically in the months following the halving, which takes place roughly every four years.

Twitter handle PlanB @100trillionUSD has created a useful data model to explain these periodic cycles of price fluctuations in relation to the halving events: 
 
<img alt="Data Model" data-entity-type="file" data-entity-uuid="62d444e9-f7c6-4a9f-aae1-65abf35197fb" src="//cdn.wionews.com/sites/default/files/inline-images/medium_Com_PlanB_S2F_model%20%281%29.png" />

This model predicts that following the halving event on May 12, the price of bitcoin will rise into a new phase around $100,000 after the flow of new bitcoins into the market gets factored in and reflected into the price. The different phases of this model also take into consideration how the use case for bitcoin develops over time. In the early days, the most popular bitcoin narrative was “proof of concept”, in the next phase that changed to “payments”, followed by “E-gold” where the price of one bitcoin was close to the price of one ounce of gold. This model has proven its value over the previous halvings on the network, but it is worth noting that some of the scaling issues that appeared during the bull-market of 2017 are yet to be resolved.

Twitter user @C3_Nik states: “The Scalability issues surrounding #Bitcoin $BTC haven't been improved over the last few years. Nothing in terms of the technology has changed since the BTC network slowed down to a crawl and the average fee rose to 60$ in late 2017. It can kill the next bull run for BTC, easily.”

During all-time high bull-market of 2017, the network slowed down significantly, while the transaction fees rose to levels above what most people are comfortable with for smaller transactions, leading to a lot of investments flowing into altcoins where transactions were faster and cheaper.

@C3_Nik goes on to state “And this isn't some 'maybe', it is a proven fact. The data is there. Next time it will happen again. #Bitcoin $BTC will become unusable right in the middle of the next bull run. What will happen then? I hope that the market realises that there are better solutions that work.”

In the years following the launch of bitcoin, several other cryptocurrencies have been launched. One notable example is Ripple's XRP that focuses on international remittances and on-demand liquidity. While some people in the digital assets community think of Ripple as the banker's coin that does not follow the ethos of Bitcoin, Ripple labs went to meet with regulators as soon as possible in order to work with regulators and speed up the process of adoption and implementation. XRP is today the third biggest digital asset by market cap and has partnerships with more than 300 banks around the world. With all the developments in the recent months with the coronavirus pandemic and the economic fall out of that, there is now an added incentive for people to use digital payments instead of using cash due to the risk of getting infected. When the governments around the world are printing money on a large scale leading to inflation and the devaluing of their population's savings and retirements accounts, digital assets can, like gold and silver be used as a safe haven investment for protecting their wealth.

Whether or not the stock to flow model holds true and bitcoin reaches $100,000, the cryptocurrency industry is here to stay, and there are many other solutions than Bitcoin for secure digital payments. During these testing times, the future looks bright for digital assets.

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL) 
&nbsp;&nbsp;

&nbsp;

Digital assets and cryptocurrencies like bitcoin, ethereum and XRP have often been called highly volatile and risky assets used by either speculators or dubious characters for dark web anonymous transactions facilitating illegal activities.

Digital assets and cryptocurrencies like bitcoin, ethereum and XRP have often been called highly volatile and risky assets used by either speculators or dubious characters for dark web anonymous transactions facilitating illegal activities. Bitcoin has been around for over ten years at this point and it has proven to be useful for more than just speculation, and when it comes to using it for illegal transactions, it is not a clever solution to use a payment where the payment history is ending up on a permanent blockchain freely accessible. The industries and companies that are developing technology using blockchain are now numbering in the thousands, and with more and more incentive to solve problems with fiat currencies, the industry is set to expand exponentially in the coming years. A fundamental difference between regular fiat currencies like the dollar, and bitcoin, is that the dollar is an inflationary currency that loses value over time due to money printing. Bitcoin, on the other hand, is a deflationary currency with a fixed, limited total supply. Another characteristic of bitcoin besides the limited supply is the periodic halving of the reward handed out to miners processing transactions on the network and in turn increase the security of it. Currently, miners are rewarded with 12.5 bitcoins per block of transactions confirmed on the network, after the halving the reward will be reduced to 6.25 bitcoins per block. The next bitcoin halving is scheduled to happen on May 12, and investors are expecting that the digital asset will see new all-time highs as there will be a smaller supply of newly created Bitcoins. When bitcoin halvings have happened historically, it has lead to a bull-market pushing the price of Bitcoin up dramatically in the months following the halving, which takes place roughly every four years. Twitter handle PlanB @100trillionUSD has created a useful data model to explain these periodic cycles of price fluctuations in relation to the halving events: This model predicts that following the halving event on May 12, the price of bitcoin will rise into a new phase around $100,000 after the flow of new bitcoins into the market gets factored in and reflected into the price. The different phases of this model also take into consideration how the use case for bitcoin develops over time. In the early days, the most popular bitcoin narrative was “proof of concept”, in the next phase that changed to “payments”, followed by “E-gold” where the price of one bitcoin was close to the price of one ounce of gold. This model has proven its value over the previous halvings on the network, but it is worth noting that some of the scaling issues that appeared during the bull-market of 2017 are yet to be resolved. Twitter user @C3_Nik states: “The Scalability issues surrounding #Bitcoin $BTC haven't been improved over the last few years. Nothing in terms of the technology has changed since the BTC network slowed down to a crawl and the average fee rose to 60$ in late 2017. It can kill the next bull run for BTC, easily.” During all-time high bull-market of 2017, the network slowed down significantly, while the transaction fees rose to levels above what most people are comfortable with for smaller transactions, leading to a lot of investments flowing into altcoins where transactions were faster and cheaper. @C3_Nik goes on to state “And this isn't some 'maybe', it is a proven fact. The data is there. Next time it will happen again. #Bitcoin $BTC will become unusable right in the middle of the next bull run. What will happen then? I hope that the market realises that there are better solutions that work.” In the years following the launch of bitcoin, several other cryptocurrencies have been launched. One notable example is Ripple's XRP that focuses on international remittances and on-demand liquidity. While some people in the digital assets community think of Ripple as the banker's coin that does not follow the ethos of Bitcoin, Ripple labs went to meet with regulators as soon as possible in order to work with regulators and speed up the process of adoption and implementation. XRP is today the third biggest digital asset by market cap and has partnerships with more than 300 banks around the world. With all the developments in the recent months with the coronavirus pandemic and the economic fall out of that, there is now an added incentive for people to use digital payments instead of using cash due to the risk of getting infected. When the governments around the world are printing money on a large scale leading to inflation and the devaluing of their population's savings and retirements accounts, digital assets can, like gold and silver be used as a safe haven investment for protecting their wealth. Whether or not the stock to flow model holds true and bitcoin reaches $100,000, the cryptocurrency industry is here to stay, and there are many other solutions than Bitcoin for secure digital payments. During these testing times, the future looks bright for digital assets. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Explained: Bitcoin halving and the expected bull-market for digital assets

Bitcoin slumped to a six-month low on Friday after China's central bank launched a fresh crackdown on cryptocurrencies, warning of the risks entailed in issuing or trading them.

Bitcoin, the world's biggest cryptocurrency, fell 9% to $6,929, its lowest since May, and was last down 7% at $7,107.

The People's Bank of China's Shanghai headquarters said it would tackle growing cases of illegality involving virtual currencies. It also cautioned investors not to confuse crypto with blockchain technology, the digital ledger that underpins many cryptocurrencies such as bitcoin.

The move came a day after regulators in Shenzhen launched a similar campaign, and came as the PBOC prepares to launch its own digital currency.

Chinese President Xi Jinping said last month that the world's second-biggest economy should accelerate the development of blockchain technology.

Bitcoin, known for its wild price swings, soared over 40% in two days after Xi's remarks, with investors betting that Beijing's backing of blockchain and plans for a digital renminbi would accelerate the mainstream embrace of cryptocurrencies.

But since late October bitcoin has slumped by nearly a third.

Jamie Farquhar, portfolio manager at London-based crypto firm NKB Group, said the PBOC statement crystallised a growing sense among crypto investors that China's embrace of blockchain would be unlikely to include cryptocurrencies like bitcoin.

"It's the realisation that the positivity over Xi's blockchain announcement was exaggerated," he said. "It may not include bitcoin at this point."

 
&nbsp;

Bitcoin slumped to a six-month low on Friday after China's central bank launched a fresh crackdown on cryptocurrencies, warning of the risks entailed in issuing or trading them.

Bitcoin slumped to a six-month low on Friday after China's central bank launched a fresh crackdown on cryptocurrencies, warning of the risks entailed in issuing or trading them. Bitcoin, the world's biggest cryptocurrency, fell 9% to $6,929, its lowest since May, and was last down 7% at $7,107. The People's Bank of China's Shanghai headquarters said it would tackle growing cases of illegality involving virtual currencies. It also cautioned investors not to confuse crypto with blockchain technology, the digital ledger that underpins many cryptocurrencies such as bitcoin. The move came a day after regulators in Shenzhen launched a similar campaign, and came as the PBOC prepares to launch its own digital currency. Chinese President Xi Jinping said last month that the world's second-biggest economy should accelerate the development of blockchain technology. Bitcoin, known for its wild price swings, soared over 40% in two days after Xi's remarks, with investors betting that Beijing's backing of blockchain and plans for a digital renminbi would accelerate the mainstream embrace of cryptocurrencies. But since late October bitcoin has slumped by nearly a third. Jamie Farquhar, portfolio manager at London-based crypto firm NKB Group, said the PBOC statement crystallised a growing sense among crypto investors that China's embrace of blockchain would be unlikely to include cryptocurrencies like bitcoin. "It's the realisation that the positivity over Xi's blockchain announcement was exaggerated," he said. "It may not include bitcoin at this point."

Bitcoin plummets to a six-month low on China crackdown

The Facebook-led Libra cryptocurrency project must meet the highest standards for combating <a href="https://www.wionews.com/world/us-lawmakers-question-facebook-over-plans-on-libra-cryptocurrency-236514">money laundering and terrorism</a> financing if it is to get off the ground, a senior US&nbsp;Treasury official said on Tuesday.

Any cryptocurrency project, including Geneva-based Libra, operating in all or substantial parts of the United States will clearly have to satisfy US&nbsp;regulatory standards, US&nbsp;Under Secretary of Terrorism and Financial Intelligence Sigal Mandelker told reporters in the Swiss capital.

"Whether it's bitcoin, <a href="https://www.wionews.com/world/facebook-needs-very-high-standard-for-libra-coin-us-treasury-steven-mnuchin-236268">Ethereum, Libra, our message</a> is the same to all of these companies: anti-money laundering and combating the financing of terrorism has to be built into your design from the get-go," Mandelker said.

She was speaking after meeting Swiss government officials and representatives from the Bank for International Settlements and other international financial bodies to discuss cryptocurrencies including the planned Libra project, which is to be launched by a Swiss-based association.

While the digital currency industry has paid tremendous attention to developing the underlying technology, much of the industry has paid far too little attention to ensuring that the networks they are building do not enable terrorists and other bad actors to hide and move money, Mandelker said.

The Treasury official said she would meet Switzerland's financial market supervisor FINMA on Tuesday&nbsp;where she would be discussing not only the application of proper anti-money laundering safeguards but also taking enforcement actions against companies flouting those rules would be a priority.

FINMA in August had granted Switzerland's first banking and securities licenses to two blockchain service providers and has built up a digital currency hub nicknamed the "Crypto Valley".

"Switzerland, like a number of other countries, has promoted itself as a hub for fintech and for innovation, and so, of course, any country that promotes itself in that way -&nbsp;&nbsp;in my view, it's incumbent upon that country to take these particular concerns at the highest level in(to) the utmost regard," she added.

The Libra project was still in very early stages of thinking through steps to prevent such crimes, she said, adding Swiss officials had similar views.

Digital currencies such as Libra raise serious concerns and must be regulated as tightly as possible to ensure they do not upset the world's financial system, Group of Seven finance ministers and central bankers had said in July.

The Facebook-led Libra cryptocurrency project must meet the highest standards for combating money laundering and terrorism financing if it is to get off the ground, a senior US Treasury official said on Tuesday.

The Facebook-led Libra cryptocurrency project must meet the highest standards for combating money laundering and terrorism financing if it is to get off the ground, a senior US Treasury official said on Tuesday. Any cryptocurrency project, including Geneva-based Libra, operating in all or substantial parts of the United States will clearly have to satisfy US regulatory standards, US Under Secretary of Terrorism and Financial Intelligence Sigal Mandelker told reporters in the Swiss capital. "Whether it's bitcoin, Ethereum, Libra, our message is the same to all of these companies: anti-money laundering and combating the financing of terrorism has to be built into your design from the get-go," Mandelker said. She was speaking after meeting Swiss government officials and representatives from the Bank for International Settlements and other international financial bodies to discuss cryptocurrencies including the planned Libra project, which is to be launched by a Swiss-based association. While the digital currency industry has paid tremendous attention to developing the underlying technology, much of the industry has paid far too little attention to ensuring that the networks they are building do not enable terrorists and other bad actors to hide and move money, Mandelker said. The Treasury official said she would meet Switzerland's financial market supervisor FINMA on Tuesday where she would be discussing not only the application of proper anti-money laundering safeguards but also taking enforcement actions against companies flouting those rules would be a priority. FINMA in August had granted Switzerland's first banking and securities licenses to two blockchain service providers and has built up a digital currency hub nicknamed the "Crypto Valley". "Switzerland, like a number of other countries, has promoted itself as a hub for fintech and for innovation, and so, of course, any country that promotes itself in that way - in my view, it's incumbent upon that country to take these particular concerns at the highest level in(to) the utmost regard," she added. The Libra project was still in very early stages of thinking through steps to prevent such crimes, she said, adding Swiss officials had similar views. Digital currencies such as Libra raise serious concerns and must be regulated as tightly as possible to ensure they do not upset the world's financial system, Group of Seven finance ministers and central bankers had said in July.

Facebook's Libra has to build anti-money laundering, anti-terror financing design: US Treasury

Fraudsters are out to cash in on interest in <a href="https://www.wionews.com/world/us-lamakers-propose-barring-big-tech-companies-from-offering-financial-services-digital-currencies-236125">Facebook-backed digital currency Libra</a>, hawking bogus buying opportunities at online venues including the social network itself.

Libra is to launch next year, overseen by an association based in Europe, but as with other hot topics it has been seized on by nefarious characters intent on tricking people with false accounts, pages, and information.

Fake Libra opportunities or offerings have popped up on Facebook's main social network and its image-centric online community Instagram, &nbsp;according to a report Monday in the Washington Post.

Several Libra-themed deceptive accounts were removed from the Facebook platform after the California-based company was alerted by the Post, according to the publication.

Some of the fake accounts used the official Facebook logo and photos of <a href="https://www.wionews.com/world/if-facebooks-libra-wants-to-become-a-bank-it-must-must-seek-new-banking-charter-trump-235162">chief executive Mark Zuckerberg</a>.&nbsp;

"<a href="https://www.wionews.com/world/facebook-needs-very-high-standard-for-libra-coin-us-treasury-steven-mnuchin-236268">Facebook</a> removes ads and Pages that violate our policies when we become aware of them, and we are constantly working to improve detection of scams on our platforms," the internet titan said in response to an AFP inquiry.

The Libra Association was reported to be working with Facebook to get deceptive pages about the currency deleted.

Criminals routinely seize on hot topics to try to dupe people online, from natural disasters and major tragedies to celebrity news.

A buylibracoins.com website accessible Monday offered a fake chance to buy the digital currency, encouraging potential victims to share contact details of friends in a referral program.

Fraudsters were said to be set also hunting for victims at other online venues such as Twitter and YouTube.

Financial upheaval

The rise of fake Libra offerings comes as Facebook tries to dispel worries and build trust in what it hopes will be a global currency that gives life-changing financial tools to people around the world.

G7 finance ministers and central bankers last week dealt a blow to Facebook's planned new cryptocurrency Libra, issuing a barrage of warnings about its dangers for the global economy at a two-day meeting outside Paris.

Facebook in June unveiled its plans for Libra in an announcement greeted with concern by governments and critics of the social network behemoth, whose reputation has already been tarnished by its role in spreading fake information and extremist videos.

Ministers from the Group of Seven (G7) major global economies "agreed that projects such as Libra may affect monetary sovereignty and the functioning of the international monetary system," France, the current G7 chair, said in a statement.

It said projects like Libra with a "global and potentially systemic footprint... raise serious regulatory and systemic concerns, as well as wider policy issues, which both need to be addressed before such projects can be implemented."

US Treasury Secretary Steven Mnuchin said his concerns about Libra and other cryptocurrencies which he had made clear in White House news conference this month were shared by G7 counterparts.

Libra is widely regarded as a challenger to dominant global player bitcoin. Expected to launch in the first half of 2020, Libra is designed to be backed by a basket of currency assets to avoid the wild swings of bitcoin and other cryptocurrencies.

Fraudsters are out to cash in on interest in Facebook-backed digital currency Libra, hawking bogus buying opportunities at online venues including the social network itself.

Fraudsters are out to cash in on interest in Facebook-backed digital currency Libra, hawking bogus buying opportunities at online venues including the social network itself. Libra is to launch next year, overseen by an association based in Europe, but as with other hot topics it has been seized on by nefarious characters intent on tricking people with false accounts, pages, and information. Fake Libra opportunities or offerings have popped up on Facebook's main social network and its image-centric online community Instagram, according to a report Monday in the Washington Post. Several Libra-themed deceptive accounts were removed from the Facebook platform after the California-based company was alerted by the Post, according to the publication. Some of the fake accounts used the official Facebook logo and photos of chief executive Mark Zuckerberg. "Facebook removes ads and Pages that violate our policies when we become aware of them, and we are constantly working to improve detection of scams on our platforms," the internet titan said in response to an AFP inquiry. The Libra Association was reported to be working with Facebook to get deceptive pages about the currency deleted. Criminals routinely seize on hot topics to try to dupe people online, from natural disasters and major tragedies to celebrity news. A buylibracoins.com website accessible Monday offered a fake chance to buy the digital currency, encouraging potential victims to share contact details of friends in a referral program. Fraudsters were said to be set also hunting for victims at other online venues such as Twitter and YouTube. Financial upheaval The rise of fake Libra offerings comes as Facebook tries to dispel worries and build trust in what it hopes will be a global currency that gives life-changing financial tools to people around the world. G7 finance ministers and central bankers last week dealt a blow to Facebook's planned new cryptocurrency Libra, issuing a barrage of warnings about its dangers for the global economy at a two-day meeting outside Paris. Facebook in June unveiled its plans for Libra in an announcement greeted with concern by governments and critics of the social network behemoth, whose reputation has already been tarnished by its role in spreading fake information and extremist videos. Ministers from the Group of Seven (G7) major global economies "agreed that projects such as Libra may affect monetary sovereignty and the functioning of the international monetary system," France, the current G7 chair, said in a statement. It said projects like Libra with a "global and potentially systemic footprint... raise serious regulatory and systemic concerns, as well as wider policy issues, which both need to be addressed before such projects can be implemented." US Treasury Secretary Steven Mnuchin said his concerns about Libra and other cryptocurrencies which he had made clear in White House news conference this month were shared by G7 counterparts. Libra is widely regarded as a challenger to dominant global player bitcoin. Expected to launch in the first half of 2020, Libra is designed to be backed by a basket of currency assets to avoid the wild swings of bitcoin and other cryptocurrencies.

Fraudsters exploit interest in Libra digital currency

Facebook must meet "a very high standard" before it moves ahead with its planned <a href="https://www.wionews.com/world/if-facebooks-libra-wants-to-become-a-bank-it-must-must-seek-new-banking-charter-trump-235162">digital currency Libra</a>, US Treasury Secretary Steven Mnuchin said Monday.

Mnuchin said US regulators have already expressed concerns to Facebook about the plan for a global cryptocurrency, noting that these kinds of virtual coins have in the past been associated with money laundering and illicit activities.

"Whether they're banks or non-banks, they're under the same regulatory environment," Mnuchin told reporters at the White House, adding that Facebook "will have to have a very high standard before they have access to the financial system."

Facebook last month unveiled its <a href="https://www.wionews.com/world/facebooks-libra-currency-under-fire-235697">plans for Libra</a>, widely regarded as a challenger to dominant global player bitcoin. Expected to launch in the first half of 2020, Libra is designed to be backed by a basket of currency assets to avoid the wild swings of bitcoin and other cryptocurrencies.

Mnuchin said the US Treasury welcomes "responsible innovations" that can improve the efficiency of the financial system but added: "Our overriding goal is to maintain the integrity of the financial system and protect it from abuse."

'National security issue'

He said US regulators have met with Facebook officials on this question, and how Facebook can protect against the new virtual coin being used for criminal activity.

"This is indeed a national security issue," the Treasury chief said.

Facebook, he added, must implement safeguards against the use of Libra for money laundering and terrorist financing and comply with other financial regulations.

Commenting on Facebook's claim that Libra could lower costs and help people without access to traditional financial services, Mnuchin said, "That's fine (but) they've got a lot of work to do to convince us they can get to that place."

Mnuchin's comments echoed concerns voiced by Federal Reserve Chairman Jerome Powell and regulators around the world, as well as by lawmakers set to open hearings this week on the plan by Facebook and its partners in the Libra project.

Hearing set Tuesday

David Marcus, who heads Facebook's digital wallet and blockchain efforts, said in testimony prepared for delivery Tuesday that he expects regulators to carry out an extensive review of the Libra project.

"The time between now and launch is designed to be an open process and subject to regulatory oversight and review," Marcus was to say in his remarks, which were released by the Senate Banking Committee.

"We know we need to take the time to get this right. And I want to be clear: Facebook will not offer the Libra digital currency until we have fully addressed regulatory concerns and received appropriate approvals."

Marcus said that Libra, whose association will be based in Geneva, will be supervised by the Swiss Financial Markets Supervisory Authority, but would also register with the US Treasury's FinCEN (Financial Crimes Enforcement Network) to comply with anti-money laundering regulations.

Facebook "will work with the Federal Reserve and other central banks to make sure Libra does not compete with sovereign currencies or interfere with monetary policy," Marcus added.

The companies behind Libra include payment giants Visa, MasterCard and PayPal, as well as ride-hailing apps Lyft and Uber.

Central bankers around the world have said they would carefully study the proposed currency and last week US President Donald Trump weighed in.

"I am not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air," he said.

Facebook must meet "a very high standard" before it moves ahead with its planned digital currency Libra, US Treasury Secretary Steven Mnuchin said Monday. Mnuchin said US regulators have already expressed concerns to Facebook about the plan for a global cryptocurrency, noting that these kinds of virtual coins have in the past been associated with money laundering and illicit activities.

Facebook must meet "a very high standard" before it moves ahead with its planned digital currency Libra, US Treasury Secretary Steven Mnuchin said Monday. Mnuchin said US regulators have already expressed concerns to Facebook about the plan for a global cryptocurrency, noting that these kinds of virtual coins have in the past been associated with money laundering and illicit activities. "Whether they're banks or non-banks, they're under the same regulatory environment," Mnuchin told reporters at the White House, adding that Facebook "will have to have a very high standard before they have access to the financial system." Facebook last month unveiled its plans for Libra, widely regarded as a challenger to dominant global player bitcoin. Expected to launch in the first half of 2020, Libra is designed to be backed by a basket of currency assets to avoid the wild swings of bitcoin and other cryptocurrencies. Mnuchin said the US Treasury welcomes "responsible innovations" that can improve the efficiency of the financial system but added: "Our overriding goal is to maintain the integrity of the financial system and protect it from abuse." 'National security issue' He said US regulators have met with Facebook officials on this question, and how Facebook can protect against the new virtual coin being used for criminal activity. "This is indeed a national security issue," the Treasury chief said. Facebook, he added, must implement safeguards against the use of Libra for money laundering and terrorist financing and comply with other financial regulations. Commenting on Facebook's claim that Libra could lower costs and help people without access to traditional financial services, Mnuchin said, "That's fine (but) they've got a lot of work to do to convince us they can get to that place." Mnuchin's comments echoed concerns voiced by Federal Reserve Chairman Jerome Powell and regulators around the world, as well as by lawmakers set to open hearings this week on the plan by Facebook and its partners in the Libra project. Hearing set Tuesday David Marcus, who heads Facebook's digital wallet and blockchain efforts, said in testimony prepared for delivery Tuesday that he expects regulators to carry out an extensive review of the Libra project. "The time between now and launch is designed to be an open process and subject to regulatory oversight and review," Marcus was to say in his remarks, which were released by the Senate Banking Committee. "We know we need to take the time to get this right. And I want to be clear: Facebook will not offer the Libra digital currency until we have fully addressed regulatory concerns and received appropriate approvals." Marcus said that Libra, whose association will be based in Geneva, will be supervised by the Swiss Financial Markets Supervisory Authority, but would also register with the US Treasury's FinCEN (Financial Crimes Enforcement Network) to comply with anti-money laundering regulations. Facebook "will work with the Federal Reserve and other central banks to make sure Libra does not compete with sovereign currencies or interfere with monetary policy," Marcus added. The companies behind Libra include payment giants Visa, MasterCard and PayPal, as well as ride-hailing apps Lyft and Uber. Central bankers around the world have said they would carefully study the proposed currency and last week US President Donald Trump weighed in. "I am not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air," he said.

Facebook needs 'very high standard' for Libra coin: US Treasury Steven Mnuchin

A proposal to prevent big technology companies from functioning as financial institutions or <a href="https://www.wionews.com/world/facebooks-libra-currency-under-fire-235697">issuing digital currencies </a>has been circulated for discussion by the Democratic majority that leads the House Financial Services Committee, according to a copy of the draft legislation.

In a sign of widening scrutiny after<a href="https://www.wionews.com/world/if-facebooks-libra-wants-to-become-a-bank-it-must-must-seek-new-banking-charter-trump-235162"> Facebook Inc's proposed Libra digital </a>coin aroused widespread objection, the bill proposes a fine of $1 million per day for violation of such rules.

Such a sweeping proposal would likely spark opposition from Republican members of the house who are keen on innovation, and would likely struggle to gather enough votes to pass the lower chamber.

Even if it were to pass the full house, it would still have to pass the Senate which would also likely be an uphill struggle.

Nevertheless, the draft proposal sends a strong message to large tech firms increasingly eyeing the financial services space.

The draft legislation, "Keep Big Tech Out Of Finance Act", describes a large technology firm as a company mainly offering an online platform service with at least $25 billion in annual revenue.

"A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as a medium of exchange, unit of account, store of value, or any other similar function, as defined by the Board of Governors of the Federal Reserve System," it proposes.

Facebook, which would qualify to be such an entity, said last month it would launch its global cryptocurrency in 2020.

Facebook and 28 partners, including Mastercard Inc, PayPal Holdings Inc and Uber Technologies Inc, would form the Libra Association to govern the new coin. No banks are currently part of the group.

Last week, US President Trump criticised Libra and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to US and global regulations if they wanted to "become a bank."

His comments came after Federal Reserve Chairman Jerome Powell told lawmakers that Facebook's plan to build a digital currency called Libra could not move forward unless it addressed concerns over privacy, money laundering, consumer protection and financial stability.

A proposal to prevent big technology companies from functioning as financial institutions or issuing digital currencies has been circulated for discussion by the Democratic majority that leads the House Financial Services Committee, according to a copy of the draft legislation.

A proposal to prevent big technology companies from functioning as financial institutions or issuing digital currencies has been circulated for discussion by the Democratic majority that leads the House Financial Services Committee, according to a copy of the draft legislation. In a sign of widening scrutiny after Facebook Inc's proposed Libra digital coin aroused widespread objection, the bill proposes a fine of $1 million per day for violation of such rules. Such a sweeping proposal would likely spark opposition from Republican members of the house who are keen on innovation, and would likely struggle to gather enough votes to pass the lower chamber. Even if it were to pass the full house, it would still have to pass the Senate which would also likely be an uphill struggle. Nevertheless, the draft proposal sends a strong message to large tech firms increasingly eyeing the financial services space. The draft legislation, "Keep Big Tech Out Of Finance Act", describes a large technology firm as a company mainly offering an online platform service with at least $25 billion in annual revenue. "A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as a medium of exchange, unit of account, store of value, or any other similar function, as defined by the Board of Governors of the Federal Reserve System," it proposes. Facebook, which would qualify to be such an entity, said last month it would launch its global cryptocurrency in 2020. Facebook and 28 partners, including Mastercard Inc, PayPal Holdings Inc and Uber Technologies Inc, would form the Libra Association to govern the new coin. No banks are currently part of the group. Last week, US President Trump criticised Libra and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to US and global regulations if they wanted to "become a bank." His comments came after Federal Reserve Chairman Jerome Powell told lawmakers that Facebook's plan to build a digital currency called Libra could not move forward unless it addressed concerns over privacy, money laundering, consumer protection and financial stability.

US lawmakers propose barring big tech companies from offering financial services, digital currencies

US President Donald Trump on Thursday criticised <a href="https://www.wionews.com/india-news/india-us-trade-talks-to-restart-friday-amid-few-signs-of-compromise-234949">Bitcoin, Facebook's proposed</a> Libra digital coin and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to US and global regulations if they wanted to "become a bank."

"I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air," Trump wrote on Twitter.

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<blockquote class="twitter-tweet">
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity....
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1149472282584072192?ref_src=twsrc%5Etfw">July 12, 2019</a></blockquote>
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"If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International," he added.

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....Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National...
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1149472284702208000?ref_src=twsrc%5Etfw">July 12, 2019</a></blockquote>
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Trump's comments come one day after Federal Reserve Chairman Jerome Powell told lawmakers that Facebook's plan to build a digital currency called Libra cannot move forward unless it addresses concerns over privacy, money laundering, consumer protection and financial stability.

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...and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1149472285905940480?ref_src=twsrc%5Etfw">July 12, 2019</a></blockquote>
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Powell said the Fed has established a working group to follow the project and is coordinating with other government's central banks. The US Financial Stability Oversight Council, a panel of regulators that identifies risks to the financial system, is also expected to make a review.

Hours earlier on Thursday, Trump criticised large technology companies at an event at the White House, who he said treated conservative voices unfairly.

The Internet Association, a trade group representing major tech firms like Facebook, Twitter and Google, said, "Internet companies are not biased against any political ideology, and conservative voices in particular have used social media to great effect." 
&nbsp;

US President Donald Trump on Thursday criticised Bitcoin, Facebook's proposed Libra digital coin and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to US and global regulations if they wanted to "become a bank.

US President Donald Trump on Thursday criticised Bitcoin, Facebook's proposed Libra digital coin and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to US and global regulations if they wanted to "become a bank." "I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air," Trump wrote on Twitter. I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.... — Donald J. Trump (@realDonaldTrump) July 12, 2019 × "If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International," he added. ....Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National... — Donald J. Trump (@realDonaldTrump) July 12, 2019 × Trump's comments come one day after Federal Reserve Chairman Jerome Powell told lawmakers that Facebook's plan to build a digital currency called Libra cannot move forward unless it addresses concerns over privacy, money laundering, consumer protection and financial stability. ...and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar! — Donald J. Trump (@realDonaldTrump) July 12, 2019 × Powell said the Fed has established a working group to follow the project and is coordinating with other government's central banks. The US Financial Stability Oversight Council, a panel of regulators that identifies risks to the financial system, is also expected to make a review. Hours earlier on Thursday, Trump criticised large technology companies at an event at the White House, who he said treated conservative voices unfairly. The Internet Association, a trade group representing major tech firms like Facebook, Twitter and Google, said, "Internet companies are not biased against any political ideology, and conservative voices in particular have used social media to great effect."

If Facebook's Libra wants to become a bank, it must seek new banking charter: Trump

<a href="https://www.wionews.com/world/forget-bitcoin-millionaires-bezos-gates-may-become-trillionaires-29476">Bitcoin</a> surged to a near 16-month high above $11,000 Monday, overshadowing showings across stock, foreign exchange and commodity markets, with investors looking ahead to the week's G20 summit.

Bitcoin reached $11,251.21, surpassing $10,000 for the first time since March last year, as the cryptocurrency sector got a huge boost from Facebook's unveiling of its own digital unit Libra, analysts said.&nbsp;

"The strong resurgence in the bitcoin price is mainly due to the renewed mainstreaming interest in cryptocurrencies and the technology which underlines them," Naeem Aslam, an analyst at trading group ThinkMarkets, said.

"Projects like Facebook's Libra have provided a much-needed tailwind for this space."

The social network plans to launch Libra next year, with the backing by a basket of real-world currencies and a consortium of companies including Visa, MasterCard, PayPal and Uber.

"<a href="https://www.wionews.com/business-economy/bitcoin-trading-volume-hits-two-year-low-in-march-208110">Bitcoin</a> volatility is likely to persist, with $12,000 and $15,000 as the next two critical resistance levels," said OANDA senior market analyst Edward Moya.

Bitcoin has risen about 20 per cent this month alone but is still well off record levels near $20,000 seen at the end of 2017.

Elsewhere Monday, oil prices nudged higher as rising US-Iran tensions continued to fuel supply concerns.

Stock markets were largely steady ahead of a crunch meeting between US President Donald Trump and Chinese counterpart Xi Jinping at the weekend summit of 20 major economies.

Markets are waiting to see if Trump and Xi can break an impasse in their trade war when they meet on the sidelines of the event in Japan.

Global equities last week rallied after Trump hailed positive telephone talks between the pair, fuelling hopes of a possible end to their long-running tariffs battle.

"No one thinks the US and China will do a deal in Osaka, but there is some hope that we will have a positive development that marks a shift in the rhetoric and a re-energising of talks following the breakdown in the recent discussions," said Neil Wilson, chief market analyst at Markets.com.

The dollar meanwhile dropped Monday, continuing to face pressure from expectations that the Federal Reserve could lower US interest rates as soon as July as the economy shows signs of softening amid the trade war with China.

Bitcoin surged to a near 16-month high above $11,000 Monday, overshadowing showings across stock, foreign exchange and commodity markets, with investors looking ahead to the week's G20 summit.

Bitcoin surged to a near 16-month high above $11,000 Monday, overshadowing showings across stock, foreign exchange and commodity markets, with investors looking ahead to the week's G20 summit. Bitcoin reached $11,251.21, surpassing $10,000 for the first time since March last year, as the cryptocurrency sector got a huge boost from Facebook's unveiling of its own digital unit Libra, analysts said. "The strong resurgence in the bitcoin price is mainly due to the renewed mainstreaming interest in cryptocurrencies and the technology which underlines them," Naeem Aslam, an analyst at trading group ThinkMarkets, said. "Projects like Facebook's Libra have provided a much-needed tailwind for this space." The social network plans to launch Libra next year, with the backing by a basket of real-world currencies and a consortium of companies including Visa, MasterCard, PayPal and Uber. "Bitcoin volatility is likely to persist, with $12,000 and $15,000 as the next two critical resistance levels," said OANDA senior market analyst Edward Moya. Bitcoin has risen about 20 per cent this month alone but is still well off record levels near $20,000 seen at the end of 2017. Elsewhere Monday, oil prices nudged higher as rising US-Iran tensions continued to fuel supply concerns. Stock markets were largely steady ahead of a crunch meeting between US President Donald Trump and Chinese counterpart Xi Jinping at the weekend summit of 20 major economies. Markets are waiting to see if Trump and Xi can break an impasse in their trade war when they meet on the sidelines of the event in Japan. Global equities last week rallied after Trump hailed positive telephone talks between the pair, fuelling hopes of a possible end to their long-running tariffs battle. "No one thinks the US and China will do a deal in Osaka, but there is some hope that we will have a positive development that marks a shift in the rhetoric and a re-energising of talks following the breakdown in the recent discussions," said Neil Wilson, chief market analyst at Markets.com. The dollar meanwhile dropped Monday, continuing to face pressure from expectations that the Federal Reserve could lower US interest rates as soon as July as the economy shows signs of softening amid the trade war with China.

After Facebook's cryptocurrency Libra, Bitcoin surges above $11,000

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