Cryptocurrency Round-Up: Bitcoin Pioneer Dies and Digital Currency's Status in Australia

• Bitcoin Price: £303.90 (via CoinDesk.com)

Bitcoin and other major cryptocurrencies fell in value for the second day in a row, as the market-wide recovery that began earlier this week appears to have come to an end.

Bitcoin, litecoin, peercoin, dogecoin and namecoin all dropped in price by between 1% and 8% over the last 24 hours.

Once again, darkcoin bucked the trend of other major markets by moving against the general trend. The anonymity-focused altcoin climbed by 2% since yesterday to take its price to $2.50 (£1.50).

Bitcoin pioneer Hal Finney dies

Bitcoin pioneer Hal Finney, widely accredited as the number-two developer behind Satoshi Nakamoto on the world's most valuable cryptocurrency, has passed away following a five-year battle with amyotrophic lateral sclerosis (ALS).

Finney was the recipient of the world's first bitcoin transaction in 2008, having come across the peer-to-peer technology on an online cryptography forum.

According to Wired magazine, Finney requested for his body to be cryogenically preserved through the Alcor Life Extension Foundation.

"That's where he'll remain until such time as we have technologies to repair the problems he had such as ALS and the aging process," Max More, Alcor's director, told the publication. "And then we can bring Hal back happy and whole again."

Bitcoin could be legal tender in Australia

Tax authorities in Australia are considering making bitcoin legal tender, after the country's tax commissioner revealed advocates were pushing for the cryptocurrency to be treated like money.

"There's a definition in the Tax Act of money. It's got to be the legal tender of a country," said Australia's tax commissioner, Chris Jordan.

"We can't say it's money. If this grows more and more, maybe the definition needs to change."

Earlier this month, the Australian Taxation Office released its guidance on cryptocurrencies, outlining its current position on bitcoin.

According to the guidance, digital currencies are currently not treated as money. This has led to fears the local bitcoin industry will be unable to grow, forcing users to operate offshore.