CryptoDigest@Steem Saturday, September 2, 2017

Dear Steemians!

Here is the daily press review for bitcoin and other crypto currencies.

Bitcoin smashed through the $5,000 barrier overnight
Cryptocurrency Bitcoin broke the $5,000 barrier in the early hours of Saturday morning. Similar to gold, analysts believe investors see the crytocurrency as a safe haven for investment. After threatening late on Friday afternoon, Bitcoin hit new highs at around 1.30am UK time, topping out at $5,013.91. The currency stayed over the $5,000 marker for around 10 minutes before taking a tumble. Canadian Imperial Bank of Commerce, MUFG and State Street will also join in with efforts to launch the Utility Settlement Coin (USC), alongside Santander, Deutsche Bank, BNY Mellon and Icap. (cityam.com)

Is Bitcoin Going to Have a Sorry Ending?
Bitcoin is constantly breaking records and it looks like it’s going on an upward slope. Calling it an overly frothy market Ader is very skeptical towards Bitcoin’s growth. “I think it’s going to come to a sorry ending,” he said. “I don’t know anybody who’s actually used a Bitcoin for any purpose legal or otherwise. In the 2000’s Nasdaq was at its peak, and right before a drastic crash for which Ader seems to draw similarities with Bitcoin. David Ader, a chief macro strategist has found similarities between Bitcoin’s gains and that of the Nasdaq Telecommunications Index before the tech bubble burst. Its enthusiasts are torn in between celebrating Bitcoin’s arrival, or what seems like an unavoidable burst that has always happened with asset bubbles. (ethereumworldnews.com)

Bitcoin Price Drops by $400 After Almost Surpassing $5000
It has to be said, the recent Bitcoin price growth would effectively result in a push back of some sorts. As is to be expected, the Bitcoin price drop is affecting most other top alternative cryptocurrencies as well. Although a major Bitcoin price dip was not necessarily what most people were hoping for, it is what we have to deal with right now. Sadly, the markets have decided otherwise and the Bitcoin price is going through a very sharp correction right now. This pump will effectively come to an end sooner or later, though, albeit this Bitcoin price drop may allow it to go on for a while longer. (themerkle.com)

$5,000: Bitcoin Price Hits Historic New Milestone
The CoinDesk Bitcoin Price Index (BPI) hit a high of $5,013.91 at 02:25 UTC, market data shows, staying above that level over the next 10 minutes of trading. Markets then climbed back above $4,900, reaching $4,916.39, BPI data shows, before sliding again. Bitcoin's price rose above $5,000 for the first time today. Yet in the past few days, markets saw significant surges, shooting past the $4,700 and $4,800 levels to hit new all-time highs. The price then dipped below the $5,000 mark, falling over the next hour to a low of $4,867.18 at 03:28 UTC.Market data points to Chinese bitcoin exchange OKCoin leading the spike, with that market hitting a high of $5,149. (coindesk.com)

Bitcoin Price Tops $5,000 For First Time
The crypocurrency's price had risen to as much as $5,005.26 at the time of report, according to the CoinDesk Bitcoin Price Index (BPI). This hard fork could split the network into two separate blockchains, and this move would result in three versions of Bitcoin: the two new Bitcoin blockchains and Bitcoin Cash. Bitcoin prices topped $5,000 for the first time today, surpassing this key, psychological level and setting a fresh high. In spite of this uncertainty, the price of Bitcoin has marched higher. In November, the digital currency will undergo a hard fork that will further increase its capacity for processing transactions. (forbes.com)

Bitcoin Price Tops $5,000 For First Time
The crypocurrency's price had risen to as much as $5,005.26 at the time of report, according to the CoinDesk Bitcoin Price Index (BPI). Bitcoin prices topped $5,000 for the first time today, surpassing this key, psychological level and setting a fresh high. Further, many companies have been holding initial coin offerings (ICOs), innovative token sales where organizations can raise funds. These digital assets have been generating significant visibility is their a growing number of organizations explore their potential uses. This brought its year-to-date (YTD) return to almost 420%.[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. (forbes.com)

Bitcoin Price Nears $5,000; YTD Growth Exceeds 400%
Now, as the bitcoin price approaches $5,000, it’s an excellent time to look back at the trials and triumphs that have contributed to this 400% YTD rally. The bitcoin cash hard fork was caused by the debate about the best way to scale the bitcoin network. As early as January, the People’s Bank of China (PBoc)–China’s central bank–began putting a regulatory squeeze on bitcoin exchanges in response to “abnormal [bitcoin] price fluctuations.” Exchanges shut their doors as the PBoC began conducting on-site inspections. The proposal received near-universal support from miners, but Bitcoin Core developers have vociferously opposed it. More recently, bitcoin survived the contentious bitcoin cash hard fork that split the bitcoin network into two different blockchains. (cryptocoinsnews.com)

Why Bitcoin Prices Have Risen More Than 400% This Year
Bitcoin, the world's largest digital currency by market capitalization (market cap), reached to as much as $4,935.05 today, according to CoinDesk's Bitcoin Price Index (BPI). Bitcoin prices have climbed more than 400% this year, providing investors with robust gains and generating strong visibility for the broader cryptocurrency space. The cryptocurrency's market cap has also risen quite a bit this year, surpassing $80 billion at the time of report, additional BPI figures show.[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]The price of Bitcoin has consistently traded at elevated levels in recent months, fluctuating close to $4,000 for a few weeks in August, additional BPI figures show. Since Bitcoin started the year at $968.23, this latest high represented a roughly 410% year-to-date (YTD) increase. (forbes.com)

ETF Flopper: Bitcoin Investment Trust Sinks 20%
All it took was a tweet from Citron Research for the Bitcoin Investment Trust (GBTC) to suffer a massive one-day drop. The investment fund run by Greyscale Investments, which tracks bitcoin, broke through the $1,000 mark earlier this week and peaked at $1,064.95 a share. Today, bitcoin rose almost 2.7% to $4,891.58 after summiting above $4,900 earlier in the day. Bitcoin, the world’s most popular cybercurrency, hit fresh highs this week on the heels of North Korea’s recent missile launch. But today, the fund dropped more than 20% to close at $800 a share. (barrons.com)

Bitcoin Gets Close to $5,000
Bitcoin began September by approaching $5,000, following up on a record-breaking run in August spurred by optimism that faster transaction times will hasten the spread of the cryptocurrency. The largest digital tender has surged on the acceptance of a plan to quicken trade execution by moving some data off the main network. The solution -- termed SegWit2x -- had been so contentious that a new version of the asset called Bitcoin Cash was spun off in opposition. (bloomberg.com)

Bitcoin's Future in Question
It is no secret that blockchain technology is thought of as safer than systems currently in place. Then we can talk about artificial intelligence, machine learning, video games, autonomous driving, and every other currently pertinent technology business line under development. UBS thinks that can kick-start this thing in a limited way toward the second half of 2018. The dominance of the semiconductors as a group is going nowhere, as long as chips are needed to mine blockchain. Big names like Barclays (BCS) , Credit Suisse (CS) , HSBC Holdings (HSBC) and others have joined the effort. (thestreet.com)

BTC-e's Big Claim: Bitcoin Withdrawals to Begin Today
BTC-e, the long-running and controversial bitcoin exchange targeted by US authorities last month, has claimed that users will be able to withdraw their funds beginning Saturday. Yesterday, BTC-e renewed access through a new domain, allowing users to check their balances and communicate through the chat box. More details about the conditions, the principle of calculation and the form of output will be available tomorrow." "On September 2, 2017, it will be possible to withdraw 55% of the funds from the account...on the condition that our debt obligations are abandoned to the remaining 45% of funds in the form of tokens. Have breaking news or a story tip to send to our journalists? (coindesk.com)

How Bitcoin Beat Buffett
That is because the Bitcoin network is regulated through a process called "Bitcoin mining." If you are interested in learning more about this "picks and shovels" Bitcoin investment, click here to view our presentation. The company I am talking about makes specialized hardware needed to operate large Bitcoin mining operations. For miners, Bitcoin mining used to be incredibly lucrative. In order for bitcoins to be produced, a "Bitcoin miner" must confirm transactions that take place on the Bitcoin network. (wealthdaily.com)

GBTC Craters During The Bitcoin Price Spike
Now the premium is back over 100%, but price action suggest that we may see several dips down to around 80 - 90% premium range. I would buy around 85 - 90% premium, which works out (at the time of writing) to be around $825 - 850. The Grayscale Bitcoin Investment Trust (OTCQX:GBTC) has had a significant premium to Bitcoin this year thus far due to high demand and limited shares. At the time of writing this, the value given to each Bitcoin in the fund is $9,665.65 while the price on CoinMarketCap is $4,814.14. One must keep a close eye on Bitcoin's price over the weekend too as this will impact what premium GBTC sees next week at open. (seekingalpha.com)

More on these and other related news can be found at http://zentrade.online/bitcoin-news-digest-saturday-september-2-2017/