Saturday, October 21, 2017

Cryptocurrency News for 21 Oct 2017

 

Bitcoin surges above $6,000 for the first time on heavy trading volume

Bitcoin surges above $6,000 for the first time on heavy trading volume

 

Bitcoin surged 5 percent to a record high above $6,000 on high trading volume Friday.

The cryptocurrency hit a record high of $6,003.81 in late morning New York trading, according to CoinDesk. Bitcoin later pared some gains to trade around $5,905 by early afternoon.

Twenty-four hour trading volume in U.S. dollars for bitcoin was nearly $2 billion, versus the hundreds of millions for other digital currencies such as ethereum and the bitcoin offshoot, bitcoin cash, according to another industry data website, CoinMarketCap.

"In the last 24 hours and really the last few hours there has been a massive inflow of capital into bitcoin, significantly outweighing the amount of new money flowing into other cryptocurrencies," said Alex Sunnarborg, founding partner of cryptocurrency fund Tetras Capital.


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


Source: CNBC


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Wall Street Can No Longer Dismiss Bitcoin, Demand is Too High

Wall Street Can No Longer Dismiss Bitcoin, Demand is Too High

 

It has become increasingly difficult for Wall Street to dismiss Bitcoin and the cryptocurrency markets, given the $95 bln market cap of Bitcoin, rapidly rising user bases of cryptocurrencies, and the increasing mainstream adoption of Bitcoin as a robust store of value.

Up until a few months ago, the vast majority of Wall Street analysts, bankers, and investors dismissed Bitcoin, describing it as a bubble, in an identical way the technology sector continued to condemn Amazon since its launch in 1997.

But, as the user base and market cap of Bitcoin and the rest of the cryptocurrency market soared, it has become challenging for Wall Street to blindly ignore the market, being fully aware that their failure to adopt Bitcoin and cryptocurrencies may result in the isolation of banks and financial institutions in the long-term from the promising cryptocurrency market.

Many billionaire investors and major financial institutions such as Mike Novogratz, Kyle Bass, and Goldman Sachs have decided to embrace Bitcoin and the cryptocurrency market, rather than compete against it. Notably, earlier this month, the market cap of Bitcoin surpassed that of Goldman Sachs, nearing towards the $100 bln mark.


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


Source: CoinTelegraph


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Leading Expert Says Bitcoin Will Soar Above $25,000 in 5 Years

Leading Expert Says Bitcoin Will Soar Above $25,000 in 5 Years

 

It has been almost a week since the latest historic Bitcoin price breakthrough, when the world’s most popular cryptocurrency surged past $5,300, only to reach $5,800just a few hours later. At time of writing, the price of the popular cryptocurrency has been hovering around $5,700 — up by more than $500 in 24 hours, and by $342 since last week.

Experts say the upward trend for Bitcoin will only continue: FundStrat Global Advisor co-founder Tom Lee believes the value of bitcoin could ultimately achieve a high of $25,000 in the next five years. Speaking to Business Insider for the first episode of their crypto-finance show “the bit,” Lee explained that bitcoin could eventually replace gold as the standard of financial value.

“I think this next generation of young people view bitcoin as their store of value. And if it captures 5% of the gold market, it’s worth at least $25,000 per unit,” Lee said.

Bitcoin is like a social network, Lee said. The more engagement bitcoin has, the higher its value will rise. “And in the short-term, we think bitcoin will reach at least $6,000 by mid-2018,” he added. That’s actually a moderate estimate: Other experts have predicted it could hit $6,000 before the end of this year. Crypto coin mogul Mike Novogratz recently told CNBC he believes that bitcoin could reach  $10,000 by April 2018.


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


Source: Futurism


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First World Fat Cat Jamie Dimon Doesn’t Understand Poverty, Bashes Bitcoin

First World Fat Cat Jamie Dimon Doesn’t Understand Poverty, Bashes Bitcoin

 

It’s said how little Jamie Dimon knows about the needs of people who live in the countries of South America, Central America, Africa and Asia.

Dimon keeps finding new ways to show his lack of understanding of Bitcoin, and of the economic realities of most of the world’s population. He recently said:

“If it can be done digitally with the Blockchain, so be it. But it will still be a dollar cryptocurrency. What I have an issue with is a non-fiat cryptocurrency. So crypto sterling, euro, yen, they are all fine. I don't personally understand the value of something that has no actual value.“

For an American millionaire with a narrow view of the world, he may be right. But for the inhabitants of more than 170 countries that do not have strong fiat currencies like sterling, euro, yen or dollars, Bitcoin definitely has value. An example from Brazil clearly demonstrates the benefits of transacting internationally with Bitcoin.


Full story at http://bit.ly/2xUu2dr


Source: CoinTelegraph


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Quiet Surge: Bitcoin Price Sets New High Just Below $6,000

Quiet Surge: Bitcoin Price Sets New High Just Below $6,000

 

The price of bitcoin has hit a new all-time high, crossing the $5,900 line for the first time.

Markets climbed as high as $5,996.10, according to CoinDesk's Bitcoin Price Index (BPI). This figure surpasses the previous all-time high set on October 13, when the price rose to $5,856.10.

BPI data shows that the price climbed more than $200 in the past hour, with markets showing an average price of $5,697 prior to the ramp. At press time, the price of bitcoin is trading at around $5,996.

Figures from CoinMarketCap.com show that some exchanges are currently reporting a price above $6,000, including Bitfinex and Bithumb, the world's two largest exchanges by volume.


Full story at http://bit.ly/2yCzsO5


Source: CoinDesk


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Bitcoin is heading to $10,000, CNBC survey says

Bitcoin is heading to $10,000, CNBC survey says

 

The price of bitcoin could be heading to over $10,000, nearly half of respondents to a CNBC survey said.

During the week, CNBC ran an unscientific survey online asking: "Where does bitcoin go from here?"

Forty-nine percent of the 23,118 people who voted said above $10,000. Similar calls have been made by market participants. Former hedge fund manager Michael Novogratz told CNBC in a recent interview that he sees bitcoin heading to $10,000 in the next six to 10 months.

One option that people could also vote for was: "Jamie Dimon is correct, you'll pay the price for buying." JPMorgan Chase CEO Dimon has been critical of bitcoin, calling it a "fraud" and said "if you're stupid enough to buy it, you'll pay the price for it one day." Just over a third (35 percent) of people sided with Dimon.


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


Source: CNBC


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