Bitcoin price cryptocurrency
The price of bitcoinIBTimes UK

Bitcoin and other major cryptocurrencies have suffered a dip in value over the weekend, as five of the top six mineable altcoins fell in price.

Bitcoin, litecoin, dogecoin, darkcoin and namecoin all fell by between 1% and 3%, with only peercoin seeing a slight increase of around 0.5%.

The biggest mover across all markets was dnotes, the self-described "cryptocurrency of the future". Dnotes rose by almost 40% over the last 24 hours to take its market cap above $650,000.


Tim Draper wins second Silk Road auction


Venture capitalist Tim Draper has won part of an auction of 50,000 bitcoins held by the US Marshals Service (USMS).

Tim Draper Won US Government Silk Road Bitcoin Auction
Tim DraperWiki Commons

Draper was successful earlier this year in bidding on the first round of auctioned bitcoins, which were seized from Ross Ulbricht, the alleged creator of the online black marketplace Silk Road.

The USMS refused to confirm any of the winning bids in last week's auction, though Draper confirmed that he had secured a lot of 2,000 bitcoins in a letter to Bloomberg.

300 bitcoins from the auction will reportedly be invested by Draper into every startup that is involved in the Boost accelerator founded by Draper's son Adam Draper.

Draper said in the email: "The interesting part is that we are fixing the valuation, and the 300 bitcoins are worth about $120,000 today, but may be worth quite a bit more (or less) when the entrepreneurs receive them."


Bitreserve brings back bitcoin gold standard


Cloud money service Bitreserve has introduced a Gold Card that allows members to hold bitcoin as stable gold value and spend the precious metal anywhere that bitcoin is accepted.

Halsey Minor BitReserve bitcoin
Halsey Minor, CEO of BitReserveBitReserve

Bitreserve already allows money to be stored as US dollars, euros, pound sterling, Japanese yen and Chinese yuan, while being spent over the Bitcoin network.

"Many ask why we would revive gold for everyday commerce?" said Tim Parsa, ‎President Global Strategy and Markets at Bitreserve. "At Bitreserve we are all about innovating to solve problems and thereby saving consumers and businesses time and money.

"When we opened our doors to the public last month, we provided a much-needed haven from bitcoin volatility by enabling our members to hold their bitcoin as any of five stable real-world currencies but still send and spend bitcoin over the Bitcoin network."