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Sunday, November 5, 2017

Cryptocurrency News for 5 Nov 2017

 

Bitcoin Prices Still Firmly Above $7000, Without China

Bitcoin Prices Still Firmly Above $7000, Without China

 

Bitcoin is unstoppable these days, passing one “technical” test after another, crossing the $5000-mark, the $6000-mark, and the $7000-mark in a matter of weeks. The “people’s currency” has gained 27.33% in seven days, as market volume increased.

What’s behind the digital currency’s breathtaking run?

Certainly, it isn’t the lifting of regulations which halted trade of digital currency in China, as some expected (back in September, China banned Initial Coin Offerings (ICOs) and shut Bitcoin exchanges, sending the digital currency’s price tumbling from $5000 to close to $3000).

Instead, there have been a number of positive developments that helped build investor confidence and hype in the “people’s” currency. One of them was the stepping up of government regulations in US and Japan to protect the cryptocurrency markets from possible manipulation, while limiting the supply of new coin offerings.


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


Source: Forbes


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Total Crypto Market Cap Surpasses $200B for the First Time

Total Crypto Market Cap Surpasses $200B for the First Time

 

It has been an exciting weekend for all cryptocurrencies so far. While most altcoins have lost all of their recent gains over the past 36 hours, the bigger picture shouldn’t be overlooked whatsoever. All cryptocurrencies in circulation are worth over US$200 billion combined right now. That’s a major step forward from the US$40 billion market capitalization we saw earlier this year. It is evident Bitcoin is still the king of the hill, and that situation will not change whatsoever.

Even though the overall cryptocurrency market cap has finally surpassed the US$200 billion mark, these markets aren’t any less volatile than before. In fact, there has been more volatility these past few weeks compared to what we saw throughout most of 2017. This situation is mainly affecting altcoins, though, as they are all struggling to maintain their price levels right now.

Although things may look pretty bleak for most altcoins right now, they are also a contributing factor to the US$200 billion total market cap. Bitcoin represents the vast majority of this valuation, of course, as all bitcoins in circulation are worth over US$125 billion right now. That in itself is a pretty spectacular number, considering the total cryptocurrency market cap was under US$50 billion not too long ago.

To that end, the Bitcoin Dominance Index has been pushed up once again. Right now, this index sits at 62.5%, clearly indicating that Bitcoin is the go-to cryptocurrency and little else matters these days.  To be sure, it is only a matter of time until the top altcoins recover in value. The Bitcoin price is still mainly driven by speculation, and it is very likely we will see a price correction around the time of the SegWit2x hard fork.


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


Source: The Merkle


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Kenyan Miner Describes Cryptocurrency As “Biggest Wealth-Distribution System Ever”

Kenyan Miner Describes Cryptocurrency As “Biggest Wealth-Distribution System Ever”

 

Mr. Mutai describes cryptocurrency as a global economic equalizer capable of circumventing the barriers that prevent ordinary citizens from accessing financial markets. The 28-year-old states that now, thanks to cryptocurrency, “big players can’t deny anyone from participating in the financial system.”

Mr. Mutai has relinquished a significant portion of his home to his cryptocurrency mining hardware, including an armada of fans required to cool his rig. However, just one year ago, Eugene had not even heard of bitcoin or cryptocurrency.

Mr. Mutai was highly interested in technology, and after borrowing a friend’s Nokia Symbian S40 – a non-smartphone that was able to download apps – taught himself the basics of HTML and CSS coding during the time he could find away from agricultural labor.

At the time, Mr. Mutai was living in his mother’s home village, barely making enough money to survive. He and his mother had moved from the city during Eugene’s last year of high school, after his mother had lost her job and his twin brother had passed away. Determined to improve his quality of life, Eugene made the decision to move to Nairobi to live with his uncle who owned a desktop computer and wi-fi connection.


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


Source: Bitcoin News


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Bitcoin Dominance Index Surpasses 61% for First Time since March

Bitcoin Dominance Index Surpasses 61% for First Time since March

 

For the first time since March of this year, the bitcoin dominance index has surpassed 61 percent, further solidifying bitcoin’s position as the leading digital currency within the global cryptocurrency market.

From January to September, the dominance index of bitcoin has declined from around 90 percent to 30 percent. But, in the past few months, the dominance index of bitcoin has gradually increased and earlier this week, bitcoin dominance index surpassed the 60 percent mark at last.

The dominance index of bitcoin has surged since September, as an increasing number of investors and traders started to reallocate their holdings in altcoins to bitcoin. More to that, the announcements of two of the world’s largest options exchanges CME and CBOE to launch bitcoin futures exchanges by the end of 2017 have increased the demand for bitcoin from the traditional financial industry.


Full story at http://bit.ly/2iwQ00t


Source: CryptoCoinsNews


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New To Bitcoin? Welcome! Here’s How To Take Those First Steps

New To Bitcoin? Welcome! Here’s How To Take Those First Steps

 

If you’re new to Bitcoin, welcome. We’re a community of people from every part of the world, from as many walks of life as you can imagine, exploring the future of money. Let’s skip the philosophy and technical jargon, and just get you started using it.

Four years into its popular adoption, even a well-regarded economist like Paul Krugman thought little of the Internet’s potential, predicting, “The growth of the Internet will slow drastically,” he wrote, “most people have nothing to say to each other! By 2005 or so, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s.”

It’s fair to look back and acknowledge not everyone fully appreciates a technology at the time of its inception or early years.

The same is true for Bitcoin, or will be.


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


Source: Bitcoin News


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Goldman Sachs CEO Confirms Bitcoin Can’t Be Dismissed

Goldman Sachs CEO Confirms Bitcoin Can’t Be Dismissed

 

Banks and other financial institutions have opposed cryptocurrency for quite some time now. Major entities including Goldman Sachs have remained wary of Bitcoin, even though that situation is slowly changing. In fact, the CEO of Goldman Sachs recently acknowledged there is no reason to dismiss Bitcoin whatsoever. This sudden change of heart comes at an interesting time, to say the very least.

Moreover, Goldman Sachs has been one of the more interesting banks when it comes to cryptocurrency and digital assets these days. More specifically, Goldman Sachs analysts have actually been advising clients on the Bitcoin price over the past few months. This advice has been well-received by the cryptocurrency community, as well as from institutional investors alike. In a way, this has been an interesting development, as it shows the institution isn’t dismissing Bitcoin whatsoever.

In fact, Goldman Sachs CEO Lloyd Blankfein confirmed as much earlier this week. More specifically, he stated that Bitcoin cannot be dismissed by the bank or anybody else, for that matter. While it is true the initial years have been pretty difficult for Bitcoin, no one can deny the world’s leading cryptocurrency is rapidly carving out its own legacy. In particular, the recent Bitcoin price spike has attracted a lot of attention from all industries.


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


Source: The Merkle


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