14.20 – UPDATE – Bad day for cryptocurrencies
Most cryptocurrencies are down today including all those in the top ten according to CoinMarket.
Additional reporting by Darius McQuaid
Bitcoin currently sits at $10,987.
Cambodia is causing confusion in the Asian market as it has been rumoured they will be releasing their own cryptocurrency, despite the Government denying this.
The Cambodian crypto would be called Entapay and is planned to be announced at a blockchain summit of Southeast Asian nations in Cambodia’s capital, Phnom Penh on Wednesday.
According to the press release announcing Entapay it is “expected to become the connection between integration payment of encrypted currency and the real world.”
However, according to the Phnom Penh post the Cambodian Government has denied such a plan from existing. Despite most Bitcoin related websites and the Telegraph reporting on it.
The National Bank of Cambodia (NBC) and Securities and Exchange Commission of Cambodia (SECC) have denied these claims.
Chea Serey, director general of the central bank said: “NBC’s stance on cryptocurrency remains the same: we consider this to be a risky instrument and do not encourage the public to get involved, or do so at their own risk.”
If the cryptocurrency is in fact released, it will follow the Venezuelan petro. As well as Iran considering releasing their own cryptocurrency.
7.40am MORNING HEADLINES
Good morning, and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.
Bitcoin has fallen back overnight from $11,658 to $11,261 as a fall cut the day’s gains in just a few hours.
Senior Analyst, Jesse Cohen from Investing.com told Express.co.uk that after last year’s mind-boggling run-up in prices, 2018 has not started well for cryptocurrencies.
He said: “Despite the modest recovery in recent days, Bitcoin prices remain down about 15 percent since the start of 2018.”
Mr Cohen adds that Bitcoin isn’t the only mainstream cryptocurrency to suffer a rough start, with Ripple, the third biggest cryptocurrency in terms of market cap, declining 55 percent since Jan. 1 – making it, “one of the worst performing digital currencies of 2018.”
“Yet, not all coins have endured the wrath of sellers, with some of the more resilient names, like VeChain, NEO and Monero, catching many cryptowatchers by surprise.”
Updates below throughout the day….
12.38 – UPDATE – Bitcoin mines in Brazil suspended
CoinDesk report that Brazil’s Securities and Exchange Commission (CVM) has moved to suspend the offer of securities related to a local Bitcoin mining operation.
The statement reads: “The Authority has identified that the company and the individual mentioned above are publicly offering…an investment opportunity related to quotas in [a] Bitcoin mining investment group (‘HashBrasil’), using appeal to the public for the conclusion of contracts that may be included in the legal concept of security.”
BTC is still down at $10,890 at time of press.
11.15am – UPDATE – BTC falls back to $10k
Bitcoin’s ‘modest recovery’ continues to be all the more modest after falling back to $10,946.
BTC has now lost $486 on the day so far.
9.59am – UPDATE – Canadian regulators send warning
Finance regulators have warned locals about the dangers of investing in a so-called “cryptocurrency bank” and its associated token after the website was deemed to be illegal.
Representatives from the Financial and Consumer Services Commission (FCSC) released a statement to warn people about Bitcoin-bank.io, which promises a daily return on deposits through the use of a “BTCB” token, yesterday.
Read the full report here.
8.34am – UPDATE – BTC more likely to stop at $100 than $100,000
Harvard economist Kenneth Rogoff has said that a decade from now, Bitcoin is more likely to be $100 than $100,000.
The likelihood of Bitcoin falling to $100 was greater than that of the digital currency rising to $100,000 a decade from now.
Mr Rogoff told CNBC’s “Squawk Box: “I think Bitcoin will be worth a tiny fraction of what it is now if we’re headed out 10 years from now … I would see $100 as being a lot more likely than $100,000 ten years from now.
“Basically, if you take away the possibility of money laundering and tax evasion, its actual uses as a transaction vehicle are very small.”