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Bitcoin: Five Latest Things About Cryptocurrencies to Watch Out
Some new developments In digital currency
Aaqib Javeed
By Aaqib Javeed
Dec 17, 2017
1806

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

European digital banking outfit Revolut has announced it would let customers buy and sell the cryptocurrencies like Bitcoin, Ethereum and Litecoin from within its app. The $90 million-funded mobile banking startup allows users to buy their cryptocurrency in all 25 base currencies and, if successful, will be the first British bank to allow cryptocurrency purchases.

 

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.


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