News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services. Europe’s central bank has no plans to regulate cryptocurrencies like Bitcoin – leading to a surge in its value THE value of leading cryptocurrencies soared on Wednesday after plans to regulate them were scrapped by Europe’s central bank in a move that stunned traders.

Mario Draghi, president of the European Central Bank (ECB) rubbished claims that the organisation should curb online currencies like Bitcoin. Prices rocketed on the announcement following an intense January for Bitcoin which saw its value tank after reaching an all time high of £14,837.

The month was equally rocky for other top currencies Ethereum and Ripple, with analysts referring to the sinking markets as a “horror show” and a “cryptopocalypse”. Bitcoin rose to £6,678.1 ($9,293.4) on Wednesday, up 5.97% on the previous day, and was continuing to rise steadily tonight.

Ethereum also rose to £599.98 ($838.20), while Ripple experienced similar surges. Wednesday’s rises follow Draghi’s comments to the public on Tuesday, where he made clear that “it’s not the ECB’s responsibility” to step in these markets.

But he offered a word of caution to prospective buyers of Bitcoin, saying: “Frankly, I would think [about] it carefully”. Draghi noted that unlike Bitcoin, the Euro was far more stable and had the backing of a central bank. Read more from thesun.co.uk…

thumbnail courtesy of thesun.co.uk