2/22/2018, 2:48 PM (Source: TeleTrader)
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Bitcoin falls under $10,000 as British MPs start inquiry

Bitcoin declined on Thursday, slipping below the $10,000 mark for the first time since February 16, after the Treasury Committee of the British Parliament said it is starting to scrutinize digital currencies and the distributed ledger technology including blockchain. Lawmakers will focus on risks for consumers, companies and governments and will cover volatility and cybercrime, the statement said.

"We will also examine the potential benefits of cryptocurrencies and the technology underpinning them, how they can create innovative opportunities, and to what extent they could disrupt the economy and replace traditional means of payment," said Nicky Morgan, committee chair.

The most widely watched cryptocurrency traded down 5.75% at $9,849 at 2:45 pm CET. The exchange rate against the euro fell 6.1% to 8,003. Bitcoin futures for March at CME Globex dropped 5.13% to $8,805. Offshoot digital currency Bitcoin Cash tumbled 8.07% to $1,176.

In other news, United States Congressman David Schweikert has said it is difficult to oversee the sector apart from exchange operators in the government's purview. Also of note, the Korea Accounting Institute is considering standards for Bitcoin and its peers.

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