Swiss regulators are stepping up efforts to halt an exodus of cryptocurrency projects from the country, after two of only a handful of banks active in the nascent sector shut their doors on it in the last year.
Theft of cryptocurrencies from exchanges soared in the first half of this year to three times the level seen for the whole of 2017, leading to a three-fold increase in associated money laundering, according to a report from U.S.-based cybersecurity firm CipherTrace released.
The weekend is offering some respite for Bitcoin investors. The bellwether of the cryptocurrency world rose 8 percent to $6,338.22 as of 5:30 p.m. in New York on Saturday.
If last year’s financial markets boom was down to a ‘Goldilocks’ global economy, 2018 has so far been all about the bears, with the worst start to a year for world stocks since 2010.
Bitcoin’s value slid to its lowest level since November on Friday, as waning investor interest and recent negative headlines from global regulators weakened demand for the cryptocurrency and most of its rivals.
Bitcoin dropped to a more than four-month low in persistent bearish trend.
Cryptocurrencies are not scalable and are more likely to suffer a breakdown in trust and efficiency the greater the number of people using them, the Bank of International Settlements (BIS) said.
On the Luxembourg-based Bitstamp, bitcoin BTC=BTSP was last trading at $6,790.88, down a sharp 10.8 percent from Friday.
South Korean cryptocurrency exchange Coinrail said it was hacked over the weekend, prompting an extended sell-off of bitcoin to a 2-month low.
Mumbai businessman Raj Kundra on Wednesday claimed that he had gone to the Enforcement Directorate (ED) as a witness for the ongoing investigations in the Rs 2,000 crore bitcoin scam.