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Bitcoin falls below $5,000

Bitcoin falls below $5,000

Technology
The value of Bitcoin has fallen below $ 5,000 (£3,889) for the first time since October 2017.The fall brought the total value of all Bitcoin in existence to below $ 87bn.On Thursday, 15 November, Bitcoin Cash - an offshoot of Bitcoin - split into two different crypto-currencies, which are now in competition with each other.And some observers have blamed this for creating turmoil in the crypto-currency markets, with many of the digital assets experiencing falls.Bitcoin exchange Kraken said in a blog post that it regarded one of the two new Bitcoin Cash crypto-currencies - Bitcoin SV - as "an extremely risky investment".Bitcoin is a notoriously volatile crypto-currency.At its peak, in November 2017, it briefly hit $ 19,783 - ...
Bitcoin investors beware: The IRS wants its piece of the action

Bitcoin investors beware: The IRS wants its piece of the action

Finance
If you didn't tell the IRS about your gains from bitcoin or other cryptocurrencies in the past, you might regret it this year. With bitcoin down more than 50 percent so far in 2018, there's a chance some investors have triggered (or will trigger) a tax loss this year by either selling, trading or spending their digital assets. And while those losses can be used to offset any other investment gains, it could raise eyebrows at the IRS if it's the first time the agency is hearing about your crypto holdings. "If I were in those shoes, I'd think about my past transactions and whether there were gains," said Sarah-Jane Morin, a par...
Bitcoin wallet Bitfi withdraws 'unhackable' claim

Bitcoin wallet Bitfi withdraws 'unhackable' claim

Technology
Bitfi, a cryptocurrency wallet backed by anti-virus software entrepreneur John McAfee, has issued a statement saying it will no longer describe its service as "unhackable".The announcement followed the release of evidence by a group of security researchers showing the wallet being compromised.However, Mr McAfee maintains that the claim stands.Bitfi had offered a $ 250,000 (£190,000) reward to anyone who hacked the wallet.But it stated that the Bitcoin inside must be removed from the wallet - which was controversial among the cybersecurity community as often weaknesses are identified but not acted upon.The group claimed to have hacked the wallet once before but Bitfi and Mr McAfee refused to accept their evidence.They said it didn't qualify for the ...
Bitcoin dips below $6,000 amid cryptocurrency sell-off

Bitcoin dips below $6,000 amid cryptocurrency sell-off

Finance
Bitcoin fell below $ 6,000 late Monday — for the first time since June — against a backdrop of cryptocurrencies declining in value. The world's largest digital currency by market value tumbled as low as $ 5,900 at around 10 p.m. ET, and was down around 4 percent, according to CoinDesk index data, which tracks prices from several exchanges. The cryptocurrency's price is close to its lowest point of the year. The lowest level of 2018 was reached in June 18, when it retreated to $ 5,785. Rival coins ether, the digital tok...