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Friday, November 10, 2017

Cryptocurrency News for 10 Nov 2017

 

Markets Update: Bitcoin’s Daily Trade Volume Surpasses $5B

Markets Update: Bitcoin’s Daily Trade Volume Surpasses $5B

 

Action across bitcoin markets have been all over the place. For instance, on Tuesday, November 7, the price dipped below the $7K zone and rebounded back above that territory a few hours later. The very next day on November 8, immediately following the announcement that Segwit2x was canceled, bitcoin’s market value spiked to a high of $7,900 per BTC. The peak didn’t last long, and the price per bitcoin has been hovering between $7,100-7,450 over the course of the past 12-hours. The last few days bitcoin has been trading over $3B a day in 24-hour trade volume, but on November 9 the decentralized currency swapped over $5B in BTC trades. Presently, bitcoin’s value is trading at $7,150-7,210 across a variety of global exchanges.  

As far as trade volume is concerned, Japan is still leading the pack, but not as much as it has been since our last markets update. In our last update, the yen was commanding over 60 percent of the market, but that statistic has dropped to 53 percent. The USD/BTC pair has increased significantly by capturing 10 percent more volume by currency this week at 33 percent. Most of the massive volume is currently being swapped between ten exchanges who are trading above $100M+ in bitcoin trade volume daily. The top five exchanges with the highest trade volumes worldwide include Bitfinex, Bithumb, GDAX, Bitflyer, and Bitstamp.

Charts and technical indicators have been crazy since the canceled fork announcement and watching order books, and significant price swings can make you dizzy. After yesterday’s quick rally to the $7,900 territory, the value of bitcoin has been extremely volatile swinging back and forth both ways by 2-5 percent. Presently, the 100 Simple Moving Average (SMA) is just a hair above the long-term 200 SMA as they only crossed just a few hours ago. This indicates some short-term consolidation needs to happen before bulls try to break to the upside. The Relative Strength Index (RSI) started moving south last night with the price following its lead. Stochastic indicates the same sentiment as more consolidation needs to happen before the next move upwards.


Full story at http://bit.ly/2AyF7n6


Source: Bitcoin News


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What Keynes Knew About Bitcoin

What Keynes Knew About Bitcoin

 

While preparing antidotes for the widespread unemployment of his time and imagining a future age of leisure and abundance, John Maynard Keynes also worked out the interest rate on bitcoin. 

Amend that. Since cryptocurrencies weren't around in the 1930s, the famous British economist worked out the price at which bitcoin should be lent and borrowed, were it to be invented.

That interest rate is 57 percent. Before we get to the how and wherefore of that astonishing number, another qualifier. The original insight wasn't Keynes's. As part of his takedown of Friedrich Hayek's idea of a uniquely important interest rate for the economy, Italian academic Piero Sraffa posited that every commodity has its own borrowing cost. For example, there's such a thing as a cotton rate of interest. Keynes borrowed the concept for The General Theory of Employment, Interest and Money.

While nobody I know tries to work out how many bales or barrels it would cost to borrow some cotton or oil today, currency traders deal with implied interest rates all the time. Here's how it works. Suppose you’re marooned on an island with some Singapore dollars but the bank there can give you a deposit facility only in U.S. dollars. What the island does have, however, are foreign-exchange spot and forward markets. So on Nov. 9, you take 100 Singapore dollars, sell it for about 73 U.S. dollars, deposit the money in your greenback account for 50 days through Dec. 29, and simultaneously buy Singapore dollars in a forward contract for Dec. 29, using up all your principal and interest. 1


Full story at https://bloom.bg/2AyF9eI


Source: Bloomberg


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Bitcoin Could Reach $10,000 By Christmas

Bitcoin Could Reach $10,000 By Christmas

 

The Bitcoin bubble is turning into a mania that could help it reach $10,000 by Christmas, before heading for another major correction.

The people’s currency has passed several tests in recent weeks. One of them is the “technical test,” the crossing of price resistance marks like 5, 6 and 7,000 dollars.

That’s a bullish sign for investors who look at price and volume charts to determine the direction of the market momentum.

Another is the “Wall Street test,” the warming up of major financial players and financial exchanges to the digital currency, as discussed in a previous piece.


Full story at http://bit.ly/2Ayz4z0


Source: Forbes


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The Failure of SegWit2x Shows Bitcoin is Digital Gold, Not a Better PayPal

The Failure of SegWit2x Shows Bitcoin is Digital Gold, Not a Better PayPal

 

The so-called New York Agreement is sometimes credited for bringing the Segregated Witness (SegWit) improvement to the Bitcoin network (others say it was the user-activated soft fork outlined in Bitcoin Improvement Proposal 148), but the hard-forking capacity increase that was attached to the agreement has failed to gain much traction. For that reason, support for the 2x increase has waned and a number of CEOs who pledged their support for both changes have withdrawn their advocacy for the change.

Some have pointed to the hard-forking increase associated with SegWit2x as a contentious waste of time, but there was also much to be learned from the whole experience.

One key takeaway is that it now seems clear that the base Bitcoin protocol is more of a digital gold than an improvement on PayPal or Visa. Having said that, better versions of those payment systems can still be built on top of that base Bitcoin layer.


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


Source: Forbes


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How the rip for bitcoin — which cracked $7,800 — may be nearing tulip-mania levels

How the rip for bitcoin — which cracked $7,800 — may be nearing tulip-mania levels

 

Off in its corner of the financial universe, bitcoin has been providing fireworks yet again this week, drawing oohs and aahs from traders who have moaned about the S&P 500’s lack of volatility.

The largest cryptocurrency by market cap BTCUSD, +1.01% is twinkling around the $7,200 mark early Friday, after breaking above $7,800 for the first time ever on Wednesday.

Is there anything that tops the enthusiasm for this red-hot digital currency? Yes, the Dutch tulip mania in the 1600s, according to a chart from Convoy Investments, a New York firm founded by former Bridgewater employees. It’s shown in tweet below from another ex-Bridgewaterer.


Full story at http://on.mktw.net/2AyFez2


Source: MarketWatch


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Former Bitcoin King Is Bankrupt—And He Could Get Rich Again

Former Bitcoin King Is Bankrupt—And He Could Get Rich Again

 

TOKYO—Creditors of the collapsed Japanese bitcoin exchange Mt. Gox are on course to miss out on the recent surge in bitcoin prices. Instead, it is the exchange’s former chief executive, now on trial for embezzlement, who could turn a handsome profit.

That is because the claims by people who deposited bitcoin at Mt. Gox are calculated based on the yen value of the cryptocurrency at the beginning of Mt. Gox liquidation proceedings in April 2014. Meanwhile, Mt. Gox, which is mostly owned by a company controlled by former chief Mark Karpelès, is sitting on more than 200,000 bitcoins worth 17 times as much today as they were then.

Bankruptcy-court filings suggest Mt. Gox will have hundreds of millions of dollars left over after paying creditors—money that Mt. Gox’s bankruptcy trustee has indicated would belong to the collapsed exchange’s shareholders, with Mr. Karpelès’s company being the biggest.

“When it’s all sorted out, Karpelès would pretty much get [the] vast majority” of the extra value, said Kolin Burges, a creditor who held 311 bitcoins at Mt. Gox which would be worth about $2.3 million today. “So that seems incredibly unfair.”


Full story at http://on.wsj.com/2AyFePy


Source: https://www.wsj.com


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