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HEADLINES Hello and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime. Bitcoin has fallen overnight to $8,975 as hopes of a return to $10,000 are once again dashed. Ethereum has fallen to $657, with XRP at $0.81 Vinay Sharma, Senior Trader at ayondo markets has told Express.co.uk that for those in the capital markets, “the buzz around cryptocurrencies seems to be dissipating." He said: "The question of their use and viability as a currency still remains. “In my view, the chances of crypto’s being used as a viable medium of exchange in the future is very slim. The question I always like to ask is: 'If I get paid in bitcoins how do I get taxed on it?'" “In my opinion cyrptocurrencies aren’t really currencies at all. With volatility so high they become assets that traders and investors can speculate on and I imagine this will continue to be true in the long term.” Read more: Ethereum the ‘real winner’ as price rises 76 PERCENT in soaring recovery Updates below throughout the day....

GETTY Bitcoin price LIVE: BTC slumped overnight as prices fell

19.55 - UPDATE - Bitcoin back below $9k but only just According to CoinMarketCap bitcoin is now valued at $8,999. 19.42 - UPDATE - Heinz releases Bacoin Kraft Heinz Oscar Meyer unit is issuing a number of digital tokens named Bacoins. Bacoins can be used in exchange for the company’s bacon. Surprisingly Warren Buffett’s Berkshire Hathaway owns part of Kraft Heinz. Mr Buffet is an outspoken critic of bitcoin and recently said: "If you buy something like bitcoin or some cryptocurrency, you don't have anything that is producing anything. “You're just hoping the next guy pays more. And you only feel you'll find the next guy to pay more if he thinks he's going to find someone that's going to pay more. "You aren't investing when you do that, you're speculating." 17.07 - UPDATE - Hong Kong government do not see a strong connection between cryptos and crime The Hong Kong Financial Services and Treasury (FSTB) yesterday released a report which said cryptos are not particularly involved in financial crime. The report said: “There does not seem to be any visible impact affecting the overall risk in Hong Kong so far. The risk of cryptos is assessed as medium-low.” The report does cite how virtual currencies have been used in cybercrime and ponzi schemes before.

GETTY Bitcoin price LIVE: Bitcoin has slumped... again

2.15pm - UPDATE - Blockchain a 'fad'? Martin Walker, Director, Centre for Evidence Based Management told MPs today that blockchain technology is a “fad”. The HM Treasury Select Committee debate in Parliament heard this morning that, "in terms of demonstrable benefits there’s a big problem in the blockchain world with confusing 'could' for 'is.' The HM Treasury Select Committee debate in Parliament heard this morning that, "in terms of demonstrable benefits there’s a big problem in the blockchain world with confusing 'could' for 'is.' "All that it takes to make a credible idea into a fad is people just switch off their brains and stop thinking. Over 20 years in and around the banking industry — blockchain is a fad but I have seen many fads in my career." Read the full report here. 12.35pm - UPDATE - MPs urged to back crypto regulation With the country edging towards reassuring oversight, the UK's leading industry body has called on the HM Treasury Select Committee to back the fledgling cryptocurrency industry. CryptoUK, the self-regulatory body set up to represent the sector, has set out new plans for HM Treasury to make cryptocurrency investment a regulated activity under the Financial Conduct Authority (FCA). Proposals include HMT replicating peer-to-peer finance legislation to bring cryptocurrency platforms under the FCA’s remit. The plans are part of a written response by CryptoUK to the House of Commons Treasury Select Committee inquiry into digital currencies, which is currently underway in Parliament. Iqbal V Gandham, Chair of CryptoUK, said: “Introducing a requirement for the FCA to regulate the 'on-off' ramps between crypto and fiat currencies is well within the remit of HM Treasury. "Based on our analysis, this could be achieved relatively easily, without the need for primary legislation, and would have a huge impact, both in reducing consumer risk and improving industry standards. “This is an approach which is already working well in other countries, who are now taking the lead over the UK, for example in Japan and Gibraltar."

The chances of crypto’s being used as a viable medium of exchange in the future is very slim. The question I always like to ask is: 'If I get paid in bitcoins how do I get taxed on it?' Vinay Sharma, Ayondo markets