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Monday, May 29, 2017

Cryptocurrency Trading Volume Hits $4.3 Bln, Nears Stock Exchange Volume

Cryptocurrency Trading Volume Hits $4.3 Bln, Nears Stock Exchange Volume

On May 25, the cryptocurrency trading volume hit $4.3 bln. Bitcoin, Ethereum, Ripple, Ethereum Classic, Litecoin and NEM drove the cryptocurrency trading volume to new all-time highs.

Bitcoin developer and entrepreneur Jimmy Song compared the cryptocurrency trading volume to the exchange volume of major stock exchanges such as NASDAQ. Although the cryptocurrency market’s trading volume is only a fraction of major stock exchanges such as NASDAQ, it is nearing the exchange volume of smaller stock exchanges such as Thailand and Australian stock exchanges.

In order for the cryptocurrency market to near the trading volumes of major stock exchanges, particularly the 16 stock exchanges in the $1 Trillion Dollar Club, the cryptocurrency market will need to achieve a multi-trillion dollar market cap. Currently, the market cap of the cryptocurrency market is $71 bln.

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We Plan To Open 5,000 Bitcoin ATMs in Europe in 2017: Bitlish

We Plan To Open 5,000 Bitcoin ATMs in Europe in 2017: Bitlish

Bitcoin ATM provider Bitlish was the first to open a bonafide BTM in Russia, but it is its expansion plans that are likely to get the market talking.

Despite the growing presence of BTMs in Europe, usage is still limited.

Not inconsiderable fees, as well as a lack of general consumer understanding, mean that online options remain the go-to source for both novice and experienced traders to exchange crypto for fiat and vice versa.

UK-based Bitlish thus surprised when one of its branded machines opened in Russia’s second city St. Petersburg, closely followed by another. Both were a result of a decision by the company’s local partner, who gained an opportunity to open there rather than the capital Moscow.

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BITPoint Joins Race To Take Bitcoin To Japanese Retail

BITPoint Joins Race To Take Bitcoin To Japanese Retail

Japanese payment gateway BITPoint is set to take Bitcoin payments to thousands of domestic retailers.

Having successfully partnered with Peach Air to facilitate its Bitcoin acceptance later this year, BITPoint is now seeking a considerably larger rollout.

“We’re holding discussions with a retail-related company,” Bloomberg quotes President Genki Oda on Monday.

“By going through a company providing payment terminal services to shops, we have the possibility of increasing its use at one stroke. It’s easier than talking to lots of individual retailers.”

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Bitcoin Future Is Bright, Just Be Patient: Bitcoin Investor Vinny Lingham

Bitcoin Future Is Bright, Just Be Patient: Bitcoin Investor Vinny Lingham

At the peak of the recent Bitcoin price rally, Vinny Lingham, the Bitcoin price prediction pundit, told Cointelegraph it was not healthy and would not end well.

Admittedly, it did not end as many wished, but it was unlike some of the scary bursts this ecosystem has witnessed in 2013 and 2015.

Bitcoin price actually tanked from the $2,900 range to the $2,000s when most of us were calling for $3,000. It is now struggling to find its feet at the $2,100 zone. On Sunday night, it dropped as low as $2,045 and some analysts on Bitcoin Powpow even predicted it will decline between $1,600 to $2,000.

At the time of filing this report on Monday Morning GMT, it was wavering around $2,119 with a negative growth rate. It is worth mentioning that all top 10 altcoins were in the red except the tenth ranked Golem.

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Top 3 Ways to Avoid Bitcoin Scams

Top 3 Ways to Avoid Bitcoin Scams

The recent pump across the cryptocurrencies was an exciting rally, that has since settled down a bit. However, it did expose Bitcoin and other cryptocurrencies to many new people who may not have known about it before. Many of these people may hear the term “trustless” and think that it only applies to the Blockchain. In reality many of these newcomers -and veterans alike- need to keep a watchful eye out for the multitude of Bitcoin scams. Here are some of the ways that I avoid getting scammed.

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India Local Politicians Criticize Government’s War On Cash, Bitcoin

India Local Politicians Criticize Government’s War On Cash, Bitcoin

Indian politicians have described Bitcoin as a “ransom finance platform” while criticizing the government’s digital economy reforms.

In a meeting of the country’s Parliamentary Standing Committee on Finance quoted by the Economic Times, several local representatives “raised questions” about Bitcoin’s treatment in light of the WannaCry cyberattack.

“Members feared that it (Bitcoin) could become a parallel instrument for cycling black money and dodgy transactions and also a source for terror financing,” the publication reports quoting unnamed sources.

A further participant, Dinesh Trivedi, reportedly continued that “today data is the new oil and Bitcoin is the ransom finance platform.”

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The Latest Bitcoin Price Surge May Not Have Much to Do with Trade Speculation

The Latest Bitcoin Price Surge May Not Have Much to Do with Trade Speculation

Bitcoin, the popular cryptocurrency’s price has been on a constant upward trend until yesterday, creating new records every other day. The increasing price trend has reminded many of the Mt Gox times, where Bitcoin price rose beyond the $1000 mark before experiencing a massive crash.

The growing Bitcoin price trend has caused concern to many investors, confused about whether to invest in the cryptocurrency now or wait until the next price fall. The past 24-hour market trend seems to have addressed their concern, thanks to over 22% drop in the value. However, this situation is not expected to continue for long due to increasing adoption and stability of the cryptocurrency.

Meanwhile, cryptocurrency and investment experts believe that the recently witnessed price rally is just the beginning and this time, there is no need to draw similarities between the tech bubble in 2000’s and the “Bitcoin bubble”. They also go a step further by supporting their theory with three reasons.

According to reports published on media outlets, the cryptocurrency has reached a stage where it plays a significant role in the stability and integrity of distributed ledger solutions. This has resulted in increased demand for Bitcoin and other cryptocurrencies, not only among traders and community members but also businesses involved in development, implementation and usage of blockchain-based applications. A trend which is not going to go out of date anytime soon.

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Japan, South Korea drive global bitcoin prices as retail investor pile in

Japan, South Korea drive global bitcoin prices as retail investor pile in

HONG KONG: Japanese and South Korean buying helped drive the price of bitcoin to an all-time high this week, with the digital currency more than doubling its value since the start of the year, analysts and market practitioners said on Friday.

Frenzied buying as the price peaked at $2,760.10 on Thursday caused website outages on Coinbase, the global bitcoin company that allows consumers to buy and sell bitcoins. The price has since fallen back to $2,632.74.

In Japan and South Korea, among the largest markets for bitcoin globally, bitcoin traded at a premium of more than $300 higher above the global average, according to CryptoCompare.com.

The rally appeared to have been driven by new buying from smaller retail investors, suggesting bitcoins are increasingly viewed among the general investing public as an alternative asset class much like gold, analysts said.

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How to Pull Bitcoin out of Darknet Stigma: Blockchain Startup Expertise

How to Pull Bitcoin out of Darknet Stigma: Blockchain Startup Expertise

With most new technologies, it's rare that mainstream investors dive in and take risks with the unfamiliar and untested. Organized crime, on the other hand, will invest in cutting-edge technologies to drive their initiatives, just like any legitimate business.

Criminals use the Internet, mobile phones, encryption technology, instant messaging and social media. But none of these technologies have sustained a bad reputation like Bitcoin.

From its launch in 2009, bad press has littered headlines involving Bitcoin, partially due to the Silk Road marketplace, the Darknet and other platforms that maintain their anonymity, finance terrorism, traffic drugs and allow them to launder money.

During this period, investment capital in Blockchain was a mere $93 mln in Blockchain investments according to CB Insights.

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Coinbase CEO: Digital Currencies Like Bitcoin Will Become Reserve Currencies

Coinbase CEO: Digital Currencies Like Bitcoin Will Become Reserve Currencies

At the Token Summit held on May 25, 2017, at the NYU Stern School of Business in New York City, Coinbase CEO Brian Armstrong noted the possibility of digital currencies and cryptocurrencies such as Bitcoin replacing reserve currencies such as the US dollar.

Over the past year, Bitcoin has shown a meteoric rise in value. Year-to-date, Bitcoin has already recorded a 375 percent increase in price, surging from the $900 region to $2,400. Analysts have attributed this recent surge in the price of Bitcoin to the growing global awareness toward Bitcoin as a safe haven asset and digital gold.

Both casual and institutional investors consider Bitcoin as a safe haven asset due to its decentralized nature and independent network. Within the peer-to-peer Bitcoin network, users can send and receive transactions without the existence of intermediaries and third party service providers. Because of this financial independence which Bitcoin represents, analysts and investors have recognized Bitcoin as the alternative to today’s existing banking and financial systems.

More importantly, mainstream media, prominent entrepreneurs and high-profile investors have suggested the possibility of Bitcoin potentially replacing reserve currencies in the future by providing an independent, transparent, decentralized and secure financial network for users.

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Bitcoin Should Figure in Your Investment Porfolio, Says Asset Advisor

Bitcoin Should Figure in Your Investment Porfolio, Says Asset Advisor

Boris Schlossberg of BK Asset Management has joined the cadre of investment advisors who see bitcoin as a way for investors to hedge their bets against market uncertainty. Schlossberg, according to CNBC, sees bitcoin as an addition to an investment portfolio in the wake of political uncertainty.

CNBC’s “Trading Nation” explored ways for investors to hedge against growing political uncertainty following Wednesday’s big equities selloff. Stocks traded slightly higher on Thursday following the market’s biggest sell day of the year.

Investors are also being advised to look to international markets.

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Bitcoin Has Come Roaring Back - But So Have the Risks

Bitcoin Has Come Roaring Back - But So Have the Risks

THE BITCOIN BOOM is back. This week, the digital currency leapt to record heights, peaking at nearly $2,800 before tumbling back down to around $2,400—by far the most dramatic run in its history.

While bitcoin didn’t maintain its record price for long, it’s been trading feverishly this year, breaking the $2,000 threshold just last week. Other “cryptocurrencies” like Ripple and Ether (the medium of exchange on the decentralized network Ethereum) have also soared.

“People are piling in. I think it’s fear of missing out,” says Campbell Harvey, a professor of finance at Duke University.

The big question is whether a crash is coming or whether cryptocurrencies have hit their stride. Should investors cash out now while the getting is good, or buy more now before the price climbs even higher? So far, when it comes to bitcoin, the only real rule is volatility.

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Bitcoin Demand Explodes in India, Overwhelmed Exchanges Put Limits on Purchases

Bitcoin Demand Explodes in India, Overwhelmed Exchanges Put Limits on Purchases

The demand for Bitcoins has increased across the world, leading to a surge in its price to all-time highs. In India, with thousands of new users flocking to Bitcoin every day, exchanges have been overwhelmed leading to downtime and slow processing of transactions.

The unprecedented demand for Bitcoins has come in the background of the government requesting feedback about virtual currencies from users.

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Bitcoin Bubble Was Imminent, Bitcoin Price Drop Deepens, But Recovery Nears

Bitcoin Bubble Was Imminent, Bitcoin Price Drop Deepens, But Recovery Nears

In a period of seven days, Bitcoin price surged from $1,900 to $2,700. In some regions such as South Korea, Bitcoin was being traded at around $4,000. Analysts predicted that a bubble was imminent and that a correction would have to occur.

On May 27, Bitcoin price declined by $500 from $2,500 to $2,000, recording its first sharp since the beginning of May. The next day, it continued to fall.

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Bitcoin briefly plunges below $2,100 as upward momentum fades

Bitcoin briefly plunges below $2,100 as upward momentum fades

On each of the last four days, the digital currency rose more than $100 to the high for the day, climbing as much as $315 on Thursday, more than 40 percent higher for the week, before erasing those gains, CoinDesk data showed.

The advances came as the Digital Currency Group announced agreement on plans to improve bitcoin's technological development. New York also hosted two digital currency conferences this week: Consensus and Token Summit.

Chris Burniske, blockchain products lead at ARK Investment Management, tweeted Friday that people are "fatigued" from the conferences. He also pointed out that the total market value of cryptocurrencies has fallen about 10 percent from a recent peak of $90 billion.

Analysts had pointed to increased buying interest in other digital currencies as supporting bitcoin's surge.

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As bitcoin prices soar, messaging app Kik launches cryptocurrency payment service

As bitcoin prices soar, messaging app Kik launches cryptocurrency payment service

Messaging app Kik announced Thursday it will use cryptocurrency tokens as the primary transaction currency on the platform — an unusual effort to compete against its behemoth rival, Facebook Messenger.

The announcement comes as bitcoin and other so-called decentralized currencies are riding a fresh wave of interest. Bitcoin prices hit a record level of $2,500 on Wednesday — a 150 percent surge this year.

The new program means that Kik can now use an internationalized currency for many transactions.

Using messaging apps for activities like listening to music, ordering food or making payments is already popular in Asia, where WeChat is a dominant app for sending messages on mobile phones. That's something platforms like Facebook are hungry to replicate.

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What is Bitcoin Mining?

 

 

 

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Sunday, May 28, 2017

Crypto Massacre: Why Bitcoin, Altcoin Prices Suddenly Declined

Crypto Massacre: Why Bitcoin, Altcoin Prices Suddenly Declined

Bitcoin and major altcoins have recently experienced some significant volatility. While some players in the industry believe that the initial surge in price is as a result of value proposition and reasonable adoption of the entities, others have insisted that the surge is fueled by speculators who only want to recycle the capital to make a profit.

The recent decline in the price of the aforementioned entities presents an opportunity for further questions about the robustness of the market value of cryptocurrencies in general. These questions arise due to the early history of Bitcoin price which saw a significant crash after previously appreciating in value.

Cryptocurrency Market Cap

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