The Cryptocurrency Market - Page 4 of 9

November 13, 2017December 2, 2017

Bitcoin Up 17%, Will it Achieve a New All-Time High in Short-Term?

Bitcoin price has risen by 17 percent within the past 24 hours, after dipping below $5,560 earlier today. Since then, Bitcoin price has stabilized at $6,450, recording a daily increase of around $890.

Triggered by the sell-off of major Bitcoin investors and the rapid surge in the value of Bitcoin Cash Bitcoin price plunged over the past weekend. However, as expected, Bitcoin price recovered relatively quickly as the Bitcoin Cash price declined from over $2,800 to $1,200.

Short-term indicators for Bitcoin price increase

The sell-off of large sums of Bitcoin in the past few days led to a domino effect, wherein traders started to panic selling their Bitcoin in fear of market uncertainty and a major Bitcoin price correction. Consequently, the daily trading volume of both Bitcoin and Bitcoin Cash surpassed the $10 bln mark, for the first time in history.

However, as Bitcoin has demonstrated several times in the past year, it has recovered significantly faster than most analysts had expected in the short-term to around $6,500.

Historically, after achieving a new all-time high, Bitcoin tends to correct itself to the point that is higher than the previous all-time high and initiate a new rally to achieve a new all-time high. For instance, when Bitcoin price achieved a new all-time high at $4,500 earlier this year, it corrected itself to around $3,300 and initiated a new rally which allowed it to climb to the $5,000 region.

A similar trend will likely occur in the upcoming weeks with the US market. The second largest Bitcoin market behind Japan is highly optimistic in regards to the entrance of institutional and retail investors into the Bitcoin market, alongside tens of billions of dollars in new funds.

CME Group and CBOE, two of the largest options exchange domestically and globally, will launch Bitcoin futures exchanges by the end of 2017, to provide an infrastructure and sufficient liquidity to institutional investors.

Previously, Mike Novogratz, the billionaire hedge fund legend, revealed that a herd of institutional investors are preparing to engage in Bitcoin trading. Such movement will be made possible with the launch of large-scale Bitcoin futures exchanges approved by the US Commodities and Futures Trading Commission (CFTC).

The approval of Bitcoin futures exchanges by CFTC is fundamentally different than the approval of Bitcoin ETFs by the US Securities and Exchange Commission (SEC) in March of 2017 because the CFTC has already approved LedgerX to operate as a Bitcoin derivatives, options and futures exchange for retail investors. Thus, the approval of CME Group and CBOE to launch Bitcoin futures exchanges is guaranteed and is not conditional.

Billions of money on the sidelines to come to Bitcoin

Through strictly regulated Bitcoin futures exchanges, the so-called “money on the sidelines” invested in offshore banking accounts, wealth management products (WMPs) and traditional assets will migrate to Bitcoin in the mid-term. As Novogratz explained:

“I can hear the herd coming. I was just in San Francisco, met with a few big institutional investors and their still a ways away but they’re coming. Lots of funds are being raised and so I’m pretty confident to say that it [Bitcoin price] is going higher.”

Such movement will allow Bitcoin price to achieve new highs before the end of 2017 and potentially gear towards the $10,000 mid-term price target of highly regarded financial analyst Max Keiser.

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November 9, 2017December 2, 2017

Fiat Currency Will be Laughable in Five Years Says Billionaire Tim Draper

Tim Draper has every reason to be bullish on Bitcoin as he has seen his $20 mln investment in the digital currency grow by over 1,000 percent in just three years. Draper is now predicting that in five years fiat will be so obsolete, it will be laughable.

The tech investor has made a fortune backing companies like Skype, Tesla and Twitter. He first got involved in Bitcoin after he bought 30,000 of them in 2014 in a government auction of assets seized from Silk Road.

Don’t be a laughing stock

While Draper may be on the defensive after his ICO baby Tezos became embroiled in scandal, leading to a class action lawsuit, he is still highly bullish about the future of the grand-daddy of digital currencies. Draper told Forbes:

“In five years, if you try to use fiat currency, they will laugh at you. Bitcoin and other cryptocurrencies will be so relevant … there will be no reason to have the fiat currencies.”

Bitcoin, and the rest of the cryptocurrency market, recently made it over $200 bln in a rally that saw Wall Street again add fuel to the fire by announcing trading in Bitcoin futures. This pales in comparison to the trillions of dollars in global fiat currency supply. Nonetheless, the fact that Bitcoin has appreciated over 600 percent this year is reason enough to believe it is on a rocketing trajectory, aiming at the fiat market.

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November 7, 2017December 2, 2017

Bitcoin’s Performance Off the Charts

Bitcoin’s growth year on end has been routinely flouted as being over 600 percent, and while that is, of course, an impressive number, it is hard to picture what that means in a market economy.

However, when that figure is placed against other big and popular assets, a graph shows the true effect on the growth year-to-date. As it stands, looking at the performance range, Bitcoin at 663 percent growth.

Up next is Apple stock which has grown an impressive 49 percent. That figure, of course, pales in comparison, but in any other year without Bitcoin, that would be healthy and impressive.

However, one needs to remember that there have been some big growers across time, and one of those was Amazon, which saw 6,000 percent growth between 1997 and 1999.

In fact, Bitcoin has had better years, 2016-2017 saw the digital currency grow 2,800 percent. But this year, there is no competition.

Off the charts

The graph above shows just how exponential the growth of the digital currency has been to date. The growth has been explosive, but there are also volatile swings that have seen it dip too.

For instance, Bitcoin at the start of the year was a terrible investment as within 10 days the cryptocurrency had lost 20 percent of its value. A better decision, at that point, would have been an index fund tracking the S&P 500, Apple stock or even gold.

There have been some instances where normal assets, such as the entire US Stock market, have suffered big lows. In 2008, during the financial crisis, their stock market fell by 40 percent and it was considered a massive disaster.
However, Bitcoin has dropped 40 percent on more than one occasion already this year, and despite that, the graph still shows its enormous growth.
Bitcoin is like nothing else on this chart, and thus, when figures like 663 percent are thrown around it is hard to quantify or even imagine.

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November 7, 2017November 7, 2017

5 Simple Tips To Stay Secure in the Wild West of Bitcoin

Perhaps calling the Bitcoin ecosystem ‘The Wild West’ is a little over the top as the environment has become a lot more secure and come a lot more into the light of the mainstream. However, its decentralized nature still leaves it open to attacks which can lead to a loss of fortune and there is almost no recourse.

However, a few simple tips and tricks can help those who are serious about cryptocurrency keep their digital currencies a lot more safe and secure. From Cold Wallets to second authentication, cryptocurrencies become a lot harder to steal if they are behind a few protective walls that users can put up.

The threats continue to grow and become more sophisticated, and they are essentially out there looking to prey on the susceptible, gullible and vulnerable. To avoid phishing scams, trojans, fake wallets and even out-and-out hacks, a couple of steps can make the world of difference.

A sense of security

Cryptocurrencies walk a delicate line when it comes to their security. They began their life in the shadow of the dark web and for that reason picked up a reputation that has stuck to this day.

However, cryptocurrencies and their inherent makeup are designed to be trustless and ultimately immutable and unhackable. They are decentralized, they are reliant on a tamper-proof public ledger and they are transparent.

However, it is not the Blockchain or the Bitcoin that is the issue; it is people taking advantage of the people and the ecosystem in which they operate. Thus, it takes a little common-sense, and a few simple measure to stay safe.

Cold cash

One of the most foolproof ways to keep digital currencies safe is to take it off the grid and remove it from the clutches of potential hackers and thieves. Hardware wallets are the answer to this.

A hardware wallet is essentially a USB stick that stores private keys and digital currency on a physical drive that is disconnected from the Internet. It is a good idea to store any significant amount of digital currency on one of these.

Storing a large amount of coins on the public-facing Internet, especially on exchanges which are honeypots for hackers, is simply inviting an attack. The only issue a hardware wallet has is that it can be damaged or lost, but at least that cannot be blamed on anyone else but yourself.

Spend small

Another downside to keeping all your hard earned coins on a hardware wallet is that it essentially becomes a vault, and thus if you are looking to spend digital currency on small transactions, it becomes a chore.

Thus, it is prudent to store the majority of your coins on cold storage, but also wise to keep a small amount, that you’d be willing to lose on an online wallet.

You can, of course, use wallets that are are interoperable with popular hardware wallets can make your setup more seamless.

When it does come to using your online wallet though, one of the biggest rules is to try and keep your private key. However, some of the bigger and more popular exchanges and wallets don’t allow this.

Stay legitimate

Another way to avoid losing your investment is to not invest poorly. There are hundreds of new ICOs popping up all the time, in an attempt to try and temp more investors, but a large majority of them are gimmicky or even fake.

The best example of this is OneCoin which markets itself as a competitor for Bitcoin, attacking $350 mln in investment, but it turned out to be a Ponzi scheme.

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November 7, 2017November 7, 2017

Deutsche Bank Strategist Says End of Fiat-based Currency Systems Near, Recommends Bitcoin

Deutsche Bank lead strategist Jim Reid claimed that the current fiat-based currency system is unstable and nearing its end. He claimed that the system was only able to advance to its current state due to the disinflationary shock it experienced in the 1980s.

In his recent report, Reid claimed that the fiat system is now in reverse and is expected to affect all the traditional currencies being used around the world.

However, he said that the strategies being used to control inflation like loose policies, extensive leverage, and continuous printing of money may lead to the end of paper money. This is because consumers around the world will lose faith in the system as fiat currencies continue to lose their value.

Reid further stated that to help mitigate the risks of financial collapse, the use of virtual currencies should be promoted around the world. He reasoned that due to their decentralized nature, cryptocurrencies cannot be controlled by the governments but by the organic laws of the economy, particularly the supply and demand in the market.

“Although the current speculative interest in cryptocurrencies is more to do with Blockchain technology than a loss of faith in paper money, at some point there will likely be some medium of exchange that becomes more universal and a competitor of paper money.”

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November 3, 2017November 3, 2017

Bitcoin May Change it All

Interest is a subject with a very chequered history that today works hand-in-hand with inflation to control the world’s major economies. The story of interest is as old as that of money, but recently digital currencies have begun to add a major wrinkle.

Once humans had invented currency to facilitate trade it became a common view that money effectively replaced the animals and cereal seeds for which it was exchanged and, therefore, should have similar properties of reproduction, i.e. increasing with time. This was all good and well as long as the currencies had the intrinsic value of the metals from which they were then minted.

Religious influences

Meanwhile, various religions emerged and moralistic clerics variously ruled against the charging of interest. It was described by its detractors as “usurious” and generally immoral; today, “usury” is only applied to excessive rates of interest. The principle of charging ordinary, non-abusive interest is commonly accepted.

Other religions, unfettered by qualms over interest, were effectively granted a monopoly in banking from which today’s monoliths grew. Along with these massive banks, the economies dependent on them continued to grow as well. Today interest is seen as an indispensable part of banking.

Something from nothing

The fact remains that interest is merely a way of creating “wealth” from nothing, certainly no productive process. And interest is naturally inflationary: it is often clearly visible that the rates charged by central banks generally match their local inflation rates, with inflation being the vital factor in the affordability of any long-term loan, the monetary value of which rapidly diminishes due to inflation.

This is an important point: long term loans such as mortgages are generally affordable because inflation will ultimately eat away the “real” cost of the monthly payment. A $1,000 monthly payment today will be much less, in real terms, 20 years from now. As long as you can afford your current mortgage payment, it should get easier to pay with time.

A recent (post 2008 crash) peculiarity of the banking system was the reduction of prime interest rates to around zero, followed by the innocuously named “quantitative easing.” This innocent term actually masked the wholesale printing of money, replacing that generated by interest, to support the perceived values of stock market while also supporting continued inflation at relatively low levels.

Importance to cryptocurrencies

What does this mean for digital currencies, which, unlike fiat currency, has no underlying interest rate? If anyone wants to lend Bitcoin or another such currency to somebody else, that’s between the lender and borrower.

However, the nature of cryptocurrency is that, on the whole, its value constantly increases due to it being a finite resource – it cannot be created willy-nilly by a https://cointelegraph.com/news/bitcoin-may-change-it-all-brief-history-of-interest-inflationcentral bank. Another way of looking at it is this: as fiat money becomes less valuable due to inflation, digital currencies become more valuable relative to fiat ones.

This principle makes it difficult to justify “cashing out” one’s crypto holdings. When a deflationary asset (cryptocurrency) is sold to buy an inflationary one (fiat currency), it becomes far more difficult to buy back the digital currency that you initially sold. We’ve all heard stories about folks who sold Bitcoin a year or two ago to purchase mundane items, only to dearly regret it later. This implies <Continue Reading>

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November 2, 2017November 2, 2017

Bitcoin Shatters $7k Barrier After Futures Trading Announcement by CME Group

Bitcoin continued its five-day surge, rising from $5,750 on Oct. 28 to just over $7,000 at press time on the GDAX exchange. The currency’s definitive smashing of its most recent all-time high and the $7,000 barrier seems to be tied to its increasing integration in mainstream finance.

Futures and derivatives

Just yesterday, the CME Group, World’s Largest Options Exchange, announced they will begin trading in Bitcoin futures by the end of 2017, pending regulatory approval. CME Group is the largest options and futures exchange in the world, and owner of Chicago Mercantile Exchange, Chicago Board of Trade, New York Mercantile Exchange, Kansas City Board of Trade and part-owner of the Dow Jones Indices.

Following the announcement, Bloomberg reported that CME’s imprimatur makes Bitcoin “legit” in the world of mainstream finance. CME becomes the latest mainstream player to jump on the Bitcoin bus, following the Chicago Board Options Exchange’s (CBOE) announcement that they will trade Bitcoin options and futures, and LedgerX’s opening of their regulated Bitcoin futures market.

ETF?

The trading of Bitcoin futures on regulated markets, particularly by major entities such as CBOE and CME, make it exceedingly likely that a Bitcoin exchange-traded fund (ETF) could be possible in the near future. When the SEC rejected the Winklevoss Twins’ attempts to register such an ETF earlier this year, the regulator pointed out that it might revisit its decision if regulated futures markets should arise.

Sky is the limit

With Bitcoin’s increasing acceptance by Wall Street financiers and traders, the sky is quite literally the limit for the digital currency. While Bitcoin’s $116 bln market capitalization is large by the cryptocurrency world’s standards, it’s minuscule in comparison to <Continue Reading>

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November 1, 2017November 1, 2017

Bitcoin Hits New All Time High as CME Group Announces Futures Trading

Bitcoin has hit new all-time price highs on its ninth birthday today as CME Group announces futures trading.

Investors still celebrating the weekend’s record-breaking $6,300 have little to fear this Halloween as renewed momentum coming from CME takes Bitcoin within reach of new heights.

Bitcoin Hits New All Time High

The move appeared broadly expected Tuesday even without the news, analyst Tone Vays and investor Max Keiser both predicting imminent peaks.

According to data from Bitcointicker, Bitcoin advanced 2.1 percent in the 24 hours to press time to hit $6,300.

The latest surge, which began late last week, initially pulled major altcoins along with Bitcoin, but the trend has since faltered.

Bitcoin Cash, in particular, has reversed the top of its gains which saw the fork hit multi-week highs approaching $500.

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November 1, 2017November 9, 2017

Bitcoin Related Jobs Booming Along With Bitcoin

International employment marketplace Freelancer has noted that Bitcoin-related jobs are the highest growers, hitting 82 percent growth in the third quarter alone.

Work relating to Bitcoin, Blockchain, and other related markets is skyrocketing as the cryptocurrency currency heads towards the mainstream, pulling in more and more to feed the ecosystem.

The company’s periodic report tracks top trends in online jobs based on the listings on its Freelancer.com platform.

ICO boom

Freelancer notes that a lot of the growth is coming from companies that are looking for freelancers to design new coins, essentially helping them launch ICOs.

“People are getting freelancers to design new types of cryptocurrencies,” Matt Barrie, CEO of Freelancer, said.

One of the main skills for which companies are looking is the ability to manage an ICO. ICOs have been seen to be highly lucrative, and many are popping up all over the place. However, recent regulations have slowed down the frenzy.

It is not only the developers and designers of these new coins that are in such high demand for new ICOs according to Freelancer. Employers are looking for people to create new cryptocurrencies but also to write proposal plans for technologies employing Blockchain.

Cryptography

The related field of cryptography saw the number of job listings rise 59 percent in the third quarter, according to Freelancer. Cryptography is essentially the underlying theory upon which the Blockchain and by extension Bitcoin is based.

It is not only useful in cryptocurrency, but it is also a skill that has played a significant role in Internet security and privacy.

Job quality

Not only is their a higher demand for crypto-workers, but the jobs on offer are also decidedly better than most in a similar field.

A report done in September found cryptocurrency jobs pay, on average, 10 to 20 percent more than the industry norm. Further, they offer better benefits.

Second, cryptocurrency companies have far more <Continue Reading>

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October 30, 2017October 30, 2017

Now More Than 120 Cryptocurrency Hedge Funds

The explosive growth of cryptocurrency values has drawn in some of the investment world’s biggest players – hedge fund managers. Over the past six months, the number of crypto-focused hedge funds has exploded, moving from around 70 in August to more than 120 at the end of October.

In the last year alone, according to CNBC, more than 90 cryptocurrency funds have launched, bringing the net total to 124. These funds have more than $2.3 bln under management, with a third of the total using venture-capital style investment strategies.

The most notable addition among these is the $500 mln fund launched by Galaxy Investment Partners founder Michael Novogratz. The famous investor has publicly shared his view that lots of money can be made with digital currencies, even as the market moves.