Connect with us

Latest News

Bitcoin tumbles 10% after news of South Korea crypto exchange hack

Published

on


Bitcoin tumbled 10 percent on Sunday to its lowest in two months, after a relatively small South Korean exchange said it was hacked.

Over the weekend, crypto exchange Coinrail tweeted that it was hacked, and noted that lesser-known cryptocurrencies such as Pundi X were among those affected, according to Google Translate. The Pundi X-bitcoin pair is the most-traded on Coinrail, CoinMarketCap data showed.

However, Coinrail’s public statements did not mention bitcoin, according to Google Translate.

Nevertheless, Bitcoin hit a low of $6,647.33, its lowest since April 9, according to CoinDesk’s bitcoin price index, and coincided with a broader crypto sell-off. The largest cryptocurrency by market capitalization remains about 50 percent lower for the year so far.

Bitcoin three-month performance

Source: CoinDesk

Other major cryptocurrencies also fell. Ethereum dropped 14 percent to near $514 and litecoin fell more than 11 percent to around $104, according to CoinDesk.

The declines followed a report on Friday from The Wall Street Journal, citing sources, that U.S. regulators are investigating potential price manipulation at four major cryptocurrency exchanges: Bitstamp, Coinbase, itBit and Kraken.

The exchanges, CME and the Commodity Futures Trading Commission did not immediately respond to a CNBC request for comment on Sunday evening.



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

Bitcoin jumps after New York approves Square’s Cash app for crypto trading

Published

on

By


Bitcoin spiked suddenly Monday afternoon following news users of the “Cash” mobile payments app could trade the cryptocurrency in New York.

The largest cryptocurrency by market capitalization gained more than 4.5 percent to $6,793, its highest since Tuesday, according to CoinDesk’s bitcoin price index. Bitcoin was trading near $6,694 as of 3:56 p.m. ET.

Cash is owned by Square and has 7 million monthly active users, the company said in its first quarter earnings call. On Monday, New York’s Department of Financial Services granted Square a virtual currency license, allowing users of the Cash app in the state to trade bitcoin. Bitcoin trading launched for most Cash users in late January.

Bitcoin 12-hour performance

Source: CoinDesk

Bitcoin remains about 10 percent lower for the month, and down 51 percent for the year so far.



Source link

Continue Reading

Latest News

China, Middle East are spending on Sudan, but US policy is ‘confused’

Published

on

By


Turkish President Recep Tayyip Erdogan (C) and Sudanese President Omar Al-Bashir (R) visit in Port Sudan on December 25, 2017.

Kayhan Ozer | Anadolu Agency | Getty Images

Turkish President Recep Tayyip Erdogan (C) and Sudanese President Omar Al-Bashir (R) visit in Port Sudan on December 25, 2017.

Since the U.S. lifted long-standing sanctions on Sudan last October, foreign investors’ interest has started to trickle in, an expert on the region has told CNBC.

But it’s Chinese and Middle Eastern actors who already have first-mover’s advantage, Matthew Kindinger, sub-Saharan African analyst at emerging markets advisory firm Frontier Strategy Group, added.

“Any firm that was prevented from entering Sudan because of the U.S. sanctions now has much larger scope to expand in the market,” he said. “(But) the current administration’s Sudan policy appears to have become confused at the least, or at best a very low priority.”

Given the U.S.’ sanctions, some of which date back to 1997 over human rights concerns and terrorism links, China and countries including Saudi Arabia and the United Arab Emirates have instead been Sudan’s most prominent foreign investors.

“These countries want to maintain access to resource exports, such as petroleum to south Asian markets, and livestock to meet growing food demand in the Gulf states,” Chris Suckling, senior analyst at IHS Markit, told CNBC.

Sudan, located on the Horn of Africa and one of the continent’s largest countries by area, has suffered from brutal conflict for much of its history and saw its economy hit hard by the 2011 succession of its oil-rich southern region. The International Criminal Court (ICC) has issued President Omar al-Bashir with arrest warrants for war crimes twice in the past decade.

Given its troubled past — and present — the country is yet to fully capitalize on its strategic potential.



Source link

Continue Reading

Latest News

United Arab Emirates gives Ethiopia $1 billion lifeline to ease foreign exchange crisis

Published

on

By


Crown Prince of Abu Dhabi Mohammed bin Zayed Al Nahyan (L) meets Ethiopian Prime Minister Abiy Ahmed (R) at National Palace in Addis Ababa, Ethiopia on June 15, 2018.

Minasse Wondimu Hailu/Anadolu Agency | Anadolu Agency | Getty Images

Crown Prince of Abu Dhabi Mohammed bin Zayed Al Nahyan (L) meets Ethiopian Prime Minister Abiy Ahmed (R) at National Palace in Addis Ababa, Ethiopia on June 15, 2018.

The United Arab Emirates (UAE) is to deposit $1 billion in Ethiopia’s central bank to ease the latter’s foreign exchange shortage.

The sum is part of a total of a $3 billion aid and investment pledge from the UAE to Ethiopia announced Friday. The news came as Abu Dhabi’s Crown Prince Sheikh Mohammed bin Zayed Al Nahyan visited Ethiopian Prime Minister Abiy Ahmed in Addis Ababa.

Ethiopia’s foreign exchange shortage is due in part to its spending big on infrastructure projects. The current total left in the East African country’s coffers is equivalent to less than one month’s worth of imports, Reuters has reported.

Over the weekend, Ethiopia and neighboring Somalia announced that they were investing in four seaports on the Red Sea to draw in foreign investment. Abiy and Somalian President Mohamed Abdullahi Farmajo, speaking in Somalia’s capital Mogadishu, issued a joint statement of pledges to cooperate on areas including infrastructure and visa services, according to Reuters.

In April, Abiy said that Ethiopia’s foreign exchange shortage could last up to 15 to 20 years, and that more cooperation with the private sector was needed to secure the country’s finances.

The Red Sea coastline is strategic because it leads to the Suez Canal, which serves as a gateway for shipping, moving between Eastern and Western markets.

Landlocked Ethiopia is keen to shore up its international trade infrastructure; for example, taking a stake in the Port of Djibouti in May.

The weekend’s news is the latest in a slew of reforms coming out of the Ethiopian government.

In early June, lawmakers voted to lift Ethiopia’s state of emergency two months early. This was imposed following the sudden resignation of former Prime Minister Hailemariam Desalegn in February following anti-government protests fueled by ethnic tension.



Source link

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.