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Bitcoin rises above $6,300 as NY approves dollar-linked digital currencies

The world’s biggest and best known virtual currency was up 0.58%

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Regulator unveils plan to monitor cryptocurrency threat

The Financial Stability Board (FSB), which oversees regulation among G20 economies, said it believes “crypto-assets do not pose a material risk to global financial stability at this time

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The bigger cryptocurrencies get, the worse they perform

Cryptocurrencies are not scalable and are more likely to suffer a breakdown in trust and efficiency the greater the number of people using them, the Bank of International Settlements (BIS)said on Sunday in its latest warning about the rise of virtual currencies. For any form of money to work across large networks it requires trust…

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Looking for new way to donate during Ramadan? London mosque now accepts bitcoin

Looking for a new way to give money to charity as part of Ramadan? A mosque in Britain’s capital is willing to receive your donation – in bitcoin. The Shacklewell Lane Mosque in Dalston, east London, has decided to accept bitcoin and other cryptocurrencies in a bid to widen its donor base and cut down…

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South Africa investigates $80 million bitcoin scam

South African authorities are investigating an alleged cryptocurrency scam that defrauded investors of 1 billion rand ($80 million) with promises of huge returns that never materialized, police said on Friday. The fraud investigation involves a company named BTC Global, which told clients they would earn 2 percent per day, 14 percent a week and 50…

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Banks don’t want to be weakest link in blockchain revolution

Blockchain, the cutting-edge technology behind virtual currencies like bitcoin, has the potential to play a disruptive role in the global finance sector, experts say, as banking behemoths seek to connect with its opportunities. While banks could reduce their costs, the gains could eventually shift to consumers who could benefit from quicker and cheaper services. “Any…

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One in five financial institutions consider cryptocurrency trading: survey

LONDON: One in five financial institutions is considering trading cryptocurrencies within the next 12 months, a survey published by Thomson Reuters on Tuesday found. Among those respondents who said they were willing to trade cryptocurrencies like bitcoin, the best known of the digital coins, 70 percent said they were planning to start trading in the…

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Bitcoin rises above $10,000, strategist sees new high by July

NEW YORK: Bitcoin rose above $10,000 on Thursday for the first time in more than two weeks, as investors bought back the digital currency after having fallen 70 percent from its all-time peak hit in mid-December, reported Reuters. Bitcoin has been buffeted this year by a series of negative headlines centering around increased scrutiny by…

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Bitcoin bounces back from three-month low in volatile trade

NEW YORK: Bitcoin rallied from three-month lows below $6,000 in choppy trading on Tuesday, but worries lingered about a global regulatory clampdown and moves by banks to ban buying bitcoin with credit cards, reported Reuters. On the Luxembourg-based Bitstamp exchange, bitcoin hit $5,920, its lowest since mid-November, before recovering to above $8,000 BTC=BTSP. It hit…

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Bitcoin drops below $6,200 for first time in three months

TOKYO: Bitcoin plunged 20 percent to a three-month low on Tuesday, its latest sharp loss following a series of setbacks for the cryptocurrency that, with a collapse across global mainstream markets adding to the selling. The virtual currency fell to $6,190 for the first time since mid-November, according to Bloomberg News, and represents the latest…

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China looks to stamp out cryptocurrency trading

BEIJING: China plans to stamp out all remaining cryptocurrency trading in the country by blocking access to overseas-based websites and removing related applications from app stores. The moves were outlined in a report Sunday by Financial News, a publication under the People’s Bank of China, which said the aim was to snuff out the “dying…

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Bitcoin set for worst week since 2013

LONDON: Cryptocurrencies plunged on Friday, with several of the largest falling by more than 20 percent and bitcoin sliding below $8,000 and headed for its worst week since 2013, as worries about a regulatory clampdown globally sent investors scrambling to sell. The slump in prices this week means the total market value of cryptocurrencies is…

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India vows to eliminate use of cryptocurrencies

NEW DELHI: India will move to stamp out use of cryptocurrencies, which it considers illegal, Finance Minister Arun Jaitley said on Thursday, launching a no-holds-barred attack on virtual currencies such as Bitcoin.  Governments around the world are grappling with how to regulate cryptocurrency trading, and policymakers are expected to discuss the matter at a G20…

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Insurers gingerly test bitcoin business with heist policies

Major global insurers are starting to offer protection against cryptocurrency theft, willing to tackle daunting challenges it brings rather than miss out on this volatile and loosely regulated, but rapidly growing business. So far only a few insurers sell such insurance, including XL Catlin, Chubb, and Mitsui Sumitomo Insurance . Yet several others told Reuters…

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Biggest cryptocurrency theft ever

TOKYO: A Japanese exchange has lost 58 billion yen ($530 million) in cryptocurrency because of hacking, according to Japanese media reports. The hack and the loss of the currency is one of the biggest losses of assets since the launch of Bitcoin in 2009. The Coincheck exchange said on its website Friday that it had…

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Bitcoin hits 6-week low on crackdown fears

Paris: Bitcoin, the best known of hundreds of ‘virtual’ coins, slumped Tuesday to a six-week low below $12,000 as analysts blamed a rush by various jurisdictions to regulate the sector. The final weeks of last year were marked by bitcoin mania as the unit topped $20,000, but it lost some 20 percent in Tuesday trading…

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Bitcoin could be coming to Facebook: Zuckerberg

NEWS DESK: The technology powering bitcoin could help improve Facebook in the future, Mark Zuckerberg has said, reported The Independent. As part of a commitment to help fix the site over 2018, its founder said that he would look into the use of new technology to stop it being quite so centralised. One of those…

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Bitcoin is forbidden in Islam, says top cleric of Egypt

LE CAIRE: Egypt’s grand mufti has said that bitcoin is forbidden in Islam, warning the digital currency could be used for criminal purposes. Bitcoin, launched in 2009 and based on a peer-to-peer payment system, poses “high risks to individuals and states,” Shawqi Allam said in a published ruling. It could provide “stable and secure financial…

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Singapore bar offers bitcoin New Year party package

SINGAPORE CITY: A Singapore bar that bills itself as the world’s highest cryptocurrency club is offering a New Year’s Eve package that includes a limousine pick-up and butler service — but it’ll cost you a whole bitcoin. Skyline, on the 45th floor of a skyscraper overlooking the city-state’s glittering waterfront, is promising partygoers a luxury-filled…

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Bitcoin rises 10 percent, recovers from last week’s brutal selloff

SINGAPORE: Bitcoin extended its recovery in holiday-thinned trading on Tuesday, rising 10 percent to be up more than a third from last week’s lows below $12,000, reported Reuters. Bitcoin, the world’s biggest and best-known cryptocurrency, fell nearly 30 percent at one stage on Friday to $11,159.93 BTC=BTSP and, despite a late recovery, had its worst…

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Cryptocurrency stocks holding gains despite bitcoin pullback

Stocks that surged in recent weeks because of the cryptocurrency mania have managed to hold onto most of their gains despite the recent retreat in the price of bitcoin and scepticism from market participants. A Reuters analysis of 17 stocks of companies that have made blockchain or cryptocurrency announcements showed an average gain of 224…

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