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Author Topic: [2017-08-13] Bitcoin Soars Past $4,000 in Weekend Trading  (Read 2932 times)
gokayc
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August 14, 2017, 08:41:06 AM
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The price of the digital currency bitcoin crossed over the $4,000 mark for the first time in its nine-year history, despite a widespread selloff in other major digital currencies.

Bitcoin was trading Sunday morning near $4,033, according to the news and research site CoinDesk, up 3.1% on the day, and up more than 25% in August. The price, which rose as high as $4,200 Sunday morning, has more than quadrupled so far this year.

Unlike stocks and other traditional assets that trade on exchanges with set hours, bitcoin trades electronically 24-hours a day and during weekends. Its method of validating every transaction eliminates the need for a central party like a government to control the currency.

The gains Saturday and Sunday seemed to be coming at the expense of other digital currencies, many of which have been issued just this year in a developing trend called “initial coin offerings.” Startups have been issuing coins that operate as tokens for online services, and have been raising hundreds of millions of dollars. So far this year, they have raised $1.33 billion, according to research firm Smith & Crown.

A highly publicized coin offering from a firm called Protocol Labs, for a service it is building called Filecoin, raised about $250 million this week in a record token offering. The offering, which is currently ongoing, was so heavily bid that the firm was forced to suspend it after only one hour Thursday. It was reopened Saturday afternoon.

Later Saturday, coin-offering tokens and digital currencies across the board started falling, and it appeared that the liquidated capital was flowing directly into bitcoin. Of the top 20 tokens listed on the site CoinMarketCap, 18 were negative. Qtum was down 6.3%, OmiseGo was down 18%, and EOS was down 11%. Meanwhile, digital currency ether was down 5.7% at $292. Ripple was down 8.4% at 16 cents, and Bitcoin Cash—a newly created offshoot of bitcoin—was down 3.7% at $308.

https://www.wsj.com/articles/bitcoin-soars-past-4-000-in-weekend-trading-1502633810?mod=e2tw

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August 14, 2017, 01:48:59 PM
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It's quite surprising seeing even local news sites report about Bitcoin breaking through the $4000 mark. I think it's mainly due to the fact that there simply isn't a way to avoid Bitcoin anymore.

On the other hand, it's quite funny that quite some times at the end of an article, the writer points out to the risk and a forming bubble ~ they have been talking about a bubble since the price reached the $1000 mark.

I think the chances are on the higher side that we'll be hitting the $5000 mark before SegWit activation kicks in. After that, it's time for the market to correct itself.

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August 14, 2017, 02:53:19 PM
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This has become news in many newspapers, imagine the day bitcoin reach $10.000? You will have many, many newspapers talking about it.

On the other hand, it's quite funny that quite some times at the end of an article, the writer points out to the risk and a forming bubble

This is very common on some news sites

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August 14, 2017, 04:49:24 PM
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It's quite surprising seeing even local news sites report about Bitcoin breaking through the $4000 mark. I think it's mainly due to the fact that there simply isn't a way to avoid Bitcoin anymore.

On the other hand, it's quite funny that quite some times at the end of an article, the writer points out to the risk and a forming bubble ~ they have been talking about a bubble since the price reached the $1000 mark.

I think the chances are on the higher side that we'll be hitting the $5000 mark before SegWit activation kicks in. After that, it's time for the market to correct itself.

The media is getting excited seeing Bitcoin soared in price because this has never been achieved before when we talked about investments. On the other hand, they are cautious of reminding us that there can be a possibility of a bubble soon. Well, what can we expect from the media? Should we then listen to the media? I guess we have to look at what they can say but we should not recognized them as experts on Bitcoin because they essentially know nothing about it.

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August 14, 2017, 05:13:51 PM
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...
On the other hand, it's quite funny that quite some times at the end of an article, the writer points out to the risk and a forming bubble ~ they have been talking about a bubble since the price reached the $1000 mark.
...

And "they" have said "bubble," "Ponzi," and "tulips" at least since it was well under $1/bitcoin.  When it hit $0.25 and $1 it was a bubble and unsustainable.  Ditto at $3, $10, $35, $100, $300, $900, $1200, etc. 

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