Bitcoin Shatters $7k Barrier After Futures Trading Announcement by CME Group
Bitcoin continued its five-day surge, rising from $5,750 on Oct. 28 to just over $7,000 at press time on the GDAX exchange. The currency’s definitive smashing of its most recent all-time high and the $7,000 barrier seems to be tied to its increasing integration in mainstream finance.
Just yesterday, the CME Group, World’s Largest Options Exchange, announced they will begin trading in Bitcoin futures by the end of 2017, pending regulatory approval. CME Group is the largest options and futures exchange in the world, and owner of Chicago Mercantile Exchange, Chicago Board of Trade, New York Mercantile Exchange, Kansas City Board of Trade and part-owner of the Dow Jones Indices.
Following the announcement, Bloomberg reported that CME’s imprimatur makes Bitcoin “legit” in the world of mainstream finance. CME becomes the latest mainstream player to jump on the Bitcoin bus, following the Chicago Board Options Exchange’s (CBOE) announcement that they will trade Bitcoin options and futures, and LedgerX’s opening of their regulated Bitcoin futures market.
Full story at http://bit.ly/2hyHyOB
Source: CoinTelegraph
As Bitcoin Closes in on $7,000 Will Government Restrictions Succeed?
With bitcoin pushing $100 billion in market capitalization, the flagship crypto is attracting mainstream investors around the world – people who were initially skeptical of digital, non-fiat cash. So what do traditionalists who are familiar with “hard money” bring to a growing crypto community?
“They can bring a knowledge of monetary fundamentals,” says Jeffrey Tucker, an economist and founder of Foundation of Economic Education (FEE). “One of the things you learned about the bitcoin community between 2008 to 2014 is that it mostly consisted of computer scientists and code geeks who didn’t know a lot about monetary theory. The ‘hard money’ community brings knowledge of economics and money.”
Gold and silver have been used as hard cash since the dawn of civilization. Tucker believes that the language of crypto is rooted in age-old money practices. “Many of the metaphors we used in the crypto world come from the history of gold standard. This is why we talk about mining, proof of work, cold storage and so on.” Tucker adds, “Understanding the gold standard can give you insight into why bitcoin works the way it does.”
But as mainstream investors normalize the use of bitcoin, author Wendy McElroy cautions in “The Satoshi Revolution” that history is full of examples where private mints were ungraciously pushed aside in favor of monopolistic state presses. “Government is threatened and wants a monopoly [of cash issuance]. Cryptocurrencies … can expect the same treatment from governments around the world: a mixture of banning, obstacles, absorption and punishment,” she writes.
Full story at http://bit.ly/2hxz9Lg
Source: Bitcoin News
A Minute’s Silence For Altcoins as Bitcoin Highs Slice Value Across Markets
Bitcoin’s rise over $7,200 Thursday has piled pressure on already sidelined altcoin markets, leading many into freefall.
An analysis of Coinmarketcap’s top 20 altcoin listings shows a depressing picture as Bitcoin’s surge leaves many struggling to stay above multi-month lows.
Notable standouts are the Bitcoin Cash fork and controversial newcomer BitConnect, opportunistically riding enthusiasm surrounding the Bitcoin Core chain.
Altcoin losses extend to Ethereum, which lost over six percent in 24 hours, while fellow fork Ethereum Classic (ETC) dropped to its lowest BTC and USD price since May.
Full story at http://bit.ly/2hxljZu
Source: CoinTelegraph
Bitcoin Sets New Record as Price Tops $7,000
Another day, another record...
Bitcoin prices have continued to climb overnight, building on consecutive highs in recent days and ultimately reaching a new all-time high close to $7,000.
At 07:00 UTC, bullish bitcoin trading saw the cryptocurrency soar to a peak of $6,994.01, having opened the session at $6,750. At press time, the price of a bitcoin is $6,939, according to CoinDesk's Bitcoin Price Index – a 2.8 percent gain for the day so far.
As per CoinMarketCap, bitcoin is up over 20.56 percent for the last 7 days, and its market capitalization has now peaked at over $116 billion.
Full story at http://bit.ly/2hyHpe1
Source: CoinDesk
Chinese Might be Able to Trade Bitcoin Again Soon
19th National Congress of the Communist Party of China, the most important conference in China this year, ended on Oct. 24. With the end of the conference, some temporary regulations and policies are canceled as well. Among the regulations, the shutdown of Bitcoin trading in China might be one.
On Oct. 28 ZB.com, which is a new cryptocurrency trading platform, announced that all trading functionality will be available from Nov. 1. Users can sign up for accounts and deposit now.
The platform claims that people all over the world, including those in mainland China, can exchange and trade on the platform. The languages of the website are Chinese and English. However, it’s too soon to state that the regulation toward Bitcoin and other cryptocurrencies is invalid. Maybe the platform will be closed by the government soon. Nevertheless, there are also people saying that the Chinese government is behind the platform.
Full story at http://bit.ly/2gMewKu
Source: CoinTelegraph
Split or No Split? Bitcoin Miners See No Certainty in Segwit2x Fork
It's hard to find a franker bunch in the world of blockchain.
While the attitudes of more corporate miners may have created the impression the sector itself is shrouded in secrecy, the trope doesn't exactly hold weight. And though it's true those who run the computers that secure bitcoin can be evasive, they're often also brash – a trait no doubt heightened by the fact that they effectively create value out of thin air.
But combine this penchant with linguistic and cultural gaps, and you have a recipe for mixed signals. Quite simply, it can be hard to tell where miners stand on issues related to the technology – even those in which they arguably play a leading role.
Not to mention, in an industry that changes fast, miner's opinions can evolve just as quickly.
Full story at http://bit.ly/2hyE9iG
Source: CoinDesk
Winklevoss Twins’ Bitcoin Investment Already Worth More Than $1 Billion
The Winklevoss twins, Cameron and Tyler, could be the richest celebrities in terms of Bitcoin investments as of late October 2017, as their one percent total holdings of the leading digital currency are already worth more than $1 bln.
The twins became infamous for their legal dispute with Mark Zuckerberg over the latter’s alleged stealing of their original concept for the Facebook social network.
In a Twitter post, freelance journalist Sid Kalla claimed that the Winklevoss twins are already Bitcoin billionaires as the market value of the leading cryptocurrency already reached the $100 bln mark.
The Winklevoss twins claimed that they first learned about the oldest digital currency in 2012. In 2013, they announced that they had purchased one percent of the total supply (120,000 BTC) of Bitcoin at the time. In late 2013, the twins stated in an interview that they did not sell any of their Bitcoins and they keep their wallets in different safes around the world on universal serial bus (USB) drives.
Full story at http://bit.ly/2hxEdPX
Source: CoinTelegraph
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