Welcome to the Crowdify digest of interesting and important news and views about Bitcoin and Cryptocurrency.
Top Altcoins Surge As Bitcoin Price Crosses $2400 in Sign of Recovery
At 11:00 GMT+2 on Thursday, the pioneer cryptocurrency Bitcoin crossed the $2,400 line by appreciating 10.22 percent and recording a market price of $2,419. The aftermath of last weekend's panic has seen the price going up and down like a pendulum.
But this morning robust growth has returned to the cryptocurrency ecosystem. There are talks of Chinese exchanges resuming withdrawals and if that is the case then it is a good omen for the industry.
For almost four months now, Chinese exchanges have suspended Bitcoin and Litecoin withdrawals.
This was supposed to last for just a month when the directive came from the People's Bank of China (PBoC) in February.
Full story at http://bit.ly/2rxnyBL
China Trade Resurgence Makes Everyone Rich - Except Ethereum Classic
Exploding Chinese trading volumes saw cryptocurrencies across the board gaining Thursday - with the notable exception of Ethereum Classic (ETC).
While the top eight cryptocurrencies posted increases from modest to giant in the case of Ripple (38 percent in 24 hours), ETC was left floundering.
This comes despite news last week from BTCC CEO Bobby Lee that his exchange, which is a major presence in China, would list ETC based purely on consumer demand.
Former Ethereum developer Charles Hoskinson even tweeted that he was “extremely excited” at the decision.
Full story at http://bit.ly/2rxr3Z8
CNBC Covfefe: Bitcoin Price Could Hit $100,000 in 10 Years
Kay Van-Petersen, an analyst at Saxo Bank, told CNBC that Bitcoin price could hit $100,000 in the next 10 years.
Cointelegraph previously reported that the daily trading volume of the cryptocurrency market was nearing that of major stock markets. However, the cryptocurrency market’s trading volume is still only a fraction of leading stock markets such as NASDAQ.
In order for the cryptocurrency market to surpass the trading volumes of major stock markets, it has to surpass a trillion dollar market cap. In an interview with CNBC, Van-Petersen stated that Bitcoin alone will most likely achieve a trillion dollar market cap in the next 10 years and a price of $100,000.
More to that, Van-Petersen predicted the daily trading volume of the cryptocurrency market to account for at least 10 percent of the average daily volumes of fiat currency trades which is a $500 bln trading volume.
Full story at http://bit.ly/2rxgXqP
Ethereum Has Higher Trade Volumes Than Bitcoin As Fortunes Reverse
24-hour Ethereum (ETH) trading volumes have passed Bitcoin’s according to data from CoinMarketCap on Tuesday.
The period to press time at 17:00 BST showed ETH had turned $1.293 bln in volume compared to Bitcoin’s $1.271 bln.
The move, which may well be unprecedented in the history of ETH, accompanied a livelier price uptick compared to BTC, which increased just 1.65 percent since Monday versus the top altcoin’s 11.3 percent rise.
ETH is now back above $200 per token since Thursday last week, when a slip became a plunge in line with Bitcoin to see it bottom out at just $120.
Full story at http://bit.ly/2rxdhFK
Altcoin Gulden Set To Implement PoW² In July: Leading Developer
Gulden is set to implement Proof of Work 2.0 also known as PoW² latest by July this year. The digital cryptocurrency that has tagged itself as user-driven insists this new technology will tremendously enhance its security and provide economic incentives for holders.
In a chat with Cointelegraph, Gulden Lead Dev, Malcolm Macleod who is the mastermind of PoW², says what the technology is going to do to advance it to the crypto space.
He intimated that his outfit has taken a long hard look at various usability issues that stand in the way of their current goals. He also identified several limitations of current Blockchain systems that repeatedly stick out as key usability issues that need to be solved.
According to Macleod, they include issues like erratic block times, slow transaction confirmations, and the risk of double spends among others.
Full story at http://bit.ly/2qMCvMo
Bitcoin may hit $4,000 by the end of the year: Analyst
The digital currency bitcoin is currently still near all-time highs, but bullish calls remain for the asset. One investor thinks it could almost double to $4,000 by the end of 2017.
Bitcoin hit an all-time high in late May, reaching to $2791.70 according to CoinDesk data, recording a 180 percent rally year-to-date. There was a subsequent price correction towards $2,100 but bitcoin currently stands around $2,468.56. The market cap for bitcoin has swelled to more than $40 billion.
The bitcoin rally has been fueled by several causes:
- Japan passed a law in April recognizing the digital currency as a legal method of payment, leading to a surge in demand from Asian countries.
- The U.S. Securities and Exchange Commission is reviewing a decision regarding approval for a bitcoin-based exchange traded fund proposed by Cameron and Tyler Winklevoss, known for their lawsuit against Facebook founder Mark Zuckerberg.
- Other countries, including Russia, are looking at how to regulate bitcoin in order to tax it, but this could further stimulate demand for the cryptocurrency as it becomes legitimized.
Full story at http://cnb.cx/2rx8UKM
Bitcoin is taking off after China's biggest exchanges allow withdrawals
Bitcoin is back to its old ways after a few quiet sessions.
The cryptocurrency trades up 4.1% at $2,407 a coin following news that China's three largest bitcoin exchanges are allowing customers to withdraw bitcoins from their accounts.
The news follows months of uncertainty for customers of the exchanges, who back in Febraury were told they would be unable to take bitcoin out of their accounts. At the time, bitcoin was threatening its record high of $1,161 a coin before plunging more than 10% on the news.
Since then, however, things have been going pretty well for the cryptocurrency. Aside from the US Securities and Exchange Commission rejecting two bitcoin ETFs, bitcoin has seen a steady stream of good news.
Full story at http://read.bi/2rwXqqD
Britain's largest broker offers bitcoin investment
Britain's largest online trading platform, Hargreaves Lansdown, is to allow its customers to invest in bitcoin, the alternative digital currency.
The broker, which administers £70bn of investors' money, will give its 876,000 customers access to a fund that tracks the price of bitcoin, the best-known of a new breed of alternative currencies.
The fund, offered by a Swedish company, XBT Provider, is structured as an "exchange-traded note" (ETN). This is a fund listed on the stock exchange, meaning it can be bought and sold like a share.
XBT buys complicated "synthetic" certificates, listed in US dollars, that aim to track the price of bitcoin. The ETN itself is denominated in Swedish krona. British investors are therefore exposed to two levels of currency risk.
Full story at http://bit.ly/2rxws23
Here are 3 things you should do if you want to start buying bitcoin
We’ve received a lot of feedback from our last few write-ups on the bitcoin and cryptocurrency market.
And because a many readers have said they are going to roll up their sleeves and enter the market themselves, we thought we’d offer three simple pieces of advice to bitcoin beginners.
Speaking from personal experience, I highly recommend that folks looking to buy some bitcoin start with an extremely small amount… no more than a bitcoins worth, which today is the equivalent of a couple thousand U.S. dollars. (You can use less money and buy a fraction of a bitcoin also if you prefer).
The process of buying, moving and storing bitcoin is not like traditional online banking or investing. If you send bitcoin to the wrong location, for example, you can’t just call up your bank and cancel your transaction. So it’s critical to familiarise yourself with the mechanics of buying and moving bitcoin around first with a relatively small sum, before moving on to larger dollar amounts.
Full story at http://read.bi/2rxdo48
Who Needs an Exchange? Three Unconventional Ways to Acquire Bitcoin
Just recently we reported on four bitcoin exchanges that require very little identification. Alongside these peer-to-peer platforms, there are also other ways to purchase bitcoin without using a traditional exchange. There are other more unconventional methods, like purchasing bitcoin at a convenience shop or even with a store gift card.
There are many trading platforms that people can use to purchase and sell bitcoin, but sometimes people don’t want to go through the hassle of registering with an exchange. On the other hand, some individuals also don’t want to use Localbitcoins as they may dislike the process of dealing with peer-to-peer traders. Many people don’t know that there are other types of methods individuals can use to purchase and sell bitcoin, and some of them may be at your local convenience store.
Full story at http://bit.ly/2rxofeq
Prepared by @SydesJokes
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