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Saturday 25 November 2017
Cryptocurrency News for 25 Nov 2017
Keiser Envisions $100,000 Bitcoin High
While the price of multiple cryptocurrencies continue to see their values soar, the current price of Bitcoin suggests it is still very much the father of digital money. Max Keiser, host of Russia Today’s Keiser Report, agrees, and believes that Bitcoin will ultimately reach a price of $100,000.
The price of Bitcoin hit an all time high over the weekend - moving past the $8,000 mark following an uncertain couple of months that had the SegWit2x fork hanging over the markets like a dark cloud. Yesterday, Bitcoin continued its rise, nearly touching $8,400 and establishing another all time high.
Keiser believes that Bitcoin’s ability to survive numerous changes and countless altcoin competitors proves it is the most dependable cryptocurrency:
"“Bitcoin will dominate and lead crypto going forward. Hundreds of obituaries have been written about Bitcoin and none of them have come true and none will. Fact is, Bitcoin is a gift from God to help humanity sort out the mess it has made with its money.”"
Full story at http://bit.ly/2jVGSqB
Source: CoinTelegraph
Bitcoin rally may continue — but is it driven more by high-school dropouts than fundamentals?
On price dynamics alone, bitcoin BTCUSD, +1.68% looks like a sure bubble — a disaster waiting to happen. But bitcoin dynamics are basically not suited for any empirical analysis of any significant accuracy.
As noted by some commentators, bitcoin had numerous 80% to 90% and larger drawdowns in the past, given its immense volatility. It keeps coming back from these. Some claim this to be the evidence that bitcoin it not a bubble. Which is neither here nor there: bubbles are generated by exuberant expectations of investors, not by actual parameters of price processes. Causality does not flow from dynamics to bubbles, but the other way around. So to identify a bubble, one needs to identify exuberance.
In the case of bitcoin fans, there is clearly such.
No investor or serious analyst has been able to provide a fundamentals-based valuation model for bitcoin.
Full story at http://on.mktw.net/2k118Y5
Source: MarketWatch
Wealth Managers Are Being Inundated With Calls About Bitcoin
At 74, Cumberland Advisors’ David Kotok has guided wealthy clients through a long career’s worth of bubbles and crashes. Now he’s being inundated with questions about the latest soaring asset to confound investors -- bitcoin.
“Clients bring up bitcoin all the time,” said Kotok. “They think it’s cool. It has the newness, which is attractive to some people, though others would say newness is a risk they don’t want to take.”
Wealth managers across the U.S. are fielding calls and emails from clients worried they’re missing out on something big by not owning bitcoin. While most advisers don’t recommend buying such a volatile asset with no intrinsic value, they do have tips for clients who have taken the plunge, or are dead set on doing so.
The cryptocurrency has been whipsawing Wall Street: UBS Group AG, the world’s largest wealth manager, is shunning bitcoin allocations because of a lack of government oversight, while Michael Novogratz is starting a $500 million hedge fund to wager on digital assets. As bitcoin mania moves to Main Street, thanks to its spectacular rise from about $750 to $8,200 in a year, five advisers offer some suggestions.
Full story at https://bloom.bg/2jZUfpT
Source: Bloomberg
Do you own bitcoin? You could soon have some without even knowing it.
First they ignore you, then they laugh at you, then they fight you, then they invest in you.
That's the scene that bitcoin investors and enthusiasts are facing. After years as an underground digital currency and a running joke in the world of finance, bitcoin is suddenly attracting attention from the people who once called it a scam: the big institutions of finance, who collectively control trillions of dollars.
And it might not even be a matter of "if." It's now just a matter of "when."
“The institutionalization of this space is coming. It’s coming pretty quick,” former hedge fund manager Michael Novogratz said at a recent conference.
Full story at http://on.mash.to/2jXOnxg
Source: Mashable
The Next Generation of Cryptocurrency Hardware: Advanced ATMs
“Cash is king” as they say, and this saying emphasizes the importance of liquidity in any financial system. Even if Bitcoin is progressing at a quick pace in value and altcoins are being developed to satisfy a myriad of business uses, the whole crypto industry (and especially mainstream user adoption) hinges on the ability to make transactions easy and secure.
This is part of the motivation for the recently planned Bitcoin fork, the Raiden and Lightning Networks and other projects that seek to make using cryptocurrencies easier. But for many, especially those new to cryptocurrencies, the ease of a fiat ATM is something cryptocurrencies can’t match.
Not only do cryptocurrency ATMs have a high rate of fees involved, but they also often don’t have many options for different currencies and also have limits on how much they can be used for. Some ATMs can also only be used for buying crypto.
A European company have what they believe is a game changer of an advancement in ATMs for cryptocurrencies. They are leveraging different efficiencies in exchanges and hardware to reduce fees and make cryptocurrencies easier to obtain for mainstream users. Cointed is a platform that encompasses ATMs, an exchange, a debit card and Point of Sale solutions for a different experience.
Full story at http://bit.ly/2k11eip
Source: CryptoCoinsNews
Wall Street strategist Tom Lee raises bitcoin forecast, now predicts 40% rise
After turning cautious on bitcoin earlier this month, Fundstrat's Tom Lee told clients Wednesday to jump back into the digital currency.
"A few weeks ago, we turned short-term neutral on bitcoin as the price level then (~$7400) exceeded our estimate of fair value," Lee wrote in the report. "Last week, Bitcoin fell to $5,600 and since then rebounded. In our view, this move to $5,600 cleaned up weak hands and we no longer feel caution is warranted. … We recommend steady buying of Bitcoin at these levels."
As a result, the strategist raised his mid-2018 price target for bitcoin to $11,500 from $6,000, representing nearly 40 percent upside to its current level.
Lee is bullish on the crypotcurrency because of his forecasts for strong growth in the number of bitcoin accounts and transaction dollar volume per account. He noted how Coinbase has more than 14 million accounts.
Full story at http://cnb.cx/2k11jCJ
Source: CNBC
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Tuesday 21 November 2017
Cryptocurrency News for 21 Nov 2017
By 2040, There Will Be No World Without Bitcoin
Balaji Srinivasan, a prominent venture capital investor and the CEO at Earn.com, a Bitcoin-focused startup that has raised over a hundred million dollars in early-stage funding, believes by 2040, everyone under the age of 30 will “have never known a world without Bitcoin.”
By that, Srinivasan essentially means everyone born after the year 2010 would be using Bitcoin as a store of value or a currency by 2040, given the current rate of Bitcoin adoption by general consumers, businesses, investment firms and financial institutions.
This week, Coinbase, CME, CBOE and Gemini, some of the world’s largest Bitcoin brokerages and financial institutions, have rolled out strategies and infrastructure to target institutional investors in the mid to long-term.
"With Coinbase’s Custody platform which allows institutional investors to invest a minimum value of $10 mln, and CME Group’s strictly regulated Bitcoin futures exchange approved by the US Commodities and Futures Trading Commission, by mid-2018, it is highly likely that most financial institutions in the US, as well as major markets such as South Korea and Japan, will have already adopted Bitcoin as a robust store of value and digital currency."
Full story at http://bit.ly/2hHlIrK
Source: CoinTelegraph
Bitcoin Now Processes $2 Billion Worth Of Transactions Per Day, A 10x Increase In 2017
2017 has been bitcoin’s biggest year yet, with the digital asset reaching another new all-time high above $8,000 over the weekend. In addition to the exploding price, the total value transacted on the network per day has also seen substantial gains this year; however, the actual number of transactions processed by the network per day has been rather stagnant in 2017.
For most of January, roughly $200 million worth of bitcoin was being sent around the Bitcoin network per day. Things didn’t really take off until May where there was a steady rise in the total value of the transactions processed by the network. Near the end of that month, days where more than $700 million was transacted on the network were common.
After declining over the next couple of months, the value being transacted on the Bitcoin network spiked in the runup to the release of Bitcoin Cash, which forked off from the Bitcoin ledger on August 1st. The lock-in of the much-anticipated Segregated Witness (SegWit) improvement for Bitcoin also occurred around this time.
Roughly a billion dollars of value was sent around the Bitcoin network per day in early August. This number declined down to $600 million by late September before exploding to $1.5 billion by late October.
Full story at http://bit.ly/2hJr2ev
Source: Forbes
Survey Says 88% of Japanese Have Heard of Bitcoin
A recent survey of 10,000 men and women across Japan shows that 88% of them have heard of bitcoin. Among those that have bitcoin, 47% said that they have used it in retail stores but long-term investment is most respondents’ main reason for purchasing bitcoin.
Global market research company with agencies in over 90 countries Macromill Group recently conducted a survey on the awareness and usage of bitcoin among the Japanese. Ten thousand men and women aged 20 to 69 across Japan participated.
The Japanese government legalized bitcoin as a method of payment in April. In July, they declared the sale of bitcoin free from consumption tax. Since then, more Japanese have been exposed to bitcoin online and offline, as more merchants start accepting the digital currency and promoting them in the process.
Among the 10,000 respondents, Macromill Group found that 56.2% said they have heard of bitcoin but do not know what it is. In contrast, 31.4% said they know what bitcoin is while 12.4% admitted they do not know what it is at all. The company summarized:
Full story at http://bit.ly/2hG65Rp
Source: Bitcoin News
Bitcoin to hit $20,000 by December 2018 – investor
Mike Novogratz, the former macro hedge fund manager at Fortress Investment Group who has joined the mad dash for crypto-currencies, predicts the value of a bitcoin will soar to $20,000 by the end of 2018, fueled in part by his believe mainstream institutional investors are about six to eight months from adopting the volatile crypto-currency.
Full story at http://bit.ly/2hJjh8n
Source: SydesJokes Blog
FUD on All Sides: In Defense of CME's Bitcoin Plan
I'm a member of the Chicago Mercantile Exchange. I've also been a bitcoiner since 2013. So, when CME Group announced its intention to launch bitcoin futures in the coming weeks, I thought, "Great! Way to go, CME."
The first exchange to offer a futures contract on bitcoin is good news for my CME friends: more trading volume and and speculative opportunities. And it's also good for my bitcoin friends: the legitimacy and access is sure to help with adoption and higher bitcoin prices. Win-win! Right?
Well, that wasn't quite the response I got.
Instead I heard just about every negative stereotype about both futures trading and bitcoin, from both communities. Let's try to put these misperceptions to rest.
Full story at http://bit.ly/2hHhEb6
Source: CoinDesk
Five Countries Where Bitcoin is Illegal
Be it due to fear, ignorance, or protectionism, governments have a tendency to legislate against perceived threats. The first prerogative of every government is to govern, after all, and any disruptive technology that erodes their power is liable to receive short shrift. Governments that ‘get’ bitcoin, such as Japan, have passed legislation that protects its citizens whilst facilitating the free trade of the digital currency.
The World’s Most Hostile Bitcoin CountriesSadly not all countries are as progressive, not just when it comes to embracing new technology, but in respecting basic human rights that people in developed nations tend to take for granted. In the most egregious cases, citizens have had their assets seized, accounts frozen, and been locked up. Governments can’t stop the blockchain from propagating, but they can severely hamper their citizens’ attempts to access it.
Like banning drugs, alcohol, or the internet, banning bitcoin sounds nonsensical and The World’s Most Hostile Bitcoin Countriesunenforceable. Nevertheless, that’s exactly the case in five countries: Bangladesh, Bolivia, Ecuador, Kyrgyzstan, and Nepal. As news.Bitcoin.com recently reported, the Nepalese government has jailed almost a dozen cryptocurrency enthusiasts, with the latest pair seemingly guilty of little more than operating a small-scale bitcoin exchange.
In South America, bitcoin is mostly synonymous with Venezuela, whose people have been turning to the cryptocurrency as a haven amidst rising inflation and a failed economy. It is the continent’s most centralized country geographically, however, which has come out against decentralized currency; In 2014, the Central Bank of Bolivia banned bitcoin and the government has since sharply cracked down on its usage.
Full story at http://bit.ly/2hJjgRR
Source: Bitcoin News
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Tuesday 14 November 2017
Cryptocurrency News for 14 Nov 2017
Bitcoin crashed more than 25% from Wednesday's all-time high to a low of $5,617 Sunday. Bitcoin cash, the rival clone of bitcoin, witnessed an impressive rally that propelled the coin to a record-high of $2,500 early Sunday morning.
24-hour trading volumes for cryptocurrencies reached a record high above $26 billion on Sunday, according to data site CoinMarketCap.com.
To put that in perspective, that is higher than the 5-day average trading volumes for two US stock exchanges. Both IEX, the upstart exchange based in New York, and the Chicago Stock Exchange averaged less than $10 billion in trading each day for the last five days, according to data by Cboe Global Markets.
IEX saw $7.8 billion worth of shares exchange on its venue, whereas CHX witness $3.1 billion in trading volumes.
Full story at http://read.bi/2AGOVKU
Source: Business Insider Nordic
Bitcoin's High Transaction Fees Show Its Limits
The Bitcoin rate spike, still alive despite bitter divisions in the community that supports the cryptocurrency, has laid bare the biggest problem with Bitcoin: Compared with fiat currencies, it's painfully inconvenient and expensive to use as a means of payment.
Bitcoin is set up to reward users for verifying transactions. Miners who package transactions into "blocks" receive two kinds of rewards: The additional Bitcoin they produce by using their hardware to solve mathematical problems (an income stream that will eventually cease since 21 million bitcoins are the maximum that can be mined) and the transaction fees paid by users to get their payments into blocks.
The Bitcoin system is designed around scarcity and its traditionalists insist on keeping the block size small (rebels who did away with that tenet founded an offshoot, Bitcoin Cash, earlier this year). Their reasoning is that only people with more computing power can live in a big-block world and going down that path would make Bitcoin less democratic. But that horse has bolted: Mining is already largely the province of people who invest significant money in equipment and the huge amount of energy required to run it. As Bitcoin's exchange rate rose rapidly and more people wanted to get in on the boom, getting into blocks became difficult, and miners prioritize transactions on which users are willing to pay a higher fee. It works a bit like Uber's surge pricing, except the user sets the fee based on how long she's prepared to wait for the transaction to go through -- using one of several sites that link fees to waiting times or show median and average fees.
Full story at https://bloom.bg/2AGMUyt
Source: Bloomberg
Bitcoin Cash Network Completes a Successful Hard Fork
November 13 is a memorable day for bitcoin cashsupporters, as the network is forking in order to fix the BCH blockchain’s DAA. The primary development teams who have been working on the bitcoin cash protocol consensus change include Bitcoin ABC, Unlimited, Nchain, and XT developers. The original DAA applied to the BCH network allowed the currency to thrive but also produced wild hashrate fluctuations. After several DAA proposals were researched and tested by the above-mentioned development teams, the community chose to implement a DAA proposal from Bitcoin ABC’s lead developer Amaury Sechet.
The new BCH consensus change hopes to adjust the difficulty to hashrate to target a mean block interval of 600 seconds. Alongside this, the DAA aims to make sudden difficulty drops and spikes avoidable. For instance, the network will adjust difficulty rapidly when the hashrate changes exponentially, while also avoiding feedback oscillations. Sechet’s DAA is based on a 144-period simple moving average according to the ABC team.
“The difficulty is adjusted each block, based on the amount of work done and the elapsed time of the previous 144 blocks,” explains the Bitcoin ABC development team.
Essentially the consensus change means the new DAA should keep block times stable and consistent at roughly 10 minutes per block. So far this goal of 10-minute block intervals has come to fruition. Now that the fork has happened BCH network participants will wait and see what happens with miners who have been hopping back and forth between two chains. Many BCH supporters believe this will level the playing field and from here on out, as the BTC and BCH competition should be fair without any miners gaming the system.
Full story at http://bit.ly/2AFWC43
Source: Bitcoin News
CME CEO: Bitcoin Futures Could Begin Trading As Soon As December
CME Group chairman and CEO Terry Duffy has said that the derivatives exchange operator could list a planned bitcoin futures product as early as next month.
Speaking to CNBC today, Duffy said that trading could begin as early as the second week of December.
"I think sometime in the second week of December you'll see our contract out for listing," he told the network.
The firm made waves in October when it revealed that it was seeking regulatory approval to list its first bitcoin-related product. At the time, CME said that the futures would be tied to its existing price index, launched in 2016, and be settled via cash.
Full story at http://bit.ly/2AATwyn
Source: CoinDesk
Bitcoin retains its crown as crypto king — but issues still hang over the cryptocurrency
Bitcoin crashed more than 25% from Wednesday's all-time high of $7,721 a coin to a low of $5,617 Sunday. During its fall, bitcoin's market cap as a percentage of the entire crypto-market dipped below 50% for the first time since early October, according to CoinMarketCap.com.
Bitcoin cash, on the other hand, witnessed an impressive rally that propelled the coin to a record-high of $2,500 early Sunday morning. Its share of the market rose to an all-time high above 17%.
By Monday morning, however, the situation was flipped.
At 9:40 a.m. ET, bitcoin was trading up 10.9% at $6,544 and had regained its more than 50% command of the cryptocurrency market. Bitcoin cashwas trading down 20% at $1,262 per coin.
Full story at http://read.bi/2AFF0VY
Source: Business Insider Nordic
After periodic drops of 20 percent, bitcoin tends to come back even stronger
Bitcoin cash briefly surged past ether to become the second-largest cryptocurrency
Bitcoin fell about 20 percent over the weekend before recovering much of its losses. The last four times bitcoin has fallen more than 20 percent this year, it has gained an average 28 percent in the two weeks following, according to digital currency trading firm Genesis Global Trading.
Four weeks out, the digital currency has gained an average 61.5 percent, the data showed.
Bitcoin performance in the weeks after a drop of more than 20%
Full story at http://cnb.cx/2AFOalf
Source: CNBC
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Monday 13 November 2017
Cryptocurrency News for 13 Nov 2017
Bitcoin Crashes and Then Surges in Wild Weekend Action
Bitcoin is proving that investing in digital currencies isn’t for the faint of heart.
After plunging as much as 29 percent from a record high following the cancellation of a technology upgrade on Nov. 8, the largest cryptocurrency came roaring back in early trading Monday before fluctuating between gains and losses.
“Crypto trading is not for the novice investor,” said John Spallanzani, chief macro strategist at GFI Securities LLC in New York.
While multiple reasons are being cited for the price volatility, one of the more viable is that some investors are switching to alternative coins. Bitcoin cash, an offshoot of bitcoin that includes many of the technical upgrades being debated by developers, has more than doubled in the same period.
Full story at https://bloom.bg/2hvquMG
Source: Bloomberg
Big Short Author: Definitely a Link Between Bitcoin and the Chaos in the US Federal Government
“What about [the psychology of] bitcoin? Because, I think people are starting to feel, okay, is this real or is this …,” Ms. Rogers began. Mr. Lewis quickly interrupted, “Well, it exists right!”
She continues, “Well, but now we have more people coming out, commenting on it that are, you know, real thinkers that aren’t telling us this is a fraud — although we still have Jamie Dimon and Warren Buffett and all those people. But we have a lot more coverage coming from Wall Street. We have the CME coming out with the futures contract. So what are you thinking about bitcoin?”
Mr. Lewis began, “Bitcoin is money without a central authority, and money without a central bank or government, [without] needing a government. So what drives its value? The distrust of central authority and the feeling that maybe the governments aren’t going to work,” he pointed out.
“There’s definitely a link between whatever bitcoin is doing and the chaos in the federal, in the US federal government,” he emphasized.
Full story at http://bit.ly/2hxTrHM
Source: Bitcoin News
Bitcoin's value rose $10 billion in just 12 hours after a dramatic sell-off
Bitcoin rallied more than 11 percent in just over half a day on Monday, following a dramatic plunge in the cryptocurrency over the weekend.
The digital currency started trading at $5,857.32 on Monday and rose to $6,545.20 by 11:50 a.m. GMT (6:50 a.m. ET), according to data from industry website CoinDesk. This marks a nearly 12 percent increase in the price.
Bitcoin's market capitalization, or the total value of all the virtual coins in circulation, rose over $10 billion in the same time period, according to industry website Coinmarketcap.com.
Just last week, bitcoin hit a record high of $7,879.06 that was attributed to factors including CME Group announcing plans to offer bitcoin futures contracts, and some favorable regulation in countries like Japan, which has legalized bitcoin as a method of payment.
Full story at http://cnb.cx/2hw08tS
Source: CNBC
40 Companies From China and EU Have Applied to Mine Bitcoin in Russia
The Russian Association of Blockchain and Cryptocurrency (RACIB) has reportedly received 40 applications from companies and individuals from European Union countries and China to place mining equipment in Russia to mine bitcoin. This was conveyed to Ria Novosti by the association’s president Yuri Pripachkin last week.
The publication then quoted him saying:
RACIB is an association formed in August this year to unite blockchain participants and owners, miners as well as investors of cryptocurrencies and initial coin offerings (ICOs). Its formation was announced by President Vladimir Putin’s adviser on Internet issues, Herman Klimenko.
Full story at http://bit.ly/2hwnJe7
Source: Bitcoin News
Bitcoin cash briefly replaced rival digital coin ether as the second-largest cryptocurrency
A cryptocurrency that split away from bitcoin was temporarily the second-largest virtual currency by market value on Sunday.
The market capitalization of bitcoin cash surged to more than $41 billion on Sunday at 2:29 a.m. ET, according to data by industry website Coinmarketcap. It dipped to $22 billion at 10:30 p.m. ET.
Bitcoin cash usurped rival digital coin ether — the digital token of the ethereum blockchain — becoming the second-largest digital currency by market cap for a number of hours.
Vitalik Buterin, co-founder of Ethereum, congratulated backers of the bitcoin offshoot on Twitter.
Full story at http://cnb.cx/2hwJxpY
Source: CNBC
Sberbank Apologizes for Buying Nearly All Graphics Cards on the Russian Market
Sberbank, the largest bank in Russia and third largest in Europe, is majority-owned by the Russian government. According to senior vice president, Alexander Vedyakhin, the bank’s research lab was behind the dry spell. Ria Novosti reported on Saturday:
“We invest very much in technology, and we should, incidentally, apologize for that shortage in the video card market, which occurred recently, because we bought them for the laboratory of artificial intelligence,” Vedyakhin said at the Sberbank international conference on data analysis, machine learning and artificial intelligence. However, he indicated that soon the shortage will be over “because we [have] satisfied our need.”
While Sberbank has said that it is “not yet ready” to use cryptocurrency, the bank admitted to studying it in detail, according to Stanislav Kuznetsov, Deputy Chairman of the Executive Board of Sberbank.
Full story at http://bit.ly/2hwt3hC
Source: Bitcoin News
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