Fidelity bank banner Bayelsa State banner
Bitcoin value crashes by 13 per cent

By Barry Eitel, San Francisco on 02/02/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 723


The value of the cryptocurrency Bitcoin dived 13 per cent to below $9,000 Thursday, well below half its record value of nearly $20,000 per Bitcoin at the end of 2017.

According to Bitcoin exchange CoinDesk, Bitcoin was trading at $8,932.89 Thursday afternoon, a steep decline from the value of roughly $10,000 it was trading at when markets opened earlier in the day.

The nosedive means Bitcoin, the world’s most popular cryptocurrency, is trading at values not seen since November 2017. In December, Bitcoin’s value raced to record highs.

At the beginning of 2017, Bitcoin was worth about $1,000. Although technically created by computers based on demand, much of its value is driven by hype.

Several developments likely played into Bitcoin’s current plummet. Facebook said earlier this week that it would ban all ads for cryptocurrencies. Several governments also announced regulatory crackdowns in India, Japan and South Korea.

Also on Thursday, cybersecurity firm Digital Shadows released a report stating that criminals are rapidly infiltrating the world of cryptocurrencies. With the explosive growth of some 1,500 digital currencies, these cybercriminals are utilising the widely unregulated markets to commit fraud and other crimes.

“Cybercriminals follow the money, and right now, they see in the unregulated and largely unsecure world of digital currencies a huge opportunity to target people, businesses and exchanges and make money quickly and easily,” Rick Holland, vice president of strategy at Digital Shadows, said in a statement.

“In many ways, it’s like the gold rush of the 1840s as people flood to the opportunity cryptocurrencies present and are preyed on by criminals and the unscrupulous.”

There is a wide variety of fraud being committed, Digital Shadows contends, from hackers stealing cryptocurrencies from their owners to individuals setting up fake cryptocurrencies to fraudsters falsely inflating the value of cryptocurrencies and then dumping their share.

“This is a rapidly changing space and we see new scams crop up daily,” Holland continued. “While the future of cryptocurrencies remains somewhat uncertain, what we can be sure of is that cybercriminals will continue to find new ways of making money as long as there are enough suitable targets and the profits to be made justify their time and effort.” (Anadolu Agency)

Source News Express

Posted 02/02/2018 11:30:43 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
U.S. lawyers to prosecute Buhari, Buratai at International...

Breaking News: APC shuts down Yola as Atiku...

Weatherman forecasts isolated thunderstorms and rainfall across the...

FG to establish Specialised Petroleum Force to tackle...

Weatherman predicts another sunny and hazy day, with...

Nigeria reaffirms commitment to host African Tourism Ministers...

RIGHTSView: Works Minister abandons Arondizuogu Federal Highway?

Boko Haram kills 9 NECO exam candidates, 14...

Radio Bayelsa staff unions resist reforms by new...

Navy uncovers illegal bunkering site in Port Harcourt...

Jonathan ready to accept defeat, says minister

Gunmen kill 20 in Kaduna

 

Latest News Obadara declares intention to run for senate F5 reports rising multi-cloud adoption At last, science prevailed, By Edel-Quinn Agbaegbu The subversion of NYSC Scheme Quickfire double gives Atletico extra-time victory over Real Madrid in European Super Cup Shakeup in the Navy •Full list of new officers 2019: I may join presidential race — Saraki 24 escape death as fire guts vehicles on Third Mainland Bridge Impeachment: PDP keeps vigil at NASS over Saraki Lagos police boss sacks 8 officers, demotes 6 Umahi reshuffles cabinet Airport Commissioning: Bayelsa Govt. shuts state TV station

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (377,284 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (366,392 views) Shameless Genevieve Nnaji exposes breasts in public (296,072 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (241,695 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (222,405 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (216,997 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (192,414 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (174,598 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (159,542 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (158,128 views) Lagos plane crash: Journalist releases victims’ names (152,577 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (142,920 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (56) Business & Economy (3,452) Business Verdict (48) Columnists (909) Complaints & Requests (95) Enterprise & Opportunities (207) Entertainment (527) Features (633) Global Business Monitor (294) International (2,270) Interview (161) Live Commentary (28) Love Matters (134) News (38,039) Opinion (1,057) Pidgin (11) Politics (6,051) Religion (816) Sports (1,646) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Liverpool Destroying West Ham 4-0 - Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement