Cryptocurrency News for 20 Aug 2017

sydesjokes (64)in #crypto-news • 7 years ago

Each Bitcoin Could Be Worth $619,047 In 10 Years

Cryptocurrency is the word which first comes to mind when talking about exotic investments. The question is: Is this really an exotic investment and how do we even define an exotic investment? The exotic investment brings up the memories of the great Tulip Mania in Holland, which died in 1637. Speculators paraded against the first stock back in the 1600s and here we are today looking at something that is bigger than that. Since the birth of Bitcoin in 2009 for half a cent, the price has hit the high of $4,477.

The general consensus among the investment community is that the price is in a mammoth bubble territory and it would crash. After all, we have witnessed a number of crashes in the equity market since its birth. The NASDAQ, the blue-chip index, experienced a massive crash on the back of the tech bubble when it fell by 78% in the 30 months ending 2002.

The market has not only recovered from that level in the preceding years but it has made record highs, and to date, it is up nearly 26%. Just to put things in perspective, the NASDAQ index is up 486% from its tech crash low. For every trader, the NASDAQ tech crash became the child poster case study for graduate school but the reality is that crashes do take place all the time and in all markets.

Full story at http://bit.ly/2x2kSMK

Source: Forbes

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'Bitcoin cash' soars to record high above $900 as 'mining' profits jump

The bitcoin offshoot surged Saturday to a record high in high trade volume, helped by strong demand from South Korea and digital currency "miners" who found the offshoot more profitable to mine.

Bitcoin cash, an alternative version of bitcoin launched by a minority of developers on Aug. 1, climbed 44 percent to $996.92, according to CoinMarketCap. That's the highest bitcoin cash has ever traded in its less than three weeks of history, and a jump of almost 374 percent from its low of $210.38 on its first day of trading.

Bitcoin cash traded off that high at $944.45 in mid-morning trade, still less than a quarter of the original bitcoin's price.

Full story at http://cnb.cx/2x2tHWW

Source: CNBC

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Bitcoin Prices Retreat Toward $4,100 While Bitcoin Cash Soars

Following a week of thrilling price gains and two all-times highs – $4,483 on August 15, and $4,520 on August 17 – bitcoin prices have now slumped back toward $4,000.

Opening the session at $4,159, price across global exchanges peaked early at $4,406 and have since steadily dropped and at press time had recovered sightly to $4,112. The low for the session was $4,040, according to CoinDesk's Bitcoin Price Index.

Bitcoin's market capitalization now stands at over $67 billion, down from $73 billion two days ago, according to data from CoinMarketCap

Full story at http://bit.ly/2x2Te2g

Source: CoinDesk

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Bitcoin Is Splitting Once Again - Are You Ready?

Whether you’re ready for it or not, it’s going to happen. We will witness another Bitcoin hard fork in three months. This time it will be backed by the technical team that proposed Segwit2x.

Leading the pact is Bitcoinj developer Jean-Pierre Rupp, who filed an announcement to increase the block size to 2 MB and continues to work on SegWit2x.

According to Jeff Garzik, Bloq founder and Segwit2x developer, the proposal has received ‘general approval’ from Segwit2x members.

On the other hand we have Bitcoin Core developers who remain adamant in opposition to SegWit2x and have already said that the upcoming Bitcoin Core client 0.15.0 will automatically disconnect nodes supporting the SegWit2x fork.

Full story at http://bit.ly/2wY1n8g

Source: CoinTelegraph

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Wall Street strategist Tom Lee sees bitcoin surging to $6,000 next year, $25,000 by 2022

Bitcoin has had a stellar year and one of Wall Street's top strategists thinks it can rise 40 percent more by next year.

Tom Lee, co-founder of Fundstrat Global Advisors, established a mid-2018 target of $6,000 on the cryptocurrency. Bitcoin traded at $4,284.14 on Friday, according to Coindesk. For the year, bitcoin has surged nearly 330 percent.

In a note to clients, Lee cites the approval of bitcoinoptions trading and the adoption of futures trading in the cryptocurrency as potential tail winds.

Full story at http://cnb.cx/2x2tIds

Source: CNBC

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'Bitcoin cash' surges 40% in single day as investors bet on its faster processing speeds

The bitcoin offshoot, bitcoin cash, soared Friday after indications the alternative digital currency could achieve its goal of speeding up transactions.

Bitcoin cash rose 40 percent from Thursday's close of $460.53 to briefly hit $655 Friday afternoon, according to CoinMarketCap. That's the highest since bitcoin cash touched $756.93 on Aug. 2, the day after bitcoin split into bitcoin and bitcoin cash.

However, the volatile surge was even greater when considering bitcoin cash hit an intraday low of $293 Thursday before climbing to $460.53, according to CoinMarketCap.

Full story at http://cnb.cx/2x23rvZ

Source: CNBC

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