Published On: Tue, Mar 13th, 2018

Bitcoin price LIVE: BTC falls, Ripple CEO says Bitcoin is the ‘Napster of digital assets’ | City & Business | Finance


Good morning, and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.

Bitcoin is currently priced at $9,149 after falling from $9,823 overnight.

Ripple CEO, Brad Garlinghouse has come out fighting over comparisons made between his burgeoning cryptocurrency XRP and BTC, the current market bellwether.

Mr Garlinghouse, speaking to Bloomberg Asia in Singapore, said that comparing Ripple to bitcoin was “a compliment” but that his company is moving the utility forward.

He said: “Some may look back at Bitcoin and say that it is the Napster of digital assets.

“What I mean by that is that Napster was the first to digitise music and demonstrate that you can do a lot of cool things with that.

“But ultimately they were circumventing trademark laws, they were circumventing royalty payments and then the government stepped in and Napster wasn’t successful.

“But Spotify, iTunes and Pandora were successful.”

Updates below throughout the day….

10.23am – UPDATE – EU says mining is ‘not illegal’

An EU commissioner has said that Cryptocurrency mining is perfectly legal in Europe and only subject to standard electricity rules.

Mariya Gabriel, European Commissioner for Digital Economy and Society, addressed concerns about the power-intensive nature of cryptocurrency mining, while clarifying the regulatory status of the industry.

Ms Gabriel said: “If the energy consumed for this activity is produced according to law, there is no legal basis to forbid or even limit it. … As mining of cryptocurrency is not an illegal activity, the Commission did not put in place any means to track it, so far.”

Ms Gabriel went on to say the European Commission would continue to review the growing impact cryptocurrencies have on energy consumption and demand.

9.10am – UPDATE – ‘Tokyo Whale’ stops selling

The infamous ‘Tokyo Whale’ has boosted BTC bulls after taking a break from selling digital currencies.

Nobuaki Kobayashi, a trustee of defunct Tokyo bitcoin exchange Mt. Gox sold more than 35,000 bitcoin, worth about $400 million at the time, to pay off creditors, according to details of the sale published by a company trustee last week.

8.49am – UPDATE – Goldman Sachs claim bitcoin ‘has potential’ to fall below

CoinTelegraph report on a recent statement by Sheba Jafari from the Goldman Sachs’ technical analysis team who has said that BTC risks sinking below the February low.

On Sunday, the team sent a note to clients warning that the next BTC sell-off threatens dipping below the February low of $5,922.

It said: “The break is significant as implies [sic] potential for a more impulsive decline.

“The next meaningful level is down at $7,667 to $7,198.”

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