Bitcoin price LIVE: $43 billion in crypto value wiped in a five day rout

DAILY HEADLINES

Despite small gains in the late hours of the weekend, the cryptocurrency market suffered heavy losses last week. 

Prices appear to have found stability this morning, but most of the market has made a loss on the day.

Bitcoin increased 0.63 percent to trade for $ 6,384.25, while Ethereum fell 2.67 percent to trade at $ 317.69.

Ripple dropped 1.89 percent to go for $ 0.301862 and Litecoin dropped another 2.30 percent to sell for $ 59.44.

The bearish market has forced prices to plummet significantly, but are the fortunes of crypto investors about to turn?

9.41am UPDATE: Bitcoin traders turn to Turkey as Lira drops by 20 percent

Turkey apears to be a new option for traders, as bitcoin trading volumes on Turkish exchanges increases.

The country is embroiled in a currency crisis that looks set to continue into this week, dropping prices through the floor.

Koinim, Turkey’s largest exchange, has reported a 63 percent increase in Bitcoin trading volume, while the BTCTurk and Paribu exchanges have said their volumes are up 35 percent and 100 percent respectively, according to CoinMarketCap data.

Unlike Iran, where a ban on bitcoin and cryptocurrency trading means those wanting to buy bitcoin must turn to peer-to-peer exchanges like LocalBitcoins, banks in Turkey often still work with local exchanges, meaning fresh adopters can begin buying and trading more easily.

8am UPDATE: Crypto millionaire allegedly scammed out of 5,500 bitcoins

Acording to media reports from Bangkok Post, a 22-year-old crypto millionaire lost more than 5,500 bitcoins in an alleged investment scam in Thailand.

The report alleges that a group of Thai people approached and solicited Finnish businessman Aarni Otava Saarimaa in June 2017 pitching investing in several Thai stocks, a casino in Macau as well as a new cryptocurrency called Dragon Coin.

The group claimed that upon issuance, the Dragon Coin could be used at the casino. They also brought Saarimaa to a casino in Macau to show the legitimacy of the plan. 

Saarimaa, who bought into the scheme, transferred a total of 5,564 bitcoins to the group, the report said.

Yet having seen no returns at all months after the investment, Saarimaa filed a complaint to Thailand’s Crime Suppression Division (CSD) in January together with his local business partner who believed the investment plan was a scam.

The subsequent investigation alleges that the froup liquidated the bitcoins into Thai Baht and distributed into several other bank accounts. 

The lost bitcoins are allegedly in a total value of $ 24 million. 

7.15am UPDATE: Cryptocurrency market loses $ 43 billion in valuation

A torrid week for crypto coins has left a sizeable dent in the market value, which lost more than $ 43 billion in just five days.

Over the weekend, the market lost more than $ 8 billion alone, as investors wait for the Securities and Exchange Commission to decide if they are going to approve a proposed bitcoin Exchange-Traded Fund (ETF) that would see prices rocket.

The current uncertainty has seen every single digital coin lose value in the last week, as the bears put pressure on the market.

Analysts fear the market may hit a new hard bottom at $ 4,000, which will put pressure in the market to recover to the exceptional prices season towards the end of 2017.

Daily Express :: City and Business Feed

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