Bitcoin Prices Plunge To Lowest In More Than 1 Month
Bitcoin prices plunged today, falling to their lowest level in more than one month, as crypto markets continue to respond to ongoing regulatory developments in China.
The digital currency's price had fallen to as little as $3,434.78 at the time of report, according to the CoinDesk Bitcoin Price Index (BPI).
This represented a more than 30% decline from the all-time high of more than $5,000, and the lowest price since August 11, additional BPI figures show.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
Full story at http://bit.ly/2wwAmr3
Source: Forbes
Don’t let the bankers fool you: bitcoin is here to stay
It is a “fraud”, the JP Morgan CEO, Jamie Dimon, said this week. “It’s worse than tulip bulbs … it will be the emperor with no clothes”. He was talking about the internet cash system bitcoin.
It will eventually “blow up”, he said, it’s not a “real thing”. “It will be closed.” Any JP Morgan trader caught buying or selling bitcoins will be “fired in a second” – for “being stupid”, he added.
Bitcoin will always divide opinion – as a non-government system of money, inevitably so. Its most ardent supporters think it will eventually become the reserve currency of the globe. Its sternest critics think it will die a death. It is not hard to work out the side of the fence on which Dimon sits.
Bitcoin was devised in reaction to what happened in 2008 during the financial crisis: printing money, bailing out banks, suppressing rates. The idea was to create a system of money beyond the manipulative hands of government. Although JP Morgan was by no means the most leveraged of the banks, it still took bailout money, and, as its CEO, Dimon and bitcoin will inevitably be philosophically opposed. His utter faith in the US dollar sounds rather like the boss of a major record label talking up CDs a year before the iPod was brought to market.
Full story at http://bit.ly/2wwEV4n
Source: The Guardian
Why Big Banks Attacked Bitcoin
Big Banks want to destroy Bitcoin before it destroys them.
Bitcoin, the “people’s currency,” has the potential to become a new currency, free of the control of big governments and big banks.
That’s why they both want to limit this potential. Each one in their own way. Big governments by stepping up regulations of Initial Coin Offerings (ICOs) and by shutting down cryptocurrency exchanges, as the Chinese government has announced recently, crushing cryptocurrencies.
Full story at http://bit.ly/2wwD7Za
Source: Forbes
Bitcoin Markets Rebound as More Chinese Exchanges Plan to Close Operations
Bitcoiners have been waiting for the two Chinese exchanges, Huobi and Okcoin, to announce that they were closing operations. Earlier this morning, the Chinese financial publication Caixin revealed that the two exchanges may stay open longer because they have a lot of users and the companies did not participate in the ICO process. Following this story, on September 15 at 9:30 pm Beijing time both trading platforms announced they would be closing trading operations on October 31. Both blog posts from each exchange are nearly identical.
“On September 30 we will inform all users about stopping our trading services,” explains Okcoin and Huobi’s announcement.
Full story at http://bit.ly/2wxfLTb
Source: Bitcoin News
From Silk Road to ATMs: the history of bitcoin
Bitcoin is a digital currency started in 2009 by a mystery figure named Satoshi Nakamoto, whose true identity is still unknown. It is unlike traditional currencies because it has no central bank, nation state or regulatory authority backing it up.
The “coins” are made by computers solving a set of complex maths problems. To spend them, users buy bitcoin and conduct transactions with them using exchanges such as San Francisco-based Coinbase. Rather than a central authority validating transactions, they are all recorded on a public ledger, called the blockchain.
Bitcoin don’t actually exist but are digital keys are stored in a digital wallet, which can also manage transactions. The wallet exists either in the cloud or on computers, and can be linked to bank accounts. If using an online wallet, investors must be sure they can trust the provider, because if hackers breach its server’s security measures the bitcoin could be stolen.
Typically, you can pay by bank transfer, mobile payments or with a Visa or Mastercard. There are also bitcoin ATMs, which allow for bitcoin to be exchanged for cash and vice versa, in London, Bristol, Brighton and Glasgow. A growing list of firms accept Bitcoin, including Tesla and Microsoft.
Full story at http://bit.ly/2x69GRj
Source: The Guardian
Cryptocurrency: 5 Ways To Profit From A Market Crash
Recently, a range of analysts have weighed in on whether cryptocurrencies are in a bubble.
There is certainly cause for concern, as the total market capitalization (market cap) of these digital assets has surged from less than $18 billion to nearly $180 billion this year, according to CoinMarketCap.
However, these currencies have been suffering some weakness lately, as many have dropped significantly from their peaks.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
Full story at http://bit.ly/2x6hIcW
Source: Forbes
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