Cryptocurrencies have created storm in
the last month of 2017. The largest cryptocurrency, Bitcoin is setting new
records. The total market value of all digital currencies reached an all-time
high of more than $370 according to Coinmarketcap data. From investors to banks
to financial experts, everyone is desperate to know how digital currencies are
shaping the new boundaries. Here are five latest things about cryptocurrencies
to watch out:
1. Bitcoin crosses $12,000 for the first time
Bitcoin reached another new high, breached $12000 mark for the first time ever. The value of the digital currency has soared more than 1,000 percent since the start of the year and is expected to fluctuate wildly. According to CoinDesk's Bitcoin Price Index (BPI), the price of the biggest cryptocurrency by market capitalization is trading at $12,201.67 at press time. Last time, the price of bitcoin traded between $11,400 and $11,800.
2. India’s Central Bank Issues Warning About Cryptocurrencies
Credit: Hindustan Times
India’s Central Bank has issued its third warning related with trading of cryptocurrencies. Reserve Bank of India (RBI) believes that the investors could lose their money in cryptocurrency. The Central Bank stated that digital currencies are prone to losses arising out of hacking, loss of password, compromise of access credentials, malware attack etc. RBI had also warned investors earlier on two occasions saying dealing with virtual currencies 'will be doing so at their own risk'.
3. UK Banking App Embraces Cryptocurrency
4. Philippines Plans to Regulate ICOs
The Philippines government has asked the country’s Securities and Exchange Commission to regulate ICOs and exchanges in order to protect consumers. The principal reason for this is that vast number of Filipinos working abroad has been using cryptocurrencies like bitcoin to send money home as it’s quicker, easier, and cheaper than using banks.
5. World's First Bitcoin Billionaires
US twins Cameron and Tyler Winklevoss become the world's first Bitcoin billionaires, having invested $11million in the currency in 2013. The Winklevoss twins are best known for suing Facebook CEO Mark Zuckerberg in 2008 over the claim that he stole the idea and turned it into the social media giant Facebook. When the Winklevosses invested in bitcoins, it was trading at $120 per coin and over the period of time it has surged to $12,000. That's an increase of over 9,000 percent. As per reports, the stake of their coins would now be worth $1.01bn.