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Bitcoin price LIVE: $106BILLION wiped off global cryptocurrency post South Korea trade ban | #VentureCanvas

January 12, 2018

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Bitcoin burns

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Bitcoin burns as South Korea prepares ban

2.49pm – UPDATE – Big news for Ripple

As bitcoin’s move towards the mainstream is beginning to stutter, rival ripple has announced a tie-up with Dallas-based money transfer giant MoneyGram.

Fortune are reporting that the partnership will see MoneyGram pilot the use of XRP through a new Rippleservice, called xRapid, designed to provide liquidity to financial institutions. In a release announcing the news, the companies touted the speed and efficiency of XRP:

Ripple’s XRP remains the most efficient digital asset for payments with transaction fees at just fractions of a penny, compared to Bitcoinfees of about $30 per transaction.

Similarly, the average transactiontime for XRP is 2-3 seconds with other top digital assets ranging from 15 minutes to an hour.

The price of bitcoin at the time of press is 13,674.

1.52pm – UPDATE – BitcoincompetitorEthereum built on SAND

Bitcoin’s competitor, ethereum, has been accused of failing to be transparent about the company’s business plan, making it impossible to be evaluated by investors.

Speaking in an interview with CNBC, New York University professor Aswath Damodaran said: “When the evaluation time comes, some of these cryptoinvestments are not going to hold up.

“Right now I don’t think anybody is valuing the cryptocurrencies, they are all pricing.”

1.11pm – UPDATE – Bitcoin’s whack a mole moment

Bloomberg has described South Korea’s attempt to bring the regulatoryhammer down on bitcointrading as like playing “Whack-A-Mole”.

The mole-whacking excercise is certainly hurting bitcoin’s price although we’ve seen a bit of a rebound to $13,795 at the time of press.

Ethereum is at $1,215 while Ripple is down at $1.78.

11.56am – UPDATE – ‘Finally, a cryptocurrency I can use to pay for spin class and individual yogurts!’

WomenCoin has arrived and it is valued at $0.003938 with a market cap of $174,126.

Unfortunately their website is down, citing the reason: “This account has been suspended. Either the domain has been overused, or the reseller ran out of resources.”

WomenCoin is here

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The WomenCoin has arrived

11.48am – UPDATE – Over $100 billion has been wiped off global cryptocurrencymarket

Comment on the current crypto crumble comes from Mihir Kapadia, CEO and Founder of Sun Global Investments, who told Express.co.uk:

“The prices of Bitcoin, Ripple, Ethereum and Litecoin – four of the most populartokens in the cryptomarket, have had a setback following the news that South Korea could be preparing to ban trading in digitalcoins.

“Prices have been shooting up over the past few months because of the huge buying interest from new speculators who do not understand the nature of the instruments. This is likely to be a dangerous market for true investors and should be avoided.”

The price at time of press has fallen to $13,431.

Bitcoin crumbles

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Bitcoin crumbles as Korea panic takes hold

11.02am – UPDATE – Heading south (…again)

Bitcoin is back heading south again with the price dropping at the time of press to $13,233.

However that has done little to curtail the lofty predictions with financial expert Tom Lee claiming that Bitcoin’s price is expected to double from its $20,000 high point by the end of 2018, making it “something you want to own” this year.

The co-founder of Fundstrat Global Advisor told CNBC the cryptocurrency will rapidly absorb investment usually destined for the goldmarket in 2018.

He said: “I think it’s pretty early days for investors to really appreciate how much development and use case that has been built around bitcoin and blockchain.”

10.06 am – UPDATE – Major bitcoin conferance stops taking bitcoinpayments because they don’t really work

The North American Bitcoin Conference, set to be held in Miami next week, confirmed that it has stopped accepting last-minute ticket payments in bitcoin because slow transaction speeds and high fees make paying in bitcoin for bitcoin-related services tedious and inefficient.

The organisers said: “We have, and always will, accept cryptocurrencies for our conferences, up to fourteen days before the event.

“However, due to the manual inputting of data in our ticketing platforms when paid in cryptocurrencies, we decided to shut down bitcoinpayments for last minute sales due to print deadlines.”

Huge energycosts, lengthy transaction times and high processing fees for bitcoinpayments have led to many merchants to rethink their decision to accept cryptocurrencies.

Bitcoin Live

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Bitcoinconference but no cryptopayments

8.51am – UPDATE – Billionaire usiness mogul Warren Buffett warns of bitcoin blag

Bitcoin and other cryptocurrencies such as Ripple and ethereum will all eventually come to a brutal end, billionairebusiness mogul Warren Buffett has warned.

He might be right although the bitcoin price has picked up a little and now stands at $13,793 up from $13,607 an hour ago.

Mr Buffet said he is unsure when the cryptocurrenciesbubble will burst but he is “certain” it will happen.

He said: “I know this. If I could buy long-term puts. If I could buy a five-year put on every one of the cryptocurrencies – I’d be glad to do it. But I would never short a dime’s worth.

“I think what’s going on will definitely come to a bad ending.”

Mr Buffett said he would not occupy a short position on the future of bitcoin. He said: “I get into enough trouble with things I think I know something about.”

“Why in the world should I take a long or short position in something I don’t know anything about.”

Mr Buffet said bitcoin will not be a currency Berkshire Hathaway would invest on in the future. He said: “We aren’t, believe me. We don’t own any and we’re not short any and we don’t have a position in them.”

7.51am – UPDATE – Price falls as trading ban looms

The price of bitcoin currently stands at $13,607 (£10,056) a shocking overnight fall of over $1,300 after South Korean police raided major cryptocurrencyexchanges as a precursor to a complete trading ban.

Ethereum has fallen slightly to $1,235 (£915) and Ripple has also continued on its downward trend to $1.76.

The crackdown on Seoul-based operators of some of the world’s busiest virtual currencyexchanges comes as the governmentattempts to calm frenzied demand for cryptocurrency trading in Asia’s fourth-largest economy.

More than $106billion worth of value has been wiped off the entire cryptocurrencymarket after South Korea announced the ban.

Justice Minister Park Sang-ki said in a press conference: “There are great concerns regardingvirtualcurrencies and the justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges.”

The Government said in December it would apply more scrutiny to the exchanges, including attempts to stop anonymous trading.

Bithumb, the second largest virtual currency operator in South Korea, was also raided by the tax authorities on Wednesday.

An official at Bithumb said, requesting anonymity, said: “We were asked by the tax officials to disclose paperwork and things yesterday.”

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