Bitcoin has rebounded at the start of the week, after a steep decline over the past few days that saw the price of the cryptocurrency fall below $9,000 on Friday. Regulators in different countries are taking several measures to curb th excessive speculation in cryptocurrencies.
Here is a wrap up of the main news from the cryptocurrency world over the past few hours.
Bitcoin Rebounds, Eyes 10K
Bitcoin staged a comeback on Monday after declining in the past few days over regulatory concerns. Cryptocurrency prices fell sharply last week as markets were spooked by a bevy of concerns that included the stern measures adopted by regulators, a massive sale of Bitcoin, and an attempted large-scale hack at a popular crypto exchange. The price of the virtual currency dropped below $9,000 in Friday’s afternoon trade in Asia. The biggest cryptocurrency fell more than 20 percent last week.
Thailand plans new law to regulate cryptocurrency, ICOs
Thailand Securities and Exchange Commission is planning to introduce a special law, instead of the mandatory Section 44, to regulate all areas of cryptocurrency, including initial coin offerings or ICOs, reports said. TSEC Secretary-General Rapee Sucharitakul said the agency and related committees met and decided to bring out the new law, with the TSEC in charge. The move comes after Thai Deputy Prime Minister Somkid Jatusripitak ordered the law on cryptocurrencies and ICOs to be finalized within a month.
Twitter Tries To Prevent Cryptocurrency Scams On Platform
Social media giant Twitter Inc. (TWTR) is reportedly taking required steps to prevent alleged cryptocurrency-related scams spreading across its platform. According to Bloomberg, Twitter is aware of cryptocurrency-related “manipulation,” and is implementing measures to “prevent these types of accounts from engaging with others in a deceptive manner. Facebook recently banned ads tied to cryptocurrencies, initial coin offerings and binary options, claiming that the are misleading and deceptive. However, Twitter said it allows ads that don’t violate the Twitter Advertising rules.
Japan’s Coincheck Starts Customer Repayments After Hack
Japan’s cryptocurrency exchange Coincheck announced that it would begin repaying its customers who fell victim to the massive hack in January, when it lost 523 million NEM coins worth 58 billion yen. In February, Coincheck said that it will repay the nearly 260,000 affected users in Japanese yen.
Qarnot Launches Crypto Heater QC-1 For Homes
French startup Qarnot Computing has unveiled its crypto heater QC-1 for homes that mines cryptocurrencies using the in-built passive computer. This, the company claims “makes heating a source of revenue, not an expense.” The QC-1 generates heat due to the operation of two AMD graphic cards, and is designed to mine Ethereum by default at a speed of 60 MH/s. There are also in-built traditional heating conductors in case the heat generated by the two GPUs is not enough.
As of 7.22 am ET on Monday, Bitcoin was up 12.91 percent at $9,809.30 and Ethereum was higher by 6.83 percent at $733.43 on Coinbase.