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Tuesday, October 31, 2017

Cryptocurrency News for 31 Oct 2017


Making Noise: Bitcoin Price Looks Higher as Global Volumes Grow

Making Noise: Bitcoin Price Looks Higher as Global Volumes Grow


Bitcoin's rally is showing no signs of abating.

Prices surged to record levels on the CoinDesk Bitcoin Price Index (BPI) yesterday, with the world's largest cryptocurrency clocking a new all-time high of $6,306.58. With the push, bitcoin passed its previous high of $6,183 set on Oct. 21. At press time, the bitcoin-U.S. dollar (BTC/USD) exchange rate is $6,218.

As for why the price is trending higher, it seems there was an absence of strong news drivers. However, trading volumes in the BTC/USD pair jumped 103 percent on Sunday – indicating that the rally, fueled by trading activity, looks sustainable.

Volumes jumped to two-week highs on Sunday, and remain well below the Oct 13. high and the 2017 peak registered on Sept. 15.

Full story at http://bit.ly/2xEH2V8

Source: CoinDesk

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Does Bitcoin Really Need Wall Street?

Does Bitcoin Really Need Wall Street?


The expectation that Bitcoin's price will increase rapidly once institutional money starts flowing into the cryptocurrency, has resulted in a lot of Bitcoin holders eagerly awaiting Wall Street's formal entry in the crypto-markets. But does Bitcoin really need Wall Street?

Global banks have paid over $10 bln in penalties to settle allegations that they defrauded their clients while engaging in foreign currency trades on their behalf. The banks typically shortchanged their customers by front-running - a process of executing trades for the bank's proprietary trading desk before executing trades on their client's behalf.

They used their knowledge of the client's impending trade to make profits for their bank. The list of banks who have settled include Bank of America, Citi, HSBC and Barclays. The penalties paid by the banks may not be the end of the story - a former HSBC FX trader, Mark Johnson, has been convicted on nine charges of fraud for front-running a $3.5 bln order of Cairn Energy to convert dollars to pounds.

Big banks have come to play a large role both in the physical commodities space as well as the market in commodity derivatives. After Goldman Sachs entered the aluminum business in a big way, it led to an increase in prices.

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

Source: CoinTelegraph

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Iranian Government Preparing for Bitcoin Use Inside the Country

Iranian Government Preparing for Bitcoin Use Inside the Country


Iran’s Deputy Minister of Information and Communication Technology, Amir Hossein Davaee, reportedly said in an interview with Shargh newspaper last week:

"The ministry of communications and information technology has already conducted a number of research studies as part of [its] efforts to prepare the infrastructure to use bitcoin inside the country."

He said that the cryptocurrency has two aspects, economic and infrastructural, adding that adopting it in Iran will end up being in the general interest of the country. “We, as the main centre in Iran dealing with the country’s technology developments, have taken very seriously the issue of preparing the infrastructure for the new currency,” he was quoted saying, noting that:

"Arrangements are being made with the related organizations to put together the infrastructure as early as possible."

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

Source: Bitcoin News

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We've seen an 82 percent jump in bitcoin-related jobs, says employment website CEO

Weve seen an 82 percent jump in bitcoin-related jobs, says employment website CEO


Bitcoin-related jobs are the fastest growing category of role on international employment marketplace Freelancer, the company said Wednesday.

With 82 percent growth in the third quarter, work related to cryptocurrency is skyrocketing, the data showed. The company's periodic report tracks top trends in online jobs based on the listings on its Freelancer.com platform.

"People are getting freelancers to design new types of cryptocurrencies," Matt Barrie, CEO of Freelancer, told CNBC. One of the main skills for which companies are looking is the ability to manage an initial coin offering — when a new digital token is first sold to outside speculators in a bid to raise money.

According to Freelancer, employers were also looking for people to create new cryptocurrencies and to write proposal plans for technologies employing blockchain — the data structure pioneered by bitcoin.

Full story at http://cnb.cx/2xGETZ5

Source: CNBC

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5 Questions Bitcoin Traders Can't Answer

5 Questions Bitcoin Traders Cant Answer


As a bona fide cryptocurrency skeptic, I'm of two minds on Bitcoin and other cryptos. One, I don't think we know enough about them to invest in them as if they were stocks and bonds. The transparency isn't there.

But I also think that the tide of technology and investors isn't going to be stopped any time soon.

Regulators, of course, are concerned about cryptos. Vehicles are started up every day to invest and speculate in them. According to the Financial Times, the U.K.'s Financial Conduct Authority is eyeing new trading platforms that allow you to bet on crypto movements with as much as 30:1 leverage on derivative contracts linked to Bitcoin.

Where is this all going? As Bitcoin prices blow past $6,000 a share, millions of investors want a piece of the action. Yet there are far too many questions to answer before cryptos become mainstream investments.

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

Source: Forbes

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10 Surprising Celeb Bitcoiners

10 Surprising Celeb Bitcoiners


While Bitcoin is not the sleek and sexy plaything of the rich and famous, it certainly is no longer only a tool for the tech-savvy computer whizzes. The mainstream appeal of Bitcoin has seen it spread across different demographics, from retired grandmothers to some of the world’s biggest rappers.

Celebrities have been used to market certain ICOs, as well as be the face of a host of different coins, but many celebrities have chosen to invest their immense wealth into digital currencies.

Full story at http://bit.ly/2xFpcS8

Source: CoinTelegraph

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