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Monday, November 13, 2017

Cryptocurrency News for 13 Nov 2017

 

Bitcoin Crashes and Then Surges in Wild Weekend Action

Bitcoin Crashes and Then Surges in Wild Weekend Action

 

Bitcoin is proving that investing in digital currencies isn’t for the faint of heart.

After plunging as much as 29 percent from a record high following the cancellation of a technology upgrade on Nov. 8, the largest cryptocurrency came roaring back in early trading Monday before fluctuating between gains and losses.

“Crypto trading is not for the novice investor,” said John Spallanzani, chief macro strategist at GFI Securities LLC in New York.

While multiple reasons are being cited for the price volatility, one of the more viable is that some investors are switching to alternative coins. Bitcoin cash, an offshoot of bitcoin that includes many of the technical upgrades being debated by developers, has more than doubled in the same period.


Full story at https://bloom.bg/2hvquMG


Source: Bloomberg


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Big Short Author: Definitely a Link Between Bitcoin and the Chaos in the US Federal Government

Big Short Author: Definitely a Link Between Bitcoin and the Chaos in the US Federal Government

 

“What about [the psychology of] bitcoin? Because, I think people are starting to feel, okay, is this real or is this …,” Ms. Rogers began. Mr. Lewis quickly interrupted, “Well, it exists right!”

She continues, “Well, but now we have more people coming out, commenting on it that are, you know, real thinkers that aren’t telling us this is a fraud — although we still have Jamie Dimon and Warren Buffett and all those people. But we have a lot more coverage coming from Wall Street. We have the CME coming out with the futures contract. So what are you thinking about bitcoin?”

Mr. Lewis began, “Bitcoin is money without a central authority, and money without a central bank or government, [without] needing a government. So what drives its value? The distrust of central authority and the feeling that maybe the governments aren’t going to work,” he pointed out.

“There’s definitely a link between whatever bitcoin is doing and the chaos in the federal, in the US federal government,” he emphasized.


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


Source: Bitcoin News


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Bitcoin's value rose $10 billion in just 12 hours after a dramatic sell-off

Bitcoins value rose $10 billion in just 12 hours after a dramatic sell-off

 

Bitcoin rallied more than 11 percent in just over half a day on Monday, following a dramatic plunge in the cryptocurrency over the weekend.

The digital currency started trading at $5,857.32 on Monday and rose to $6,545.20 by 11:50 a.m. GMT (6:50 a.m. ET), according to data from industry website CoinDesk. This marks a nearly 12 percent increase in the price.

Bitcoin's market capitalization, or the total value of all the virtual coins in circulation, rose over $10 billion in the same time period, according to industry website Coinmarketcap.com.

Just last week, bitcoin hit a record high of $7,879.06 that was attributed to factors including CME Group announcing plans to offer bitcoin futures contracts, and some favorable regulation in countries like Japan, which has legalized bitcoin as a method of payment.


Full story at http://cnb.cx/2hw08tS


Source: CNBC


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40 Companies From China and EU Have Applied to Mine Bitcoin in Russia

40 Companies From China and EU Have Applied to Mine Bitcoin in Russia

 

The Russian Association of Blockchain and Cryptocurrency (RACIB) has reportedly received 40 applications from companies and individuals from European Union countries and China to place mining equipment in Russia to mine bitcoin. This was conveyed to Ria Novosti by the association’s president Yuri Pripachkin last week.

The publication then quoted him saying:

"In Russia, the number of such factories is already in the hundreds, and our country has energy resources that can be sold to miners effectively."

RACIB is an association formed in August this year to unite blockchain participants and owners, miners as well as investors of cryptocurrencies and initial coin offerings (ICOs). Its formation was announced by President Vladimir Putin’s adviser on Internet issues, Herman Klimenko.


Full story at http://bit.ly/2hwnJe7


Source: Bitcoin News


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Bitcoin cash briefly replaced rival digital coin ether as the second-largest cryptocurrency

Bitcoin cash briefly replaced rival digital coin ether as the second-largest cryptocurrency

 

A cryptocurrency that split away from bitcoin was temporarily the second-largest virtual currency by market value on Sunday.

The market capitalization of bitcoin cash surged to more than $41 billion on Sunday at 2:29 a.m. ET, according to data by industry website Coinmarketcap. It dipped to $22 billion at 10:30 p.m. ET.

Bitcoin cash usurped rival digital coin ether — the digital token of the ethereum blockchain — becoming the second-largest digital currency by market cap for a number of hours.

Vitalik Buterin, co-founder of Ethereum, congratulated backers of the bitcoin offshoot on Twitter.


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


Source: CNBC


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Sberbank Apologizes for Buying Nearly All Graphics Cards on the Russian Market

Sberbank Apologizes for Buying Nearly All Graphics Cards on the Russian Market

 

Sberbank, the largest bank in Russia and third largest in Europe, is majority-owned by the Russian government. According to senior vice president, Alexander Vedyakhin, the bank’s research lab was behind the dry spell. Ria Novosti reported on Saturday:

"The reason for the deficit in the video card market was Sberbank, buying up video cards for its laboratory of artificial intelligence."

“We invest very much in technology, and we should, incidentally, apologize for that shortage in the video card market, which occurred recently, because we bought them for the laboratory of artificial intelligence,” Vedyakhin said at the Sberbank international conference on data analysis, machine learning and artificial intelligence. However, he indicated that soon the shortage will be over “because we [have] satisfied our need.”

While Sberbank has said that it is “not yet ready” to use cryptocurrency, the bank admitted to studying it in detail, according to Stanislav Kuznetsov, Deputy Chairman of the Executive Board of Sberbank.


Full story at http://bit.ly/2hwt3hC


Source: Bitcoin News


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