Bitcoin price LIVE: BTC sheds $1,000 as MPs launch cryptocurrency inquiry

8.00am MORNING HEADLINES

Good morning, and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.

Bitcoin has fallen overnight to $10,627, a sharp drop on the $11,714 high it reached on Tuesday.

The news comes as MPs launch an inquiry into cryptocurrencies and the technology behind them.

Nicky Morgan, chair of the of the committee, said the MPs would look to protect Britain's financial infrastructure, without stifling innovation.

Ms Morgan said: "People are becoming increasingly aware of cryptocurrencies such as Bitcoin, but they may not be aware that they are currently unregulated in the UK, and that there is no protection for individual investors.

"The Treasury Committee will look at the potential risks that digital currencies could generate for consumers, businesses, and governments, including those relating to volatility, money laundering, and cyber-crime.

"We will also examine the potential benefits of cryptocurrencies and the technology underpinning them, how they can create innovative opportunities, and to what extent they could disrupt the economy and replace traditional means of payment."

Updates below throughout the day....

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