Bitcoin Price Briefly Hits $5,920 Before Minor Correction; Factors For Another Rally
Earlier today, on October 13, the Bitcoin price achieved a new all-time high for the third time in the past two days, briefly surging to $5,920.  But, subsequent to achieving the new all-time high, the Bitcoin price experienced a minor correction, likely caused by the sudden surge in the price of Bitcoin in the past two days, from $4,500 to $5,920. Possibility For Another Rally, Analysts Look Toward $6,000 Analysts including long-time Bitcoin investor Tuur Demeester, Trace Mayer, and Samson Mow are looking ahead toward $6,000, expecting yet another strong rally from Bitcoin to emerge in the next few days. In a previous article, CCN revealed three major factors behind the recent surge in the price of Bitcoin: rise in demand for Bitcoin from institutional investors, strengthening of the Japanese and South Korean markets, and the upcoming SegWit2x hard fork. The article delved into the role of institutional and retail traders in the mid-term surge in the Bitcoin price, but as Blockstream executive Samson Mow noted, the upcoming SegWit2x hard fork in November could play a vital role in the short-term price trend of Bitcoin. Throughout this week, an increasing number of communities, companies, and miners including the South Korean Bitcoin community and F2Pool have publicly denounced the SegWit2x hard fork, expressing their concerns toward the fork. As BitGo lead engineer Jameson Lopp noted, F2Pool, one of the member companies behind the NYA Agreement and the SegWit2x proposal, stopped signaling for SegWit2x. F2Pool stops signaling SegWit2X support. 15% down, 85% to go… https://t.co/iEjKn1gCgH pic.twitter.com/CU99EnnZ3j — Jameson Lopp (@lopp) October 12, 2017 While the majority of leading cryptocurrency exchanges and Bitcoin platforms such as Coinbase and Bitfinex have clarified that they will not list SegWit2x has the majority chain based on hashrate, several companies such as Xapo and Blockchain have revealed their intent to list the original Bitcoin blockchain as BC1 if it has less hashrate in comparison to the SegWit2x chain, despite the backlash and criticism from the community. “There is a significant possibility that the planned hard fork will result in two bitcoin block chains. In this case, we will follow the chain with the most accumulated difficulty and refer to that chain as Bitcoin. If the minority chain has significant value we will make that value available for customers to hold or exchange for a period of time, as we did with Bitcoin Cash. If the minority chain is the one with 1MB blocks, we plan to call it BC1. If the minority chain has 2MB blocks, we plan to call it BC2,” stated the Blockchain development team. Experts including Bitcoin investor and Atlanta Digital Currency Fund partner Alistair Milne have previously explained the flawed system of using hashrate as the sole indicator to justify the majority chain, as miners tend to follow profitable chains. For instance, upon the debut of Bitcoin Cash, most of the hashrate from Bitcoin migrated to Bitcoin Cash for a brief period of time before its difficulty adjustment. But, after the adjustment occurred, miners moved back to Bitcoin, as Bitcoin Cash was no longer as profitable as the original Bitcoin blockchain. Communities and Miner Speak Out Against SegWit2x, Major Factor For Short-Term Price Increase Because of these issues, miners such as F2Pool and communities like the South Korean Bitcoin community have rejected the SegWit2x hard fork in November. The South Korean Bitcoin community released an official statement which read: “We, the Seoul Bitcoin Meetup, the largest bitcoin community in South Korea, founded in 2014 with more than 1600 members, would like to voice our staunch opposition to this November’s proposed hardfork. We are confident that BTC, the legacy chain, will not only survive this fork, but continue to flourish as the dominant Bitcoin network.” The market’s confidence in the original Bitcoin blockchain and its long-term growth would likely position it for another strong rally, and a more stable platform to build upward momentum with the recent minor correction. More importantly, even if the SegWit2x hard fork occurs in November as planned, both supporters and critics of the hard fork would invest in Bitcoin to either express their support towards Bitcoin or to obtain the newly created SegWit2x coins (B2X) in October. Source: https://www.cryptocoinsnews.com/bitcoin-price-briefly-hits-5920-but-endures-minor-correction-factors-for-another-rally/
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 Governments around the world will “crush” bitcoin before long, according to two of the most powerful men on Wall Street, who argue that the only real value in the fast-rising virtual currency is as a tool for criminals and money launderers. At a conference in Washington on Friday afternoon, Jamie Dimon, the chairman and chief executive of JPMorgan Chase, noted recent moves to curb the circulation of bitcoin in China and an initiative in Japan to launch an electronic currency pegged to the yen. These were signs of authorities getting a proper grip on virtual currencies, he said, because “they like to know where the money is, who has it, and what you’re doing with it”. “A fiat currency is when a government says, this is your legal tender, you have to give it and accept it, and of course the central bank can misuse it and inflate it,” said Mr Dimon, who has sat atop the largest US bank by assets for a decade. “But what is the use case for bitcoin? You’re in Venezuela, North Korea, you’re a criminal. Great product!” he said, to gales of laughter from a room full of bankers, gathered for an annual meeting of the Institute of International Finance. Mr. Dimon’s stance was endorsed on stage by Larry Fink, chairman and chief executive of BlackRock, the world’s largest asset manager, who likened the price of bitcoin to an “index of money laundering”. "But what is the use case for bitcoin? You’re in Venezuela, North Korea, you’re a criminal. Great product!" - Jamie Dimon, JPMorgan Chase The price of the virtual currency, up about 7 per cent within the past 24 hours to a new high of about $5,690, “just shows how much demand for money laundering there is in the world”, Mr Fink said. The remarks are likely to stir anger, and some amusement, among some bitcoin aficionados, who have argued that rapid price rises in bitcoin and other virtual currencies are symptoms of a broad collapse of faith in paper currencies. The exchanges drew instant scorn from Marco Santori, head of the fintech practice at Cooley, a New York law firm, who described alleged links between bitcoin and criminal activity as a “demonstrably false narrative, long disproven, driven mostly by ignorance and wilful blindness, held by financial intermediaries losing their grasp on the market”. “Is bitcoin used by criminals? Of course, just like the US dollar,” he said. He noted that the 2013 shutdown of Silk Road, a bitcoin marketplace thought to be a hotspot for criminal activity, had almost no effect on overall trading volumes. He also cited a 2015 report by the UK Treasury, which put bitcoin “dead last” on a list of vectors for money-laundering, behind “every other payment method known to man”. “There is literally zero data supporting the position that bitcoin is especially widely used for, or especially well-suited to, criminal activity,” said Mr Santori. Mr Dimon began his rant mock-wearily, drawing a distinction between bitcoin and blockchain — the technology underpinning the virtual currency — which his bank continues to explore as a means of cutting the cost of routine, sometimes paper-intensive transactions. A day earlier, JPMorgan’s finance chief Marianne Lake had made similar noises, saying blockchain could “become very transformational for the financial services industry”. Bitcoin then received the broadside from Mr Dimon, who appeared with his arm in a sling, following surgery on his shoulder two weeks ago. “I don’t personally understand the value of something that has no actual value,” he said. “If you’re stupid enough to buy it, you’ll pay a price for it one day.” The bank chief executive wrapped up by talking about his daughter — “my formerly smart daughter” — who told him recently that she owned two bitcoins. “This is the last time I’m ever going to comment on it,” he said. “I don’t care.” Source: https://www.ft.com/content/1925f1ee-b04c-11e7-aab9-abaa44b1e130 |
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Jamie Dimon is back on the bitcoin commentary bandwagon. Just a day after declaring on a third-quarter earnings call that he would refrain commenting on the cryptocurrency, the JPMorgan Chase CEO offered a critical take on those investing in bitcoin. "If you're stupid enough to buy it, you'll pay the price for it one day," he said today at an event hosted by the Institute of International Finance, according to a report from CNBC. During the event, he reportedly voiced support for the cryptocurrency's underlying technology – an area in which the Wall Street bank has undertaken a number of notable efforts, including the Enterprise Ethereum Alliance. Per CNBC, Dimon also reportedly said that he "could care less about what [price] bitcoin trades at." A report from Bloomberg includes additional details about Dimon's latest comments. He reportedly said that bitcoin is "great" for criminals, and that – in a refrain from yesterday – that it would be the last time he would comment on the subject. "Who cares about bitcoin?" he was quoted as saying. The remarks are the latest from Dimon, whose now-infamous comment in September that bitcoin is a "fraud" sparked a wave of commentary about bitcoin itself as well as the wider cryptocurrency market. Other Wall Street figures, including Goldman Sachs CEO Lloyd Blankfein and ex-Fortress billionaire Mike Novogratz, have also weighed in on the topic. His comments also come on the day that bitcoin's price rose above $5,800 to hit a new all-time high. At press time, the price of bitcoin is trading at about $5,689, according to CoinDesk's Bitcoin Price Index (BPI). Source: https://www.coindesk.com/dimon-breaks-vow-calls-bitcoin-buyers-stupid/ |
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Jamie Dimon says if you're 'stupid' enough to buy bitcoin, you'll pay the price one day>> Jamie Dimon, chairman and CEO of JPMorgan Chase, says Thursday he's "not going to talk about bitcoin anymore" after causing a stir in September by calling the digital currency a "fraud." >> But on Friday, Dimon responds to a question about bitcoin by saying if people are "stupid enough to buy it," they will pay the price for it in the future. >> The banking executive did say he believes the blockchain technology behind bitcoin is valid. JPMorgan Chase Chairman and CEO Jamie Dimon can't stop talking about bitcoin."If you're stupid enough to buy it, you'll pay the price for it one day," Dimon said in response to a moderator question at an Institute of International Finance conference Friday. The CEO said he could care less about what bitcoin trades at. "The only value of bitcoin is what the other guy'll pay for it," Dimon said. "Honestly I think there's a good chance of the buyers out there are out there jazzing it up every day so that maybe you'll buy it too, and take them out." Bitcoin hit a record high Friday above $5,800, up more than six times in price for the year. On Thursday, Dimon said during a post-earnings conference call with media that he's "not going to talk about bitcoin anymore." The executive called bitcoin a "fraud" in September and said it "won't end well." But the outspoken captain of industry apparently couldn't help himself. Dimon did add on Friday that he believed the blockchain technology behind bitcoin was valid, but he does not understand the value of "non-fiat" digital coins, that is, digital currencies that are not backed by a government. "Who cares about bitcoin? The world economy is so big," Dimon said, noting the bank moves about $6 trillion in money around the world every day. In comparison, bitcoin only has a market capitalization of less than $100 billion. Twenty-four hour trading volume in bitcoin-U.S. dollars was $3.7 billion Friday, according to CoinMarketCap. "This is the last time I'm ever going to answer any questions about bitcoin, because I really don't care," Dimon said on Friday. "When I made that 'stupid statement' [calling bitcoin a] fraud, my daughter sent me an email saying, 'Dad, I own two bitcoins,'" Dimon then joked, "My formerly smart daughter." Here's a transcript of some of Dimon's comments: "I could care less about bitcoin. I don't know why I said anything about it. The blockchain is a technology which is a good technology. We actually use it. It will be useful in a lot of different things. Gold bless the blockchain. Cryptocurrencies, digital currencies, I think are also fine. JPMorgan moves $6 trillion around the world every day, and we don't do it in cash, it's done digitally. 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. You all can do whatever you want and I don't care. "I could care less what bitcoin trades for, how it trades, why it trades, who trades it. If you're stupid enough to buy it, you'll pay the price for it one day. I've also told people that it can trade at $100,000 before it trades to zero. Tulip bulbs traded for $75,000 or something like that. "The only value of bitcoin is what the other guy'll pay for it. Honestly I think there's a good chance a lot of the buyers out there are out there jazzing it up every day so that maybe you'll buy it too, and take them out. "I quite mean that by the way. People are very good at manipulating the press these days and getting news out. Every day, you have CNBC, nonstop bitcoin — Who cares about bitcoin? The world economy's so big, JPMorgan alone, $6 trillion, we move all this money, and bitcoin in total, all these currencies, $50 billion dollars, maybe a billion dollars trades a day. "The other thing I've always [said] about bitcoin, governments — and this is not a technological statement — governments are going to crush it one day. Governments like to know where the money is, who has it and what you're doing with it, in case you haven't noticed. Right? "And governments like to control their currency, like to control their own economy. So China's already put curbs on it. Japan, they say Japan accepted bitcoin. No they didn't. What I gather Japan did was they call it J-coin. It's a yen cryptocurrency. It's not a non-fiat [digital currency]. "People have said legitimately ok, it's close to gold. Not really. Gold is limited, it's been around for along time. [People also say bitcoin is] close to a fiat currency. Not really. A fiat currency is when a government says this is your legal tender, you have to give it and accept it. "And a central bank — of course they can misuse it. The central bank [can also] inflate it. So there is a use case for bitcoin. If you live in Venezuela, North Korea, if you're a criminal, great product. I mean that. It's better than cash or deposits in that country. Cuba. "But this is the last time I'm ever going to answer questions about bitcoin because I really don't care. "When I made that 'stupid statement' [calling bitcoin a] fraud, my daughter sent me an email saying, 'Dad, I own two bitcoins.' My formerly smart daughter." Source: https://www.cnbc.com/2017/10/13/jamie-dimon-says-people-who-buy-bitcoin-are-stupid.html
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JP Morgan Chase CEO Jamie Dimon said he is no longer going to discuss bitcoin after much his-publicized criticism of calling the cryptocurrency ‘a fraud’ last month. Noted bitcoin critic and Wall Street banker Jamie Dimon has been known to make dramatic statements about bitcoin, calling it a ‘fraud’ that will ‘get someone killed’. The chief executive of America’s largest bank by assets also said he would fire any employee trading bitcoin for being “stupid.” In an earnings conference call today to discuss the bank’s third-quarter performance with journalists today, Dimon has revealed he will no longer make any comments about the world’s most prominent decentralized currency on a day when it surged to a new record all-time high. Dimon told journalists: " I wouldn’t put this high in the category of important things in the world, but I’m not going to talk about bitcoin anymore." Dimon did leave a parting shot at bitcoin, claiming JP Morgan moves “trillions of dollars a day…digitally. It’s not cash.” The banker has made similar statements belittling bitcoin in the past. In November 2015, Dimon said: “Bitcoin is like 2 billion dollars or 3 billion dollars. We (JP Morgan) move $6 trillion a day.” In two years since those comments, bitcoin’s market cap has made significant strides due to an increase of awareness, adoption and trust, by people and even governments, around the world. The total value of bitcoins mined currently stands at $86.2 billion. JP Morgan’s chief financial officer Marianne Lake added to the conversation, telling reporters today: "We are open-minded for digital currencies that are properly controlled and regulated." Jamie Dimon’s comments are in contrast to those of other major Wall Street bankers who expressed more nuanced, open-minded positions with cryptocurrencies like bitcoin. Goldman Sachs CEO Lloyd Blankfein publicly revealed he “is still thinking about Bitcoin” without “endorsing/rejecting” it after reports of the bank launching a dedicated bitcoin trading operation. In a public finance conference last month, Morgan Stanley CEO James Gorman called bitcoin “a fascinating development, that’s certainly something more than just a fad.” Source: https://www.cryptocoinsnews.com/jamie-dimon-im-not-going-talk-bitcoin-anymore/ |
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The bitcoin price went meteoric on Thursday, surging past $5,400 to shatter the all-time high it set at the beginning of September. Bitcoin Price Goes MeteoricBitcoin’s October rally continued today, enabling the flagship cryptocurrency to finally burst through the $5,000 checkpoint for the first time since briefly touching that mark on September 2. The last time bitcoin hit that mark, traders initiated a minor sell-off that evolved into a major downturn when China began prohibiting initial coin offerings (ICOs) and cryptocurrency trading just days later. Today, however, the bitcoin price continued to swell after piercing the psychologically-important $5,000 barrier and setting a new all-time high. The bitcoin price has continued to climb on every major cryptocurrency exchange, and it has now risen to a record $5,419 on Bitfinex. This gave bitcoin a market cap of $90 billion; for reference, the total cryptocurrency market cap reached that mark for the first time on May 24 and had fallen to $98 billion as recently as September 15.  BTC Price Chart from CoinMarketCapBitcoin now accounts for nearly 55% of the total cryptocurrency market cap. This is staggering dominance, but trader and crypto economist Tuur Demeester predicts it will continue to rise, potentially as high as 60% within the next three months. Traders Exhibit SegWit2x SkepticismThe primary factor driving the bitcoin price’s record rally appears to be skepticism that the controversial SegWit2x hard fork will be executed in November, or, that if it is deployed, the resulting blockchain will not be able to compete with the incumbent Bitcoin network. Mining pool F2Pool, for instance, stopped signaling for SegWit2x today, becoming the first mining operation to officially withdraw support for the hard fork. If other mining pools follow suit, SegWit2x proponents would lose their primary argument in favor of the hard fork — that hashpower determines consensus. Moreover, SegWit2x futures have exhibited dismal performance since Bitfinex listed them last week. At present, BT2 tokens (representing SegWit2x coins) are trading at just 0.185 BTC, while BT1 tokens (representing the incumbent blockchain) are valued at 0.823 BTC. Critics such as Olivier Janssens argue that the futures market is biased in favor of the original coin and is not a reliable indicator of support for SegWit2x, but others believe it demonstrates that the market is bullish on the incumbent blockchain. Source: https://www.cryptocoinsnews.com/5419-bitcoin-price-goes-meteoric-hitting-time-high/ |
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>> The price of bitcoin hit an all-time high of $5,386.23. >> This was above the cryptocurrency's previous all-time high of $5,013.91 hit on September 2 >> Speculation that China could reverse the ban of cryptocurrency exchanges is driving sentiment
Bitcoin just hit a new all-time high above $5,100 Bitcoin hit a new record high Thursday with rising investor interest causing a rally for the price of the cryptocurrency. Bitcoin climbed 11 percent to an all-time high of $5,386.23, according to data from industry website Coindesk. This surpassed the previous high of $5,013.91 hit on September 2. With Thursday's gains, bitcoin is now up around 454 percent year-to-date. Several digital currency enthusiasts pointed to increased investor interest in bitcoin ahead of a scheduled split in November. When bitcoin split into bitcoin and bitcoin cash in August, bitcoin investors at the time received an equal amount of bitcoin cash. However, not all digital currency exchanges immediately supported the offshoot currency. Other major digital currencies mostly rose as well. Ethereum traded mildly higher around $305. Bitcoin cash, the offshoot of the original bitcoin, traded slightly higher around $316. Bitcoin year-to-date performance Source: CoinDeskInvestors also appear to have shrugged off much of the negative news from regulators around bitcoin. Last month, Chinese regulators banned cryptocurrency exchanges with some of the largest in the country shutting down operations. The government also banned initial coin offerings (ICOs), a way for cryptocurrency start-ups to raise money through issuing tokens. But reports have emerged in the last few days that trading in the world's second-largest economy could resume. A report by Cryptocoinnews.com, citing Chinese state-owned news company Xinhua, said that bitcoin trading will likely resume with more regulation. This could include new licensing and anti-money laundering regulations to be implemented by exchanges. "Speculators are bullish on bitcoin's value with the anticipation of China's reintegration with global crypto markets," Aurelien Menant, CEO of cryptocurrency exchange Gatecoin, told CNBC by email on Thursday. Investors have appeared to look past some of the negative tones from big business leaders and regulators. Putin comments 'water off duck's back' Russian President Vladimir Putin said on Tuesday that "buyers of cryptocurrencies could be involved in unlawful activities," according to a Reuters report. Russia's central bank also said it would block websites of exchanges that are offering cryptocurrencies. At the same time, business leaders have also poured cold water over bitcoin. JPMorgan Chase CEO Jamie Dimon called bitcoin a "fraud" in September but said Thursday in a call with media that he's not going to talk about bitcoin anymore. "The bull is back in the market," Charlie Hayter, CEO of industry website CryptoCompare, told CNBC by phone on Thursday. "Putin and Russia's comments were water off a duck's back whilst positive sentiment from industry players are driving long positions." Rising support from large institutions could also be helping the cryptocurrency. Goldman Sachs is exploring a bitcoin trading operation, a company spokesperson told CNBC recently. And former hedge fund manager Michael Novogratz is starting a $500 million fund to invest in cryptocurrencies. Novogratz told CNBC earlier this week that bitcoin could hit $10,000 in the next six to ten months. Another event is also on traders' radars. Earlier this year, bitcoin split in two, and a new cryptocurrency called bitcoin cash was created. Another so-called "fork" is on its way, which will result in another new cryptocurrency called "Bitcoin Gold". Some people holding bitcoin will receive bitcoin gold, which Menant called essentially "free money". "Competing bitcoin forks, such as Bitcoin Gold are also encouraging more bullish sentiment as traders look forward to receiving more "free money" in November," Menant said. Source: https://www.cnbc.com/2017/10/12/bitcoin-price-record-high-above-5000.html |
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Confidence in future gains for bitcoin remained high Thursday, even after the digital currency added nearly $400 in one day to hit a record. The fact that bitcoin was able to hit an all-time high just weeks after a slew of negative news "signals to investors and traders that bitcoin is 'unkillable,' or at least remarkably resilient," said Ari Paul, chief investment officer at cryptocurrency investment firm BlockTower Capital. Bitcoin has surged 450 percent this year to above $5,300 despite a split into bitcoin and bitcoin cash in August, heavy-handed Chinese regulation on digital currencies in early September and critical remarks from major Wall Street leaders. If that history is any guide, investors are betting events in the next several weeks will bring further gains for bitcoin. Due to disagreements among developers on the best upgrade model for bitcoin, the digital currency is scheduled to split, or fork, as many as two times in November. One upgrade, called SegWit2x, intends to increase bitcoin transactions speeds. The other, Bitcoin Gold, seeks to make the process of "mining" or generating bitcoins less dependent on specialized technology. The original bitcoin will still trade after the splits, and investors in the digital currency at the time of a split should receive an equal amount of the new coin. Analysts also noted that investors were buying bitcoin in anticipation of receiving the offshoot coins from a split. Alex Sunnarborg, founding partner of cryptocurrency fund Tetras Capital, pointed out that more developers are withdrawing support for the SegWit2x upgrade, indicating that the original bitcoin will remain dominant. "With news around structured products, derivatives, and major institutional capital looking at the most liquid and established asset on the horizon," he said, "I remain extremely bullish on bitcoin and think we have significant further upside potential." That said, few exchanges initially supported the offshoot bitcoin cash. The digital currency traded Thursday around $300, still a fraction of the original bitcoin's price. Digital currency market watchers like Michael Novogratz, former macro hedge fund manager at Fortress Investment, have also cautioned that bitcoin shows signs of forming a bubble. But Novogratz said Tuesday on CNBC's "Fast Money" that increased interest from investors will likely send bitcoin several thousand dollars higher to above $10,000 in the next six to 10 months. Novogratz himself is also launching a $500 million fund to invest in digital assets, which would be the largest of its kind. Financial research firm Autonomous Next estimates about 75 such "crytpo-funds" now exist. "We think cryptocurrencies are suitable tools for diversifying portfolios. And lots of trading firms are waking up to this fact," said Nick Kirk, quantitative developer and data scientist at Cypher Capital, a cyrptocurrency trading firm. Other news Thursday added to positive sentiment on bitcoin. A major U.S. digital currency exchange, Coinbase, announced Thursday it is rolling out instant bitcoin, ethereum and litecoin purchases of up to $25,000 from U.S. bank accounts. Previously, customers using their bank accounts to buy the digital currencies had to wait several days to receive them. JPMorgan Chase Chairman and CEO Jamie Dimon also said during a conference call with media Thursday he is "not going to talk about bitcoin anymore," after calling it a "fraud" in September. The bank's chief financial officer, Marianne Lake, added that JPMorgan is "open-minded" about digital currencies that are properly regulated. Bitcoin climbed 11 percent to a record high of $5,386.23 Thursday, according to CoinDesk. Heavy buying from Asian investors has also supported bitcoin's price gains. Demand for bitcoin in Japanese yen accounted for nearly 60 percent of trading volume Thursday, according to data from industry website CryptoCompare. South Korean won-denominated bitcoin trading accounted for 8 percent of volume, while U.S. dollar-bitcoin trade accounted for about 26 percent, data on the website showed. Even the Chinese yuan held about 1.5 percent of bitcoin trading volume, despite the closing of many Chinese digital currency exchanges last month due to pressure from the government. A widely circulated commentary piece from China's state-backed news agency Xinhua last week also raised the possibility of China allowing bitcoin exchanges to operate under licenses. Source: https://www.cnbc.com/2017/10/12/after-bitcoins-record-high-investors-bet-on-more-gains.html |
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Bitcoin bubble or just the beginning? Or both? Those are the questions being asked on Wall Street to Main Street after the digital currency breached $US5,000 for the first time, pushing this year's gains to more than fivefold. As recently as December, bitcoin was trading at less than $US1,000. Since then, it has dodged everything from tightening regulations, feuding factions splitting its underlying blockchain and warnings from the likes of JPMorgan Chase chief executive Jamie Dimon of fraud and an eventual price collapse. The wild swings in cryptocurrency investments
Bitcoin and Ethereum are just some of the digital currencies that have been on a tear this year. But it hasn't been smooth-sailing in the cryptocurrency world. The latest leg higher is being driven in part by increasing institutional interest, with everyone from Goldman Sachs's Lloyd Blankfein to Dimon saying they're now open to ways to get involved. The change of heart comes amid growing optimism about the blockchain technology. "This record is an exciting milestone and sign of market confidence in the outlook for bitcoin and the underlying technology," said Iqbal Gandham, a managing director at eToro. "We expect many more milestones like this to come." Source: http://www.smh.com.au/business/markets/bitcoin-mania-takes-off-as-cryptocurrency-surges-past-us5000-for-first-time-20171012-gz02a6.html |
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Rising price of the cryptocurrency, now worth four times as much as an ounce of gold, has led to warnings of a bubble  The price of bitcoin has smashed through $5,000 to an all-time high. The cryptocurrency rose by more than 8% to $5,243 having started the year at $966. Bitcoin has soared by more than 750% in the past year and is worth four times as much as an ounce of gold. But the price has been volatile. The digital currency plunged below $3,000 in mid-September after the Chinese authorities announced a crackdown. Beijing ordered cryptocurrency exchanges to stop trading and block new registrations, due to fears that increasing numbers of consumers piling into the bitcoin market could prompt wider financial problems. ordan Hiscott, the chief trader at Ayondo Markets, said: “The returns are truly remarkable, especially given the recent ban on bitcoin trading in China, where demand had previously accounted for at least 10% of all global volumes.” Vladimir Putin, the Russian president, called this week for regulation of cryptocurrencies, saying their use “bears serious risks” such as money laundering, tax evasion and funding for terrorism. But he also warned against imposing “too many barriers,” which appears to have given bitcoin a boost. Despite warnings over a bubble, bitcoin is gaining in acceptance. Last month, a London property developer, The Collective, said it would allow its tenants to pay their deposits in bitcoin and accept rent payments in the cryptocurrency by the end of the year. Two weeks ago, Japan’s government implemented rules that recognise bitcoin as a payment method. Celebrities have also got involved, with the boxer Floyd Mayweather, the socialite Paris Hilton and the actor Jamie Foxx promoting coin offerings. Using bitcoin allows people to bypass banks and traditional payment processes to pay for goods and services directly. Banks and other financial institutions have been concerned about bitcoin’s associations with money laundering and online crime because transactions take place anonymously. The soaring value of bitcoin and other cryptocurrencies comes despite growing warnings over a price bubble. The starkest warning came from the JP Morgan chief executive, Jamie Dimon, who said bitcoin was a fraud that would ultimately blow up. Speaking last month, he said there was a limited market for the digital currency, arguing that it was only fit for use by drug dealers, murderers and people living in countries such as North Korea. He pledged to sack any JP Morgan trader investing in Bitcoin, but also admitted he had not been able to dissuade his daughter from investing. Dimon declined to comment on the surge in bitcoin during an earnings call on Thursday. “I’m not going to talk about bitcoin any more,” he said. Kenneth Rogoff, a professor of economics and public policy at Harvard University and a former IMF chief economist, has predicted that the technology behind cryptocurrencies will thrive, but the price of bitcoin will collapse. “It is folly to think that bitcoin will ever be allowed to supplant central bank-issued money,” he wrote in the Guardian this week. “It is one thing for governments to allow small anonymous transactions with virtual currencies; indeed, this would be desirable. But it is an entirely different matter for governments to allow large-scale anonymous payments, which would make it extremely difficult to collect taxes or counter criminal activity.” Daniel Murray, global head of research at EFG Asset Management, noted that in 2013, bitcoin soared twelvefold in just four months but within a month had lost a third of its value and four months after its peak had lost 60% of its value. “Investors buy [an] asset because they are seduced by the prospect of further rapid gains without necessarily thinking about intrinsic value,” he said. He noted that historically currencies were backed by precious metals, and these days most currencies were based on macroeconomic fundamentals such as inflation, interest rates and growth, and were backed by a central bank and government. None of this applied to bitcoin, although the supply is carefully controlled. “It is hard to argue that bitcoin does anything better than existing currency arrangements whilst it does some things to a lower standard,” Murray added. “Individuals are already able to transact electronically using a plastic card.” Since you’re here … … we have a small favour to ask. More people are reading the Guardian than ever but advertising revenues across the media are falling fast. And unlike many news organisations, we haven’t put up a paywall – we want to keep our journalism as open as we can. So you can see why we need to ask for your help. The Guardian’s independent, investigative journalism takes a lot of time, money and hard work to produce. But we do it because we believe our perspective matters – because it might well be your perspective, too. I appreciate there not being a paywall: it is more democratic for the media to be available for all and not a commodity to be purchased by a few. I’m happy to make a contribution so others with less means still have access to information. Thomasine F-R. Source: https://www.theguardian.com/technology/2017/oct/12/bitcoin-price-5000-cryptocurrency-gold-bubble |
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I have noticed the greater rate of increase in the past two weeks. I always trusted bitcoin that it can recover fast from any fall of its price. What do you think? It is good to invest today? And what are your expectations about its price before the year ends?
Yes, the price of bitcoin is growing again, it is because of the next hard fork which will take place by the end of this month. People that buy and own the original bitcoin will get the new forked altcoin called bitcoin gold (BTG) for free after the chain split, just like bitcoin cash. |
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With Altcoins gaining ground once again, it is becoming difficult for Bitcoin to break through. What are your thoughts on the same?
Altcoins are getting back to the show because the price right now which is experiencing a dip due to shifting of Bitcoin for free Bitcoin Gold, is perfect to buy and hodl some potential altcoins. Buying activity usually increases in such cases and so is happening. But along with that Bitcoin will grow too till hard fork if the hard fork you mentioned here is Bitcoin Gold because Segwit2x hardfork might be quite disruptive. Bitcoin should cross $5k by Oct 25 according to my assumptions. Else market is way too tough to predict. Hard fork is now the major thing that boost the price of bitcoin to the next level and I'm afraid that is also what is going to hurt the original bitcoin in the future. Altcoins value grow when the value of bitcoin grow. I think bitcoin gold will be success for it;s own developers as much as how bitcoin cash did. |
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Due to the forbidden of bitcoin transactions in China, what do you think about the future of bitcoin? Will it be banned?
The future of bitcoin is looking brighter as more people are yet to join the bitcoin and crytocurrency ecosystem. Bitcoin is now more popular than ever and will continue to do so because people are learning about bitcoin and investing their money too. |
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With constant speculation about the value of bitcoin, China claiming to ban exchanges of bitcoin, and some banks trying to create their own blockchains for their countries, What will happen to bitcoin if this become true? Will it be still used ? will it not be worthy anymore ?
Forget about the banks and government that are trying to create their own coins or separate blockchain - they'll try to centralized their own and very few people will agree with. And Bitcoin will stay as original as it is fully decentralized and acceptable worldwide. |
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For bitcoin price to fall again, I think that might reach January 2018 - After December people normally spend all their money.
People will be dumping bitcoin in January I guess because they will be needing money in their hands as they spend lots of money in December.
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