3RKTTS2CRVM2BEEDCB2ZIPV3L4.jpg

Bitcoin drops 6.9% to below $30,000

June 1 (Reuters) – Bitcoin, the world’s biggest and best-known cryptocurrency, dropped 6.9% to $29,555.35 at 22:03 GMT on Wednesday, losing $2,262.81 from its previous closing price.

It was down 38.9% from the year’s high of $48,234 on March 28.

Ether , the coin linked to the ethereum blockchain network, dropped 7.52% to $1,794.68, losing $145.87 from its previous close.

Register now for FREE unlimited access to Reuters.com

Reporting by Shubhendu Deshmukh and Rachna Manojkumar Dhanrajani in Bengaluru

Our Standards: The Thomson Reuters Trust Principles.


Source link

AK6BM7FXEBPHNOSRFU7EUYHJLY.jpg

Bitcoin surges nearly 8% to $31,780

May 30 (Reuters) – Bitcoin rose 7.93 % to $31,780.51 at 2200 GMT on Monday, up $2,334.8 from its previous close.

The world’s biggest and best-known cryptocurrency is up 25.1% from the year’s low of $25,401.05 on May 12.

Ether , the coin linked to the ethereum blockchain network, rose 9.8 % to $1,989.38 on Monday, adding $177.54 to its previous close.

Register now for FREE unlimited access to Reuters.com

Reporting by Ann Maria Shibu in Bengaluru; Editing by David Gregorio

Our Standards: The Thomson Reuters Trust Principles.


Source link

TK5SKXCQMNPBFOQOZZTJB55GHQ.jpg

G7 countries urge swift regulation of crypto assets – draft

Souvenir tokens representing cryptocurrency networks Bitcoin, Ethereum, Dogecoin and Ripple plunge into water in this illustration taken May 17, 2022. REUTERS/Dado Ruvic/Illustration

Register now for FREE unlimited access to Reuters.com

KOENIGSWINTER, Germany, May 19 (Reuters) – The world’s top financial leaders called on Thursday for the swift and comprehensive regulation of cryptocurrencies following turmoil that has seen the demise of the Terra stablecoin last week, a draft communique showed on Thursday.

“In light of the recent turmoil in the crypto-asset market, the G7 urges the FSB (Financial Stability Board)…to advance the swift development and implementation of consistent and comprehensive regulation,” finance ministers and central bankers from the Group of Seven industrialised nations said in the document.

They were meeting in Koenigswinter, near Bonn (Germany), on Thursday and Friday.

Register now for FREE unlimited access to Reuters.com

Reporting By Francesco Canepa and Jan Strupczewski; Editing by Angus MacSwan

Our Standards: The Thomson Reuters Trust Principles.


Source link

IFD2SRTZX5IEPPDATWPCFY7TDE.jpg

Russian c.bank proposes banning cryptocurrencies, crypto mining

MOSCOW, Jan 20 (Reuters) – Russia’s central bank on Thursday proposed banning the use and mining of cryptocurrencies on Russian territory, citing threats to financial stability, citizens’ wellbeing and its monetary policy sovereignty.

The move is the latest in a global cryptocurrency crackdown as governments from Asia to the United States worry that privately operated highly volatile digital currencies could undermine their control of financial and monetary systems.

Russia has argued for years against cryptocurrencies, saying they could be used in money laundering or to finance terrorism. It eventually gave them legal status in 2020 but banned their use as a means of payment.

Register now for FREE unlimited access to Reuters.com

In December, the price of bitcoin fell after Reuters reported, citing sources, that Russia’s regulator was in favour of a complete ban on cryptocurrencies. read more

In a report published on Thursday, the central bank said speculative demand primarily determined cryptocurrencies’ rapid growth and that they carried characteristics of a financial pyramid, warning that bubbles in the market could form, threatening financial stability and citizens.

The bank proposed preventing financial institutions from carrying out any operations with cryptocurrencies and said mechanisms should be developed to block transactions aimed at buying or selling cryptocurrencies for fiat, or traditional currencies. The proposed ban includes crypto exchanges.

Russians are active cryptocurrency users, the central bank said, with an annual transaction volume of about $5 billion.

CRYPTO MINING

Russia is the world’s third-largest player in bitcoin mining, behind the United States and Kazakhstan, though the latter may see a miner exodus over fears of tightening regulation following unrest earlier this month. read more

The central bank said crypto mining created problems for energy consumption. Bitcoin and other cryptocurrencies are “mined” by powerful computers that compete against others hooked up to a global network to solve complex mathematical puzzles. The process guzzles electricity and is often powered by fossil fuels.

“The best solution is to introduce a ban on cryptocurrency mining in Russia,” the bank said.

In August, Russia accounted for 11.2% of the global “hashrate” – crypto jargon for the amount of computing power being used by computers connected to the bitcoin network.

In its report, the central bank pointed to steps taken in other countries, such as China, to curb cryptocurrency activity. It said it would work with regulators in countries where crypto exchanges are registered to collect information about the operations of Russian clients.

In September, China intensified its crackdown on cryptocurrencies with a blanket ban on all crypto transactions and mining, hitting bitcoin and other major coins and pressuring crypto and blockchain-related stocks.

Russia’s regulator said crypto assets becoming widespread would limit the sovereignty of monetary policy, with higher interest rates needed to contain inflation.

It said the long-term potential of cryptocurrencies being used for settlements was limited.

Meanwhile, the Bank of Russia is planning to issue its own digital rouble, joining the global trend to develop digital currencies to modernise financial systems, speed up payments and counter a potential threat from other cryptocurrencies.

Register now for FREE unlimited access to Reuters.com

Reporting by Elena Fabrichnaya and Alexander Marrow; Editing by Emelia Sithole-Matarise

Our Standards: The Thomson Reuters Trust Principles.


Source link