The price of Bitcoin continues to plummet – and take the value of the whole cryptocurrency space with it. In addition to last night’s falls, which are still ongoing, Bitcoin’s value has fallen 64.5 percent since December 17, 2017 with a market capitalisation of $338bn.
What that ultimately means is that value of any cryptocurrency holding is worth less than half it was seven weeks ago. That’s 1929 Wall Street levels.
The falls are being tied to a host of new regulations – and the threat of more – in the likes of China, South Korea and India, doubts over trading sites such as Bitfinex, and a decline in the utility of Bitcoin as a payment mechanism.
If you’re looking for good news, Bitcoin’s value has now dropped by more than 50 percent from its all-time highs five times since 2012 – and recovered every time.
United Nations International Children’s Emergency Fund (UNICEF) has started a charity drive for Syria – by targeting the gaming community. The body is reaching out to games to use their PCs to mine Ethereum and donate their earnings. They hope that when gamers take a break from their computers, they can turn on UNICEF’s Ethereum mining program, which enables them to mine and donate using their computer’s processing power. The initiative, called Game Changers, already has 360 contributors.
Doug Barrowman and Michelle Mone, the duo who launched Dubai’s first Bitcoin-backed development last year, are now delving further into the cryptocurrency world with the launch of EQUI.
This, they say, is a web-based application on the Ethereum blockchain on which new VC projects are showcased and into which participants can invest using EQUI tokens. It will allow investors access to large scale development projects and then distribute profits to token holders on their completion.
Going live in March 8, a minimum of $100,000 is required to participate and they are hoping to raise $80 million through the ICO.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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