Cryptocurrency News for 18 Sep 2017
Can Bitcoin Prices Reach $5000 Again Without China?
After falling for most of the week like a stone, Bitcoin, the “people's currency,” made a sharp turn upwards on Friday and early Saturday morning, gaining close to 12 percent within 24 hours.
Other cryptocurrencies followed suit. Ethereum also gained close to 12 percent, while Litecoin fared even better gaining close to 19 percent.
That should come as a relief to cryptocurrency investors, especially to those who purchased at much higher price than the current levels, before China shut Initial Coin Offerings (ICO). But is the worst over? Can cryptocurrencies reach $5000 again without China?
Full story at http://bit.ly/2xdbI2f
Source: Forbes
Big Banks Want to Destroy Bitcoin Before it Destroys Them
It seems as if the talk of “the people’s currency” has started to sting the ears of those who traditionally have a monopoly of money, banks and governments.
Recent negative statements by big banks, and governmental crackdown on digital currencies and ICOs can be seen as fightbacks by these institutions to the growing popularity of Bitcoin.
Bitcoin always has had the potential to be a new currency free of control by big banks and governments, but as adoption has spread, the threat has become real.
It should not be seen as surprising that banks, such as JP Morgan, are spilling vitriol and rhetoric about Bitcoin being a ‘fraud’ Bitcoin reaching mass adoption and succeeding spells the end for big banks and traditional financial institutions.
Full story at http://bit.ly/2wyBvyk
Source: CoinTelegraph
Kim Dotcom Claims “Everybody Will Use Cryptocurrency” in the Near Future
It is good to see individuals such as Kim Dotcom keep the bigger picture in mind in tumultuous times. The current Bitcoin price trend is a good reason to see the cryptocurrency markets as bearish. Some projects may even want to reconsider their affiliation with Bitcoin when prices are dropping like flies. However, it is simply one of the growing pains cryptocurrencies such as Bitcoin will have to deal with along the way.
K.im and Bitcache will introduce crypto to hundreds of millions of new users. Don't worry about #Bitcoin price. Everybody will use crypto ????
Kim Dotcom (@KimDotcom) September 14, 2017
Dotcom confirms BitCache will introduce cryptocurrency to hundreds of millions of users in due time. Contrary to what cryptocurrency enthusiasts may think, Bitcoin and altcoins are still very niche markets right now. It does not take trillions of dollars to move markets by any means. Just one piece of news from a country representing 12% of all Bitcoin trading volume has been enough to send prices plummeting in short order.
Assuming Kim Dotcom can successfully launch BitCache and evade further governmental scrutiny, he may be one of the individuals to put Bitcoin on the global map. There is a dire need for more companies and service providers that are willing to experiment with cryptocurrency payments. The year 2017 has been pretty rough in that regard. Some retailers have reneged on their Bitcoin positions during the first half of 2017. With the current price drop looking worse by the hour, it is not unlikely some other retailers would do the exact same unless things pick up again.
Full story at http://bit.ly/2wz0qBQ
Source: The Merkle
Bitcoin Price is Headed to $25,000 Despite Recent Setbacks: Researcher on CNBC
The value of Bitcoin may now be compared with that of gold as it’s likely to be heading $25,000 in five years according to Tom Lee, Head Research of Fundstrat Global Advisors and Former Managing Director of JP Morgan Chase.
He said it in his recent interview with CNBC’s Fast Money program.
Although Bitcoin has suffered from recent negative news from countries like China such as banning of ICOs and planning to shut down the Bitcoin exchanges by the end of the month, Lee thinks there are still advantages to the situation.
According to Lee, there are two factors in the issue - liquidity effect and perspective of the people. According to him, Chinese exchanges operate with 30 percent of Bitcoin value. If they decide to shut down the digital currency, obviously there is gonna be force selling.
Full story at http://bit.ly/2wzmV9I
Source: CoinTelegraph
Chinese Investors to Trade Bitcoin Over-The-Counter Via Telegram
As Chinese-based bitcoin exchanges plan to shut down, bitcoin investors are taking their trading elsewhere. They will now focus on broker-facilitated, over-the-counter exchanges.
Prior to exchange shutdown notices, most traders conducted OTC exchanges on Weechat messenger. As a result of government crackdowns on Weechat users, bitcoiners have made an exodus over to privacy-centric messaging app Telegram. A Quartz article detailed the situation:
A surge of traders have now moved to Telegram for its encryption protocols. They should now be able to disregard government as they continue to trade and speculate on various cryptocurrencies.
Full story at http://bit.ly/2wyBvOQ
Source: Bitcoin News
China’s three largest bitcoin exchanges will all stop offering local trading
Well, that didn’t take long. Yesterday, China’s longest running bitcoin exchange, BTC China, announced it will suspend its local trading service at the end of this month, and today the country’s two other major exchanges — Huobi and OKCoin — followed suit to say they will cease at the end of October.
The writing was on the wall when The Wall Street Journal reported on Monday that the Chinese government intended to shut down bitcoin exchanges after banning ICOs the previous week. Government officials then began meeting with exchanges this week to bring about the trading suspensions, a source with knowledge of discussions told TechCrunch.
While the exchanges will no longer be allowed to facilitate the buying of crypto coins using Chinese Yuan and the trading of coins, they will continue to operate international-facing exchanges and other associated services. Smaller exchanges, however, will be closing for good. Those include Yunbi, which announced in Chinese it will shut up shop on September 20.
The impact of the crackdown sent bitcoin prices falling — with the crypto currency dropping below $3,000 on some exchanges for the first time in a month — but it quickly rebounded and, at the time of writing, it had nearly made up the losses.
Full story at http://tcrn.ch/2xbTf5Y
Source: TechCrunch
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Info rich article on crypto and the traditional banks trying to kill it because of fears of loosing out... @sydesjokes thanks I gained a lot
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I wonder if the banks could win. Seems Cryptocurrency is pretty well established by now.
China will again get into bitcoin
They have more investment in hardware than any other country
Disclaimer: I am just a bot trying to be helpful.
Thanks for sharing!
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Up voted, thanks for continuing updates!