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As Bitcoin Struggles, This Minor Cryptocurrency Is Up Almost 500% Over The Past 12 Months

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Bitcoin has had a mixed start to the new year. The price has climbed, most likely for potentially controversial reasons—but, meanwhile, at least one minor cryptocurrency is going from strength to strength.

The bitcoin price has climbed over the first few days of 2020 but has failed to make meaningful gains and breakout of its long-running malaise, leaving many cryptocurrency traders and investors disappointed.

However, chainlink, a top 20 cryptocurrency traded under the name link boasting an $800 million market capitalization, has risen 25% already in 2020—bringing its year-on-year rise close to a staggering 500%.

The chainlink price reached its highest in late June of 2019, hitting $4.55 and up over 1800% from the start of 2019.

The massive rally was caused by interest in chainlink from China, the world’s largest bitcoin and cryptocurrency exchange by volume, Binance, working with chainlink developers so-called decentralized finance products, and search giant Google using chainlink’s blockchain to bridge legacy databases.

“As with most blockchain projects in their infancy given the low liquidity initially, any surge in demand is likely to cause significant impact on price,” said Simon Peters, bitcoin and crypto analyst at investment platform eToro.

Related imageThe chainlink price has fallen back somewhat from its all-time high but has broken the broader cryptocurrency downward trend—with almost all so-called altcoins failing to recover after the brutal crypto winter of late 2018 and early 2019.

“With chainlink developers working with the likes of Swift to help connect banks to smart contracts, as well as major companies like Google, naturally this has caused excitement around the potential of the platform going forward,” Peters added.

“This has subsequently encouraged investors to buy the link token, speculating on the project’s future success. With link prices increasing over the last year, this was further compounded by the ‘fear of missing out’ phenomenon.”

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Source: https://www.forbes.com

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China’s Planned Bitcoin-Killer Sparks Major Concerns

Bitcoin and cryptocurrency have this year successfully provoked central bankers and governments to take digital currencies seriouslythough many remain skeptical.

The bitcoin price, which has failed to return to its all-time highs set in late 2017 despite a late December rally, was given a substantial boost in the first half of this year by social media giant Facebook’s plans for a bitcoin-like rival.

Now, China’s long-awaited answer to bitcoin and Facebook’s libra is taking shape, with People’s Bank of China confirming the “digital yuan” won’t be “for speculation or require the support of a basket of currencies”— leaving many disappointed and others concerned.

“The currency is not for speculation,” Mu Changchun, head of the People’s Bank of China’s digital currency research institute, said over the weekend, according to the official Shanghai Securities News and reported by China’s South China Morning Post newspaper.

“It is different to bitcoin or stable tokens, which can be used for speculation or require the support of a basket of currencies,” Mu said, with the newspaper adding “the top-level design, formulation, functional research and testing of the Digital Currency Electronic Payment had been completed,” with “the next step” to roll out pilot programmes.

The news was met with disappointment from China’s social media users, the South China Morning Post reported.

One said there will be “no fun in it,” while another added “if you don’t allow me to speculate on the digital form of the yuan, I’ll speculate on other things, like foreign exchange.”

Meanwhile, China’s plans for a bitcoin-rival have sparked fears Beijing will use the digital yuan to better control its citizens.

“A roller-coaster decade—not just for for banking and money but also for privacy and politics—may just be beginning,” wrote Andy Mukherjee for Bloomberg, a financial newswire.

“[China’s digital yuan is] far bigger than [bitcoin]. The crypto yuan, which may be on offer as soon as 2020, will be fully backed by the central bank of the world’s second-largest economy, drawing its value from the Chinese state’s ability to impose taxes in perpetuity,” Mukherjee wrote, adding “a digital yuan could bypass [the current deposit-based banking] system and allow any holder of the currency to have a deposit at the central bank, potentially making the state the monopoly supplier of money to retail customers.”

Mukherjee also warned other nations will follow China’s lead and that “anonymity disappears when cash does.”

Last month, outgoing European Central Bank executive board member Benoît Cœuré, who last year described bitcoin as “the evil spawn of the financial crisis,” outlined plans for a European “central bank digital currency” to rival the likes of Facebook’s libra and bitcoin.

Bitcoin, with its well-earned reputation as internet cash, is only going to become more important as regions, countries and companies try to control digital assets.

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Source: China’s Planned Bitcoin-Killer Sparks Major Concerns

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China’s big move for the 21st century is to pull a “trap door” on the U.S. by launching a gold-backed crypto currency that will devalue the U.S. dollar to “zero,” this according to Max Keiser, host of the Keiser Report. “[China] is rolling out a cryptocurrency, a lot of the details have not been divulged. I can tell you that the cryptocurrency that China’s rolling out will be backed by gold. It’s a two-pronged announcement. Number one, China’s got 20,000 tonnes of gold, number two, we’re rolling out a crypto coin backed by gold, and the dollar is toast,” Keiser told Kitco News. Keiser added that bitcoin is a superior form of currency to gold. “Both fiat money and gold are inferior to bitcoin for one very simple reason, that with a bitcoin transaction, it is also simultaneously the settlement. You don’t have that with fiat, you don’t have that with gold,” he said. ________________________________________________________________________________________________ Kitco News is the world’s #1 source of metals market information. Our videos feature interviews with prominent industry figures to bring you market-affecting insights, with the goal of helping people make informed investment decisions. Subscribe to our channel to stay up to date on the latest insights moving the metals markets. For more breaking news, visit http://www.kitco.com/ Follow us on social media: Facebook – https://www.facebook.com/KitcoNews/?r… Twitter – https://twitter.com/kitconewsnow Google+: https://plus.google.com/u/0/116266490… StockTwits – https://stocktwits.com/kitconews Live gold price and charts: http://www.kitco.com/gold-price-today… Live silver price and charts: http://www.kitco.com/silver-price-tod… Don’t forget to sign up for Kitco News’ Weekly Roundup – comes out every Friday to recap the hottest stories & videos of the week: https://connect.kitco.com/subscriptio… Join the conversation @ The Kitco Forums and be part of the premier online community for precious metals investors: https://gold-forum.kitco.com/ Disclaimer: Videos are not trading advice and the views expressed may not reflect those of Kitco Metals Inc.

Bitcoin Suddenly Dives Below $7,000 As Crypto Markets Lose Billions

Bitcoin and cryptocurrency markets were suddenly sold off today, with the bitcoin price losing around $200 per bitcoin in minutes and dipping under the psychological $7,000 mark once againcontinuing a period of relative volatility for digital tokens.

Bitcoin-rivals ethereum, Ripple’s XRP, bitcoin cash, litecoin, EOS and binance coin were also heavily sold off, wiping billions of dollars from the combined cryptocurrency market capitalization.

The cause of the sudden sell-off was not immediately clear, however, analysts have noted a drop in crypto market trading volume recently.

“All is quiet on the crypto front. Perhaps, a little too quiet,” Mati Greenspan, the founder of bitcoin and crypto research outlet Quantum Economics wrote in a note ahead of the bitcoin sell-off today, adding the dominance of the world’s biggest stablecoin, tether, “seems to be waning.”

Bitcoin was earlier trading at $6,880, down by 3.5% over the last 24-hour trading period, according to prices from U.S.-based crypto exchange Coinbase, with ethereum, Ripple’s XRP, litecoin, and bitcoin cash all off by between 5% and 8%.

EOS, a dectralized app token similar to ethereum, led the bitcoin and crypto market lower.

Earlier this year, bitcoin and cryptocurrency price watchers warned that “dismal” bitcoin volumes could mean the market was headed for a perfect storm.

In periods of low trading volume, crypto prices are more vulnerable to so-called whales moving the market by placing massive buy or sell orders at a little above or below current market rates. These can trigger trading algorithms that then send prices sharply higher or lower and can be a sign of market manipulation.

Meanwhile, research out earlier today suggested the bitcoin price might struggle over the short term due to the $2 billion PlusToken scandal—one of the biggest ever cryptocurrency scams.

“That’s certainly something to consider when you are thinking about where the price is going, at least in the short term,” Kim Grauer, senior economist at blockchain analysis company Chainalysis told financial newswire Bloomberg. “It could be, according to our research, continued downward pressure.”

PlusToken scammers are thought to have sold some 25,000 bitcoin, according to Chainalysis data, with a further 20,000 still to be dumped back onto the market.

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Source: Bitcoin Suddenly Dives Below $7,000 As Crypto Markets Lose Billions

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Bitcoin: Why You Need It

Most people know little about Bitcoin. It’s a brand, like the internet was in the late 1990s that created great excitement in a small fanatical audience but confusion, indifference and often hostility in the mainstream and establishment.

“I don’t need email,” people said, while many would look blank and not know what it was. It wasn’t until the social media floodgates opened that the mainstream piled in. Now all the marvelous benefits and distractions of being connected are taken as read.

The benefits of crypto are not well understood or even considered beyond the possibility of a life change rising in value for coins that an investor might ride to riches. This may well be the future for Bitcoin so to start a list of reasons why you should hold some Bitcoin must start with:

1)  A lottery ticket to a ride that some see having a 1,000% upside.

It could happen. There are only going to be 21 million bitcoins (BTC), many of which like Roman gold coins are already lost forever. If bitcoin was to be worth just half of the gold in the world it would be  about $200,000 a coin. If all the BTC was worth $1 trillion then the price would be north of $50,000.

Today In: Money

With BTC currently at $7,400 and the ability for people to buy tiny amounts, there is a fun dividend in actually holding.

2) Blockchain is “the next big thing.”

If you want to catch that wave when it lands, you need to know a bit about it. Buying crazes on the basis of zero knowledge is the short cut to the poorhouse. Owning bitcoin and going through all the stages to “get” crypto will position you perfectly for the day “crypto IPO” hits. That day will come and it will be big. Owning bitcoin will position you to take advantage of that boom.

3) Portfolio diversification is crucial.

Everyone should have a little gold, for example, to buffer the roller coaster of other financial instruments. Bitcoin and gold are very similar in as much as they are havens. “Physical” bitcoin however is easier to store, faster to sell and has much greater upside if you are laying in assets for what you see as being extremely volatile times in the future. If you are not in the “bullets and corn beef” legion, the gold, silver and bitcoin are must haves, with bitcoin the king if you feel you might have to jump on a plane to safety. It’s easy to travel with bitcoin; with gold bars and sacks of silver, not so much.

4) Bitcoin is currently a great hedge especially for equities.

This is because for now at least, bad news for equities is good news for bitcoin. That bad news is currently the China trade war. The trade war is bad for equities and there is a clear link to moves in BTC and emergent good/bad news on the trade negotiations. Bitcoin sends the signal then the news appears, which one would imagine is because of the insider news flow in crypto-hungry China.

5) Bitcoin is useful money.

You can buy things with bitcoin, and with bitcoin debit cards you can use it to buy things anywhere that takes Visa/Mastercard. While this can prove expensive, a bitcoin debit card is another off ramp for holders wishing to spend their profits. Bitcoin is also a useful currency for B2B and while currently niche, bitcoin use for international payments is quickly expanding when products need to be bought quickly and the vendor needs to establish transfer of funds fast to cut out delays. For large sums bitcoin beats credit cards hands down as a bitcoin transaction can’t be reversed unlike a credit card payment that is always vulnerable to charge backs. Transfers can take days to materialize, so for anything that’s a “rush job” bitcoin is the best possible way to pay if the vendor takes BTC.

Every investor should buy some bitcoin, even if it’s just $1. It is always best to be too early to a financial phenomenon than too late and it turns out the bitcoin story is still in its early chapters.

If you are an investor, it was obvious you need to hold equities, bonds, gold and cash. That is still true but these days, you need to hold a little crypto, because it is a new positive sum financial instrument. If you don’t have Bitcoin, the world won’t end, but you will be less diversified and more at risk than an investor that does hold some. Bitcoin will continue to be the ‘kingpin’ of the emergent blockchain industry and everybody needs a little bit of exposure to that in the same way as they needed a little Amazon in 2002.

Forbes CryptoAsset & Blockchain Advisor cuts through the hype and identifies real investor opportunities in the emerging world of blockchain and crypto assets. Click to learn more.

Clem Chambers is the CEO of private investors website ADVFN.com and author of 101 Ways to Pick Stock Market Winners and Trading Cryptocurrencies: A Beginner’s Guide.

In 2018, Chambers won Journalist of the Year in the Business Market Commentary category in the State Street UK Institutional Press Awards.

Follow me on Twitter. Check out my website.

I am the CEO of stocks and investment website ADVFN . As well as running Europe and South America’s leading financial market website I am a prolific financial writer. I wrote a stock column for WIRED – which described me as a ‘Market Maven’ – and am a regular columnist for numerous financial publications around the world. I have written for titles including: Working Money, Active Trader, SFO and Technical Analysis of Stocks & Commodities in the US and have written for pretty much every UK national newspaper. In the last few years I have become a financial thriller writer and have just had my first non-fiction title published: 101 ways to pick stock market winners. Find me here on US Amazon. You’ll also see me regularly on CNBC, CNN, SKY, Business News Network and the BBC giving my take on the markets.

Source: Bitcoin: Why You Need It

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Bitcoin Isn’t Down Because of China, It’s Down Because You Don’t Need It

Crypto markets are not reeling this week because China is “cracking down on Blockchain.” Tokens have been getting slammed since the summer because most of them are unnecessary, and because the need for coins that may offer some utility is not as imminent as buyers thought it would be. This is most obvious with King Crypto, bitcoin, whose purported use-case as a store of value is not looking very compelling.

The risk-reward in bitcoin has always been an extreme one, which is why its biggest proponents/salespeople assigned astronomic price targets to it. Widespread adoption is an extremely low-probability event with an enormous payoff if the stars align. And let’s be clear: the things that need to happen for the world to turn to bitcoin – complete central bank impotence, widespread currency debasement, falling equity markets and the abandonment of traditional gold – means betting on bitcoin is essentially betting against the house. Hence the “short bankers, long bitcoin” meme. To say bitcoin will offer a 100x return yet also say it’s a highly probabilistic event is inherently contradictory and hugely dishonest.

The market is now realizing this. As the global economic slowdown of the last nine months shows signs of stabilization and the Federal Reserve sees no need for more interest-rate cuts, the case for bitcoin is taking body blows. None of the stories about adoption are turning out, big tech giants from Facebook to Google are doing everything possible to dominate electronic pay and finance, and projects designed to make bitcoin a means of exchange are either slow, fruitless, or both.

In short, the house does not look like it’s in a losing position just yet. And so bitcoin is getting killed. Sure, the U.S. and China could have a major fallout, get into a currency war, and Chinese citizens could rush to crypto as a way to get money out of the system. That’s why bitcoin will never be worthless, and why every investor should watch its price action, but that scenario is looking way, way further away from reality than the cryptoknights had so many believe.

Today In: Money

Bitcoin’s violent moves are a factor of the speculative nature described above. Because its probability of success is low, it is closer to a roulette wheel than any traditional asset class. Average people were lured into the bitcoin sales pitch in 2017 when the economy was tearing hot, cash flow was heavy, stocks were churning out huge gains, and people could afford to take a gamble. Why not roll the dice?

Now those buyers are losing faith in their chances of winning, and are using this year’s rally to get out. As the fundamental reason for owning bitcoin as a store of value also loses luster amid a stabilizing economic situation, the true believers may start bailing out too. If it continues, it should be a warning sign to more traditional investors who made a similar bet in gold, and maybe even those who ran to Treasury bonds as a hedge against chaos, too.

I am the Lead Anchor at TD Ameritrade Network, and the host of Morning Trade Live and Market On Close. I co-anchored Bloomberg BusinessWeek on TV and contributed to Bloomberg Markets and What’d You Miss while I was with Bloomberg beginning in June 2014. I also covered U.S. stocks and equity derivatives for Bloomberg News. Prior to that, I was a reporter at The Bond Buyer, primarily covering the sell side of the municipal bond industry, writing stories about bond insurers, underwriters, ratings services, bond counsel and general market trends. Early in my career I covered metropolitan news for the New York Post. I have a bachelor’s degree in materials science and engineering from Cornell University.

Source: Bitcoin Isn’t Down Because of China, It’s Down Because You Don’t Need It

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Blockchain is currently not suitable for large communities as it’s not scalable. In this video, the CVO of Dagcoin, Kris Ress, explains why the technology behind Dagcoin is perfect for small, big and very big communities. See more from the video!

A Major Bitcoin Exchange Has A ‘Massive’ Problem

Bitcoin exchanges and platforms never seem far from scandal, with crypto investors always nervously awaiting the next bitcoin hack or data breach. The bitcoin price has been known to swing wildly following reports of major bitcoin thefts, though sometimes fails to react at all.

Now, Seychelles-based bitcoin futures exchange BitMEX has sparked panic among bitcoin traders and investors after accidentally exposing thousands of its users’ emails–with the exchange’s Twitter account then compromised shortly after.

BitMEX this week sent out thousands of its users’ email addresses along with a weekly newsletter after inadvertently CC’ing recipients instead of BCC’ing them.

Today In: Money

“We are aware that some of our users have received a general user update email earlier today, which contained the email addresses of other users,” BitMEX said in a statement posted to its blog, adding an apology for the leak.

“Our team have acted immediately to contain the issue and we are taking steps to understand the extent of the impact. Rest assured that we are doing everything we can to identify the root cause of the fault and we will be in touch with any users affected by the issue.”

The exchange has blamed a bug for the leak claiming the error has been “identified and fixed.”

BitMEX, known for offering 100-times leverage trading, is currently being investigated by the U.S. Commodity Futures Trading Commission (CFTC) for allowing U.S. traders to use its platform without a licence.

“This kind of thing is a massive privacy breach with potentially serious consequences,” Jake Chervinsky, general counsel at Compound Finance, said via Twitter, adding: “[It’s] the last thing a derivatives exchange needs to deal with during a CFTC investigation.”

BitMEX has requested its users add BitMEX’s support email to their contact lists to decrease phishing emails along with adding 2-factor authentication.

Shortly after BitMEX warned users about the email leak, the exchange’s Twitter account @BitMEXdotcom posted two tweets that were promptly deleted.

The first read “Hacked” and the second advised followers to: “Take Your [bitcoin] and run. Last day for withdrawals.”

The bitcoin price, which is still choppy after a roller-coaster October, barely reacted to news of the leak, remaining steady at a little over $9,000 per bitcoin.

Last month, the bitcoin price was suddenly heavily sold off before rebounding sharply just a couple of days later.

Meanwhile, Malta-based bitcoin exchange Binance, the world’s largest bitcoin and cryptocurrency exchange by volume, warned its users to change their Binance-registered email accounts following BitMEX’s blunder.

BitMEX, known for offering 100-times leverage trading, has been criticised previously for potentially exposing traders to too much risk, with economist and bitcoin skeptic Nouriel Roubini attacking the exchange and claiming it “may be openly involved in systematic illegality.”

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Source: A Major Bitcoin Exchange Has A ‘Massive’ Problem

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Happy Halloween! Bitcoin just hit a major milestone. Right now this is news. At some point it will turn into history. Like. Comment. Subscribe. Follow us on Twitter: https://twitter.com/AltcoinDailyio Canadian Markets Regulator Gives 3iQ Green Light to Offer Bitcoin Fund https://cointelegraph.com/news/canadi… Bitfinex adds native SegWit support for bitcoin withdrawals https://www.theblockcrypto.com/linked… The milestones just keep coming this week! https://twitter.com/APompliano/status… For our next speaker announcement, we wanted a Bitcoiner who has taken a counterculture mainstream… Super stoked to announce Tony Hawk as that featured speaker! https://twitter.com/tonyhawk/status/1… Chinese Communist Party Launches Very Own “Xitcoin,” Thanks Zuckerberg for the Idea https://coinjazeera.news/chinese-comm… Local government in China offers $150 million to fund blockchain projects https://decrypt.co/10882/local-govern… Ripple CEO Confirms Rumor on MoneyGram’s Use of XRP, Says Bitcoin and Crypto Activity Remains Largely Speculative https://dailyhodl.com/2019/10/30/ripp… Excited to integrate our Ledger Hardware Wallets with @Samsung https://twitter.com/Ledger/status/118… *********************************************************************** 🏺Support The Channel!!🏺 Protect and store your crypto with a Ledger Nano: https://www.ledger.com?r=4b0f6c5711dc Sign up for Coinbase & get $10 in free Bitcoin: https://www.coinbase.com/join/59ebcf3… Earn Bitcoin For everyday online purchases: https://lolli.com/ref/3fFthESfAq 🏺Buy Me A Beer 🏺 ►BTC: 3DYCrB2RCrREM6y3Ahxxuv9JjSVd6yrbz4 ►BTC: 3DYCrB2RCrREM6y3Ahxxuv9JjSVd6yrbz4 *********************************************************************** #bitcoin #like #cryptocurrency #news #btc #ethereum #eth #cryptocurrency #litecoin #altcoin #altcoins #eos #forex #money #best #trading #bitcoinmining #invest #trader #cryptocurrencies #top #investing #entrepreneur #business #success #investment #finance #bitcoins #motivation #coinbase #stocks #wallstreet #investor #ico #wealth #bullish #bearish #cryptolive #altcoindaily #cardano #xrp #ripple ***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST EDUCATION & ENTERTAINMENT! USE ALTCOIN DAILY AS A STARTING OFF POINT! This information is what was found publicly on the internet. This information could’ve been doctored or misrepresented by the internet. All information is meant for public awareness and is public domain. This information is not intended to slander harm or defame any of the actors involved but to show what was said through their social media accounts. Please take this information and do your own research. bitcoin, cryptocurrency, crypto, altcoin, altcoin daily, blockchain, decentralized, news, best investment, top altcoins, ripple, ethereum, tron, stellar, binance, cardano, xrp, litecoin, 2019, 2020, crash, bull run, bottom, crash, tether, bitfinex, rally, tone vays, ivan on tech, chico, video, youtube, macro, price, prediction, podcast, interview, halloween, china, depth, buy, trade, bitfinex, canada, ontario, approved, 31Q, milesone, tony hawk, brad garlinghouse,

Forget China—Is This The Real Reason Bitcoin, Ethereum, Litecoin, And Ripple’s XRP Bounced?

Bitcoin has swung wildly this week, as many had expected it to, with it losing $1,000 per bitcoin a few days ago before suddenly shooting back up earlier today.

The bitcoin price is now at over $9,000 per bitcoin after dropping to lows of almost $7,000 on Thursday–and heading fast towards the psychological $10,000 mark, according to the latest prices from Luxembourg-based exchange Bitstamp.

Elsewhere, other major cryptocurrencies ethereum, litecoin, Ripple’s XRP, and bitcoin cash rallied between 7% and 23%, adding billions to the value of the combined cryptocurrency market.

Many bitcoin and cryptocurrency market analysts pointed to comments made by China’s president President Xi Jinping that the country should “seize the opportunity” of bitcoin’s blockchain technology as the reason behind bitcoin’s rally.

China banned bitcoin and cryptocurrency exchanges in 2017 and some took Xi’s blockchain comments as a sign the country could ease bitcoin and crypto restrictions.

Today In: Money

“We must take the blockchain as an important breakthrough for independent innovation of core technologies,” Xi reportedly said, speaking at the 18th collective study of the Political Bureau of the Central Committee in Beijing.

“[We must] clarify the main direction, increase investment, focus on a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation.”

However, Xi’s comments, which referred only to blockchain technology and not to bitcoin and cryptocurrencies, might not have been the driver behind bitcoin’s recovery.

Following bitcoin’s sudden drop earlier this week, bitcoin and crypto investors feared the worst wasn’t over the for the market.

Facebook’s chief executive Mark Zuckerberg was savaged by U.S. senators over his plans for a bitcoin rival dubbed libra and crypto investors are fretting there could be a global crackdown on bitcoin and other digital tokens.

Elsewhere, technical data pointed to a so-called “death cross” for bitcoin, while the Fear & Greed Index slumped and a Twitter reading of investor temperature was poor.

This sentiment slump meant investors bet against the bitcoin price, predicting it would move lower.

When the bitcoin price recovered a couple of hundred dollars per bitcoin in just a few minutes, some $150 million worth of short positions on the Seychelles-based BitMEX crypto exchange were liquidated, according to bitcoin and cryptocurrency analytics provider Skew.

This triggered what’s known as a “short squeeze,” where an asset rapidly increases in value due to short sellers trying to cover their positions, resulting in buying volume that drives the price up.

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Source: Forget China—Is This The Real Reason Bitcoin, Ethereum, Litecoin, And Ripple’s XRP Bounced?

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Why do you think Bitcoin dumped over the weekend? Leave a comment below and share your reasoning! ———————————————————————————————————- ⚡Connect With Me! Blog Posts/Updates/Insights/Thoughts: https://goo.gl/ngBDjd Updates Of Coins Ready To Break Out: https://goo.gl/3ZfehK Public Telegram Group: https://t.me/bullandbearcrypto Twitter.com: http://twitter.com/_bullandbear ———————————————————————————————————- ⚡Support The Channel SUPPORT From As Little As $1 & Get EXCLUSIVE EXTRA’S Patreon: http://patreon.com/bullandbear DONATE BTC – 1BFEFPG6ngis1J8WcoSp72jPAxqsNtmPJ3 ETH – 0x24C9b9555DD741CD39A004b758eC691A0e6Ea0bD LTC – LQnpKsvANZZe9ZoX6eMQpejxgogQs1kGpA DASH – Xi1Z2wVeCRGRtX4PvLUs4C8oVo1c7b22yr SECURE YOUR CRYPTO OFFLINE – Ledger Wallet: Grab A Ledger Hardware Wallet: https://www.ledgerwallet.com/r/df82 JOIN COINBASE – Buy Bitcoin, Ethereum, & Litecoin Buy Bitcoin & Get $10usd FREE by joining COINBASE https://www.coinbase.com/join/54cb9ac… JOIN BINANCE – Buy Your Altcoins Looking to trade altcoins? I recommend BINANCE https://www.binance.com/register.html… JOIN KUCOIN – Get Up And Coming Coins Before They List On Big Exchanges https://www.kucoin.com/#/?r=1g62w TRADING VIEW Want to look at the charts and do technical analysis. I reommend TRADING VIEW http://tradingview.go2cloud.org/aff_c… ———————————————————————————————————- ⚡Disclaimer: Read the Bull & Bear Financial Disclaimer Here: http://www.bullandbearcrypto.com/disc…

 

The Bitcoin Halvening Is Coming

One of the controversial things about bitcoin (BTC) is that it pays the people that keep the bitcoin blockchain running and secure. These folks are called miners, purely because the process seems slightly similar to mining. The process of mining is to run software that executes the search for the solution to a puzzle that acts as the password to creating the next record on the bitcoin blockchain. Success in cracking this puzzle and then creating the next block of records is rewarded in bitcoin. At the moment the reward is 12.5 BTC, which at the rate of $8,000 a BTC is exactly $100,000.

That sounds like a lot of money to solve a lil’ ole puzzle. The trouble is the puzzle is to mash numbers to create a result with say 23 zeros, which, because of the math involved, means you have to do literally zillions of trillions of calculations to find one password code. Miners run these bazillions of calculations, sifting through the wrong answers to get to a single right one. This takes perhaps three years for a specialist machine running flat out at 50 trillion calculations a second, burning a few thousand dollars of electricity as it goes.

That doesn’t sound like a bad business model but as new mining machines enter the game, so the game gets harder, which means that the amount of time taken by any given machine to get a result goes up and so does the cost. Bitcoins difficulty has over the years gone truly exponential, so that the money a machine can make when put into a team of machines halves every six months or so as time passes. That makes making money mining tricky because while you may make great money to start with, after about 18 months it may have fallen to nothing.

Apart from increasing difficulty, mining also gets harder because every so often the blockchain will halve the reward. This last happened in July 2016. The reward is currently 12.5 bitcoin but soon enough the reward will be only 6.175 BTC. The price should rise to pay the miners more for their smaller haul of new bitcoin. If it doesn’t, unprofitable miners must stop work so the difficulty can fall and the job can get easier for those that remain or certain miners must get way more efficient and push the less efficient miners off the pitch.

Today In: Money

The general consensus is that the bitcoin price will rise.

The reason for this is that the inflation of the BTC money supply by 12.5 BTC every ten minutes, means that there is a new supply of 1,800 coins a day, let’s call it $14 million a day. This $14 million of new supply, which is currently absorbed by buyers, will suddenly be cut in half to $7 million. The demand, however, will remain roughly constant. Unchanged demand coupled with lower supply, equals price up.

This is how it has worked in the past and this is what I’m putting my money on. There are skeptics who suggest that if the price doesn’t move up then miners will wither away, block times will slow dramatically, bitcoin will be less useful, people will panic and dump and so on. However, there are a lot of people like me who would love that and would buy a lot into such a panic. Less supply, same demand, high price, wins the simple proven logical outcome of the next halvening.

But of course people are going to preempt.

To add to the price pressure, bitcoin gets lost. That happens to gold too and was also a problem for gold when it was money. That enables bitcoin to get ever more expensive overtime.

If a Satoshi was 1 cent, bitcoin’s market cap would be 21 trillion dollars, but when you think about it, if a Satoshi was $1 or $100, then it would become a currency much like gold, which in the past was used foremostly as a store of wealth, expressed in the usage for silver coins which acted as a store of wealth for the general usage of copper coins. This is the dream of all crypto fans, bitcoin as the reserve currency of crypto, an incredibly valuable blockchain fungibly linked on top of a hierarchy of other ‘lesser’ currencies.

It could happen.

The upcoming halvening speaks to this dream and it’s coming to the BTC blockchain in May. As a hodl’er I can wait.

Be among the first to get important crypto and blockchain news and information with Forbes Crypto Confidential. It’s free, sign up now.

Clem Chambers is the CEO of private investors website ADVFN.com and author of Be Rich, The Game in Wall Street and Trading Cryptocurrencies: A Beginner’s Guide. In 2018, Chambers won Journalist of the Year in the Business Market Commentary category in the State Street U.K. Institutional Press Awards.

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I am the CEO of stocks and investment website ADVFN . As well as running Europe and South America’s leading financial market website I am a prolific financial writer. I wrote a stock column for WIRED – which described me as a ‘Market Maven’ – and am a regular columnist for numerous financial publications around the world. I have written for titles including: Working Money, Active Trader, SFO and Technical Analysis of Stocks & Commodities in the US and have written for pretty much every UK national newspaper. In the last few years I have become a financial thriller writer and have just had my first non-fiction title published: 101 ways to pick stock market winners. Find me here on US Amazon. You’ll also see me regularly on CNBC, CNN, SKY, Business News Network and the BBC giving my take on the markets.

Source: The Bitcoin Halvening Is Coming

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With the next Bitcoin ‘halvening’ event taking place on May 22nd 2020, we are now officially less than a year away from this event occurring. In this video, I’m going to explain why I believe that this is a HUGE deal for cryptocurrency investors. DISCLAIMER: This is NOT financial advice. I am just offering my opinions. I am not responsible for any investment decisions that you choose to make. ►►►Looking to get started with cryptocurrencies? Check out my crash course here (HUGE 80% OFF LINK): https://louis-thomas.teachable.com/p/… DONATIONS ♥ ETH: 0xc12f59c4e23dccd369437bbdb09470879d8c0825 ♥ BTC: 1L2LswVmTobmEK8dy6Yw9nWx93Z1zZ1jb3 ESSENTIAL CRYPTO RESOURCES ♦ Recommended place to buy Bitcoin/Ethereum: COINBASE – Sign up here: https://www.coinbase.com/join/5897724… ♦ Recommended Wallet: LEDGER NANO S – Available here: https://www.ledgerwallet.com/r/3c47 ♦ Recommended VPN provider: Nord VPN Available here: https://go.nordvpn.net/SH27y ♦ Learn to code with Ivan on Tech’s Academy. EXCLUSIVE offer – just $9 for first month: https://academy.ivanontech.com/louis SOCIAL MEDIA LINKS ● Website: louisthomas.co.uk ● Facebook: https://www.facebook.com/LouisThomasC… ● Twitter: https://twitter.com/LouisThomasYT ● Instagram: https://www.instagram.com/louisthomas… ● Steemit: https://steemit.com/@louisthomas ● Snapchat: louisxthomas

Billionaire Investor Peter Thiel Is Doubling Down On Bitcoin – Here’s Why

Bitcoin and cryptocurrency investors have been struggling this year to both justify past crypto investments and make new ones.

The bitcoin price, under pressure from the likes of Facebook’s libra project and the ever-present threat of a regulatory crackdown, soared in the first six months of the year only to fall back again.

Some investors have not been put off by bitcoin’s roller-coaster year, however, with billionaire PayPal cofounder Peter Thiel among new backers of Layer1, a renewable energy-focused bitcoin mining operation based in San Francisco.

This week, Layer1 revealed it has raised $50 million at a $200 million valuation from Thiel, Shasta Ventures and other undisclosed bitcoin and cryptocurrency investors, adding to a previous $2.1 million seed round that included Thiel, as well as venture capital company Digital Currency Group.

Layer1 is aiming to challenge the perceived wisdom that bitcoin mining the in the U.S. will not be able to compete with regions such as China, where some 60% of bitcoin mining operations are currently located, with some research suggesting that number could be even higher.

Layer1, which has pivoted to renewable energy bitcoin mining from a previous focus on the development of programmable money and store-of-value applications, wants to bring wind-powered bitcoin mining rigs to West Texas by early next year.

“According to industry research, over 60% of bitcoin’s hash rate and 100% of bitcoin hardware production are located in China,” Layer1’s cofounder and chief executive Alexander Liegl wrote in a blog post announcing the fresh funding.

“Less than 5% of bitcoin’s hashrate and 0% of hardware production are located in the United States.”

China dominates not only bitcoin mining but also the manufacture of computer chips and other equipment needed for the process.

Bitcoin mining uses huge amounts of electricity to both fuel the powerful computers required and keep them cool, making hotter climates in developed nations less appealing.

“The future of bitcoin mining lies in the heart of the United States: Texas,” Liegl wrote.

“This is where world-class electricity prices, friendly regulation, and an abundance of renewable energy sources meet. It is here that we are rapidly scaling our mining operations to bring as much hash rate as possible back to the United States.”

Layer1 has been buying up land in Texas to build its own electricity substations and is creating its own processing chips with a Beijing-based semiconductor company as it puts together its mining machine infrastructure.

Renewable energy bitcoin mining is being used by others around the world, with Germany-listed Northern Bitcoin mining bitcoin and other cryptocurrencies deep within a Norwegian former metal mine using hydroelectric power and natural cooling.

However, there have been previous failed attempts to bring large-scale bitcoin mining to North America.

Earlier this month, Virginia-based bitcoin mining firm BCause Mining filed for bankruptcy after pledging to invest $65 million in to its U.S. business in 2018.

Follow me on Twitter.

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

 

Source: Billionaire Investor Peter Thiel Is Doubling Down On Bitcoin—Here’s Why

193K subscribers
Recorded on September 5, 2019. Peter Robinson opens the show by asking Thiel’s views on his own essay “The Straussian Moment.” (Essay link: https://www.evernote.com/shard/s542/c… responds by saying that people today believe in the power of the will but no longer trust the power of the intellect, the mind, and rationality. The question of human nature has been abandoned. We no longer trust people’s ability to think through issues. Thiel notes that this shift began to take place in 1969, when the United States put a man on the moon; three weeks later Woodstock took place, moving the culture in the direction of yoga and psychological retreat. Thiel further adds that there was still hope that things would open up for the world in 1989, when the Berlin Wall fell and the Soviet Union collapsed, but that the leaders of China and other East Asian countries did not accept that openness would solve their problems. Instead they learned the opposite lessons from those events: that if you open things up too much, then things fall apart. Thiel ends the interview by noting that there is nothing automatic or deterministic about how history happens, and he expresses his views that economic growth plays a vital role in a country’s future. For further information: https://www.hoover.org/publications/u… Interested in exclusive Uncommon Knowledge content? Check out Uncommon Knowledge on social media! Facebook: https://www.facebook.com/UncKnowledge/ Twitter: https://www.twitter.com/UncKnowledge/ Instagram: https://instagram.com/uncommon_knowle…

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