Bitcoin braces for worst week since 2013

Digital currency Bitcoin has fallen 30% this week, leaving it on track for its worst week since April 2013.

In Friday it dipped below $7,910 on the Luxembourg-based Bitstamp exchange, a fall of 12% from the day before.

But although it is far short of the $19,000 it reached in November 2017, it is still way above the $1,000 level at which it started trading last year.

The fall comes amid a number of recent incidents that appear to have shaken faith in cryptocurrencies.

On Friday, Japan’s financial regulator carried out a surprise check on major Japanese exchange, Coincheck, which last week was subject to a security hack.

The regulator said it had asked the exchange to fix flaws in its computer networks well before last week’s theft by hackers of $530m of digital money.

Also this week, the Indian government said it would ban all cryptocurrency trading and Facebook said it would ban adverts for digital currencies.

What’s the fuss about Bitcoin?

Other countries have already expressed concerns about such entities. China and South Korea have banned any new virtual currency launches and have been shutting down exchanges on which they are traded.

The UK’s Financial Conduct Authority warned investors in September they could lose all their money if they buy digital currencies issued by firms, known as “initial coin offerings”.

Bitcoins are created through a complex process known as “mining”, and then monitored by a network of computers across the world.

However, like all currencies its value is determined by how much people are willing to buy and sell it for.

Last year, two of the world’s largest commodity exchanges, the CBOE futures exchange and the Chicago Mercantile Exchange, both allowed trading in Bitcoin futures.

Sony Chief Executive Kazuo Hirai to Tip Down

Sony’s president Kazuo Hirai is tipping down as well as handing the reins over to fund primary Kenichiro Yoshida.

Mr Yoshida, Sony’s primary financial policeman, is to take over control of the Japanese electronic devices huge from 1 April.

Mr Hirai will remain at Sony as chairman.

Mr Yoshida and Mr Hirai have been instrumental then Sony around to concentrate on smartphone photo sensors.

Under their initiatives, the Japanese digital titan liquidated its having a hard time PC company, sold its tv business, as well as launched the effective PlayStation 4 video game console, which has offered more than 60 million systems to this day.

Sony stated its earnings quadrupled in the 3 months to December.

The Japanese electronic devices titan reported a record earnings of 351 billion yen ($ 3.2 bn, ₤ 2.5 bn) for the quarter, compared to 92.4 billion yen in the same period the year prior to.

“As the company approaches a crucial juncture, when we will embark on a new mid-range plan, I consider this to be the ideal time to pass the baton of leadership to new management, for the future of Sony and also for myself to embark on a new chapter in my life,” said Mr Hirai in a statement.

Mr Yoshida said he intended to build on the management structure produced under Mr Hirai’s management to “improve Sony’s competitiveness as a global company”.