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Saturday, November 4, 2017

Cryptocurrency News for 4 Nov 2017

 

Bitcoin Exchange Coinbase adds 100,000 users in 24 hrs, Shows Surging Interest in Crypto

Bitcoin Exchange Coinbase adds 100,000 users in 24 hrs, Shows Surging Interest in Crypto

 

The announcement by CME that it plans to launch Bitcoin futures has resulted in a spike in interest across the world. Coinbase, the world's largest Bitcoin exchange, has added 100,000 new users in the 24 hours past the announcement.

Coinbase is a popular exchange to buy Bitcoins with 11.9 mln users supported across 32 countries.

It was one of the earliest exchanges to support Bitcoin trading in the Western world, doing so when Bitcoin was valued in single digits. It supports merchants as well, allowing them to accept Bitcoins for their products and services, but removing the price risk by crediting fiat currency to their accounts.

Coinbase became the first unicorn of the crypto industry after it raised $100 mln in August 2017, implying enterprise valuation of $1.6 bln. The CEO of Coinbase, Brian Armstrong, is also on Fortune’s 40 under 40 list.


Full story at http://bit.ly/2h5D1mg


Source: CoinTelegraph


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Markets Update: Cryptocurrency Market Cap Now Commands $200 Billion

Markets Update: Cryptocurrency Market Cap Now Commands $200 Billion

 

The first week of November is seeing a lot of action in regard to cryptocurrency markets worldwide. The top cryptocurrencies combined now command a whopping $200B market capitalization, with bitcoin’s $121B market cap dominating by 60 percent. After bitcoin reached a peak at $7,500 per BTC, the decentralized currency dipped a touch and is now hovering just above $7,250. Bitcoin’s value has increased immensely over the past four weeks as the network prepares for the pending Segwit2x fork expected on or around November 16.

Speculators believe a lot of money is flowing into bitcoin so that traders can get in on the 1:1 split scenario that could take place during the fork. In addition to that, people think it’s possible that bitcoin is gaining a lot more mainstream acceptance. For instance, mainstream media covers the currency’s performance daily, and CME Group’s recent announcement concerning the launch of bitcoin-based futures may have had an impact. Whether it’s the fork or the talk of a mainstream tipping point, bitcoin proponents see a lot of demand for the cryptocurrency’s benefits and can’t ignore the 500 percent gains.

Another market that is doing phenomenally well is bitcoin cash, which is seeing an 18.7 percent increase over the past 24-hours. BCH markets currently command the third highest market cap, and the second largest trade volume over the past few days. BCH markets are swapping over $1.7B in trade volume and holds a market cap of $11B at the time of writing. Global exchanges leading in bitcoin cash trade volume include Bithumb, Korbit, Bitfinex, Coinone, and Hitbtc. The South Korean won is dominating the BCH trade volume by currency with BTC trailing behind the state issued tender. Presently bitcoin cash is trading at $650 per BCH at press time. 


Full story at http://bit.ly/2iw9qmk


Source: Bitcoin News


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The What and Why Bitcoin Price Reached $7,000

The What and Why Bitcoin Price Reached $7,000

 

This week, Bitcoin price, on its usual upward trajectory, barely blinked as it smashed through the $7,000 mark. The Bitcoin community obviously celebrated as the king of digital currencies shows no sign of slowing, but what is behind this latest rally?

The biggest factor behind the rally was the announcement of Chicago Mercantile Exchange’sdecision to offer Bitcoin futures.

Firstly, what is a Bitcoin future and why is it causing such a buzz on main street, Wall Street, as well as on the Bitcoin price.


Full story at http://bit.ly/2h5suaJ


Source: CoinTelegraph


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Can you actually “Invest” in cryptocurrency?

Can you actually “Invest” in cryptocurrency?

 

You’ve probably read in the news how Bitcoin recently set an all-time high in value of over $7,000 per bitcoin when just a year ago each one was worth less than $1,000. Or you may have seen stories about certain cryptocurrencies increasing over 20 times in value in this year alone. To the typical investor, this may seem like the wild west and be entirely intimidating, which can lead many everyday people to avoid the cryptocurrency market because of the volatility and difficulty in entering it in the first place.

For instance, if you stop 100 people on the street and ask them how to buy a bitcoin, probably less than 5% of them would be able to tell you how it’s done. And you’ll get a lot of conjecture from the rest. So then, how are casual investors and people who don’t have computer science degrees supposed to invest in a market that is undeniably hot and producing returns?


Full story at http://bit.ly/2ivK5J2


Source: Huffington Post


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Chinese Analyst: ”Bitcoin Nuclear Bomb In New Currency War Between China and USA”

Chinese Analyst: ”Bitcoin Nuclear Bomb In New Currency War Between China and USA”

 

In an article recommended by Baidu Baijia, Xiao Lei states “as an ordinary investor, I am concerned about whether bitcoin investment can make money. But if I stand in the perspective of a country, I am concerned whether this thing can be used by me or not and whether there are some factors that are unfavorable to me in the future.”

Mr. Lei argues that the contemporary era comprises an epoch in which “the strategic significance of [traditional commodities such as] oil and grain… may not be so important [now, as] the game between countries has entered [the] virtual” domain. Xiao Lei posits that control over seigniorage (profit made by a government by issuing currency, especially the difference between the face value of coins and their production costs) has become the principal means through which economic power is assured in the contemporary context.

The analyst states that bitcoin “is not welcome by the legal currency market, unless there is sufficient means and ability to control… If any country can manage bitcoin freely, bitcoin will become the nuclear weapon of a new currency war. This has been discovered by Japan and the United States.”

Mr. Lei states that “the bitcoin core development team” has sought to “curb China’s growing influence in the bitcoin market”, arguing that such has resulted in a power struggle between western-based bitcoin developers and Chinese-based miners for influence over the network.


Full story at http://bit.ly/2h56QDq


Source: Bitcoin News


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Amazon Sparks Speculation by Buying Three Cryptocurrency-themed Domain Names

Amazon Sparks Speculation by Buying Three Cryptocurrency-themed Domain Names

 

On October 31, Amazon registered three domains related to cryptocurrency, sparking speculation that Amazon may soon begin accepting cryptocurrency. The domains are amazonethereum.com, amazoncryptocurrency.com, and amazoncryptocurrencies.com. Amazon already owns the “amazonbitcoin.com” domain name.

This is not the first time a rumor has circulated that Amazon will accept digital currency. A few weeks ago, there was news based on sources in Silicon Valley reporting that Amazon could soon integrate Bitcoin as a payment option. Any move to do so by Amazon, one of the most innovative and influential tech companies in the world, would have enormous consequences.

However, during an interview, Amazon Pay’s VP Patrick Gauthier stated that Amazon does not plan to accept cryptocurrency since there is little demand. Considering that the majority of online payments are done via debit and credit cards, Gauthier’s statement sounds reasonable and convincing. It’s possible that Amazon bought the domain names simply for defensive purposesand has no plans to accept digital currency.


Full story at http://bit.ly/2h5uNuj


Source: CoinTelegraph


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How High Can Bitcoin Go?

How High Can Bitcoin Go?

 

Trees don’t grow to the skies–so goes the old investor saying. The idea is that there is always a top to any boom or bubble and while "to the moon" is a great motto, it is not a likely outcome.

I think blockchain is bigger than dot-com because while dot-com was about chat - sorry communications - blockchain is about resources. While chat, sorry communications, has value, money is value. Blockchain will be for assets, what AI will do for trucking.

So how high can Bitcoin go?


Full story at http://bit.ly/2h22hd4


Source: Forbes


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