Weak Demand? Bitcoin's Price Rebound May Be Starting to Fade
The rebound in the bitcoin-U.S. dollar (BTC/USD) exchange rate appears to be stalling out.
After rising from a recent low of $2,980 earlier this week, bitcoin is again trading below $4,000, a development that raises doubts as to whether the rally will continue. As per CoinMarketCap, the cryptocurrency was trading at $3,850 at press time – down 1.68 percent in the last 24 hours.
Week-on-week, BTC is up 19 percent. On a monthly basis, BTC is down 3.7 percent.
However, assumptions that China's crypto trading crackdown will not have a long-term impact seem to have waned. This is evident from the price action analysis, which points to bullish exhaustion around $4,000 and a lack of substance in the rally from $2,980.
Full story at http://bit.ly/2yvYOe2
Source: CoinDesk
Chinese Bitcoin Exchange Executives Allegedly Must Remain in China
It has been reported that Chinese bitcoin exchange executives must stay in China during the government’s crackdown and “clean-up” of the nation’s cryptocurrency industries. A rough translation from a story published by China’s Bjnews states that “a number of informed sources say the executives of special currency trading platforms are not allowed to leave Beijing to cooperate with the investigation. In accordance with regulatory requirements, trading platform shareholders, the actual controller, executives and financial executives need to fully cooperate with the relevant work in the clean-up period in Beijing.”
The alleged travel ban has also been reported by Australia’s Financial Review (AFR), who stated that an anonymous source close to major cryptocurrency exchange Huobi told AFR that Huobi’s founder, Li Lin, must “report to the authorities and cooperate with their work at any time” – requiring that Li Lin must remain in China.
An increased regulatory presence within China’s cryptocurrency industry has significantly reduced China’s position of dominance within the bitcoin markets since last year. Chinese trading is currently estimated to account for less roughly 10% of global trade volume, compared to approximately 90% throughout most of 2016. Analysts are expecting China’s share of global bitcoin trade to drop substantially further once all of China’s major bitcoin exchanges have ceased operations, which is expected to have occurred before the end of October.
Full story at http://bit.ly/2yvPpn9
Source: Bitcoin News
US bank CEOs are likely 'very afraid' of bitcoin, says wealth advisor
CEOs of U.S. banks are likely "very afraid" of bitcoin, according to a wealth advisor.
Some financiers have said the cryptocurrency is an unwise investment because of its volatility or supposedly weak store of value, but bank chiefs have another reason to dislike bitcoin, said Rainer Michael Preiss, executive director at Taurus Wealth Advisors.
"Of course, if you run a very large U.S. bank, most probably you are afraid of blockchain and bitcoin," said Rainer Michael Preiss, executive director at Taurus Wealth Advisors.
His comments came after JPMorgan CEO Jamie Dimon called bitcoin a "fraud" last Tuesday.
Full story at http://cnb.cx/2yvPqYf
Source: CNBC
Five Bitcoin Crashes and What You Can Learn From Them
With Bitcoin price reaching a new high of $5,000 recently, and then dumping back down to nearly $3,000, it’s been a wild ride this month.
These crashes are part and parcel of the volatile digital currency, and drops of 10, 20, even 40 percent are not that uncommon.
Since Bitcoin began, there have been some major crashes, but there have also been some good lessons to learn.
In one of the earlier and larger drops, Bitcoin price went from $233 to $67 overnight, a massive 71 percent drop in 12 hours. It would take seven months to recover.
Full story at http://bit.ly/2yvPtmT
Source: CoinTelegraph
Russian Governor Invites Cryptocurrency Miners to Set Up Mining Farms in Leningrad
The governor of the Russian Leningrad region, Alexander Drozdenko, is inviting cryptocurrency miners to set up mining farms in the region, according to local publications. At the third annual forum for the region’s small and medium-sized businesses (SMEs) called “Energy of Opportunities” which took place last week, he proposed that the first Leningrad Nuclear Power Plant (LNPP) could be used to set up cryptocurrency mining farms. The event was attended by 600 entrepreneurs and federal agency representatives.
The Leningrad region is bordered by Finland in the northwest and Estonia and St. Petersburg in the west. The region’s first LNPP, which was commissioned in 1974, is located in the town of Sosnovy Bor. Currently, the second nuclear power plant (LNPP-2) is being developed next to it.
“As you know, the construction of LNPP-2 is being completed in Sosnovy Bor, and large areas of the first nuclear power plant are being liberated,” Drozdenko explained, adding that this site may be of interest to cryptocurrency miners. 47News noted:
Full story at http://bit.ly/2yvPoQ7
Source: Bitcoin News
Searching for Problems? James Altucher to Bitcoin Critics: You're Dead Wrong
Only invest in things that solve problems.
At least that's a strategy James Altucher, the former hedge fund manager, business blogger and best-selling author, places at the center of his investment strategy. With that outlook, it might seem strange that he so bullishly invests in bitcoin and other cryptocurrencies – emerging technologies typically accused of being "solutions searching for a problem."
But Altucher thinks that claim is nonsense.
In his eyes, cryptocurrency solves a host of problems caused by the fiat-based financial system – particularly, the fees and time it takes to send international payments.
Full story at http://bit.ly/2yuAeuh
Source: CoinDesk
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