Welcome to the Crowdify digest of interesting and important news and views about Bitcoin and Cryptocurrency.
As bitcoin prices soar, messaging app Kik launches cryptocurrency payment service
Messaging app Kik announced Thursday it will use cryptocurrency tokens as the primary transaction currency on the platform — an unusual effort to compete against its behemoth rival, Facebook Messenger.
The announcement comes as bitcoin and other so-called decentralized currencies are riding a fresh wave of interest. Bitcoin prices hit a record level of $2,500 on Wednesday — a 150 percent surge this year.
The new program means that Kik can now use an internationalized currency for many transactions.
Using messaging apps for activities like listening to music, ordering food or making payments is already popular in Asia, where WeChat is a dominant app for sending messages on mobile phones. That's something platforms like Facebook are hungry to replicate.
Full story at http://cnb.cx/2s5wyvL
Bitcoin briefly plunges below $2,100 as upward momentum fades
On each of the last four days, the digital currency rose more than $100 to the high for the day, climbing as much as $315 on Thursday, more than 40 percent higher for the week, before erasing those gains, CoinDesk data showed.
The advances came as the Digital Currency Group announced agreement on plans to improve bitcoin's technological development. New York also hosted two digital currency conferences this week: Consensus and Token Summit.
Chris Burniske, blockchain products lead at ARK Investment Management, tweeted Friday that people are "fatigued" from the conferences. He also pointed out that the total market value of cryptocurrencies has fallen about 10 percent from a recent peak of $90 billion.
Analysts had pointed to increased buying interest in other digital currencies as supporting bitcoin's surge.
Full story at http://cnb.cx/2s5Ry5B
Bitcoin Bubble Was Imminent, Bitcoin Price Drop Deepens, But Recovery Nears
In a period of seven days, Bitcoin price surged from $1,900 to $2,700. In some regions such as South Korea, Bitcoin was being traded at around $4,000. Analysts predicted that a bubble was imminent and that a correction would have to occur.
On May 27, Bitcoin price declined by $500 from $2,500 to $2,000, recording its first sharp since the beginning of May. The next day, it continued to fall.
Full story at http://bit.ly/2s66HUG
Bitcoin Demand Explodes in India, Overwhelmed Exchanges Put Limits on Purchases
The demand for Bitcoins has increased across the world, leading to a surge in its price to all-time highs. In India, with thousands of new users flocking to Bitcoin every day, exchanges have been overwhelmed leading to downtime and slow processing of transactions.
The unprecedented demand for Bitcoins has come in the background of the government requesting feedback about virtual currencies from users.
Full story at http://bit.ly/2s5yiFh
Bitcoin Has Come Roaring Back - But So Have the Risks
THE BITCOIN BOOM is back. This week, the digital currency leapt to record heights, peaking at nearly $2,800 before tumbling back down to around $2,400—by far the most dramatic run in its history.
While bitcoin didn’t maintain its record price for long, it’s been trading feverishly this year, breaking the $2,000 threshold just last week. Other “cryptocurrencies” like Ripple and Ether (the medium of exchange on the decentralized network Ethereum) have also soared.
“People are piling in. I think it’s fear of missing out,” says Campbell Harvey, a professor of finance at Duke University.
The big question is whether a crash is coming or whether cryptocurrencies have hit their stride. Should investors cash out now while the getting is good, or buy more now before the price climbs even higher? So far, when it comes to bitcoin, the only real rule is volatility.
Full story at http://bit.ly/2s6470X
Bitcoin Should Figure in Your Investment Porfolio, Says Asset Advisor
Boris Schlossberg of BK Asset Management has joined the cadre of investment advisors who see bitcoin as a way for investors to hedge their bets against market uncertainty. Schlossberg, according to CNBC, sees bitcoin as an addition to an investment portfolio in the wake of political uncertainty.
CNBC’s “Trading Nation” explored ways for investors to hedge against growing political uncertainty following Wednesday’s big equities selloff. Stocks traded slightly higher on Thursday following the market’s biggest sell day of the year.
Investors are also being advised to look to international markets.
Full story at http://bit.ly/2s5KVjO
Coinbase CEO: Digital Currencies Like Bitcoin Will Become Reserve Currencies
At the Token Summit held on May 25, 2017, at the NYU Stern School of Business in New York City, Coinbase CEO Brian Armstrong noted the possibility of digital currencies and cryptocurrencies such as Bitcoin replacing reserve currencies such as the US dollar.
Over the past year, Bitcoin has shown a meteoric rise in value. Year-to-date, Bitcoin has already recorded a 375 percent increase in price, surging from the $900 region to $2,400. Analysts have attributed this recent surge in the price of Bitcoin to the growing global awareness toward Bitcoin as a safe haven asset and digital gold.
Both casual and institutional investors consider Bitcoin as a safe haven asset due to its decentralized nature and independent network. Within the peer-to-peer Bitcoin network, users can send and receive transactions without the existence of intermediaries and third party service providers. Because of this financial independence which Bitcoin represents, analysts and investors have recognized Bitcoin as the alternative to today’s existing banking and financial systems.
More importantly, mainstream media, prominent entrepreneurs and high-profile investors have suggested the possibility of Bitcoin potentially replacing reserve currencies in the future by providing an independent, transparent, decentralized and secure financial network for users.
Full story at http://bit.ly/2s5yhRJ
How to Pull Bitcoin out of Darknet Stigma: Blockchain Startup Expertise
With most new technologies, it's rare that mainstream investors dive in and take risks with the unfamiliar and untested. Organized crime, on the other hand, will invest in cutting-edge technologies to drive their initiatives, just like any legitimate business.
Criminals use the Internet, mobile phones, encryption technology, instant messaging and social media. But none of these technologies have sustained a bad reputation like Bitcoin.
From its launch in 2009, bad press has littered headlines involving Bitcoin, partially due to the Silk Road marketplace, the Darknet and other platforms that maintain their anonymity, finance terrorism, traffic drugs and allow them to launder money.
During this period, investment capital in Blockchain was a mere $93 mln in Blockchain investments according to CB Insights.
Full story at http://bit.ly/2s66RLM
Japan, South Korea drive global bitcoin prices as retail investor pile in
HONG KONG: Japanese and South Korean buying helped drive the price of bitcoin to an all-time high this week, with the digital currency more than doubling its value since the start of the year, analysts and market practitioners said on Friday.
Frenzied buying as the price peaked at $2,760.10 on Thursday caused website outages on Coinbase, the global bitcoin company that allows consumers to buy and sell bitcoins. The price has since fallen back to $2,632.74.
In Japan and South Korea, among the largest markets for bitcoin globally, bitcoin traded at a premium of more than $300 higher above the global average, according to CryptoCompare.com.
The rally appeared to have been driven by new buying from smaller retail investors, suggesting bitcoins are increasingly viewed among the general investing public as an alternative asset class much like gold, analysts said.
Full story at http://bit.ly/2s5PxWU
The Latest Bitcoin Price Surge May Not Have Much to Do with Trade Speculation
Bitcoin, the popular cryptocurrency’s price has been on a constant upward trend until yesterday, creating new records every other day. The increasing price trend has reminded many of the Mt Gox times, where Bitcoin price rose beyond the $1000 mark before experiencing a massive crash.
The growing Bitcoin price trend has caused concern to many investors, confused about whether to invest in the cryptocurrency now or wait until the next price fall. The past 24-hour market trend seems to have addressed their concern, thanks to over 22% drop in the value. However, this situation is not expected to continue for long due to increasing adoption and stability of the cryptocurrency.
Meanwhile, cryptocurrency and investment experts believe that the recently witnessed price rally is just the beginning and this time, there is no need to draw similarities between the tech bubble in 2000’s and the “Bitcoin bubble”. They also go a step further by supporting their theory with three reasons.
According to reports published on media outlets, the cryptocurrency has reached a stage where it plays a significant role in the stability and integrity of distributed ledger solutions. This has resulted in increased demand for Bitcoin and other cryptocurrencies, not only among traders and community members but also businesses involved in development, implementation and usage of blockchain-based applications. A trend which is not going to go out of date anytime soon.
Full story at http://bit.ly/2s6drBF
