Cautiously Bullish? $6,000 in Play as Bitcoin Price Stages Sharp Recovery
Having witnessed a solid recovery from the low of $5,100 in the last 24 hours, bitcoin is once again trading on the front foot and looking northwards.
At press time, the bitcoin-US dollar (BTC/USD) exchange rate was roughly $5,700. As per CoinMarketCap, the cryptocurrency has gained 6.47 percent in the last 24 hours. Week-on-week, BTC is up 4.77 percent, and on a monthly basis, it is carrying 45.7 percent gains.
So, is the bitcoin price eyeing $6,000? Strong dip demand would seem to suggest so.
The drop to $5,100 witnessed yesterday turned out to be healthy correction as expected, and the subsequent 'V' shaped recovery could be taken as an indication cash is waiting on the sidelines for a good opportunity. Further, the potential (or perceived) benefits of holding bitcoin ahead of the hard fork in November could also bring in more buyers, leading to higher prices.
Full story at http://bit.ly/2xQXnpf
Source: CoinDesk
Is Bitcoin Benefiting From The ICO Crackdown?
Is Bitcoin benefiting from the recent crackdown on initial coin offerings (ICOs)?
According to several analysts, the answer to this question is yes.
However, not everyone agrees, and for some, the situation is a bit more complicated than a simple "yes" or "no" reply.
Full story at http://bit.ly/2xRf5cb
Source: Forbes
Hard Times For Bitcoin Forks As Whalepool Traders Say No To SegWit2x
SegWit2x’s list of detractors is growing daily as dedicated records site NOB2X.com adds major discussion group Whalepool.
The trading group, which includes prominent cryptocurrency industry figures such as Charlie Shrem, asked NOB2X to update its listings to include them, marking the latest entity to signal formal opposition to the Bitcoin hard fork.
“We oppose NYA and support… Bitcoin,” the group confirmed on Twitter Wednesday.
SegWit2x is encountering more opposition as its network snapshot date nears. This week, both Korea’s largest Bitcoin meetup and a group of Latin American businesses and personalities also issued their formal opposition.
Full story at http://bit.ly/2xR2AgD
Source: CoinTelegraph
Bitcoin briefly plunges nearly 9% on fears of greater oversight from US regulators
Bitcoin plunges nearly 9% on fears of greater oversight from US regulators.
At one point in the day, the digital currency declined by nearly $500, or about 8.7 percent to a low of $5,109.70, before regaining some of the lost ground, according to CoinDesk. The day's low marked the digital currency's lowest level since Thursday, the website's data showed.
Bitcoin recovered in afternoon trading from its worst levels to trade 3 percent lower near $5,410, still up more than 5 times in price for the year, according to CoinDesk.
The U.S. Commodity Futures Trading Commission on Tuesday released a report titled "A CFTC Primer on Virtual Currencies." The report said as a commodity, virtual currencies like bitcoin fall under the oversight of the commission when they are used "in a derivatives contract, or if there is fraud or manipulation involving a virtual currency traded in interstate commerce."
Full story at http://cnb.cx/2xR86zW
Source: CNBC
We asked cryptocurrency experts to respond to Jamie Dimon's bitcoin bashings — here's what they said
JPMorgan CEO Jamie Dimon sparked a conversation about bitcoin among top Wall Streeters.
Since he called the digital currency "a fraud" in September, a slew of top Wall Streeters from BlackRock's Larry Fink to Morgan Stanley's James Gorman, have weighed in on bitcoin, which is up more than 400% year-to-date.
Dimon said during JPMorgan's earnings call Thursday he would stop talking about bitcoin. His vow of silence, however, ended prematurely. The very next day Dimon bashed bitcoin at a conference in Washington, D.C. He concluded his remarks by saying he was done talking about bitcoin.
Whether Dimon can keep his word remains to be seen, but what is certain is that his critiques of bitcoin and cryptocurrencies will continue to drive conversation in both crypto- and Wall Street-circles.
Full story at http://read.bi/2xRfGKW
Source: Business Insider Nordic
China's 'Bitcoin Ban' No Match For Stateless Cryptocurrency Market
It's official, blockchain technology has beat one of the biggest authorities on earth. The decentralized nature of what has become the backbone of the cryptocurrency craze has proven its mettle. Bitcoin, and a host of other highly speculative digital currencies live another day.
Last month, China banned mainland residents from trading in cryptocurrencies on exchanges and made it illegal for Chinese start-ups to raise funds via initial coin offerings, a hybrid of crowdfunding, venture capital and initial public offerings, to put it simply. Bitcoin prices fell. Ether prices fell. And then cryptocurrency start-ups shook it all off. It was as if they were punched in the face, shook the cobwebs out of their head, and remembered that this whole blockchain thing is decentralized and autonomous. That's the point. Banned in one country, move to another. Now they're back on their feet in most cases, like a terminator cyborg hard to knock down.
Bitcoin prices are over $5,000.
China's regulations might have stopped a few start-ups for raising funds, but the general consensus is that this is temporary.
Full story at http://bit.ly/2xR23eV
Source: Forbes
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