Dilemma for Ukrainian Regulators: Bitcoins Cannot Be Recognized as Money, Legal Tender, Currency or Securities A joint statement between the Ukrainian central bank and the country’s top financial regulators shows that existing legal concepts do not apply to cryptocurrencies. For example, they cannot be recognized as money, legal tender, currency or securities. Crypto Legal Status DilemmaUkraine is actively working on the regulatory framework for cryptocurrencies. The country’s top financial regulators, the National Bank of Ukraine (NBU), the National Securities and Stock Market Commission (NCSSM), and the National Commission for the Regulation of Financial Services Markets, jointly issued a statement regarding cryptocurrencies on Thursday. They noted the lack of one single approach to determine the legal status of cryptocurrencies or their regulations among the regulators of the world’s leading countries. As for Ukraine, cryptocurrency does not fall under any existing legislation so it “cannot be recognized as money” or “as a currency or legal tender of a foreign state and has no monetary value,” the three financial authorities explained. In addition, cryptocurrency cannot be recognized as electronic money, valuable paper, or money surrogate. According to their statement: "Despite the existence of numerous uses of cryptocurrency in the world including as a measure of value, a means of exchange and accumulation, its complex legal nature does not allow it to be identified with any of the related concepts (money, currency, currency value, legal tender, electronic money, securities, money surrogate, etc.)." Full article >>> https://news.bitcoin.com/cryptocurrencies-ukrainian-regulators/ |
|
|
|
The bitcoin price has fully recovered from its most recent major correction in which it fell from $11,441 to $8,800.  Bitcoin Recovers to $11,000, Preparing a New Rally?Given the tendency of the bitcoin price to endure a major correction after achieving a new all-time high and recovering back to its previous all-time high, the bitcoin price is currently in an optimal position to sustain upward momentum and gear towards a new rally. Over the past few days, the daily trading volume of bitcoin has also stabilized in the $5 billion region. During strong rallies, the daily trading volume of bitcoin tends to spike up to over $10 billion and decline by more than 50 percent as the market becomes stable. The US market has also recently overtaken the Japanese bitcoin market, becoming the largest bitcoin exchange market with approximately 30 percent of the global bitcoin market share. Well regulated exchanges such as Coinbase’s flagship trading platform GDAX and Bitstamp have started to lead the global bitcoin market. t is important to acknowledge that the demand for bitcoin from the US and its traditional finance sector is increasing at a rapid rate due to the announcement of the world’s largest financial institutions to engage in bitcoin trading in the upcoming weeks. On December 2, JPMorgan global markets strategist Nikolaos Panigirtzoglou stated that bitcoin futures will add legitimacy to the cryptocurrency, which already has a market cap of over $186 billion. “The prospective launch of bitcoin futures contracts by established exchanges in particular has the potential to add legitimacy and thus increase the appeal of the cryptocurrency market to both retail and institutional investors,” said Panigirtzoglou. He further emphasized that bitcoin has the potential as a new asset class to transform the global finance sector by providing a robust store of value, an alternative to the fiat currency system and gold. “In all, the prospective introduction of bitcoin futures has the potential to elevate cryptocurrencies to an emerging asset class. The value of this new asset class is a function of the breadth of its acceptance as a store of wealth and as a means of payment and simply judging by other stores of wealth such as gold, cryptocurrencies have the potential to grow further from here,” Panigirtzoglou added. As Bitcoin Futures Launch, Bitcoin Volumes Will IncreaseUpon the December 18 launch of CME’s bitcoin futures exchange, the trading volume of bitcoin will likely surge, along with its price. In the mid-term, analysts expect the price of bitcoin to surpass $14,000, as billions of dollars flow into the bitcoin market. In the long-term, as CCN reported, investors like billionaire hedge fund legend Mike Novogratz see the bitcoin price surpassing $40,000 by the year’s end, as herds of institutional investors move into the bitcoin and cryptocurrency markets. “There’s a big wave of money coming, not just here but all around the world. What’s different about these coins than other commodities … there is no supply response here. So it’s a speculator’s dream in that as buying happens there’s no new supply response that comes up,” said Novogratz. |
|
|
|
The number of jobs relating to bitcoin and cryptocurrency on Linkedin and Upwork has grown significantly in recent years. Both platforms report an increase in the listing of skills relating to cryptocurrency and blockchain technology by several hundred percent. Linkedin Reports a More Than 500% Increase in the Listing of Skills Pertinent to CryptocurrencyThe majority of the job listings pertaining to the cryptocurrency industry on Linkedin are for the software industry – with Bloomberg reporting that such comprises approximately 70% of all crypto-related listings. Crypto-based positions in the software industry are continuing to proliferate, with the number of such listings in the software industry comprising a 460% larger share of total listings in the sector than three years ago. The industry with the largest growth in crypto-related job listings in the financial services industry – with the share of total listings on LinkedIn pertaining to cryptocurrency in the financial services industry having grown by roughly 900% during the last three years. In recent years, bitcoin has emerged from the throes of niche status to attaining increasing mainstream adoption. LinkedIn reflects this trend, with the social media network noting that there are 28 times the number profiles that cite skills pertaining to cryptocurrency than four years ago, with 550% more people boasting specifically bitcoin-related abilities. Upwork Has Reported a More Than 2500% Increase in Billings Relating to the Blockchain IndustryCNBC recently reported on the increasing trend of students from elite business school transition towards exploring career opportunity in the cryptocurrency and blockchain industries. The article states that popular freelancing platform Upwork witnessed blockchain-related skills become the second most rapidly growing sector on the website during the third quarter of 2017. Upwork is also reported to have seen a 2,625% increase in the number of freelancer billings for work relating to the blockchain industry when compared with 2016. The article also states that Stanford University plans to launch a detailed course covering cryptocurrency and blockchain technology. The data from LinkedIn and Upwork adds to a growing body of data evidencing bitcoin’s move towards the early majority stage of adoption. Forbes recently published an article title “It’s 1994 in Cryptocurrency” – a reference to analogous characteristics shared by the present cryptocurrency industry and the early stages of the internet boom of the 1990’s. Forbes’ article asserts that global adoption of cryptocurrency is currently estimated at 0.5% of the total population – double the 0.25% of consumers that had an internet connection in 1994. https://news.bitcoin.com/bitcoin-related-job-postings-have-spiked-on-linkedin-and-upwork/ |
|
|
|
The chief of the French central bank has today warned on the risks of investing in bitcoin. Francois Villeroy de Galhau, governor of the Bank of France, said the "speculative" asset is not a currency and, confusingly, not "even a cryptocurrency," according to The Independent. Making the remarks at an event in China, Villeroy continued: "Its value and extreme volatility have no economic basis, and they are nobody's responsibility." The central bank, he said, warned that those buying bitcoin "do so entirely at their own risk." Villeroy's statement echoes that of Vitor Constancio, vice president of the European Central Bank, who said Wednesday that investors are taking a risk buying bitcoin at current high prices. The news comes amid much media excitement over the price of bitcoin, which climbed passed $11,000 this week. At press time, the cryptocurrency is passing hands for over $10,600. The astonishing price gains have prompted a number of notable figures in finance to declare bitcoin a bubble, including this morning billionaire investor Carl Icahn. Like other central banks, the Bank of France has shown an interest, not in cryptocurrencies, but in the blockchain technology that makes them possible. Back in February, the financial institution launched a new innovation lab, with an eye to collaborations with blockchain startups. https://www.coindesk.com/invest-in-bitcoin-at-your-own-risk-warns-french-central-bank/ |
|
|
|
Indian Finance Minister Arun Jaitley has claimed that the government of India is yet to recognize Bitcoin as a legal tender in the country as of late November 2017. He did point out that the recommendations regarding the possible legalization of Bitcoin and other virtual currencies across India are being worked at by the government. In an interview with the Economic Times, Jaitley said that he has already informed the Indian parliament that the country’s central bank, the Reserve Bank of India (RBI), has yet to issue any licenses to operate with digital currencies within its jurisdiction. He further claimed that the government is still assessing recommendations to regulate the virtual currencies. "Recommendations are being worked at. The government's position is clear, we don't recognize this as legal currency as of now." Efforts to regulate cryptocurrencies in IndiaThe Indian government has been working to regulate the use of virtual currencies in the country for the past few months. In April 2017, the government established an interdisciplinary committee to assess the possible drafting of regulations covering digital currencies. The committee is composed of several government agencies including the RBI, the Department of Financial Services and the Ministry of Revenue. In October 2017, however, the Indian Supreme Court issued a notice to the RBI and other related agencies asking them to provide an answer to the petition filed on the cryptocurrency regulation issue. The original petition expressed apprehensionabout the possible use of Bitcoin and other virtual currencies in untraceable cross-border transactions, making them as attractive tools for cybercriminals and tax evaders. Part of the petition read: "The lack of any concrete [control] mechanism pending the regulatory framework in said regard has left a lot of vacuum and which has resulted in total unaccountability and unregulated Bitcoin trading and transactions." Despite the increasing appetite for cryptocurrencies in the country, regulators have not yet decided how to regulate Bitcoin and other virtual currencies. Until then, Bitcoin will not be considered a legal tender in India. In a previous report, a chief economist predicts that Bitcoin will not become legal in India without the necessarily monitoring from the government. https://cointelegraph.com/news/bitcoin-not-yet-legal-currency-says-indian-finance-minister |
|
|
|
LocalBitcoins Traders Charged with Fraud for Selling Bitcoin to Thief in KenyaThree Kenyan peer-to-peer bitcoin brokers have been charged with banking fraud in connection with trades they made through the LocalBitcoins trading platform. The case could set a troubling precedent for bitcoin traders in Kenya. As reported by regional media outlet Kenyan Wall Street, 10.2 million KEH (approximately $100,000) was stolen from I&M Bank and a Safaricom Pay Bill account. Local police were able to track the stolen funds to multiple bank accounts, including those belonging to bitcoin traders Emma Kariuki, Stanley Mumo, and Timothy Gachehe. The three individuals have been charged with conspiracy to commit a felony, although — apparently — their only connection to the crime was selling bitcoins to the individual who was attempting to launder the funds. That person was “BADASS20,” a pseudonymous individual who used the stolen funds to buy bitcoins through peer-to-peer bitcoin trading platform LocalBitcoins. The traders deny that they had any knowledge that they were inadvertently helping BADASS20 launder the stolen money, and their LocalBitcoins chat history appears to confirm their protests. Nevertheless, Kenya’s Banking Fraud Investigation Unit (BFIU) froze the traders’ bank accounts, and the three individuals were arrested and then released on bail. They will make their first court appearance in December in advance of a full hearing in January. Oddly, BADASS20 has not been identified or arrested, even though wire transfers revealed his or her bank account. Moreover, his or her LocalBitcoins profile was still active at the time of writing, although he or she has not logged into the account for approximately one week. Recognizing that the account was still active, other users have given the account negative feedback and have left reviews warning other users not to trade with this account. There are still many unanswered questions which will hopefully be answered at the upcoming hearing, but it’s clear that this case could set a troubling precedent for bitcoin traders in Kenya. In 2015, the central bank issued a public notice (PDF) warning residents to “desist from transacting in Bitcoin and similar products”. Nevertheless, peer-to-peer trading platforms have flourished within the country. But if this case continues on its present course and the government prosecutes these bitcoin traders for bank fraud — even though they were unaware of the theft and their only connection to the perpetrator was through LocalBitcoins — it could have a chilling effect on the domestic cryptocurrency industry. https://www.cryptocoinsnews.com/localbitcoins-traders-charged-with-bank-fraud-in-kenya-after-selling-bitcoins-to-thief/
|
|
|
|
Bitcoin Boom Draws Record Number of Indian Investors According to ExchangesIndia-based digital currency exchanges have claimed that the number of Indian investors who registered in their platforms to buy Bitcoin has increased considerably in the past few weeks as the value of the leading cryptocurrency surpassed the $11,000 level on November 29. The unprecedented rise in the number of investors who want to invest their money in the most popular cryptocurrency was observed despite rumors that the country’s central bank may declare Bitcoin and other cryptocurrencies as illegal. According to Unocoin co-founder and CEO Sathvik Vishwanath, the number of customers who registered on their platform in just one month has reached around 200,000 due to the sharp rise in the price of Bitcoin. “It took us about three years to gather [100,000] registered customers and in last one month itself we have seen about [200,000] customers registering with us.” Phenomenal performance of Bitcoin in IndiaDespite the negative views of the Indian government and banking regulator, the market for digital currencies in the country is booming. This is particularly true for Bitcoin, whose price has skyrocketed from Rs 459,047 on November 1 to Rs 860,049 on November 29. According to Zebpay co-founder Sandeep Goenka, the extent of interest shown by investors in Bitcoin is phenomenal. He added that the number of users is increasing by 300,000-400,000 in the past few months compared to around 150,000 in June and July. “The extent of interest in Bitcoins is at unprecedented levels. Every time prices increase, investors who were sitting on the fence and were skeptical do enter the ecosystem. This time it almost feels like mainstream adoption, something I have never experienced before, because now we are seeing interest coming in from even the conservative investors.” https://cointelegraph.com/news/bitcoin-boom-draws-record-number-of-indian-investors-according-to-exchanges
|
|
|
|
Bank of England Deputy Governor, Sir Jon Cunliffe, has claimed that the leading cryptocurrency Bitcoin poses no real threat to the global economy and financial institutions despite its current phenomenal performance in the market. The most famous digital currency has recently surpassed the $11,000 level as of late November 2017. In an interview with BBC Radio 5 Live, Cunliffe reasoned out that Bitcoin was too small to present any threat to the worldwide economy. He added that investors should do a comprehensive analysis of the reasons behind the virtual currencies phenomenal rise to avoid risks. "This is not at a size where it’s a macroeconomic risk to the global economy, but when prices are moving like that, my view would be investors need to do their homework. This is not a currency in the accepted sense. There’s no central bank that stands behind it. For me, it’s much more like a commodity." Bitcoin’s skyrocketing performanceBitcoin has registered an unprecedented price hike in the past few weeks that led many analysts and experts to speculate on how much further it will grow in the future. Well-known investor and billionaire Mike Novogratz has made a new forecast that Bitcoin will reach a price of $40,000 in the next 13 months after successfully predicting that the virtual currency will hit up to $10,000 within six weeks. In his own prediction, strategist and co-founder of Fundstrat Global Advisors, Tom Lee, has claimed that Bitcoin could reach a price of $100,000 per token if it will successfully capture 10-15 percent of the current gold market. “We think over the next 10 years, this new generation of millennials are going to view trust as a replacement for gold. So, Bitcoin is essentially digital gold for another generation.” https://cointelegraph.com/news/bitcoin-not-threat-to-global-economy-says-bank-of-england |
|
|
|
The bitcoin price plunged by more than $1,300 in minutes during a flash crash on bitcoin exchange Bitfinex but has since recovered above $10,800. Bitcoin Price Flash Crashes to $10,075At approximately 10:09 ET, the bitcoin jumped to a one-hour high of $11,399, which placed it just below the all-time high of $11,441 it had set at 9:13. Apparently — after observing resistance at $11,500 — a whale had set $11,400 as his or her target exit vector because at 10:11, the candle turned red, and three minutes later, this trader unleashed a massive market sell order. This sell order caused the bitcoin price careen down to $10,075, representing a decline of $1,324 — or 12 percent of bitcoin’s total value — in just four minutes. For reference, the bitcoin price did not even reach $1,324 until May 1 of this year. Following the flash crash, the bitcoin price quickly rebounded above $10,900, but it was unable to crack the $11,000 mark and quickly fell into decline. At 10:40, the bitcoin price reached a bottom at $10,262, at which point it began to recover. By the time of writing, the bitcoin price was once again trading near $11,000 on Bitfinex.  https://www.cryptocoinsnews.com/bitcoin-price-flash-crashes-10075-market-goes-berserk/ |
|
|
|
LONDON (Reuters) - Bitcoin is not at a size where it would pose a risk to the global economy, Bank of England Deputy Governor Jon Cunliffe said on Wednesday, as the virtual currency soared to a record high above $10,000 on major exchange. The cryptocurrency BTC=BTSP has climbed 10-fold so far this year, the largest gain of all asset classes and prompting skeptics to warn it is a classic speculative bubble. “I would just say investors kind of need to do their homework,” Cunliffe told BBC Radio. He said he did not think British households as a whole were going on a “debt-fueled binge” but added that fast rates of consumer credit growth needed to be watched. Cunliffe was in the minority of officials to vote against a rise in interest rates that took place earlier this month. Asked why in a separate BBC radio interview, Cunliffe said that although he agreed with his colleagues that Britain’s potential rate of economic growth had slowed since the financial crisis, he wanted to see more sign of inflation pressure. “My view was given the disappointments we’ve had about pay increases and domestic cost pressures over recent years, we should wait to see those before raising rates.” https://www.reuters.com/article/us-britain-boe-cunliffe-bitcoin/bitcoin-not-big-enough-to-threaten-world-economy-boe-deputy-says-idUSKBN1DT0NV |
|
|
|
With all eyes on bitcoin’s meteoric break of $10,000, less attention has been paid to the price milestones recently established on leading international markets. In recent weeks, the CAD, AUD, NZD, and SGD pairings also surpassed $10,000, whilst a single bitcoin exceeds 500,000 RUB in Russia, 1 million JPY in Japan, 10 million KRW in South Korea, and 100 million INR in Indonesia. The Price of Bitcoin Exceeds 1 Million Yen in JapanAs Japan is currently host to more than 60% of global trading volume, reaching the seven-figure milestone on the JPY markets is a big deal for bitcoin. According to cryptocompare, bitcoin broke above one million JPY at approximately 7 pm on the 25th of November EDT. The current JPY/BTC price as of this writing approximately (1:30 am November 29th EDT) is roughly ¥1,300,000 Seven hours after bitcoin broke above one million JPY, the South Korean bitcoin markets reached 10,000,000 KRW for the first time ever. Currently, the Korean markets account for 10% of 24-hour trading volume, comprising the third-largest bitcoin market behind the United States. The current KRW/BTC price is approximately ₩12,600,000. Bitcoin Tests $15,000 in Australian, Canadian, and Singaporean National MarketsWith the exception of an anomalous spike in the AUD/BTC price at the end of October, cryptocompare’s price index indicates that AUD trade convincingly exceeded $10,000 for the first time on November 16th at 4 pm EDT. AUD trade comprises the fifth largest national market with roughly 0.45% of 24-hour bitcoin trade. The current AUD/BTC price is approximately $14,400. Singapore hosts the seventh largest national bitcoin market equating for roughly 0.34% of total trade. The SGD/BTC price broke above $10,000 for the first time at 11 pm on November 15th EDT and is now currently trading for $14,300 approximately. Canadian trade presently accounts for 0.2% of 24-hour trading volume, comprising the ninth largest national market. The CAD price of bitcoin broke above $10,000 for the first time at 2 am on November 17 EDT, with CAD/BTC currently trading for $13,300. Other Major Price Milestones on International MarketsAt approximately 11 pm on the 25th of November EDT, the price of bitcoin exceeding 150,000 ZAR in South Africa for the first time. ZAR trade comprises the eighth largest national bitcoin market – comprising 0.25% of 24-hour trade.The current ZAR/BTC price is approximately ZAR167,000. Indonesia’s bitcoin markets comprise approximately 0.1% of 24-hour trading volume, currently making such the fourteenth largest national market. The IDR/BTC price broke above 100,000,000 rupees at 9 am on November 1st EST, and at approximately midnight on November 29th EDT established a new milestone of over 150,000,000 rupees. Russian bitcoin prices broke above ₽500,000 for the first time at 11 pm on November 25 EDT. RUB/BTC trading presently comprises the fifteenth largest national market, representing approximately 0.1% of 24-hour trading volume. Bitcoin is currently trading for approximately ₽600,000 in Russia. https://news.bitcoin.com/1-million-yen-100-million-inr-bitcoin-sets-new-price-milestones-international-markets/ |
|
|
|
 "I think it's very important to make a distinction between a bubble and a fraud." So says Glenn Hutchins, the co-founder of private equity firm Silver Lake and one of the panelists this morning during CoinDesk's Consensus: Invest event. Appearing alongside Galaxy Investment Partners CEO Michael Novogratz and Brian Kelly Capital founder Brian Kelly, his remarks came during a wide-ranging discussion that touched on the valuation of tokens, the future of the industry and how both Hutchins and Novogratz first became involved with bitcoin. For Novogratz – a long-time investor in bitcoin and ethereum who has predicted significant price gains over the next year – the “eureka” moment occurred once he and his partners began to investigate the technology more deeply, after initial purchases. "So we went from owning BTC to investing in the ecosystem," he said. Hutchins quipped that he "bought BTC only as a last resort," noting that he initially looked at the mining space as a possible place to invest – but in his own words, he "couldn't figure out who was going to win." Hutchins, as reported last year, later went on to become a board member for industry investment firm Digital Currency Group. Yet the bulk of the conversation turned on two approaches to investing in cryptocurrencies: either the assets themselves or the companies working to build products and services around them. As Novogratz noted, it's "hard" to find a firm working in the space that would have generated as much as a return compared to simply buying the assets themselves. Novogratz went on to predict that the ecosystem is set for more proliferation of projects, though he posited that there won't be many "winners" for each use case, citing examples like decentralized cloud storage and ride sharing. "I don't think you're going to have lots of winners in each use case, but you're going to have lots of different blockchains," he said. As might be expected, the conversation later turned to the argument that cryptocurrencies are either a bubble or a "fraud" – the latter argument being advanced most notably by JPMorgan Chase CEO Jamie Dimon. For Hutchins, the "fraud" moniker is one that shouldn't be tossed around so lightly. "I think it's very important to make a distinction between a bubble and a fraud. Even when there was a bubble, if you bought the best you would have made money," he told attendees, adding: "I did not say this is a bubble." "I think this is going to become the biggest bubble of our lifetime by a longshot," Novogratz said in reply, prompting Hutchins to say: "I want the record to show I didn't say that." https://www.coindesk.com/early-bitcoin-buyers-talk-bubbles-and-origin-stories-at-consensus-invest/ |
|
|
|
The resignation of Robert Mugabe from President of Zimbabwe after four decades appears to have spurred its citizens even further into the waiting digital arms of the world’s most popular cryptocurrency, bitcoin, and to a new global high of $17,875. After years of theory and debate, the decentralized currency has its real-time case study as a refuge for those seeking to store their wealth in a medium that will hold its value or better.
Zimbabwe as a Bitcoin Case StudyA local analyst noticed it “looks like people [of Zimbabwe] trust bitcoin more than anything else to maintain the value of their money. That is what’s propelling the price.” Almost immediately after the new President was sworn-in, Golix, a local exchange in Harare, showed bitcoin collecting a near twenty percent premium, lifting it to almost a clean ten thousand dollars above then-traded prices outside of the country. The struggling nation is beset by inflationary problems the likes of which haven’t been seen since the Weimar Republic’s Reichmark days of the early 20th century. As at least part of the reason why the Mugabe regime fell, former Minister of Finance, Ignatius Chombo was promptly arrested and charged with corruption and abuse of power. As of this writing, his bail is being reported as denied. International press outlets also report Mr. Chombo owns one hundred properties throughout the country, though he has spent the better part of the last 20 years in various low-level government agencies. The new President, Emmerson Mnangagwa, appointed previous Minister of Cyber Security, Patrick Chinamasa, to act as Minister of Finance until a cabinet is in place. Crypto is a Safe Haven from FiatAlthough its citizenry is smartly moving away from disastrous government-issued money, that hasn’t stopped the same state agents from issuing baffling decrees. As reported in these pages, the country’s Reserve Bank director announced recently, “In terms of the bitcoin, as far as we are concerned, it is not actually legal … and until we have actually established and come up with a legal and regulatory framework for them, it will not be allowed.” A key aspect of cryptocurrencies is their permissionlessness. Bitcoin does not care whether it is allowed or not. “For Zimbabweans,” Reuters reports. “the cryptocurrency seems to offer rare protection from fears of a return to hyperinflation and financial implosion. On the streets of Harare, black market rates for U.S. dollars continued to ease. It cost $140 using electronic bank transfer or ‘Zollars’ to buy $100,” down ten dollars from just a few days ago. “In the grip of acute shortages of U.S. dollars, Zimbabweans are piling into anything they think might retain value.” https://news.bitcoin.com/after-mugabe-zimbabwe-pushes-bitcoin-to-17875/ |
|
|
|
Bitcoin Price Surpasses 1,000,000 Yen as Japan Seizes Nearly 60% Market Share Yesterday, amid a rally that pushed Bitcoin to all-time highs globally, the price of a single Bitcoin broke 1,000,000 yen. While Westerners eye the sensational $10,000 level, Japan has seen their biggest psychological price barrier shattered. This is fitting, since there’s reason to believe that Japan started the massive Bitcoin rally to begin with. Granted, Bitcoin’s price has been steadily rising since the fall of 2016, but April’s news that Japan had formally recognized Bitcoin as a legal currency certainly helped propel the currency to new heights. By exempting the currency from an 8% consumption tax, Japan further increased citizens’ desire to own Bitcoin. Increasing adoption, growing volumesBitcoin’s rising price has been attributed to increasing adoption and continuing integration into mainstream financial markets. In Japan, good news continues to come to the fore, with major conglomerates becoming involved with Bitcoin, and trading volume from shuttered Chinese exchanges coming to Japan’s markets due to favorable regulations. In fact, China’s ban on Bitcoin exchanges pushed Japan to the forefront of the world’s Bitcoin markets. Beginning in September, and continuing to the present time, the majority of Bitcoin trading has been denominated in Japanese yen. At press time, the yen is responsible for an impressive 59.6% of all Bitcoin trades worldwide. While China dominated the Bitcoin trade for years, it’s clear that the crown has passed to the island nation of Japan. What happens on Japanese markets has powerful ripple effects throughout the global Bitcoin economy. Japan’s continued bullishness, indicated by Bitcoin’s current price of 1,084,000 yen, makes an assault on the West’s $10,000 level nearly inevitable. https://cointelegraph.com/news/bitcoin-price-surpasses-1000000-yen-as-japan-seizes-nearly-60-market-share |
|
|
|
Over the past few years, Bitcoin’s difficulty and hash rates have steadily risen exponentially. So too has the electricity consumption of Bitcoin miners has risen as well, which is causing some concern among experts.  Bitcoin’s price is not the only thing that has been rising in the last couple of years. New data from Digiconomist, is showing that the global Bitcoin mining energy consumption has reached a staggering 30.14 TWh a year. According to a recent article by The Guardian, Bitcoin miners are consuming more electricity than 19 different European countries, including Croatia, Ireland, Iceland, Slovenia, and Latvia. The report also suggests that each single Bitcoin transaction consumes around 300KWh of electricity, which is enough to boil 36,000 kettles full of water. Visa in comparison, requires just 2% of the total Bitcoin mining electricity in order to process 200 million transactions daily. Even though the electricity consumption of Bitcoin is very high, many experts believe that its necessary in order to maintain decentralization. The rise of cryptocurrency miningBitcoin and cryptocurrency have recently become a profitable activity for many miners. One of the reasons for that is the explosive growth that the cryptocurrency market had this year. In the last 24 hours, the total cryptocurrency market valuation reached an all-time high of over $303 billion. In the summer of 2017, there were multiple reports of graphics card being sold-out and becoming scarce. Russia was one of the countries that were affected by the GPU shortage the most. Many professional cryptocurrency miners were buying every powerful GPU they could find. The current graphics card market is still feeling the effects of the mining rush, but analysts believe that GPU prices are going to decrease as cryptocurrency mining profitability goes lower. Back in August, Nvidia announced that it would build graphics cards that are solely aimed at professional cryptocurrency miners. Many experts have expressed concerns about the gigantic electricity consumption of cryptocurrency mining, by arguing that it potentially damages the global environment. |
|
|
|
The great bitcoin boom of 2017 is going from strength to strength.The virtual currency rocketed above $9,000 for the first time on Sunday and was trading above $9,500 by Monday morning in Asia. Stock markets around the world have been on a tear this year, but their gains are paltry compared with bitcoin's. The digital currency, which only rose above $8,000 about a week ago, has surged an incredible 860% since the start of the year. Despite skepticism from some top finance executives about bitcoin's rise, experts say the latest gains appear to have been fueled by expectations that big professional investors -- such as hedge funds and asset managers -- could soon pour money into the currency. Even a small portion of the cash managed by major funds "would make a dramatic impact on the bitcoin market," said Thomas Glucksmann, head of marketing at Hong Kong bitcoin exchange Gatecoin. The cryptocurrency has been gaining more legitimacy in some parts of the financial industry. From early next month, investors should be able to trade bitcoin futures via the Chicago Mercantile Exchange, which is likely to help bolster the currency's reputation among mainstream investors. Futures allow traders to bet on the future price of assets like currencies, metals and agricultural commodities. The backing of a major exchange is encouraging institutional investors "to dip their toes into the bitcoin market," Glucksmann said. He expects more professional investors to put money into it if it breaches $10,000. The virtual currency has famously attracted the derision of JPMorgan Chase (JPM) CEO Jamie Dimon, who called it a "fraud" that would "eventually blow up." But other leading figures in finance, including Goldman Sachs (GS) CEO Lloyd Blankfein have defended it. Shane Chanel, an adviser at investment firm ASR Wealth Advisers, predicts bitcoin will hit $12,000 within the next six months. "Greed will continue to drive the price over the short term," he said. But he warned that any setbacks in the introduction of bitcoin futures over the next few weeks could prompt a "dramatic short-term tumble." Bitcoin's path toward $9,500 hasn't been smooth. It's suffered periods of major volatility along the way. In September, it plunged as much as 20% after the Chinese government cracked down on offerings in the digital currency, prompting bitcoin exchanges to close their doors. Earlier this month, it plummeted by up to 30% within the space of a few days, before quickly bouncing back, after it appeared traders were switching to rival cryptocurrencies. Cryptocurrencies are virtual "coins" that are "mined" by computers completing complex algorithms. Bitcoin is the most famous and widely used one. http://money.cnn.com/2017/11/27/investing/bitcoin-price-new-high/index.html
|
|
|
|
Users of Bitcoin Gold (BTG) are facing yet another cyber security issue today. The BTG team has earlier revealed that someone has gained access to their Github repository for the project and replaced the compiled Windows file with a different one. Bitcoin Gold BreachAccording to a critical warning sent by BTG, the link on the Download page and the file downloads on the Github release page have been serving a suspicious file of unknown origin for approximately four and a half days. The BTG warning explains: “Until we know otherwise, all users should presume this file was created with malicious intent – to steal cryptocurrencies and/or user information. The file does not trigger antivirus / anti-malware software, but do not presume the file is safe.” The team adds that: “If the file was used, the computer on which it was used should be addressed with extreme caution; the file should be deleted, the machine should be thoroughly checked for malware and viruses (or wiped clean), and any cryptocurrencies with wallets accessible on that machine should be moved to new wallet addresses immediately.” All Clear?While bitcoin (BTC) continued to increase in value today and bitcoin cash (BCH) remained steady, BTG has fallen by about 8.5%. The news of this latest breach is set to rattle BTG users, especially coming just a few days after the revelation that another wallet which had been promoted on the bitcoin gold website was fraudulent and stole from investors $3.3 million. Following the warning today the BTG team tried to reassure users that the Github repo has been secured and that they “do not believe a second attempt is possible.” They also said that they are performing a security audit to ensure the safety of all other systems, and “will attempt to ascertain the purpose of the file.” https://news.bitcoin.com/a-hacker-gained-access-to-the-bitcoin-gold-windows-wallet-github/ |
|
|
|
A draft decree on the Belarusian High-Tech Park which would legalize cryptocurrencies is awaiting the president of Belarus to sign into law. Among other provisions, if the law is passed, cryptocurrencies and initial coin offering (ICO) tokens will be approved for circulation. In addition, exchanges can trade rubles for cryptocurrency, ICOs can be used for financing, and mining will also be allowed by law in Belarus. Belarus’ Decree to Legalize CryptocurrenciesBelarus is a landlocked country in Eastern Europe, located between Poland and Russia. The country has a population of approximately 9.5 million. In 2005, Belarus president Alexander Lukashenko signed a decree to begin an initiative to create an IT-focused special economic zone, similar to Silicon Valley in the U.S. The zone is referred to as the High-Tech Park (HTP). It is the only place in the country that provides tax benefits on a systematic basis. For example, HTP residents are exempt from income tax, value-added tax, land tax, and property tax. In the summer of this year, a decree was prepared in order to facilitate the inflow of international investments and incorporate new technologies and innovations in the HTP. This draft decree, which has already been presented to Lukashenko to sign into law, includes provisions for cryptocurrencies and ICOs at the legislative level. According to local news outlet Tut By Media: "The decree provides for the introduction into civil circulation of cryptocurrencies and tokens based on the technology of blockchain. A comprehensive legal regulation is proposed so that HTP residents can provide crypto exchange services, exchange cryptocurrencies, attract financing through ICOs, [and] use cryptocurrencies and tokens in civil circulation." Continue reading >>> https://news.bitcoin.com/belarus-legalize-cryptocurrencies/ |
|
|
|
The government of Bermuda has launched a blockchain task force to foster cryptocurrency commerce in the British overseas territory. Announced by by the island's premier, David Burt, and national security minister, Wayne Caines, during a press conference on Wednesday, the new working group has been set up to advance Bermuda's regulatory environment for tokens, "tokenised securities," cryptocurrencies and initial coin offerings (ICOs). The task force comprises two groups – the Blockchain Legal and Regulatory Working Group, and the Blockchain Business Development Working Group – which will work to assist development of the technology, a press release states. John Narroway, chair of the Blockchain Business Development Working Group, said: "There are significant opportunities in the sphere of cryptocurrency, but that window is getting smaller and moving faster than ever before." Narroway continued to say that the working group is examining various opportunities in the cryptocurrency ecosystem and "zeroing in" on the "key" areas for further action. Additionally, the Bermuda Business Development Agency (BDA) has partnered with the government to expand the initiative. According to Ross Webber, CEO of the BDA, the move aims to bring new business to the island, help boost GDP and open up more job opportunities. Premier Burt further revealed plans to launch a regulatory framework for distributed ledger technologies (DLT) that would launch in early 2018. He said that Bermuda "is considering a complementary regulatory framework covering the promotion and sale of utility tokens, aligned with the DLT framework." https://www.coindesk.com/government-of-bermuda-launches-cryptocurrency-task-force/ |
|
|
|
Bitcoin cash is flying high today and could gain more altitude in the near-term. This morning, the bitcoin cash-U.S. dollar (BCH/USD) exchange rate clocked an 11-day high of $1,623.80 at 08:14 UTC before losing some momentum. At press time, the world's third-largest cryptocurrency by market value is currently changing hands at $1,508 – up 21 percent for the last 24 hours, as per CoinMarketCap. A look at the exchange data indicates that the rally is being fuelled by Korean desks. Trading volumes in BCH/KRW pair offered by Bithumb, one of the largest cryptocurrency exchanges in South Korea, have gone up by 42 percent in the last 24 hours. Driving the rise may be today's news that a South Korean financial regulator has said it has "no plans" to regulate cryptocurrency trading. Meanwhile, the total trading volume for the last 24 hours is well above $4 billion, the highest since Nov. 13. A high volume rally indicates an active market, and that a rally is likely to be sustained. The price action analysis, too, suggests the rally could be extended in the near-term. 4-hour chart The overbought nature of the relative strength index (RSI) could be responsible for the pullback from previous highs above $1,600. However, the 5-MA and 10-MA are curving up in favor of the bulls. On the daily chart, the moving averages (MA) are sloping upwards as well. The daily RSI, though close to the overbought territory, is well short of the highs seen in earlier this month. View-The base appears to have shifted higher to $1,250. -Technical pullbacks could run out of steam around $1,250 -BCH looks set to take out resistance at $1,550 (horizontal red line) and move higher to $1,800-$2,000 in the near-term. |
|
|
|
|
Show Posts
