Venezuela's Information Minister Jorge Rodríguez said at a press conference on state television at the end of the year that it was a question of a few days before the Venezuelan government would be spending its own cryptocurrency for the first time. The program is called "petro": The value of each unit of currency is to be covered by one barrel of crude oil. In addition, President Nicolas Maduro said in his weekly television show "Sundays with Maduro" that other commodities such as gold, diamonds and gas would serve as security. If "petro" were to be launched in this form in January, it would arguably be the first cryptocurrency whose value would be covered by raw materials. It would also be the first cryptocurrency to be issued by a state. This would make petro a novelty in two respects. The Venezuelan government is already celebrating its role as a pioneer. Read more: Bitcoin, cryptocurrencies — how do they work? Venezuela needs a functional currency However, it … [Read more...] about Venezuela’s Bitcoin: Is the cryptocurrency called ‘petro’ a damp squib?
Cryptocurrency day trading tips
Bitcoin lost more than a quarter of its value on Friday as an analyst warned that investors in the cryptocurrency had finally been introduced to the law of financial gravity. In the latest illustration of bitcoin’s volatility, it slumped to below $11,500 at one point on Friday – touching $11,159 – having started the week at a record high close to $20,000 and in its biggest weekly fall since 2013. However, by 5pm London time it was trading at $12,800 as the currency endured a see-saw day. It is a sudden reversal of bitcoin’s upward trajectory this year, having started 2017 at $966, and sparked warnings that investors need to beware that they are not risking a rerun of the 17th century tulip bubble. Bitcoin trades on a number of exchanges and one, Coinbase, was reported to have suspended transactions temporarily while there was also a temporary halt of the new futures contract – which allows investors to take bets on the value of the digital currency at a … [Read more...] about Bitcoin loses a quarter of its value in one day’s trading
The value of bitcoin plunged 13.5% in the early hours of Thursday after news hit that South Korea is planning to ban cryptocurrency trading. News of the ban follows the raiding of local cryptocurrency exchanges by police and tax authorities over alleged tax evasion, as one of the key nations driving the demand for bitcoin and other virtual currencies attempts a clampdown. “There are great concerns regarding virtual currencies and [the] justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges,” justice minister Park Sang-ki said. The news sent bitcoin prices tumbling $2,000 from midnight UK time from a high of $14,890, according to data from Coinbase, before beginning to recover in the early hours of the morning. In South Korea, where bitcoin trades at around a 30% premium compared to other countries, the local price plunged as much as 21% after the minister’s comments. Once a bill is drafted, legislation for an outright ban of … [Read more...] about Bitcoin drops $2,000 in value as South Korea announces planned trading ban
With the South American nation's own currency weaker than ever, Venezuelan President Nicolas Maduro on Friday ordered the issuance of a new cryptocurrency that he says is the world's first to be backed by a country's physical assets. Some 100 million of the currency, known as the petro, are to be circulated — supported by the country's oil reserves, Maduro said. "I have ordered the release of 100 million petro with the legal sustenance of Venezuela's certified and legalized oil wealth," Maduro said in a state television address, a month after the digital currency was first mooted. Aids government cash flow He said the petro will help the oil-rich state beat the "tyranny of the dollar," in reference to the fact that most oil is priced and traded in the US currency. The new petro would help the government bypass US-led financial sanctions that have been imposed on the oil-rich state, the Venezuelan leader added. Bitcoin: Where it came from and where it's headed Good time … [Read more...] about Venezuela’s own bitcoin-like cryptocurrency — the petro
Bitcoin plunged by more than $1,000 (£740) on Thursday after South Korea said it was planning a crackdown on trading in the digital currency in the latest of a string of warnings for investors. It dropped to about $13,500 after trading at about $15,400 on Wednesday. The dip was seen as a further illustration of bitcoin’s volatility. The cryptocurrency has surged in value this year by more than 900%, becoming one of the biggest stories in finance amid a slew of warnings of a pending market crash. Bitcoin recovered ground later on Thursday and was trading at about $14,000 at 5.30pm UK time. South Korea, which is one of the biggest markets in the world for bitcoin, said it was preparing a ban on opening anonymous cryptocurrency accounts and new legislation to enable regulators to close coin exchanges if they felt there was a need to do so. According to Reuters, the South Korean government issued a statement saying it had “warned several times that virtual coins cannot … [Read more...] about Bitcoin falls $1,000 after South Korea promises crackdown on trading