Analysts are predicting a dire future for cryptocurrency Bitcoin with expectations the value could slide to as low as $1,260.
Bitcoin has had a rough ride trading over the past seven days, dropping from $3,741.82 to $3,557.91 on Monday.
Since then, the market has changed little and Bitcoin looks set to end the week at around $3,573.26.
Bitcoin market cap is $62.53 billion – around 52% of the entire cryptocurrency market cap of $120 billion.
US bankers JP Morgan made the forecast on the belief that cryptocurrency blockchain technology will not prove a benefit to the financial industry in the next three to five years and the worth of cryptocurrency as an asset has yet to be proved.
“Even in extreme scenarios such as a recession or financial crises, there are more liquid and less-complicated instruments for transacting, investing and hedging than cryptocurrencies,” said the note.
The bank also considers that institutional consumers have lost interest in cryptocurrencies in recent months and that the market is dominated by individuals.
Analysts expect a slide to $2,400 and possibly to even half of that figure.
Cryptocurrency wallet for new smart phone
Samsung’s new flagship smart phone may integrate a cryptocurrency wallet.
The Galaxy S10 is set to hit the streets next month with a host of updated technology and new features expected.
A cryptocurrency wallet is just one upgrade – and the clue comes from images of the new phone that show a menu option for storing blockchain keys, described by Samsung as a ‘secure and convenient place for your cryptocurrency’.
The phone is launched on February 20 with a price to be advised.
£10m IOTA theft arrest
Police have arrested a 36-year-old man in Oxford after an international investigation involving cryptocurrency theft, fraud and money laundering.
The man has not been named.
The inquiry is reported to involve £10 million of IOTA cryptocurrency from more than 80 victims around the world.
“This has been an intricate investigation into the theft of huge sums of money from victims across the world, and we have been grateful for the support of our European colleagues,” says Detective Inspector Rob Bryant, from SEROCU’s cyber and digital forensics unit.
“The offenses have taken place over an extended period, and it’s likely that there are other victims out there. We would urge them to contact their local police force to report the matter.”