Hedge Funds Tied to Cryptocurrencies Exploding, Over 70 in Pipeline
“Hedge funds with crypto exposure "exploding," tweets economist and investor Tuur Demeester.
According to his quoting a related article, over 70 such funds are now being in the pipeline.
The linked article includes a comment by Arthur Bell manager Corey McLaughlin who says:
“I’ve been in the hedge fund space since 1998, and I’ve never seen anything like it in volume of launches in a particular area. It’s just crazy.”
Full story at http://bit.ly/2uuM6sS
Source: CoinTelegraph
Bitcoin Price Explodes to $3,212 New All-Time High, Factors
On Aug. 5, less than four days after the Bitcoin Cash (BCH) hard fork, Bitcoin price surged drastically within a 24-hour period, recording a new all-time high at $3,212.
Previously, Bitcoin price broke the $3,000 mark mostly due to optimism surrounding the activation of the Bitcoin Core development team’s transaction malleability fix and scaling solution Segregated Witness (SegWit).
However, shortly after that, a major market correction led Bitcoin price to fall to $1,900, and it stabilized at around $2,500 amidst uncertainty regarding SegWit and the execution of the BCH hard fork, which was initially proposed by Bitcoin mining equipment manufacturer Bitmain.
Full story at http://bit.ly/2uuwR3p
Source: CoinTelegraph
Bitcoin Market Cap Crosses $50 Billion Mark As BTC Price Surges
The sudden and massive run up on Bitcoin Saturday pushed the market cap for the cryptocurrency above $50 bln for the first time ever, leaving investors thrilled. The day’s growth will have a substantial impact on the market cap of all cryptocurrencies, which has seen large increases in recent weeks.
As the news of the fork on Aug. 1 waned, Bitcoin pressed forward at more than 12 percent at press time, seeing huge gains over $3,200. The spike is likely the result of a stabilized market after the fears of the fork were overcome by widespread confidence.
At the $3,095/BTC mark, the total market cap of Bitcoin crossed $50 bln, more than double that of Ethereum ($21 bln), for those who had predicted the ‘flippening.’
Full story at http://bit.ly/2uuM7Ns
Source: CoinTelegraph
Bitcoin Price Blows Past All Time High $3,000 Mark, Hodlers Rewarded
After all the chaos of the past month, hodlers were rewarded Saturday with a huge surge in Bitcoin pricing. At press time, BTC was trading at $3,104, a new all time high. Reddit exploded with the news, filled with a number of funny GIFs showing the exuberance of the BTC marketplace.
Many analysts had changed their perspective on BTC after the news of the Bitcoin Cash (BCH) fork was made public. There were those, however, who directed the public back to the fundamentals of BTC, encouraging hodlers to remain calm and not give into fear of value loss. It appears for today that they have been rewarded highly.
Full story at http://bit.ly/2uuAjLf
Source: CoinTelegraph
Czech National Bank Assures Cryptocurrencies Do Not Threaten Traditional Banking System
The Czech National Bank claimed that cryptocurrencies like Bitcoin do not pose a threat to the conventional banking system. A statement posted by the bank entitled “Don’t be afraid of Bitcoin,” argues that fiat currencies are still most suitable for commerce. The bank reasons that fiat currencies are more useful due to price stability, but contends that Bitcoin is not a bad thing and does not threaten the banking system.
The statement aims to address the popularity of Bitcoin in Prague and the entire Czech Republic. The document cites the high number of digital currency users and supporters in Prague but insists that Bitcoin cannot replace or marginalize traditional monetary systems.
The bank also says that the adoption of virtual currencies in the country is “negligible in its size and scope” and that “electronic transactions using Bitcoin worldwide amount to only 16 percent of the electronic transactions conducted in the Czech koruna.”
The bank explains that one basic problem with the use of Bitcoin is its constantly changing purchasing power. This volatility makes the currency much less useful as a means for paying and settling transactions.
Full story at http://bit.ly/2uuN1cL
Source: CoinTelegraph
Cryptocurrency 101: Proof of Work vs. Proof of Stake
Satoshi Nakamoto, the visionary behind the Bitcoin, is viewed by many as the father of cryptocurrencies. The elusive figure unveiled their vision for a completely decentralised digital currency in November of 2008, propitiously following the global financial crisis of the previous year. Whoever the pseudonymous Satoshi Nakamoto was, their research and reference implementation of Bitcoin protocol started a revolution which inspired a rich market economy and culture by the name of “cryptocurrency.”
At the heart of Nakamoto’s revolution was a simple yet ingenious mechanism. Now officially known as “proof of work,” the white paper detailed a consensus scheme which allowed a peer-to-peer network of nodes to manage transactions in a completely decentralised manner. For the first time in history, funds could be transferred from one person to another with no intermediary, delay, or extortionate transaction fees.
Bitcoin’s inception gave rise to numerous alternative cryptocurrencies, collectively referred to by the apt but unimaginative label of “altcoins.” Over the past nine years, blockchain technology has matured significantly, and altcoins are no longer restricted to proof of work to reach network unanimity. Different mechanisms for achieving consensus exist, with their own sets advantages and disadvantages.
Full story at http://bit.ly/2hB9y6u
Source: http://dailycryptocurrency.com
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