Bitcoin Steadies From 26% Slump as Traders Brave Volatility

Bitcoin Steadies From 26% Slump as Traders Brave Volatility

Foto: Depositphotos

Bitcoin held above $11,000 a day after losing a quarter of its value as traders sought a floor for pricing amid growing concern regulators around the world will move ahead with new rules to restrict the burgeoning cryptocurrency industry, according to Bloomberg.

The largest digital currency rose 4.7 percent to $11,190 at 10:35 a.m. in Hong Kong, recovering some ground after slumping as much as 26 percent Tuesday according to Bloomberg composite pricing. Ripple added 10 percent while Ethereum rose about 6 percent as rival cryptocurrencies also rebounded modestly.

Speculators across the globe are struggling to determine when or how market watchdogs may rein in an industry that’s decentralized and derives much of its value from anonymous ownership. Many assertions that digital coins represent a bubble have triggered double-digit selloffs over the past year, only to be followed by rebounds.

In South Korea, shutting down cryptocurrency exchanges is still an option, Finance Minister Kim Dong-yeon said in an interview with TBS radio. But measures first need “serious” discussion among ministries, Kim added, holding out hope for traders that a crackdown won’t go that far. Kim said there’s irrational speculation and that rational regulation was needed.

China, which first began targeting the industry last year, is escalating its clampdown on cryptocurrency trading, particularly online platforms and mobile apps that offer exchange-like services, according to people familiar with the matter. In the U.S., state regulators are becoming more active with BitConnect shuttering its cryptocurrency exchange and lending operation after receiving two cease-and-desist letters from the Texas State Securities Board and North Carolina Secretary of State Securities Division for the unauthorized sale of securities and suffering from denial-of-service attacks.

More from category

Kylie Jenner Helped Erase $1.3 Billion off Snap Value in Just One Tweet

Kylie Jenner Helped Erase $1.3 Billion off Snap Value in Just One Tweet

24 Feb 2018 comment

Celebrities are powerful magnet on social networks, but can also cost them a lot of money as well. According to Bloomberg, Snap, parent company of Snapchat, lost a lot of market value thanks to just one celebrity tweet.

Ericsson Nikola Tesla Marks Solid Results in 2017

Ericsson Nikola Tesla Marks Solid Results in 2017

24 Feb 2018 comment

In 2017, Ericsson Nikola Tesla Group sales revenue amounted to million 1,481.6 kuna, 6.9% lower year-over-year. Of the total sales revenue, the domestic market accounts for 18.7%, services to Ericsson account for 62.5% (of which 12.1% relates to Managed Services in Croatia), while other export markets participate with 18.8%. Sales in the Networks segment amounts to MHRK 739.3 (2016.: MHRK 806.5), Digital Services segment amounts to MHRK 559.6 (2016.: MHRK 593.1), Managed Services segment amounts to MHRK 178.9 (2016.: MHRK 185.9) and segment Other amounts to MHRK 3.8 (2016.: MHRK 6.1).

Rovio Dragged Out of Silence After Stock Is Sold Off

Rovio Dragged Out of Silence After Stock Is Sold Off

23 Feb 2018 comment

The company behind the Angry Birds game, Rovio, is struggling to stop investors walking out, according to Bloomberg.