|
September 19th, 2017- In This Issue:
|
|
|
 |
|
Bitcoin Price rebounds to $4,000.. again.
For those if you who took our advice last week and bought the dip, congratulations!
However a new rumor has found it's way on to the scene. This one claims that on top of the ICO and bitcoin exchange bans, the Chinese gov't may be including over the counter (otc) trading as well as shutting off access to the bitcoin nodes effectively shutting down the mining industry. So far we have no confirmation of this from the authorities.
If that were to happen approximately 65% of all bitcoin mining would come to a halt.
There are many people in the bitcoin community that would be very happy to see mining shut down in China. Among them would be those concerned over the centralisation of mining and of course all the miners not in China that would realize a huge increase in their network market share and the number of bitcoins each miner can earn daily.
We will be watching this story very closely as we are deeply involved in the mining industry.
As far as projecting the price of bitcoins in the near term, we expect a consolidation between $3,800 to $4,300 levels for the next 6-8 weeks. (Unless major news stories come out to change the narrative).
We're looking towards November when the second half of the segwit upgrade is supposed to take place.
Hopefully the 2 mb increase will go smoothly and we will resume our climb towards $6,000.
Once again congratulations to those that bought the dip.
Visit
BitvestIRA
for information on using your IRA to invest in bitcoin at 20% below spot price. Or call us directly with any questions at 1-844-BIT-VEST (1-844-248-8378)
|
China Bitcoin Exchange Ban to Extend to OTC Trading, Maybe Mining: WSJ
|
The Chinese government is moving to extend the bitcoin exchange ban to over-the-counter (OTC) trading and potentially even mining.
Bitcoin Exchange Ban to Extend to OTC Trading
According to a
Wall Street Journal report, Beijing officials told several bitcoin industry executives that peer-to-peer trading would not be tolerated during a closed-door meeting held last Friday. This
contradicts earlier reports, which suggested that regulators would allow OTC trading platforms to continue to operate normally despite the crackdown on centralized order-book exchanges.
Additionally, Bitcoin Core developer BTCDrak shared an unverified report that regulators were planning to block the websites for foreign exchanges such as Bithumb, Coinbase, and Bitfinex, as well as OTC platform LocalBitcoins. Blockstream CSO Samson Mow
tweeted that he believes the report has a high probability of being true.
|
Unfazed by wild swings, strategist Tom Lee still sees bitcoin surging another 600% in 5 years
|
The Fundstrat co-founder says he still believes each bitcoin will be worth $25,000 in five years despite this week's double-digit decline.
Lee stresses investors in the digital currency aren't strangers to these kinds of swings.
To critics, like JPMorgan
chief
Jamie Dimon, who've called bitcoin a fraud, Lee argues
to be "on the other side, very strong."
It's going to take more than a double-digit percentage drop in a week to shake strategist Tom Lee's faith in the potential of
bitcoin.
He said on the program Thursday that bitcoin should be viewed as a store of value like gold was in the 1980s when some investors didn't trust dollars.
"It's not worth it to look at bitcoin two months, two weeks ahead," Lee argued, saying he still believes each bitcoin will be worth $25,000 in five years or about 600 percent higher than current levels.
|
Bitcoin needs to be worth $1,000,000 to be a legitimate currency
|
Think bitcoin is in bubble territory? You ain't seen nothing yet, says one cryptocurrency expert, who believes its value needs to surge by about 300 times over the next several years to be considered a legitimate currency or risk retreating into obscurity and obsolescence.
Bitcoin, the No. 1 cryptocurrency, has drawn outsize attention over its parabolic rise-and the recent, brutal plunge it has been enduring in recent trade.
Still, a bitcoin would need to be worth a stunning $1,000,000 to be a bona fide monetary unit, says Iqbal Gandham, U.K managing director at eToro, a trading platform.
Read More...
|
Could bitcoin be the next gold?
The idea has a lot of intuitive appeal. Gold bugs and bitcoin fetishists tend to share a deep distrust of fiat currency and the nation state, an impregnable bullishness about their favored asset class, and an obsessive attention to details of market movements combined with a blithe disinterest in bigger-picture issues.
The idea has become particularly popular as the value invested in bitcoin and other cryptocurrencies has marched upward over the past year. Even after this week's selloff, prompted by
China declaring initial coin offerings illegal, the value of all cryptocurrencies in circulation is around $155 billion, according to
Coinmarketcap.com.
Read More...
|
What Last Week Tells Us About Bitcoin
|
 |
Last week was relatively eventful for bitcoin, the cryptocurrency that has been attracting growing attention from investors, speculators and regulators. Considerable price volatility was accentuated by reactions to commentary (some constructive and some less so) about a "disruptive technology" that responds to specific client needs, is here to stay, and will likely gain greater systemic influence, but is still early in its maturation process and subject to localized shocks and sudden government interference.
Perhaps one of the most useful ways to think of bitcoin (and the increasing number of its cryptocurrency peers) is as an innovation that reduces the barrier to entry to a payment system outside the direct purview and auspices of central banks and most other official entities. Its admirers and advocates look for the phenomenon to increasingly assume the key characteristics of trusted and effective "money" -- and to go beyond what is offered by precious metals to include the full trifecta of a peer-to-peer medium of exchange, a store of wealth, and a vehicle for hedging and legitimate speculation.
|
Japan Becomes Largest Bitcoin Market as Traders Leave China
|
 |
Japan has once again become the largest Bitcoin exchange market with 50.75 percent market share of the global Bitcoin exchange market. Analysts including BitFury Vice Chairman George Kikvadze
attributed the surge in the trading volume of the Japanese Bitcoin exchange market to the exit of Bitcoin traders in China.
Earlier this week, the Chinese government, local authorities and financial regulators officially requested Chinese Bitcoin exchanges and trading platforms to
halt their services by the end of September. OKCoin and Huobi, the two largest exchanges in China, were
granted leeway to operate until Oct. 30, considering the fact that they have not been involved in any initial coin offerings (ICOs) in the past.
Contrary to many negative reports, prominent developers, analysts, researchers and experts within the cryptocurrency and Blockchain sectors including Litecoin creator Charlie Lee and billionaire investor Tim Draper expressed their optimism toward the shutdown of the Chinese Bitcoin exchange market. Lee emphasized that the Chinese government will no longer be able to manipulate the market, as it had done since 2013.
"This is a good thing. China can no longer play with the markets by banning Bitcoin. Cryptocurrency cannot be killed by any country. One solution to centralized exchanges is decentralized ones. I hear the Decred Project team has something cooking that helps with that."
|
| Bitcoin in the Browser: Google, Apple and More Adopting Crypto-Ready API |
Developers at some of the top tech companies have created a browser API that could soon make it easier to buy goods and services online with cryptocurrency.
The work, started by the World Wide Web Consortium (W3C) with the help of Microsoft, Google, Facebook, Apple and Mozilla, is a tangible step forward for a currency-agnostic web payment standard
first conceived in 2013. Equally, as bitcoin and other cryptocurrencies gain more momentum, the launch signifies the growing recognition of cryptocurrency as a payments technology.
Announced on Thursday, the API is currently
being implemented in browsers including Google's Chrome, Microsoft's Edge, Apple's Webkit, Mozilla's Firefox, the Samsung Internet Browser and Facebook's in-app browser. When activated, the
Payment Request API will allow new payment information for bitcoin, ether and other more traditional online payment methods to be stored directly in the browser.
Consumers will then be able to choose from a drop-down menu of available payment methods supported, a kind of expansion on the auto-fill feature already widely enabled at checkout.
With that potential new functionality, Ian Jacobs, head of the W3C's payments activity, said now is a good time for developers to start writing code for payment methods they'd like to see available.
In an exclusive interview, Jacobs told CoinDesk:
"This is a great opportunity for people to start writing blockchain-based payment method descriptions and to try to test the API. That's sort of the period that we're in, the test and interoperability development phase."
|
|
|
|
Missed any of the issues of our news round ups?
Here is a link so you can catch up.
|
|
|
STAY CONNECTED
|
|
|
|
|
Copyright © 2017. All Rights Reserved.
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. BitvestMint llc does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
|
|
|
|
