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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...
Crypto trader explains 3 reasons ethereum is a better bet than bitcoin

Crypto trader explains 3 reasons ethereum is a better bet than bitcoin

Finance
Bitcoin is on the decline, but ethereum might be a better bet in cryptocurrency, Brian Kelly told CNBC. Bitcoin, the most popular digital coin and largest by market cap, was priced around $ 6,400 on Friday — a staggering decline from its December highs of around $ 19,500. But cryptocurrency is still a relatively new industry, and while all eyes are on bitcoin, Kelly, founder and CEO of BKCM LLC, an investment firm focused on digital currencies, said there are other digital coins that investors might want to consider. "Just remember," Kelly sa...
RBI bans Bitcoin and other virtual currencies, investors concerned for tax dues

RBI bans Bitcoin and other virtual currencies, investors concerned for tax dues

Finance
MUMBAI: A day after the Reserve Bank of India (RBI) barred banks from dealing in cryptocurrencies, investors rushed to square off positions and sought advice on how much tax they should pay on returns made in FY18 and if they can do so before the July-end deadline. The worry is that they may be left holding the virtual currency if they don’t sell it now and transfer the money into their bank accounts. They also fear a crackdown by tax authorities and other government agencies, experts said. Bitcoin exchanges such as Zebpay and CoinSecure saw a spike in transaction volumes of about 40%, with about 90% of that being on the sell side, sources said. Respondong to an email query, a spokesperson for CoinSecure said, “Yes, there has been some amount of panic selling. We’ve seen a 4x increase in o
Bitcoin exchange Coinbase launches early-stage venture fund

Bitcoin exchange Coinbase launches early-stage venture fund

Finance
Popular cryptocurrency exchange Coinbase is launching a new incubator fund for early-stage start ups, the company announced Thursday."We're going to invest off our balance sheet into crypto companies," Coinbase President and Chief Operating Officer Asiff Hirji told CNBC's "Fast Money" Thursday. "We will invest in companies that are in the space and are aligned with our values."Profits from the fund will be "de minimis" in the scope of the entire company but the fund is already off to a $ 15 million start and set to grow, Hirji said. The fund's seed-stage investments, which will begin this week, will help companies and founders in the crypto and blockchain space get off the ground. It's also meant to focus on building relationships within that ecosystem, he said. In order to do that, Coinba...