7.30am MORNING HEADLINES
Good morning, and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.
Bitcoin is currently priced at $9,149 after falling from $9,823 overnight.
Ripple CEO, Brad Garlinghouse has come out fighting over comparisons made between his burgeoning cryptocurrency XRP and BTC, the current market bellwether.
Mr Garlinghouse, speaking to Bloomberg Asia in Singapore, said that comparing Ripple to bitcoin was “a compliment” but that his company is moving the utility forward.
He said: “Some may look back at Bitcoin and say that it is the Napster of digital assets.
“What I mean by that is that Napster was the first to digitise music and demonstrate that you can do a lot of cool things with that.
“But ultimately they were circumventing trademark laws, they were circumventing royalty payments and then the government stepped in and Napster wasn’t successful.
“But Spotify, iTunes and Pandora were successful.”
Updates below throughout the day….
8.49am – UPDATE – Goldman Sachs claim bitcoin ‘has potential’ to fall below
CoinTelegraph report on a recent statement by Sheba Jafari from the Goldman Sachs’ technical analysis team who has said that BTC risks sinking below the February low.
On Sunday, the team sent a note to clients warning that the next BTC sell-off threatens dipping below the February low of $5,922.
It said: “The break is significant as implies [sic] potential for a more impulsive decline.
“The next meaningful level is down at $7,667 to $7,198.”