7.30am MORNING HEADLINES
Good morning, and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.
Bitcoin had a good weekend, hitting a high of $10,873 before settling at $10,810 at time of press.
Ethereum is up at $946 with Ripple at $1.15.
The total market cap for all cryptocurrencies stands at $484,989,000,000.
Only freshly-forked Litecoin sunk south after the much-hyped launch of a LTC-fiat payment service was described by Litecoin’s own creator called a “scam”.
LTC is currenctly priced at $222
Iqbal Gandham, UK Managing Director at eToro, told Express.co.uk: “Unlike with Bitcoin Cash, which was aimed at solving scaling problems, there appears to be little value in this fork for Litecoin.
“A split from the original coin does not seem to improve on the technology, nor does it offer any obvious benefit to the Litecoin platform.
“The reality is that a few users wish to create a fork which allows them to utilise older mining hardware. We’re minded to agree with Charlie Lee on this one, in urging caution around the fork.”
Updates below throughout the day….
12.01 – UPDATE – $500 rise on the day so far
BTC is approaching the $11,000 mark after making gains of $563 today.
The price at time of press is $10,945, with ethereum at $949 and ripple at $1.15.
10.14am – UPDATE – S&P Global Ratings says cryptocurrencies need regulation and guidance
Bitcoin, ripple and ethereum need regulation if they are going to have any major impact on the financial markets, according to S&P.
The new report, ‘Cryptocurrencies Won’t Disrupt Financial Markets For Now’, found that a collapse in the cryptocurrency market would not affect the credit-worthiness of rated financial institutions or disturb the banking sector’s stability.
Dr. Mohamed Damak, S&P Global Ratings Financial Institutions Sector Lead, said: “We believe that the characteristics of a cryptocurrency, in its current version, make it more like a speculative instrument that, if its market value were to collapse, would not disrupt global financial stability.
“For now, a meaningful drop in cryptocurrencies’ market value would be just a ripple across the financial services industry, still too small to disturb stability or affect the creditworthiness of banks we rate.”
He adds that if cryptocurrencies become an asset class, the impact on financial services firms will be more gradual.
“We believe that the future success of cryptocurrencies will largely depend on the coordinated approach of global regulators and policymakers to regulate and enhance market participants’ confidence in these instruments,” Dr. Damak said.
9.03am – UPDATE – Dunkin’ Donuts CTO says Bitcoin is like Brexit and Trump election
CTO Kate Jaspon said: “Whether you support him or not, I don’t think anyone in this room would have guessed that Donald Trump would have been the 45th President of the United States.
“I know I didn’t.
“And then from a digital currency perspective, I mean, Bitcoin, years ago we had conversations about whether Bitcoin would be a real thing and here it is trading at all-time highs.”
Read the full report here.