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Thursday, October 12, 2017

Cryptocurrency News for 12 Oct 2017

 

Billionaire Mike Novogratz: Bitcoin's Price Will Reach $10k in Less Than a Year

Billionaire Mike Novogratz: Bitcoins Price Will Reach $10k in Less Than a Year

 

Ex-fund manager Michael Novogratz has said in an interview that he believes the value of a bitcoin will reach $10,000 in six to 10 months.

Putting his belief into practise, Novogratz, a former principal at investment firm Fortress and an ex-partner at Goldman Sachs, said he is leaving retirement to start a $500 million fund for cryptocurrencies, token sales and related startups.

Named the Galaxy Digital Asset fund, Novogratz indicated he has committed $150 million of his own money to the venture, and aims to raise the rest by January, CNBC reports. The remaining funds will be raised by wealthy individuals and other hedge fund managers.

Rather than focus on a narrow range of cryptocurrencies, the billionaire intends to invest indiscriminately across the industry, or "play the whole ecosystem," he explained.


Full story at http://bit.ly/2i3rQxY


Source: CoinDesk


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Signs Appear Suggesting Chinese Government May Have Entered Cryptocurrency Market

Signs Appear Suggesting Chinese Government May Have Entered Cryptocurrency Market

 

After Chinese government’s ban of ICOs last month, there are continuous rumors saying that Chinese government is preparing to enter the cryptocurrency market. However, no official announcement has been made to verify the rumor.

Before Oct. 10 Beijing time, there was no substantial evidence backing up these rumors. Nevertheless, a few hints might show that Chinese government is entering, or has already entered the market.

On Oct. 10, the updated Biance APP shows that the developer of the APP is Ping An Bank Co., Ltd, which is a Chinese joint-stock commercial bank, with its headquarters in Shenzhen with a government background.

Biance has issued its token coin, called the Bianace Coin(BNB) three months ago. It runs negatively on the Ethereum Blockchain with ERC20. On the same day, China Bitcoin also updated its APP, and the developer is Xiamen Local Taxation Bureau.

"Maybe Ping An Bank’s involvement can be explained as commercial activities, but Xiamen Local Taxation Bureau’s control over China Bitcoin demonstrates the Chinese government’s interest in ICO and Bitcoin."


Full story at http://bit.ly/2i3s1t8


Source: CoinTelegraph


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Russia’s Finance Ministry Proposes Registering Cryptocurrency Miners and Licensing Exchanges

Russia’s Finance Ministry Proposes Registering Cryptocurrency Miners and Licensing Exchanges

 

At the first meeting of the expert council on financial technologies in the State Duma on Monday, the Russian Ministry of Finance presented its recommendations on the regulation of cryptocurrencies. "The Ministry of Finance proposes to register those who extract cryptocurrencies – the miners," Tassreported, adding that "the office also proposes to license sites where digital currency is exchanged for traditional cash or non-cash money."

Speaking on behalf of the finance ministry, Yana Pureskina, the ministry’s Director of the Financial Policy Department, was quoted saying:

"In order to counter money laundering and terrorist financing, it is important to establish the duty of registering digital currency issuers, the so-called miners, and to license exchange sites to control the exchange of digital currency for fiat, traditional cash or non-cash money."

She further emphasized that the ministry "considers it expedient to start limiting the number of persons who have the right to issue cryptocurrency, legal entities, and individual entrepreneurs," Tass detailed. This is in order to "protect the rights of market participants," the director explained.


Full story at http://bit.ly/2i3rZBw


Source: Bitcoin News


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Bitcoin Stumbles Near New High But $5k Still in Play

Bitcoin Stumbles Near New High But $5k Still in Play

 

Bitcoin bears may have had the upper hand in their fight with the bulls on Tuesday, although the positive price action seen today suggests the cryptocurrency is still on the hunt for $5,000 (all-time high) levels.

The bitcoin-U.S. dollar (BTC/USD) exchange rate clocked a fresh five-week high of $4,925 on Tuesday, but ended the session with marginal losses at $4,750.

The decline lacked clear catalysts, however. Techies may consider overbought conditions responsible for the retreat, while news traders may blame Putin's comments on cryptocurrency for stalling the rally at a time when record high was within touching distance.

But, whatever the reason, bitcoin's descend from $4,925 to $4,750 does call for caution. At press time, BTC is trading at $4,800 – up 0.20 percent on the day. Week-on-week and month-on-month, the cryptocurrency is up 14 percent.


Full story at http://bit.ly/2i3s2gG


Source: CoinDesk


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With $5000 Bitcoin Price In Sight, What’s To Come for Altcoins?

With $5000 Bitcoin Price In Sight, What’s To Come for Altcoins?

 

The proposed split later this month is definitely a major factor that is pushing the Bitcoin price up. As at the time of this writing, the Bitcoin price has almost reached $5000. Going by about $500 added to its price in two days this week, reaching the $5000 all time high seems like nothing but just a step.

However, while that seems like good news for many Bitcoin enthusiasts, those in the altcoin camp are not really happy. Or so it seems.

Though the head of an altcoin whose volume recorded a spike at the same time differs, many people have been panic selling their altcoins for Bitcoin reportedly for the Bitcoin Gold and Segwit2x forks.

ADK’s Ricardo Badoer notes that credible altcoin projects need not worry every time the Bitcoin price rises. He adds that the ability of an altcoin to apply the right strategy in their business approach should be key to always give them a clear picture of what they want and how to work towards it.


Full story at http://bit.ly/2i5pY89


Source: CoinTelegraph


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Putin Tells Central Bank Not to Create Unnecessary Barriers to Cryptocurrencies

Putin Tells Central Bank Not to Create Unnecessary Barriers to Cryptocurrencies

 

Russia’s president Vladimir Putin held a meeting "on the use of digital technology in finance and the implementation of innovative financial tools" on Tuesday, according to the Kremlin’s website. The meeting was attended by Presidential Aide Andrei Belousov, Finance Minister Anton Siluanov, Central Bank Governor Elvira Nabiullina, Central Bank Deputy Governor Olga Skorobogatova and Qiwi CEO Sergei Solonin.

"Today, I propose addressing a topic that is relevant not only for our country, not only for Russia, but is probably becoming relevant also for the rest of the world," Putin addressed his colleagues. "I am referring to introducing digital technology in the financial, banking sphere, and using innovative financial instruments."

The head of state suggested that they discussed the use of cryptocurrencies, "taking into account all the various components of the problem," Tass summarized.

Before the meeting started, the president of Russia gave a brief introduction on cryptocurrencies. "As is known, virtual currencies, also known as cryptocurrencies, are becoming or have already become very popular," he began. "In certain countries, they are becoming or have already become legal tender, as well as an investment asset," Putin continued, adding that:

"I would like to draw your attention to the need to use the advantages that are offered by new technological solutions in the banking sphere.


Full story at http://bit.ly/2i5yFPv


Source: Bitcoin News


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