Good morning, and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime. Bitcoin is priced at $8,851 with Ethereum down at $629, and XRP at $0.81.

Bill Harris, the founding CEO of PayPal has grabbed the headlines this morning after describing all cryptocurrencies as a “scam”. Writing for Recode, he said: In my opinion, it’s a colossal pump-and-dump scheme, the likes of which the world has never seen.

“In a pump-and-dump game, promoters ‘pump’ up the price of a security creating a speculative frenzy, then ‘dump’ some of their holdings at artificially high prices. “And some cryptocurrencies are pure frauds. Ernst & Young estimates that 10 percent of the money raised for initial coin offerings has been stolen.

The highlights package continues. Mr Harris claims, “It helps to understand that a bitcoin has no value at all.” Adding that “losers are ill-informed buyers caught up in the spiral of greed.

“The result is a massive transfer of wealth from ordinary families to internet promoters.” Updates below throughout the day. Read more from…

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