Cryptocurrency News for 23 Oct 2017

 

JPMorgan Buys Bitcoin-Bullish WePay in ‘Rare’ Fintech Move

 

Unpredictable global banking giant JPMorgan has bought up payment network WePay in a “rare” fintech acquisition.

The move is aimed at JPMorgan’s four million business customers which it wants to be able to accept payments “faster,” Bloomberg reports.

The bank has made headlines several times over the past month after its CEO Jamie Dimon called Bitcoin a “fraud,” only to U-turn on his comments and “not talk about Bitcoin anymore.” At the same time, senior executive said the company was “open-minded” on cryptocurrency and Blockchain.

WePay has hinted at a markedly different stance, CEO Bill Clerico saying he was “bullish on Bitcoin” as far back as 2014.

Full story at http://bit.ly/2yIVFKt

Source: CoinTelegraph

 

Italian Auction House is First to Allow Bidding with Bitcoin

 

A Geo TV article originally covered the story: “ROME: Italian auction house Sant’Agostino said Wednesday bidders at its next sale will be able to settle up in bitcoin, a world first according to the auctioneers.”

The auction is slated to sell roughly 600 items, which include furniture and other household objects. All of the items can be purchased with bitcoin via the bidding process. Furthermore, the following  Sant’Agostino auction — which will include bidding on jewelry, watches, and art pieces — will also accept bitcoin as part of the settlement process.

"Paying with the crypto currency will also be allowed at the following auction at the end of November which will feature paintings, jewelry and watches."

This means there could be a movement developing in this particular area of retail services, and spur more popularity for bitcoin and other cryptocurrencies.

Full story at http://bit.ly/2yIVIG9

Source: Bitcoin News

 

Cryptocurrency Just Hit A Major Milestone -- and Entrepreneurs Shouldn't Ignore It

 

If you haven't heard or paid attention to the phenomenum that is cryptocurrency, then it's time to take notice.

First, if it's still a foreign concept for you, cryptocurrency is any of a number of digital currencies that can be used for online transactions without intermediaries such as banks. Without banks, cryptocurrency can be traded and used for commerce between two or more people without the oversight -- and expense -- of those intermediaries.

The underlying power behind cryptocurrency is blockchain technology, which is as difficult to understand as it is to explain. There are certainly in-depth descriptions of how blockchains function available, but in general, each is built on a publicly distributed digital ledger aimed at ensuring the security and transparency of the transaction for all involved.

Cryptocurrency was first launched in 2009 as an experiment limited to a handful of adopters. However, It has grown into a legitimate and credible global currency and payment option, as countries like Singapore, India, China and Russia have moved to adopt their own digital versions of their currencies.

Full story at http://bit.ly/2yIP8iW

Source: Entrepreneur

 

Bitcoin Breather? Higher Price Push Still Possible on Search Demand

 

The price of bitcoin may have hit a new all-time high above $6,000 today, but it's already showing signs it may be primed to push higher.

At press time, the bitcoin-US dollar (BTC/USD) exchange rate was roughly $5,950, down slightly from the day's high, but up 9 percent on the week amidst what proved to be strong demand for bitcoin in the $5,000-to-$5,500 range.

Week-on-week, bitcoin is up 9 percent, while on a monthly basis, it is up a staggering 53.66%.

Looking ahead, however, at least two underlying trends suggest it may trace higher in the days or weeks ahead.

Full story at http://bit.ly/2yIP9n0

Source: CoinDesk

 

If you bought $100 of bitcoin 7 years ago

 

Full story at http://bit.ly/2yK94lx

Source: SydesJokes Blog

 

Big money stays away from booming bitcoin

 

LONDON (Reuters) - Bitcoin is booming, digital currency hedge funds are sprouting at the rate of two a week and the value of all cryptocurrencies has surged tenfold this year to more than $170 billion.

Yet for all the hype, mainstream institutional investors are steering clear of the nascent market, taking the view that it is too lightly regulated, too volatile and too illiquid to risk investing other people’s money in.

Bitcoin, the biggest and most well-known cryptocurrency, has outperformed all the world’s traditional currencies each year since 2011, except for 2014. But many investors still view it as an opaque, esoteric instrument used by gun-runners and drug-dealers on the Dark Web that should be avoided.

This year, though, a flood of new hedge funds focused on cryptocurrencies has offered institutional investors who might be unfamiliar with the market a potential route into the world of digital currencies.

Full story at http://reut.rs/2yKbiBE

Source: Reuters

 

 

 

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Cryptocurrency News for 22 Oct 2017

 

Clueless Central Bankers Regard Bitcoin With Envy, Hatred

 

In my first article for the Cointelegraph I tried to explain the value of Bitcoin to citizens of countries that practice capital controls, which are usually countries with less economic development.

A day later, I read an article where the president of the Central Bank of Brazil exposes his lack of understanding and appreciation about digital currency, which could be such a boon to citizens of my native country, Brazil.

I believe that the best way to explain it is through practical examples, so I will summarize my experience with the legal tender currency of my country.

I was born in 1981, during the decade of hyperinflation in Brazil, I remember that it was normal to see the supermarkets crowded during the first week of the month. This is because on payday, everybody groceries for the entire month since prices were changed every day, sometimes more than once a day.

Full story at http://bit.ly/2yIP2rA

Source: CoinTelegraph

 

TSMC: Cryptocurrency Mining Drove Strong Third Quarter Revenue

 

The chief financial officer for the Taiwan Semiconductor Manufacturing Company (TSMC), the world's largest independent semiconductor foundry, cited cryptocurrency mining in the firm's third-quarter results.

The company – which provides semiconductor manufacturing services for a range of industries, including firms that design and assemble application-specific integrated circuits (ASICs) for cryptocurrency mining – announced third-quarter revenue of $8.32 billion, an increase of 17.9% compared to the previous quarter and 1.5% year-over-year.

Boosting those figures, Lora Ho said, is demand for semiconductors used in mining products.

She said in a statement:

"The strength of our third-quarter revenue was driven mainly by major mobile product launches and a generally healthy demand environment, including cryptocurrency mining. However, this strength of our third quarter revenue was partially dampened by our customers’ continued inventory management."

Full story at http://bit.ly/2yIP4jc

Source: CoinDesk

 

With Bitcoin’s Price Above $6000 USD, Satoshi Nakamoto Should Be on Forbes’ Rich List

 

The value of Satoshi Nakamoto’s estimated 1,000,000 bitcoins would place the anonymous creator on Forbes’ list of wealthiest individuals. Based on the estimated value of Satoshi’s holdings, which at the time of writing is approximately $6.1 billion USD, Nakamoto would be ranked number 237 on Forbes’ list.

Satoshi would be tied for 237th with South African business tycoon Johann Rupert, and Swedish heir and businessman Jorn Rausing. Nakamoto would be ranked higher than Alibaba’s Joseph Tsai, Australian mining magnate Andrew ‘Twiggy’ Forest, and Walmart heiress Ann Walkton Kroenke.

Satoshi is estimated to own approximately 5.89% of the more than 16.6 million bitcoins that are currently in circulation. The largest single bitcoin wallet is Bitfinex’s cold storage wallet, which currently holds over 168,000 bitcoins, or 1% of the total supply. The largest bitcoin wallet was previously owned by the U.S. government, after the FBI seized 144,336 bitcoins from anonymous free market The Silk Road.

At the time of writing, Bitcoin boasts a market cap of approximately $102 billion USD. If bitcoin were a company, it would be the 73rd largest by market cap, ranking higher than Goldman Sachs, China Petroleum & Chemical, and Bayer.

Full story at http://bit.ly/2yIVIpD

Source: Bitcoin News

 

Bitcoin breaks above $6,000, and $100 billion in value for the first time in its history

 

The world’s most prominent digital currency was on track to mark a fresh milestone on Friday, with bitcoin rallying and putting the cyber currency in position to hit a total market value of around $100 billion.

Such a valuation would place the No. 1 cryptographic currency above or on par with blue-chip companies on the Dow Jones Industrial Average DJIA, +0.71%  like United Technologies Corp UTX, +1.21% with a market value at $96 billion, American Express Co. AXP, +0.21%  at $82 billion, Caterpillar Inc. CAT, +0.45% at $77 billion and Travelers Cos. Inc. TRV, +0.11%  at $36 billion.

To be sure, it is questionable to draw value parallels between the asset and more traditional companies, but it highlights the stratospheric rise of bitcoinBTCUSD, -5.29% which didn’t exist a decade ago.

A single bitcoin also broke above a milestone of $6,000, reaching an intraday high of $6,064.14 Friday afternoon, according to research and data site CoinDesk.com. Bitcoin also boasted a market value of roughly $100.81 billion at its peak on the day, according to data site Coinmarketcap.com. The move comes just as the Dow cleared its own psychologically important level of 23,000 on Wednesday.

Full story at http://on.mktw.net/2yIVKxL

Source: MarketWatch

 

Survey Respondents Say Bitcoin to Reach $10,000

 

Consumer News and Business Channel (CNBC) ran an unscientific survey, polling its online readers with the question, “Where does bitcoin go from here?”

CNBC is owned by Comcast Corporation (Comcast), the US-based worldwide telecommunications conglomerate. By revenue, it is the largest of its kind on the globe, according to the mostly-German-based Institute of Media and Communications Policy. Comcast’s reach is vast, wide.

Forbes contributor Ilana Greene profiled CNBC, and addressed its audience demographic. Whether a “day or institutional trader, however, relies heavily upon and trusts CNBC to deliver decision useful data that they will incorporate into their daily investment decisions. According to Mendelsohn Affluent Survey, 19% of viewers watch 5+ hours of CNBC per week. These investors also regularly utilize content provided by the multiple CNBC internet channels,” she concluded (emphasis added).

Full story at http://bit.ly/2yIVHC5

Source: Bitcoin News

 

Gates Foundation to Use Ripple Interledger Tech in Mobile Payments Push

 

The Bill and Melinda Gates Foundation has released new open-source software for the unbanked that utilizes technology developed by distributed ledger startup Ripple.

Announced today, Mojaloop is aimed at providing an interoperability layer between financial institutions, payment providers and other firms that offer such services to the poor and unbanked. Ripple's Interledgerprotocol, which is used to transact between different financial networks, is being used to help accomplish that goal.

In addition to Ripple, three other financial technology firms participated in the development of the software. The app came out of the group's Level One Project, an umbrella initiative for its work with the unbanked poor that has seen it explore technologies like blockchain.

The Gates Foundation has been weighing applications of the tech since as early as 2015, including its use as a way to bridge disconnected financial systems.

Full story at http://bit.ly/2yIVGy1

Source: CoinDesk

 

 

 

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Cryptocurrency News for 21 Oct 2017

 

Bitcoin surges above $6,000 for the first time on heavy trading volume

 

Bitcoin surged 5 percent to a record high above $6,000 on high trading volume Friday.

The cryptocurrency hit a record high of $6,003.81 in late morning New York trading, according to CoinDesk. Bitcoin later pared some gains to trade around $5,905 by early afternoon.

Twenty-four hour trading volume in U.S. dollars for bitcoin was nearly $2 billion, versus the hundreds of millions for other digital currencies such as ethereum and the bitcoin offshoot, bitcoin cash, according to another industry data website, CoinMarketCap.

"In the last 24 hours and really the last few hours there has been a massive inflow of capital into bitcoin, significantly outweighing the amount of new money flowing into other cryptocurrencies," said Alex Sunnarborg, founding partner of cryptocurrency fund Tetras Capital.

Full story at http://cnb.cx/2xTQSlB

Source: CNBC

 

Wall Street Can No Longer Dismiss Bitcoin, Demand is Too High

 

It has become increasingly difficult for Wall Street to dismiss Bitcoin and the cryptocurrency markets, given the $95 bln market cap of Bitcoin, rapidly rising user bases of cryptocurrencies, and the increasing mainstream adoption of Bitcoin as a robust store of value.

Up until a few months ago, the vast majority of Wall Street analysts, bankers, and investors dismissed Bitcoin, describing it as a bubble, in an identical way the technology sector continued to condemn Amazon since its launch in 1997.

But, as the user base and market cap of Bitcoin and the rest of the cryptocurrency market soared, it has become challenging for Wall Street to blindly ignore the market, being fully aware that their failure to adopt Bitcoin and cryptocurrencies may result in the isolation of banks and financial institutions in the long-term from the promising cryptocurrency market.

Many billionaire investors and major financial institutions such as Mike Novogratz, Kyle Bass, and Goldman Sachs have decided to embrace Bitcoin and the cryptocurrency market, rather than compete against it. Notably, earlier this month, the market cap of Bitcoin surpassed that of Goldman Sachs, nearing towards the $100 bln mark.

Full story at http://bit.ly/2xUiDKR

Source: CoinTelegraph

 

Leading Expert Says Bitcoin Will Soar Above $25,000 in 5 Years

 

It has been almost a week since the latest historic Bitcoin price breakthrough, when the world’s most popular cryptocurrency surged past $5,300, only to reach $5,800just a few hours later. At time of writing, the price of the popular cryptocurrency has been hovering around $5,700 — up by more than $500 in 24 hours, and by $342 since last week.

Experts say the upward trend for Bitcoin will only continue: FundStrat Global Advisor co-founder Tom Lee believes the value of bitcoin could ultimately achieve a high of $25,000 in the next five years. Speaking to Business Insider for the first episode of their crypto-finance show “the bit,” Lee explained that bitcoin could eventually replace gold as the standard of financial value.

“I think this next generation of young people view bitcoin as their store of value. And if it captures 5% of the gold market, it’s worth at least $25,000 per unit,” Lee said.

Bitcoin is like a social network, Lee said. The more engagement bitcoin has, the higher its value will rise. “And in the short-term, we think bitcoin will reach at least $6,000 by mid-2018,” he added. That’s actually a moderate estimate: Other experts have predicted it could hit $6,000 before the end of this year. Crypto coin mogul Mike Novogratz recently told CNBC he believes that bitcoin could reach  $10,000 by April 2018.

Full story at http://bit.ly/2xTQQKv

Source: Futurism

 

First World Fat Cat Jamie Dimon Doesn’t Understand Poverty, Bashes Bitcoin

 

It’s said how little Jamie Dimon knows about the needs of people who live in the countries of South America, Central America, Africa and Asia.

Dimon keeps finding new ways to show his lack of understanding of Bitcoin, and of the economic realities of most of the world’s population. He recently said:

“If it can be done digitally with the Blockchain, so be it. But it will still be a dollar cryptocurrency. What I have an issue with is a non-fiat cryptocurrency. So crypto sterling, euro, yen, they are all fine. I don't personally understand the value of something that has no actual value.“

For an American millionaire with a narrow view of the world, he may be right. But for the inhabitants of more than 170 countries that do not have strong fiat currencies like sterling, euro, yen or dollars, Bitcoin definitely has value. An example from Brazil clearly demonstrates the benefits of transacting internationally with Bitcoin.

Full story at http://bit.ly/2xUu2dr

Source: CoinTelegraph

 

Quiet Surge: Bitcoin Price Sets New High Just Below $6,000

 

The price of bitcoin has hit a new all-time high, crossing the $5,900 line for the first time.

Markets climbed as high as $5,996.10, according to CoinDesk's Bitcoin Price Index (BPI). This figure surpasses the previous all-time high set on October 13, when the price rose to $5,856.10.

BPI data shows that the price climbed more than $200 in the past hour, with markets showing an average price of $5,697 prior to the ramp. At press time, the price of bitcoin is trading at around $5,996.

Figures from CoinMarketCap.com show that some exchanges are currently reporting a price above $6,000, including Bitfinex and Bithumb, the world's two largest exchanges by volume.

Full story at http://bit.ly/2yCzsO5

Source: CoinDesk

 

Bitcoin is heading to $10,000, CNBC survey says

 

The price of bitcoin could be heading to over $10,000, nearly half of respondents to a CNBC survey said.

During the week, CNBC ran an unscientific survey online asking: "Where does bitcoin go from here?"

Forty-nine percent of the 23,118 people who voted said above $10,000. Similar calls have been made by market participants. Former hedge fund manager Michael Novogratz told CNBC in a recent interview that he sees bitcoin heading to $10,000 in the next six to 10 months.

One option that people could also vote for was: "Jamie Dimon is correct, you'll pay the price for buying." JPMorgan Chase CEO Dimon has been critical of bitcoin, calling it a "fraud" and said "if you're stupid enough to buy it, you'll pay the price for it one day." Just over a third (35 percent) of people sided with Dimon.

Full story at http://cnb.cx/2xTWcFF

Source: CNBC

 

 

 

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Cryptocurrency News for 20 Oct 2017

 

Bulls Take Breather? Bitcoin Slows as Price Struggles to Breach $6,000

 

Evidence is growing that a recent rally in bitcoin prices may be nearing its end.

While bitcoin has been on a tear of late, rising from a Sept. 29 low of $2,980 to new highs above $5,800 last week, the bitcoin-US dollar (BTC/USD) exchange rate failed to capitalize on this upward movement over the weekend's trading sessions.

At press time, bitcoin is trading at $5,700, up 2.5% over the last 24 hours as per CoinMarketCap. Week-on-week, the crypotcurrency is up 19%, while on a monthly basis it is up 52%.

As for the specific reasons for the increase, pundits and observers are still struggling to identify a catalyst for the blast above the psychological hurdle of $5,000. However, one of the more plausible theories is that many are buying bitcoins on hopes that a hard fork in November might end up creating money out of the thin air.

Full story at http://bit.ly/2xOoWzi

Source: CoinDesk

 

China Could Make Bitcoin Buzz Again as National Congress Looms

 

Having felt China’s influence before, this week it is important to keep an eye on the communist state as they gear up for their 19th National Congress of the Communist Party of China (CPC).

This form of elections essentially for the totalitarian party will see some reshuffling and power plays between top officials who either fall on the conservative side, or the progressive. In the middle is Bitcoin, and it is being used as a powerful political pawn.

Held every five years, the party congress elects the party’s top officials. It is also a forum for a showdown between the conservative forces of the party, which want to preserve the old system of central planning and state ownership and control of key industries - including banking - and the progressive forces, which want to limit government ownership and control of the economy.

"Understandably then Bitcoin is the new hammer and sickle of the progressive group while it flies in the face of the conservative traditionalists. This, many believed, is why it was banned in the first place, as a power play by the traditionalists."

Full story at http://bit.ly/2xP0xK8

Source: CoinTelegraph

 

As India’s Government Wars Against Cash, Bitcoin is Sought in Exchange

 

India is the world’s largest democracy. With over one billion people, its government often lurches and sputters to find the right fix on any number of issues. This is especially true in matters of monetary policy.

When it felt duty-bound to effectively sack its INR in the most popular amounts, it did so without warning. One day 500 and 1000 INR bills were legal tender, the next day they were not. Indians were pushed to banks, hoping to salvage what might be left of their personal wealth.

The equivalent in the United States might be if 10 and 20 USD paper was no longer useable.

India also has an enormous unbanked population, and its poverty levels have been extensively publicized. These are the people who live on smaller numbered cash bills, be they for employment or simple market transactions.

Full story at http://bit.ly/2xOiwQK

Source: Bitcoin News

 

Bitcoin is ‘Fast, near Real-Time and Convenient’: Philippines Central Bank Official

 

The deputy director of the Philippines’’ central bank has highlighted the advantages of using cryptocurrencies like bitcoin after releasing regulations for the industry earlier this year.

The Bangko Sentral ng Pilipinas (BSP), the Philippine central bank, published regulationsfor bitcoin exchanges earlier this year. In a statement at the time, the central bank said it “recognizes that virtual currency systems have the potential to revolutionize delivery of financial services particularly for payments and remittance, in view of their ability to provide faster and more economical transfer of funds, both domestic and international, and may further support financial inclusion.”

The move to regulate the local bitcoin industry was the first of its kind for an Asian nation. A significant factor leading to those regulations is the soaring growth in cryptocurrency transactions in the country. BSP deputy director Melchor Plabasan claimed that the Philippines is seeing upwards of $6 million in cryptocurrency transactions monthly, compared to $2 million a few years ago. He underlined the authority’s recently released guidelines as a “pioneering regulation” that was among the first in the world.

Full story at http://bit.ly/2xO06Q5

Source: CryptoCoinsNews

 

Bitcoin is finally buying into US real estate

 

Bitcoin is already in retail and restaurants — so it was only a matter of time before the cryptocurrency took on real estate. That time is now. Bitcoin is slowly making its way into closings on everything from Lake Tahoe land in California to Manhattan condos to single-family homes in the heart of Texas.

"Our buyer has evolved, they've moved from mom and pops to young people who want to pay with various forms of payment," said Ben Shaoul, president of Magnum Real Estate Group. "Cryptocurrency is something that has been asked of us — 'Can you take cryptocurrency? Can we pay that way?' — and of course when somebody wants to pay you with a different form of payment, you're going to try to work with them and give them what they want, especially in a very busy real estate market."

Shaoul is redeveloping a building on Manhattan's Lower East Side, turning it into condominiums priced between $700,000 and $1.5 million. He admits that there is currently a lot of inventory in the market, and therefore having an edge over his competitors is especially key. Bitcoin, he hopes, will be that edge.

"I think the demographic of the crypto user is a younger millennial, but, that being said, you have a lot of people come over from other countries, who are buyers from different places, who like to trade in different types of currency. Not everyone wants to trade in dollars or yen or euros," Shaoul said.

Full story at http://cnb.cx/2xNVOsb

Source: CNBC

 

Fork Debate Drops to New Low, Outspoken Developer Lopp’s Home Surrounded by Police

 

Online forums were bursting with outrage over a new low in the fork controversy popularly known as Segwit2x or the scaling debate.

“They essentially tried to get him or his family killed, only takes a simple mistake and [you’re] dead, happens regularly with [SWAT]. Essentially attempted murder, IMO. Whoever did that to him you are scum of the earth,” one poster characterized the event.

Another commenter on a rival forum added “this is dangerous and a very low move,” while yet another agreed and stated plainly, “Anyone who supports [either side in the fork debate] should absolutely condemn such tactics.”

Monday around 9 in the morning, Durham, North Carolina police were dispatched to Jameson Lopp’s house in an effort to address a hostage situation.

Full story at http://bit.ly/2xOiAzY

Source: Bitcoin News

 

 

 

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