It was another wild weekend for the Bitcoin price as on Sunday, having reached highs of almost $12,000, it suddenly plunged down to a low of $10,600. Other cryptocoins took a similar tumble. The cause of this sudden drop appears to be an article in The Telegraph suggesting that UK ministers “are launching a crackdown on the virtual currency Bitcoin amid growing concern it is being used to launder money and dodge tax." The article says that while "until now, anybody buying and selling Bitcoins and other digital currencies have been able to do so anonymously, making it attractive to criminals and tax avoiders. But the Treasury has now said it intends to begin regulating the virtual currency, which has a total value of £145 billion, to bring it in line with rules on anti-money laundering and counter-terrorism financial legislation." If it was this article that caused the correction, the panic didn’t last long because Bitcoin recovered this morning, going up to $11,548 before falling back again. At the time of writing is at $11,196. Here is a chart of the last 5 days price movements: 
Here’s the Telegraph article and here’s a summary from zerohedge.com ADVFN’s Cryptocurrency page gives you prices for Bitcoin and altcoins Other Cryptocurrency News CME Group has announced the launch date for its Bitcoin Futures. Clients will be able to start investing on 18 December. Read more on cryptocoin.news Indonesia’s central bank is drawing up regulation to ban all forms of cryptocurrency – both trading in them, and using them as payments in transactions. They say the regulation is required to maintain the sovereignty of the country’s fiat current, the rupiah, as legal tender. Read more on cryptocoinsnews.com We have our first Bitcoin Billionaires! The Winklevoss twins, famous for suing Mark Zuckerberg, claiming he stole the idea for Facebook from them, invested part of the payout they received from Facebook into Bitcoin, buying roughly 1% of the world’s supply of Bitcoin in March 2013 for $11 million. At the time one coin was worth about $120. After last week’s rise, this puts their holding over the $1 billion mark. Read more in the Brisbane Times article Turkish authorities say that Bitcoin is un-Islamic because it is widely used for nefarious and illegal activities. Read more in this Newsweek article A Ukranian shipping company is now accepting payment in Bitcoin. Varamar Ltd’s founder, Alexander Varvarenko, explained that there are a lot of advantages to accepting Bitcoin: “Paperwork for transactions is a complicated issue with banks, and bitcoin payments will help solve that by being faster. It could also help solve payment problems in countries like Pakistan, Russia, Sudan, Yemen, and Qatar, which have safe companies but are victims of sanctions being imposed against their governments.” Read more in this article on bitcoinist.com You won’t be able to pay your UK tax bills using cryptocurrency, says minister of state Lord Michael Bates in reply to a question from an MP, according to a coindesk.com article Meanwhile in the US, the IRS says that Coinbase must share the details of users’ transactions if they bought, sold, sent or received more than $20,000 through their accounts in a single year between 2014 and 2015. Coinbase estimates that 14,355 individuals will be affected. The company will have to give the IRS their names, date of births, addresses and taxpayer ID, along with records of their account activity. More info on engadget.com An enterprising owner of an electric car set up a mining rig in the boot, taking advantage of the fact that Tesla owners who bought their cars before last January get unlimited free electricity from Tesla’s supercharger units. Sounds very clever, but in practice it wouldn’t work very well, as this article on neowin.net explains New Book on Cryptocurrencies out now
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