.jpeg)
BITCOIN suffered a dip in confidence last night as the price fell from $11,763 down to $10,714 in just a few hours. Ethereum and Ripple followed BTC's lead with the former reaching a low of $878, and the latter $1.04 before recovering slightly.
Crypto-crackdown
The Dhaka Tribune in Bangladesh is reporting that local police are, "on the hunt for bitcoin users".
The report adds that the government has warned people not to make any transactions using bitcoin, and according to Bangladesh Bank, "bitcoin is neither accepted nor considered legal tender anywhere in the world", and it is risky to use this currency.
An official from the Bangladesh Financial Intelligence Unit told the paper: “Banks and other financial organisations of the country have been ordered to maintain a strict vigil on cryptocurrency trading.
“There is no way to purchase these currencies legally through banking channels. Cybercrime investigators are working on the matter.”
Assistant Deputy Commissioner of the Cyber Crime Unit Nazmul Islam said: “We have already located a few bitcoin users, and are on the hunt for more, along with a few web pages which are being checked for authenticity.
"Investigating cryptocurrency trading is a complex matter.”
12.02pm - UPDATE - Ripple falls but mainstream adoption awaits
Ripple is down to $1.07 despite the National Bank of Abu Dhabi (NBAD) announcing that it is to use the platform for payments.
Read the full report here.
10.45am - UPDATE - BTC falls
Bitcoin has fallen to below the $11k mark, to $10,922.
10.03am - 90's icon joins questionable ICO party
Film star Steven Seagal has become the brand ambassador for a controversial cryptocurrency, Bitcoiin2Gen, ahead of its initial coin offering (ICO).
The press release for the new coin says, "For Bitcoiin2Gen, the choice of Zen Master, Steven Seagal is obvious as brand ambassador, this extends our long-term commitment towards the community."
The company credits Mr Seagal as being, "an American actor, producer, screenwriter, director, martial artist, and musician who holds American, Russian, and Serbian citizenship."
It adds: "As a Buddhist, Zen teacher, and healer, Steven lives by the principles that the development of the physical self is essential to protect the spiritual man. He believes that what he does in his life is about leading people into contemplation to wake them up and enlighten them in some manner.
"These are precisely the objectives of the Bitcoiin2Gen to empower the community by providing a decentralized P2P payment system with its own wallet, mining ecosystem and robust blockchain platform without the need of any third party."
The US Securities and Exchange Commission has warned against the practice of celebrities promoting financial instruments and cryptocurrencies.
In a statement last November the agency said: "Celebrities and others are using social media networks to encourage the public to purchase stocks and other investments.
"These endorsements may be unlawful if they do not disclose the nature, source, and amount of any compensation paid, directly or indirectly, by the company in exchange for the endorsement."
9.15am - UPDATE - PayPal remains positive
PayPal chief financial officer, John Rainey, has spoken positively on bitcoin’s future as a payment option.
Mr Rainey said that PayPal was one of the first companies to accept Bitcoin on their Braintree platform back in 2015.
He said: "Given the volatility of bitcoin right now, it’s not a reliable currency for transactions because if you’re a merchant and you have a 10 percent profit margin, and you accept bitcoin, and the very next day bitcoin drops 15 percent, you are now underwater on that transaction.”
On the future of cryptocurrencies becoming popular for payments, Rainey told the WSJ that there is “a very high likelihood” of that happening.
He said: “The technology, there is real merit to it. I do think, though, it will be years down the road before we see the kind of ubiquity and acceptance that make it a form of currency that is used every day.”