Chinese Might be Able to Trade Bitcoin Again Soon
19th National Congress of the Communist Party of China, the most important conference in China this year, ended on Oct. 24. With the end of the conference, some temporary regulations and policies are canceled as well. Among the regulations, the shutdown of Bitcoin trading in China might be one.
On Oct. 28 ZB.com, which is a new cryptocurrency trading platform, announced that all trading functionality will be available from Nov. 1. Users can sign up for accounts and deposit now.
The platform claims that people all over the world, including those in mainland China, can exchange and trade on the platform. The languages of the website are Chinese and English. However, it’s too soon to state that the regulation toward Bitcoin and other cryptocurrencies is invalid. Maybe the platform will be closed by the government soon. Nevertheless, there are also people saying that the Chinese government is behind the platform.
Full story at http://bit.ly/2gMewKu
Source: CoinTelegraph
Bank of America Bullish on Bitcoin ETFs, Anticipates 1.6 Billion USD Market
With a few baked-in assumptions, BAML pegs foreign currency exchange market (FX) volume to around 1.65 trillion USD. FX currency markets cast a huge shadow, and their decentralized and around-the-clock trading seems match-made for bitcoin. If, BAML projects, the world’s most popular cryptocurrency can grab ten percent of that trillion dollar volume, then the 1.6 billion USD number is arrived at rather easily.
As quoted by Frank Chaparro of Business Insider, BAML explains, “If these volumes were to materialize, with the same relationship between spot market and futures, and the same revenue per contract, the revenue pool would be about $1.6bn.”
One US company stands to gain almost immediately from such an environment of “significant revenue stream,” according to the bank, and that’s Cboe.
Cboe, readers might recall, first embraced cryptocurrencies when it gobbled up Bats Global Markets, at least partially in an effort to help Cameron and Tyler Winklevoss gain a mainstream exchange trading seat. The Securities and Exchange Commission (SEC) squashed the deal, however. Later, former Chairman Arthur Levitt remarkedhow the SEC doesn’t “want to take on something as complex from a regulatory point of view as bitcoin is.”
Full story at http://bit.ly/2gMYcsV
Source: Bitcoin News
How Bitcoin Forks Influence Bitcoin Price Rise and Fall
Prior to the Bitcoin Gold fork two days ago, the market made some interesting moves.
Bitcoin price reached a new all time high on Oct. 20, 2017 - five days before the Bitcoin Gold fork -surpassing $6,000 for the first time and eventually climbing to nearly $6,200.
Those of you who have endured past chain splits are aware of what usually happens when there’s a split from the Bitcoin network. Ordinarily, the community complains, reddit.com, medium.com, and twitter.com become platforms for soapbox speeches, and a lot of trash is talked by factions within the community.
However, have you noticed the other events that are correlated with a chain split? Once a chain splits, you suddenly own a number of split tokens equivalent to the number of tokens you had on the Bitcoin network. This is because the new chain will be an exact copy of the Bitcoin Blockchain up until the point where the fork occurs.
If the wallet you use supports the forked chain’s software, you will be the owner of two digital tokens: Bitcoin and the Forked Chain Token. In our example we will use Bitcoin Cash (BCH) as the forked token. When the Bitcoin Cash chain forked off of the main chain, owners of Bitcoin became owners of an equivalent amount of Bitcoin Cash. This is because the chains were identical until the fork occurred. If you owned 10 BTC before the split, then you owned 10 BTC and 10 BCH after the split.
This is where the slope becomes slippery. People or organizations with unfathomable amounts of money can use forks as an opportunity to extort both the Bitcoin network and the forked network for enticing capital gains when a fork occurs.
Full story at http://bit.ly/2gOvbNM
Source: CoinTelegraph
$6,300: Bitcoin Price Hits Record High
The price of bitcoin has set a new all-time high.
Just over a week after pushing past the $6,000-mark for the first time, the world's first cryptocurrency rose to a high of $6,306.58 on the CoinDesk Bitcoin Price Index at 20:30 UTC today. The previous all-time high of $6,183 was set on October 21st and held for just eight days.
In setting the new high, the price of bitcoin is now up more than 500 percent on the year, having climbed from just below $1,000 on January 1st to the new high.
However, at press time, it remains unclear just how much appetite there is to extend bitcoin prices above this mark at the moment. Hours after the milestone, prices are down somewhat, trading at an average of $6,166 across a selection of global exchanges.
Full story at http://bit.ly/2xwEMPR
Source: CoinDesk
Catalonia Considering Cryptocurrency Post-Independence, Advised By Ethereum Creator
The small but economically vital Catalonia region of Spain has declared its independence, but Madrid vows to keep the region a part of Spain. While governments and thought leaders around the world line up behind opposing sides, the would-be independent government is looking to use a national cryptocurrency and a Blockchain-based residency system.
According to a local newspaper in Spain, the Catalonian director of the digital office (called SmartCatalonia) has already visited Estonia on a number of occasions in order to understand their digital residency plans. Estonia famously made news when their plan for a national currency was harshly shot down by the European Central Bank President.
While the Blockchain residency program would be the first of its kind in Europe, perhaps the bigger news is that an independent Catalan government would likely not have a central bank, choosing a national cryptocurrency instead. With Russian and Kazakhstan already suggesting national cryptocurrencies, the move would not come as a huge surprise.
Full story at http://bit.ly/2gNvjwU
Source: CoinTelegraph
Central Bank of Singapore Sees No Reason to Regulate Cryptocurrencies
The managing director of the Monetary Authority of Singapore (MAS), Ravi Menon, expressed in an interview on Tuesday that “Singapore doesn’t plan to regulate cryptocurrencies such as bitcoin,” Bloomberg reported. However, he added that it “will remain alert to money laundering and other potential risks stemming from their use.” He was quoted saying:
Instead, the central bank will focus on looking at “the activities surrounding the cryptocurrency and asking ourselves what kinds of risks they pose, which risks would require a regulatory response, and then proceed from there,” he detailed.
Ramon’s stance confirmed a statement by Singapore’s Deputy Prime Minister, Tharman Shanmugaratnam. Responding to a parliamentary question regarding cryptocurrency regulation, he said, “we regulate the activities that surround them [cryptocurrencies], if those activities fall within our more general ambit as financial regulator.”
Full story at http://bit.ly/2i9CQX1
Source: Bitcoin News
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