Bitcoin Rise Due to Global Currency Crises, Accessibility: Analysis
It’s been quite apparent over the last few months that Venezuelans are turning to cryptocurrency at an exponential rate as a safe haven for their wealth and investments in their crisis-stricken economy.
As the value of the Bolivar collapses, the country’s citizens are turning in droves to Bitcoin and other cryptocurrencies as hedges against currency collapse.
New data from investing.com suggests, however, that it’s not just Venezuelan citizens that are turning to cryptocurrencies as fiat currencies collapse.
The investment portal researched the top ten countries accessing cryptocurrency across its platform and noticed an interesting trend.
Full story at http://bit.ly/2wXWjRe
$700 and Rising: What's Driving the Price of Bitcoin Cash?
Bitcoin cash surged above $700 today, passing a notable milestone amidst a two-day rally during which the price of the cryptocurrency more than doubled.
Heading into weekend trading sessions, bitcoin cash has emerged as the third-largest cryptocurrency by network value, behind bitcoin and ethereum. And while it might still be too early to compare bitcoin cash to these more established networks (there remain unanswered questions about its particular economics), traders are proving it might have staying power.
Overall, the development is the latest in a narrative that began when bitcoin cash split off from the main bitcoin blockchain earlier this month because a group of miners and developers moved to adopt software with new network rules that were incompatible with bitcoin.
The result: bitcoin "forked" into two distinct blockchains, each with their own freely-traded digital assets. But while bitcoin surged past $4,000 to set new all-time highs, bitcoin cash stayed largely stagnant this week – trading in the $300 range. Yet, at press time, bitcoin cash was trading around $750 per coin.
Full story at http://bit.ly/2wblthv
Italian Authority Fines Onecoin Promoters 2.6 Million Euros
Onecoin promoters have been fined 2.6 million euros in Italy after the country’s antitrust authority found them engaging in a pyramid scheme and misleading promotions. The fines follow the authority’s previous suspensions of Onecoin activities, which have failed to stop its promotion in the country.
The Italian Competition Authority known as L’Autorità Garante della Concorrenza e del Mercato (AGCM) in Italian has fined several Onecoin promoters a total of €2,595,000 for running pyramid sales and for using misleading promotional methods. The Competition Authority is a quasi-autonomous, non-governmental organization financed by the Ministry of Economic Development. It is in charge of enforcing both Italian and European consumer protection laws. They wrote:
After the investigations, the Authority imposes sanctions against One Life Network Ltd (€ 2.000.000), One Network Services Ltd (€ 500.000), Easy Life Srl (€ 80.000), as well as the registrants of websites Onecoinsuedtirol.it, Onecoinitaliaofficial.it, Onecoinitalia.com (€ 5.000 each).
Full story at http://bit.ly/2wbtVgG
Source: Bitcoin News
You Can Now Hold Ether In Blockchain, One Of The World's Most Popular Cryptocurrency Wallets
With the price of Ethereum's token, ether, up almost 4,000% for the year, Blockchain.info, one of the oldest and most popular user-controlled bitcoin wallets, Thursday adds it as a second currency to the service.
The move gives the 16 million Blockchain wallets access to the second-highest market cap coin, which is used to power smart contracts on the Ethereum platform.
Additionally, the wallet, available in 140 countries, now integrates the crypto-to-crypto exchange Shapeshift so users can easily trade from bitcoin to ether and vice versa.
"The reason we decided to add Ethereum is we really feel like Ethereum as a community, ecosystem and technology has really matured," said Peter Smith, Blockchain's chief executive, of the two-year-old cryptocurrency.
Full story at http://bit.ly/2wblPVF
Not Bubble - Bitcoin Growing Up, Heading to $10,000: Dave Chapman
No one knows if the recent rally is the last pump before the bubble pops, or indeed if it is the tipping point. But, Octogon Strategy Dave Chapman is seeing a new breed of investors flowing towards cryptocurrency that makes him believe Bitcoin is growing up.
Chapman’s company, which specializes in commodity investment, especially digital currencies, is seeing a new flow of institutionalized money opening accounts with Octagon. These new account holders are the type of people that make it look like Bitcoin is growing up, not preparing to pop.
The talk and debate around Bitcoin, especially at big rallies, is whether the digital currency is preparing to pop on the same level as Tulip Mania, the dotcom bubble and other such market crashes.
Chapman admits that the market is a heated one, but it is also a very different one.
Full story at http://bit.ly/2wXz4Xx
Coinbase CEO Joins Vitalik Buterin in Fortune's 40 Under 40 List
As cryptocurrencies continue to attract mainstream and traditional investors, the digital currencies are also breaking into famous listings know to award young up and coming moguls.
Coinbase’s CEO Brian Armstrong is the newest cryptocurrencies player to join Fortune’s 40 under 40 list.
Armstrong is in some good company as he finds himself next to Ethereum creator, 23-year old Vitalik Buterin. The young Russian debuted on the list last year already.
The recognition for excellence in the digital currency sphere has seen Armstrong, 34, placed on the list at 10th, sharing that spot with Buterin.
Full story at http://bit.ly/2wXOc7j