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Friday, May 26, 2017

The Happy Pope


Bitcoin Price Rebounds to Near $2,640 Following Yesterday's Losses

Bitcoin Price Rebounds to Near $2,640 Following Yesterday

The price of bitcoin has rebounded after a notable fall yesterday that saw the digital currency lose over $400 to a low of around $2,352.

Today's resurgence sees the price back up at £2,626 at the time of reporting, having hit a high of almost $2640 at 8:57 UTC, CoinDesk Bitcoin Price Index data shows.

Most major cryptocurrencies have been on an upwards trajectory in recent months, with bitcoin hitting new all-time highs in quick succession. On 25th May, bitcoin reached a record value of almost $2,790 prior to the drop yesterday, when some other cryptocurrencies also saw notable losses.

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Bitcoin's Price Tumbles More Than $400 From New High

Bitcoin

Bitcoin prices fell sharply today after setting a new all-time high above $2,700 on the CoinDesk Bitcoin Price Index (BPI).

The BPI hit a high of $2,791.70 today, data shows. Yet after beginning to dip around 15:00 UTC, that move became more pronounced after 16:00 UTC, including a more than $100 drop between 16:36 UTC and 16:54 UTC, BPI data shows, sliding from roughly $2,630 to $2,515, with a further drop below $2,400 over the next hour.

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Wednesday, May 24, 2017

Ban or Else: Indian Government Asks Citizens What to Do With Bitcoin

Ban or Else: Indian Government Asks Citizens What to Do With Bitcoin

The government of India has fixed May 31, 2017, as the last day by which citizens can express their views of digital currencies on the government portal mygov.in.

This consultative process seems to be a step in the direction of taking some sort of stand on virtual currencies or digital currencies in India.

At the moment digital currencies like Bitcoin operate in a gray space in the country and there have been some controversies lately on the legality of Bitcoin in the second most populous country in the world. If the government is now taking on board public opinion it would appear that they are about to take a stand on the matter.

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

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Leading Japanese ATM Manufacturer Oki Gets into Bitcoin ATM Business

Leading Japanese ATM Manufacturer Oki Gets into Bitcoin ATM Business

Founded in 1881, the Tokyo-based Oki Electric Industry Co. Ltd (Oki) manufactures and sells products, technologies, software and solutions for telecommunications systems and information systems. Among other offerings, Oki supplies ATMs, cash-handling equipment, bank branch terminals for financial institutions, automated check-in machines as well as ticket reservation and cash-handling equipment for the retail and service industries.

The company claims to be the first to develop the world’s first cash recycling ATM in 1982. These ATMs recycle banknotes by taking deposits from customers and dispensing them to other customers who withdraw cash at a later time. They are expensive but are more efficient and save on the cost of labor.

According to London-based Retail Banking Research, there were 3.3 million active ATMs in 2016, about 30% of which were cash recycling machines. Oki’s corporate brochure says:

Oki is a leader in ATMs, with a leading share in the domestic market for financial institutions and the retail/service industries. In overseas markets, we actively sell “ATM-Recycler G7”, a cash recycling ATM that can handle banknotes in multiple currencies.

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Bitcoin Growth Follows Gandhi’s Famous Quote

Bitcoin Growth Follows Gandhi’s Famous Quote

The famous Gandhi quote "First they ignore you, then they laugh at you, then they fight you, then you win" is becoming true for Bitcoin as the weeks go by.

There has been a very obvious increase in overall value for Bitcoin and major alternative currencies. Just two months ago, the Bitcoin market capitalization was about $16 bln, at the time of writing, the market cap has risen to over $35 bln. This steady growth and the rise in Bitcoin price, especially as is observed since the beginning of the year has raised a storm of curiosity among the Internet.

With regards to altcoins and ICO’s, CEO BnkToTheFuture.com, Simon Dixon believes that we are in a bubble, so all the demand is speculation driven by traders trying to gain more Bitcoin.

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India’s Government Seeks Public Comments on How Bitcoin Should Be Regulated

India’s Government Seeks Public Comments on How Bitcoin Should Be Regulated

The Indian Government’s Ministry of Finance on Saturday announced that the public is now invited to submit feedback or suggestions regarding the digital currency framework on Mygov.in. This website is designed, developed and hosted by the government of India’s National Informatics Centre of the Ministry of Electronics & Information Technology. The deadline for submissions is May 31.

This move follows the recent constitution of an inter-disciplinary committee by the Ministry of Finance’s Department of Economic Affairs “to examine the existing framework” of cryptocurrencies.

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Ethereum Classic Hits $1.3 Billion Market Cap, Boosted By Consensus, Silbert

Ethereum Classic Hits $1.3 Billion Market Cap, Boosted By Consensus, Silbert

Ethereum classic is making a strong statement. The decentralized smart contract platform is on flame hitting more than $1.3 bln market cap on Wednesday morning.

In fact, it streaked as high as more than 55 percent to sell at $16.11. ETC's new growth trend is amazing and enthralling. Cointelegraph spoke to JuicyG of Coinchat.Club, who revealed some magnetic bearings.

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It's not just Bitcoin anymore...

It

On Tuesday, it shot past $2,200 (£1,700), more than doubling from just two months ago. And a newer currency, Ethereum, has climbed even faster.

Industry members say uncertainty surrounding the value of global currencies, including the pound, is driving demand for alternative currencies.

The kind of technology that underwrites Bitcoin and newer entrants such as Ethereum, is also gaining, well, currency, as it gets put to new uses by developers and others looking to beef up cyber-security.

Policy changes in Japan and elsewhere in Asia have made it easier to trade. And of course, when it comes to price, interest generates its own momentum.

Full story at http://bbc.in/2qPM9kt

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56 Bitcoin Companies Approve Segwit-2Mb Combined Fork Plan

56 Bitcoin Companies Approve Segwit-2Mb Combined Fork Plan

For a few days bitcoin enthusiasts have been anticipating the56 Bitcoin Companies Approve Segwit-2Mb Combined Fork Plan “Barry Silbert” scaling plan  hinted at a few days ago. Following Silbert’s statements about a new scaling effort, a meeting took place in connetion to the Consensus 2017 conference. As the conference came to an end, Silbert’s venture capital firm DCG revealed the compromise proposal.

The agreement is supported by 56 digital currency companies stemming from 21 countries worldwide. The letter states the agreement has the backing of over 83 percent of the network’s hash power. This group represents 5.1 billion USD monthly on chain transaction volume and 20.5 million bitcoin wallets within the economy.

“We agree to immediately support the following parallel upgrades to the bitcoin protocol, which will be deployed simultaneously and based on the original Segwit-2Mb proposal,” explains the DCG announcement.

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BREAKING: Bitcoin Scaling Consensus Reached. Commentary From Industry Leaders

BREAKING: Bitcoin Scaling Consensus Reached. Commentary From Industry Leaders

Monday, Cointelegraph has reported that a number of leading players of the Blockchain industry have reached a consensus in regards to the Bitcoin scaling solution. This break in the scaling debate stalemate is a new, highly significant boost for the Bitcoin ecosystem.

According to sources, a number of Bitcoin businesses owners, including Barry Silbert (Digital Currency Group), Roger Ver (Bitcoin.com) and major mining players Jihan Wu (Bitmain) and Valery Vavilov (BitFury), have come to a general agreement at the currently ongoing Consensus conference in New York.

They have agreed to collectively enable the SegWit proposal for Bitcoin scaling, effective immediately. Additionally, their proposed solution includes a countdown to another hard fork, which will enable an increase of the block size limit to 2MB - as opposed to the current limit of 1MB.

This means that the problem of Bitcoin scaling, that has been unresolved for years, could soon become a thing of the past. This news comes quite on time, as the number of transactions being stuck in the backlog has reached record heights in recent days.

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Ethereum Takes Over Ripple With Ease $16 Billion Market Cap

Ethereum Takes Over Ripple With Ease $16 Billion Market Cap

Ripple’s impressive rally didn’t last long and its market cap quickly fell from around $16 bln to $13 bln in less than a week. Ethereum took advantage over Ripple’s instability and took over XRP to reclaim its spot in the rankings as the second largest cryptocurrency or crypto asset, behind Bitcoin.

Over the past five months, Ethereum and Ripple have been fiercely competing with one another to secure the position of being the largest altcoin in the market. Ripple has been aggressively marketing its partnership with leading banks such as BBVA and Japan Bank Consortium to drive the demand toward Ripple up.

In the contrary, Ethereum has consistently made progress in building the Enterprise Ethereum Alliance (EEA), the Ethereum-based platform that is being used by large-scale commercial companies and organizations including Microsoft and JPMorgan.

Apart from its progress with EEA, Ethereum has seen the emergence of a variety of innovative projects including the $179 bln car maker Toyota’s announcement to utilize the Ethereum network to power autonomous and electric cars.

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Bitcoin surges to record above $2,400, bringing 2017 gain to nearly 150%

Bitcoin surges to record above $2,400, bringing 2017 gain to nearly 150%

The momentum behind bitcoin is growing far faster than traditional global investments.

Bitcoin hit a record Wednesday after a late Tuesday announcement from the Digital Currency Group alleviated worries about a fractious debate among cryptocurrency investors and technological developers.

Fifty-six companies around the world and 83 percent of bitcoin miners supported the "Bitcoin Scaling Agreement," according to the Digital Currency Group.

Brian Kelly, CEO of BKCM and a CNBC contributor, said the market sentiment was most important for bitcoin prices. "This upgrade is needed because more applications can be built on top of bitcoin and more value can be added to bitcoin," he said. Kelly manages a fund focusing on digital currencies.

Full story at http://cnb.cx/2qPB56N

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Bitcoin Enters Top 5 Google Searches, Ethereum At 18

Bitcoin Enters Top 5 Google Searches, Ethereum At 18

Bitcoin has made the top 5 Google search requests Monday, according to data from Google Trends.

The results from the US indicate that ‘Bitcoin’ received over 200,000 searches, making it the fifth most popular term. Ethereum made the top 20 results, coming in at number 18.

The event marks continued mainstream exposure for the cryptocurrency. While Bitcoin came to prominence during the recent WannaCry cyberattack, interest appears to have remained as that story disappears from the headlines.

Monday is ‘sacred’ in Bitcoin circles for a different reason, May 22 being Bitcoin Pizza Day. A chapter in the virtual currency’s history which is also gaining mainstream notoriety, a flurry of media interest generally accompanies the date every year.

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Bitcoin plummets $200 in 4 hours then recovers to fresh record in wild trading that serves as a cautionary tale

Bitcoin plummets $200 in 4 hours then recovers to fresh record in wild trading that serves as a cautionary tale

Bitcoin's meteoric rise took a hit overnight as the digital currency erased, then mostly recovered, about $200 in 12 hours.

The swing highlights how volatile the cryptocurrency can still be, even as some investors believe bitcoin can one day be a viable alternative to safety assets such as gold. A similarly rapid move of $200 in futures contracts for the precious metal would have caught the attention of global investors: Gold has traded in a range of about $150 so far this year.

Bitcoin was trading near $2,250 Tuesday as of 1:26 p.m. ET, according to CoinDesk. The digital currency earlier hit a fresh record of $2,291.09, following a drop below $2,100 overnight, the site showed.

Chris Burniske, blockchain products lead at ARK Investment Management, pointed out in a January white paper that bitcoin's daily volatility was about a fifth of what it was five years ago.

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

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Bitcoin Price Hits $2,850 in South Korea, Extreme Premium

Bitcoin Price Hits $2,850 in South Korea, Extreme Premium

Bitcoin price reached $2,850 in South Korea on May 23, due to the rapidly rising demand for Bitcoin and other digital currencies such as Ethereum’s Ether (ETH).

While arbitrage opportunities in South Korea always existed since the launch of Korbit, Coinone and Coinhumb, the three leading Bitcoin exchanges in the country, the premium rate rarely went past 10 percent.

On May 23, the premium rate on South Korean Bitcoin exchanges nearly reached 30 percent, demonstrating a trading value of $2,850 for Bitcoin, while Bitcoin was being traded in the US and China for around $2,100.

The driving factor of this massive arbitrage opportunity and premium rate in South Korea is the country’s strict anti-money laundering policies. In South Korea, any type of gambling is illegal and because a large amount of black money consisted of revenues from overseas casinos and other businesses are sent back to South Korea on a regular basis. Authorities are strict on any transactions which goes past $10,000 in total value.

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Tuesday, May 23, 2017

Bitcoin ‘Will Be Worth $1 Mln In 10 Years’: Swiss-Based Bitcoin Wallet CEO

Bitcoin ‘Will Be Worth $1 Mln In 10 Years’: Swiss-Based Bitcoin Wallet CEO

Swiss-Based Bitcoin Wallet Xapo CEO Wences Casares has made one of the most bullish Bitcoin price predictions yet at the Consensus 2017 conference in New York.

In comments at the event, Casares forecast one Bitcoin being worth a massive $1 mln in ten years’ time, taking attendees by surprise.

Bitcoin price predictions have been increasingly daring in recent months as Bitcoin breaks through one barrier after another - $1,200, $1,600, $1,800 and most recently $2,000.

In April, Blockchain CEO Peter Smith joined Snapchat investor Jeremy Liew in saying $500,000 would be the cost per coin by 2030. At the time, Bitcoin cost around $1,170 - around half its current price.

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

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