Category Archives: Bitcoin price

Bitcoin’s Rally After the Infamous Hard Fork Simplified

For the sake of simplicity, let us assume the Bitcoin Network as a large and publicly accessible logbook where both the giver and the receiver can write down and sign the the details of their transaction by paying a small fee which is then verified by a third party (through mining), one page (1MB Block) at a time (mined Blocks).

But as the network expands and more and more people want to write down their transactions, meaning people have to wait longer for new pages or pay higher fees to prioritise their writing in the book.

Now this becomes an issue which has to be resolved else it might end up being a burden for both the users as well as the teller who verifies them – the Miners. This can be resolved in two ways.

First solution is removing unnecessary transactional data from the entries, thereby making space for more number of entries to be written in each page without increasing the size of the page, which technically is Segwit aka BIP 141 through UASF (User Activated Soft Fork) where select data related to the signatures are removed from Bitcoin transaction entries thereby resulting in additional transaction capability per block. This in turn can help in scaling the network without increasing block size and can result in faster confirmation times.

The other alternative is to make a new logbook with all the old transactions plus increased page size (8 MB Blocks), hence solving the issue. This is the network split that resulted on August 1st, resulting in our little brother BCH (Bitcoin Cash) via UAHF (User Activated Hard Fork) by making a clone of the existing ledger (not a fork) and users holding BTC before August 1st were given an equal amount of BCH.

The fork was carried out by a sector of Bitcoin community who were not satisfied with the existing Segwit proposal. Now not everyone will want to use the New Book (BCH), some might still want to stick with the upgraded old book (BTC post Segwit) and vice versa.

This move has supposedly ended the ongoing scaling debate which was going on for years, and split the Bitcoin community into two camps. Now that BCH has the required block space they needed, they must work on on-chain scaling and bring up the adoption rate.

Post Segwit implementation BCH price saw a steep rise and Bitcoin traded sideways for many days. During this period BCH also became more profitable to mine than Bitcoin. BCH price kept going up reaching its peak just below $900. But once Bitcoin picked up momentum it soared to an all time high of $5000.

Since then price of both Bitcoin and Bitcoin cash have settled down. At the time of writing Bitcoin Cash is trading at $489 and Bitcoin can be bought for $3933 a piece, according to the CoinMarketCap Index. It is worth noting that proposed Segwit2x allowing 2MB blocks and is expected around the end of November, but it is still uncertain over how certain stakeholders might react to another fork.

The real scalability issue, assuming Bitcoin were to become mainstream currency, for a population of say 7 billion people doing 2 blockchain transactions per day, results in the block size of 24GB ~ 1.27PetaBytes/year resulting in centralised mining which falls dead against the whole idea of a decentralised network.

This can possibly be resolved by the use of lightning network which proposes using an additional network micropayment channels topped with HTLc (Hashed Timelock Contracts) to enable billions of transactions per day. Current limit is 225 million transactions per year. It also solves the issue of micropayments and instant transactions.

The path ahead for Bitcoin is dark and bumpy indeed. Extending on what Vinny Lingham says, Bitcoin might just have to “die” a few times in order to live forever.

The post Bitcoin’s Rally After the Infamous Hard Fork Simplified appeared first on CoinSpeaker.

India Wants to Issue Bitcoin-Like Cryptocurrency backed by Central Bank

According to Sunday’s report of Business Standard, the Indian government is considering the official launch of its own cryptocurrency based on blockchain technology similar to bitcoin. The proposed cryptocurrency is to be issued and backed by Indian central bank. A committee of government officials has reportedly discussed the project of state-based cryptocurrency and found the idea of running a blockchain for financial services useful:

“The proposal was discussed by a committee of government officials…Whenever the decision is taken, the cryptocurrency will fall in the domain of the Reserve Bank of India (RBI) and some Acts such as the Currency Act might have to be amended. Hence, this will be a time-consuming process.”

Although Indian government officials support the idea of running blockchain technologies, they are still not comfortable with Bitcoin, considering it unreliable. So, the main idea of the proposal is setting up a new government-issued cryptocurrency as an alternative to Indian rupee. The new currency will be named “Lakshmi” after the Hindu goddess of wealth, fortune and prosperity.

As Sudarshan Sen, the Executive Director of the Reserve Bank of India stated in his speech:

“Right now, we have a group of people who are looking at fiat cryptocurrencies. Something that is an alternative to the Indian rupee, so to speak. We are looking at that closely.”

The Indian government is also working on designing a legal framework for bitcoin and other digital currencies. As Money Control has recently reported last week, “the government is going to prepare a framework for bitcoin soon.” The investigation of bitcoin has started by a governmentally accepted committee in April 2017. As a result the committee advised strict monitoring of cryptocurrencies as no immediate restriction is possible, but the government is still not ready to promote non-fiat money.

Earlier this year the Reserve Bank of India issued a warning to all Indian bitcoin holders about the risk relating to Bitcoin transactions. A bit later Indian authorities were about to apply Know Your Customers (KYC) norms to make the transactions safer. However, that idea didn’t succeed as it would lead to legitimizing bitcoins in the country.

Although the Indian government is in search of putting bitcoin and other cryptocurrencies under control, a total ban remains highly unlikely. According to the words of Arun Jaitley, Indian finance minister and the country’s foremost financial official, the last few years have demonstrated a significant growth of India’s bitcoin market, which made investors curious on where and how to invest in bitcoin in India. The most popular bitcoin exchanges in India are Zebpay, Unocoin, Bitxoxo and Coinbase.

The post India Wants to Issue Bitcoin-Like Cryptocurrency backed by Central Bank appeared first on CoinSpeaker.

Bitcoin Price Watch; Trading The Recovery

Markets were a little jittery during the start of the week as the bitcoin price fell foul to a couple of negative fundamental developments (negative, that is, from a sentiment perspective) out of Asia over the weekend. As we said on numerous occasions, however, everyone is looking for an opportunity to buy the dip right … Continue reading Bitcoin Price Watch; Trading The Recovery

The post Bitcoin Price Watch; Trading The Recovery appeared first on NEWSBTC.

Bitcoin Price Weekly Analysis – BTC/USD Eyes Break above $5000?

Key Points Bitcoin price surged above the $4500 level against the US Dollar as discussed in the last weekly analysis. There is a major bullish trend line with support at $4460 forming on the 4-hours chart of BTC/USD (data feed from SimpleFX). The price recently tested the $4450-60 support and likely to resume its uptrend. … Continue reading Bitcoin Price Weekly Analysis – BTC/USD Eyes Break above $5000?

The post Bitcoin Price Weekly Analysis – BTC/USD Eyes Break above $5000? appeared first on NEWSBTC.

Bitcoin Price Surpasses $4,800 Milestone as Momentum Shifts Into a Higher Gear

THeMerkle Bitcoin Price 4800

No one can deny the Bitcoin price is going through yet another massive uptrend right now. Although this kind of momentum has been going for several days now,m we have reached yet another new all-time high. Earlier today, the Bitcoin price smashes through the $4,800 mark, although it has retraced ever so slightly since that time. Right now, one Bitcoin is valued at $4,782, which is still more than fair. All of this growth is quite unprecedented and may eventually push the price to $5,000 later this month.

That Bitcoin Price Momentum is Unprecedented

Everyone who still thinks Bitcoin will go away anytime soon will be sorely disappointed when looking at the Bitcoin price right now. More specifically, the Bitcoin price is well underway to reach the $5,000 mark sooner rather than later. A lot of people assumed that price point would not be reached before 2019 but things have certainly headed in the right direction as of late. Although this current Bitcoin price momentum has all of the signs of an impending correction, one has to ride the waves as they come.

Seeing the Bitcoin price surpass $4,800 earlier today is a major milestone, to say the least. Many people like to forget we have had a major Bitcoin price correction earlier this year which pushed the value down to well below $2,000. Interestingly enough, that almost seems like it happened years ago, even though this dip was visible right before the summer. Ever since that time, the only way has been up for Bitcoin and it seems there is no slowing down anytime soon.Everything that goes up sharply must eventually come down, though.

With over $2bn in 24-hour trading volume, the Bitcoin price is heading toward $5,000 quite quickly. Whether or not we will reach that price point before Sunday evening, remains to be determined. There’s no reason to get ahead of ourselves either in this regard, even though the “fear of missing out” has certainly set in for a lot of people. Convincing people to buy Bitcoin at this price point will not be all that easy, though, albeit anyone can see there is still a lot more price potential on the horizon.

It appears the fiat currency markets are in full control of the Bitcoin price right now, with two big exceptions. More specifically, the top 10 markets all include fiat currencies except for the LTC/BTC and XRP/BTC pairs on the Poloniex exchange. All of the other markets are related to the US Dollar, Chinese Yuan, Japanese Yen, and Korean Won. Once again, no Euro market in sight, although it comes in at the #15 spot. Interestingly enough, the Bitcoin price is trading well above 4,000 euros right now, which indicates yet another big milestone for the world’s leading cryptocurrency.

With the Bitcoin price momentum in full effect, no one knows where this will end or when it will do so. Not that anyone legitimately wants it to end anytime soon, though, as the Bitcoin price is destined for bigger and better things in the future. Its scarcity and global availability make it one of the hottest commodities in the entire world. Now that regulators are seemingly warming up to cryptocurrency as well, things can only get better from here on out. All it takes is one piece of negative news to send the price plummeting down, though.

Heading into the weekend, it is a bit unclear what we can expect. Weekends are notorious for that lack of exciting trading, but the past few weeks have proven us wrong a few times already. It is certainly possible we will see more of the same momentum this week, especially if the $2bn daily volume keeps up. So far, that doesn’t appear to be a problem whatsoever, as this Bitcoin growth has been unprecedented. Come Monday, we may look at a Bitcoin price of $5,000 or more. Things can easily head in the other direction as well, though.

Bitcoin Price Fails to Maintain $4,600 Level but Upward Momentum is Still Intact

Things aren’t looking all that great for most cryptocurrencies over the past 24 hours. With the Bitcoin price making a major leap over the past 24 hours, nearly all altcoins are in the red of at their breakeven point. While Ethereum, NEM, and Dash are exceptions, most people will keep a close eye on the Bitcoin price chart. There is some resistance across exchanges, although, as this $4,550 price point will be contested for quite some time to come.

Bitcoin Price Struggles for Control at $4,550

It has to be said, yesterday’s Bitcoin price jump took a lot of people by surprise. Although it was only a matter of time until the Bitcoin price would see a big move upward at some point in the future, no one expected such a  sharp rise all of a sudden. Despite the current price change reflecting only 3.22%, it is the first time successfully broke $4,600 yesterday, albeit the momentum didn’t last all that long. Every new all-time high for Bitcoin will be met with a lot of selling pressure across all exchanges, by the look of things.

That being said, the main question is whether or not the Bitcoin price can maintain this momentum it has right now. After getting pushed down from $4,600 once again, there have been a few big sell-offs in quick succession. The dips are being bought up quickly and it seems order will be restored sooner rather than later. Right now, the price on Coinmarketcap hovers around $4,531, whereas most exchanges are trading at just above $4.545. It wouldn’t be unlikely to see another major BTC price bump later today.

Interestingly enough, the leading exchange by 24-hour trading volume is Bitfinex. It has been a while since this particular exchange held such a prominent position in the Bitcoin market, even though the company has always been pretty solid in this regard. It’s good to see fiat currency trading markets at the top of the rankings, as converting altcoins to Bitcoin and vice versa doesn’t bring “more” value to the overall cryptocurrency ecosystem

OKCoin is also showing a growing appetite for Bitcoin right now. Third place goes to Bittrex, although it appears some market manipulators are trying to pump -or dump – the NEO price once again. That particular altcoin market has seen a fair few ups and downs over the past few weeks and it seems that situation will not change anytime soon.Right now, the NEO market is turning very bearish, indicating a lot of initial investors are converting their holdings back to Bitcoin thanks to this recent price increase.

As is often the case, there is no real reason for this Bitcoin price increase. No major news has been announced whatsoever. It appears a lot of people are using technical analysis to project the future Bitcoin price. As long as enough people follow other users’ guidelines, those movements will occur given enough time and money. Speculation is running wild as far the Bitcoin price is concerned, that much is evident. No one knows if we’ll see more upward momentum or a massive correction down to $4,000 or lower.

All things considered, the Bitcoin price momentum is still there, although it becomes more difficult to make any big changes. The $4,500 – $4,750 price points will be contested for quite some time to come, as both levels present major hurdles for Bitcoin to overcome. With so many people speculating on the potential outcome of this momentum, things aren’t clear-cut by any stretch of the imagination.

Bitcoin Price Watch; Here’s What’s On Tonight

That is another day done in our bitcoin price trading efforts and action has been relatively good to us during the European session. We noted at the end of last week that we would like to see some consolidation over the weekend and that we would be watching this consolidation closely for any potential breakout … Continue reading Bitcoin Price Watch; Here’s What’s On Tonight

The post Bitcoin Price Watch; Here’s What’s On Tonight appeared first on NEWSBTC.

Bitcoin Price Weekly Analysis – Can BTC/USD Break $4500?

Key Points Bitcoin price failed once again around the $4450 level against the US Dollar, and currently trading near $4350. There is a crucial bullish trend line with support at $4280 forming on the 4-hours chart of BTC/USD (data feed from SimpleFX). As long as the price is above the trend line support at $4280, … Continue reading Bitcoin Price Weekly Analysis – Can BTC/USD Break $4500?

The post Bitcoin Price Weekly Analysis – Can BTC/USD Break $4500? appeared first on NEWSBTC.

Bitcoin Price Technical Analysis – BTC/USD Short-term Bearish

Key Points Bitcoin price is struggling to move above $4200 against the US Dollar and heading lower. The BTC/USD pair is currently attempting a downside break below a contracting triangle at $4030 on the hourly chart (data feed from SimpleFX). A close below $4000 could result in more declines towards $3800 in the short term. … Continue reading Bitcoin Price Technical Analysis – BTC/USD Short-term Bearish

The post Bitcoin Price Technical Analysis – BTC/USD Short-term Bearish appeared first on NEWSBTC.

What Can I Buy for Bitcoin… Like, If I Had All of Them?

Another day, another dollar, another All Time High in both price and market cap. It’s all starting to get a little bit… meh. Well, as “meh” as it can get, knowing that our magical imaginary money is suddenly worth even more.


I could write yet another article, quoting a few figures, then padded out with a bunch of conjecture as to what happens next. But instead, I’m going to put on my big dreamer’s hat, and imagine what I could do with all of it.

First, the Figures

Well, what did you expect? If I don’t quote them then we can’t make a comparison.

Bitcoin hit a record high of $4483.55 on Tuesday. It dipped a bit, later in the day, even dropping back below $4000 for a short while, before rallying back to around $4150. This means our market cap reached $73.5 billion dollars at one point.

Bitcoin Prices 8-15-2017

That’s a Lot, Isn’t It?

Yep. And trying to imagine that amount by drawing comparisons with normal stuff, would be like… well, let’s try it and see.

With cars, you aren’t even touching the sides. The world’s most expensive production cars come in at under $5m. Imagine 15,000 Koenigsegg CCXR Trevitas. Doesn’t help, does it? Even taking classic cars is only better by a factor of ten. 2,000 1962 Ferrari 250 GTOs at $38.5m a piece?

Real Estate Then? Yachts?

Real Estate Then? Yachts?

The most expensive home in the world cost a cool $1 billion dollars. Although at 27 stories it’s more of a skyscraper than an average family home. And you’d have to move to Mumbai to take up residence.

If you don’t need the whole building and prefer Monaco to Mumbai then $335 million will buy you a new penthouse in the Tour Odeon. So 220 penthouse apartments of 3000 square meters each? Nah.

Whilst we are in Monaco, the most expensive private yacht in the world was $4.5 billion. It isn’t that big really (30.5m), but it’s made of gold, so that doesn’t really help us to visualize. Abramovic’s Eclipse, at number two, is over 5 times bigger, but only $1.9 billion. 38 massive superyachts? Are we getting close yet?

Help Us Out Here

I can’t. The most expensive private island I can find is only $160 million for 110 acres of Thailand.

For that kind of money, we are talking about big corporations. A few days ago Bitcoin could have bought you PayPal.

Today’s high puts us just a shade short of Adobe ($73.6 billion) and Netflix ($73.8 billion).

By World Bank figures, Bitcoin’s market cap is more than the GDP of Oman… and they’re floating on oil!

Please Just Give Me Something I Can Relate To

Okay, how about this. If rumor is correct and Satoshi has 1M bitcoin, that makes him now richer than Donald J Trump.

Although, of course, Trump’s accounts are the only secret bigger than Satoshi.

What would you buy if you had all the bitcoins? Let us know in the comments below.


Images courtesy of Pixabay, CoinMarketCap

The post What Can I Buy for Bitcoin… Like, If I Had All of Them? appeared first on Bitcoinist.com.

Comment On Bitcoin Price Move

Pavel Matveev, Wirex CEO said:

“Bitcoin is surging to record highs at the moment $4,145, at time of writing because of ongoing regulatory scrutiny by national governments and geopolitical turbulence.

“Firstly as governments continue to pour resources into deciding how to deal with cryptocurrencies, this has a positive impact in terms of acceptance by financial institutions. Recently Goldman Sachs emphasised this view by publishing a report which urges market actors to take bitcoin more seriously.

“At Wirex, we have seen a surge of interest from South Korean customers as they seek Bitcoin as a safe haven asset as they anticipate the “Trump effect” to damage their economy.

“Some customers see Bitcoin as a decent alternative to equities in anticipation of any coordinated action on interest rates by central banks, which could trigger taper tantrums as we saw previously.”Importantly, a critical intra-industry debate about scaling issues for Bitcoin appears to be closer to a compromise. This has had the effect of providing investors with reassurance that solutions are being found as opposed to a massive bun fight undermining Bitcoin’s progress.”

About Wirex

Wirex is the world’s biggest provider of cryptocurrency debit cards

Wirex serves over 500,000 customers in more than 130 countries and is in the process of obtaining an e-money license in the United Kingdom. The company has offices in London, Tokyo and Kiev and boasts on average a 23 per cent month-over-month growth rate. Wirex is expected to offer contactless bitcoin payments, contactless cards, additional currencies and new bitcoin-based financial products in the near future.

Earlier this month, Wirex announced it received a $3 million investment from Japanese institutional investor, SBI Group, which is part of the R3 consortium and runs Japan’s biggest fintech venture capital fund. SBI is a major investor in fintech firm, Ripple, while Wirex is one of only two UK companies to ever receive funding from a Japanese venture capital fund.

The post Comment On Bitcoin Price Move appeared first on CoinSpeaker.

Bitcoin Price Maintains US$4,000 Value as 24-hour Trading Volume Surpasses US$3.1bn Mark

TheMerkle Bitcoin Price 4000

The Bitcoin price rollercoaster is once again in full effect these past few hours. After Bitcoin smashes through US$,4000 and even went as high as US$4,137, things have calmed down quite a bit again. In fact, the battle for US$4, 000 is in full effect once again. It will be interesting to see how things play out for Bitcoin, as the bullish moment has to go through a correction sooner or later.

Bitcoin Price Still Hovers Around US$4,000

Every time the Bitcoin price goes through a very bullish period for a prolonged period of time, a correction will not be too far behind. In this particular bull run, that correction seems to be taking place right now. We have seen magnificent Bitcoin price movements over the past week or so, but everyone knows all too well such momentum cannot be maintained indefinitely. Right now one BTC is worth just over US$4,000. but a new all-time high was recorded just a few hours ago.

It is quite remarkable to see how the Bitcoin price has evolved this week alone. Looking back at the charts, one Bitcoin was worth US$3.210 on August 6th which is a week ago. Today, that same Bitcoin has gained nearly 30% in value out of the blue. Despite the Bitcoin price slowly dipping right now, there is no reason to be overly concerned just yet. Corrections take place in the cryptocurrency world all the time and eventually often lead to a new price increase in the future.

No one will be surprised to learn the Korean exchanges are once again dominating the volume. Bithumb is the clear market leader with over US$350m in 24-hour volume. That is a spectacular number for just one platform. The best has yet to come, though, as a total of eight different trading pairs generated over US$100m worth of Bitcoin trading volume in the same 24 hours. That has never been recorded before, indicating a very bullish sentiment as far as BTC is concerned.

It is good to see more fiat currency pairs make up the top 10 of trading markets, though. The only exceptions are Ether, NEO, and Tether USD. This latter currency is pegged to the US Dollar, though, so one could label it as fiat currency trading as well, in an odd way. The fact Bithumb still represents 11.47% of all Bitcoin trades despite being hacked not too long ago speaks volumes of how well the exchange is positioned in the Asian markets these days.

Even though Bitcoin’s price is temporarily reorienting itself, other currencies aren’t taking advantage of the situation by any means. Ethereum is noting a 7.21% decline over the past 24 hours after a few days of uptrend. Ripple, Bitcoin Cash, and NEM aren’t faring much better, as they all record similar losses. Only NEO and IOTA are bucking the trend in this regard, but these two currencies are going through some very bullish movements these days. Both markets above or hovering around a US$2bn market cap as well, mind you.

All things considered, now is the time to hold Bitcoin, even if you missed selling at the previous top. This current momentum has not been recorded before and it is obvious more good things will come in time. Bitcoin has surpassed the US$3bn market in 24-hour trading volume as well, which is another milestone taken care of. No one knows for sure what the future will bring, but it is safe to say people will want to keep an eye on the Bitcoin price for some time to come.

Bitcoin Price, Consistently Posting Record Highs, Approaches $4000

Bitcoin enjoyed large gains over the week, breaking the all-time high numerous times, and peaked at $3934.00 on the Bitstamp exchange during August 12's trading session. At the time of writing, the price of bitcoin is at $3867.84, up over six percent on the day. The recent price rise also brings the cryptocurrency above the three thousand threshold in British Pound and Euro terms.

It seems that bitcoin is gaining a reputation for being a safe haven asset, with mainstream media noting the negative correlation between bitcoin and global stocks amidst increased tension on the geopolitical stage. With few economic events or data releases, Trump's actions, or words, were most likely overemphasized in markets over the past week, with the market eagerly looking for any new information.

Bitcoin's rally is also boosted by the lock-in of SegWit, a scaling proposal and transaction malleability fix. While, on the the other hand, Bitcoin Cash experienced some problems with transaction malleability with exchanges and one of the developers committed to finding a non-SegWit solution to the problem. The hype and hysteria from the split has faded and the dust has settled; the teams will diverge and is healthy for the market, as indicated by the rising price of bitcoin. Moreover, the controversial split has brought greater attention from the general public to the cryptocurrency.

The hourly chart for BTC-USD is shown below, with a fractal resistance at $3934.00 confirmed. The most recent fractal support lies at $3695.17. As outlined by our weekly cryptocurrency market outlook, we suggested a buy position once the bullish saucer signal was triggered, highlighted on the chart below with the yellow ray at $3339.66. The market then went onto reach highs just below $3500, before pulling back to $3178.72 on August 9. The cryptocurrency quickly bounced back, with a bullish Ichimoku breakout on August 10 and by August 11, our initial target at $3622 was reached.

 

Over the short run, we examine the relation of the market price and the conversion line (blue), an important support at $3814.58 and gauge of short-term equilibrium. An hourly close below this level could point to an extended correction. However, BTC-USD is likely to return to this equilibrium and move higher, with similar behavior shown in preceding trading sessions. Usually, when the conversion line flattens in an uptrend, we should look to enter long positions once the market tests this support. Over the medium term, the Ichimoku cloud shows equilibrium to be around $3659 to $3768 for August 13, with this support zone indicating a good area to set buy limits.

With the Bullish Saucer just triggered this week, as shown below, we expect the upside momentum to remain strong in the weeks ahead. The extreme strength of the bullish momentum is also displayed by the conversion line, which is almost vertical. We expect the next target at $4270.80 to be reached within the next week or two, which is the 161.8 percent Fibonacci extension for the massive upward move from late March to mid-June.

Also, with just three near consecutive record highs posted since the fractal buy level at $1830 in July, bitcoin could keep surging higher until early November, when the next stage of SegWit2x is planned, that is a hard fork to 2MB which is opposed unanimously by Bitcoin Core developers.

Bitcoin achieved a new milestone on today!

The price value of a single bitcoin is about $3000 and it becomes the highest value of bitcoin in its history!

In the entire cryptocurrency history there were several hard forks has happened, but the recent hard fork becomes unforgettable one.

Until the fork happens people in the bitcoin network were feared about the future of bitcoin, and they were worried that whether the bitcoin will be available for trading or not. Also people were afraid of security of their bitcoins.

But during the fork day, bitcoin has split up in to two called bitcoin cash, and bitcoin core. After this split up bitcoin entrepreneurs predicts that bitcoin will die, and bitcoin cash will come to replace its place.

But unexpectedly bitcoin soars in to new height and achieved a new milestone. (i.e) bitcoin price surges above $3000!

Bitcoin Boom! Prices Explode $500 In Hours To Post Historic Growth

Bitcoin has shot up 20% in a day as a true reversal of the weekend’s downturn gets underway across international markets.


Sudden Surge Will Likely See Best Daily Growth In History

Data gathered from across major exchanges by CoinCap shows a current average price of $2605 – up almost $500 in 24 hours. The majority of the rise has occurred over the last eight hours to press time, with Bitcoin rises gaining momentum as the reality the network has avoided a hard fork kicks in.

The trajectory is such that, if sustained, will see Bitcoin beat its best-ever one-day growth.

Excitement continues to grow throughout the community on social media, with even commentators in the Telegram Whalepool chat – a discussion forum for major bagholders – sensing the move is the beginning of a more serious uptick.

Bitcoin price surges

Bitcoin Beats Ether As Traders Seize Altcoin Opportunities

Since this weekend’s cross-crypto price dip, which saw Bitcoin, Ethereum and many other currencies drop to lows not witnessed for several months, optimism has been returning to weary trading markets.

Wednesday saw Ether (ETH) post 25% daily growth before news of a serious hack sent its price back down towards $200.

Bitcoin had also corrected downwards yesterday after its own reversal, having previously collapsed to below $2000.

An analysis of price performance since May, however, suggests the sudden gains could well slip from investors’ hands as quickly as they appeared, with indications shorters are scrambling to secure profits.

It is not just Bitcoin: Litecoin bagholders are eagerly awaiting for their funds to follow Bitcoin upwards, the mood perceptible on social media as users of Poloniex show their frustration at the exchange temporarily halting Litecoin trading.

So far, Litecoin has advanced around 6% since Wednesday, but Poloniex is yet to produce an explanation for the market freeze, which has since ended.

Big Investor Names All Plump For Bitcoin

Big Investor Names All Plump For Bitcoin

Despite recent volatility meanwhile, several high-profile veteran investors have come clean about their involvement with Bitcoin this week.

Ronnie Moas, Bill Miller and most recently Josh Brown have all revealed they are big on Bitcoin. Brown, chief executive of New York investment advisory firm Ritholtz Wealth Management, announced on CNBC and Twitter that he had “bought his first Bitcoin,” news which was warmly greeted by mainstream news outlets.

Brown told CNBC’s MarketWatch:

I don’t think crypto is something you can understand fully by reading a book, so I’m getting my hands in. […] If it turns out to be a bust, I will probably still come away with something valuable.

What do you think about the current Bitcoin price action? Let us know in the comments below!


Images courtesy of AdobeStock, Pexels

The post Bitcoin Boom! Prices Explode $500 In Hours To Post Historic Growth appeared first on Bitcoinist.com.

Bitcoin Price may dip Below US$2,000 as Cryptocurrency Markets Turn Deep red

Things have evolved from bad to worse for all cryptocurrency markets over the past 24 hours. For the first time in a while, the Bitcoin price may actually go below US$2,000. Although such a retrace isn’t necessarily bad news off the bat, it also shows there will be a lot of proverbial blood in the water. All currencies are literally bleeding value right now, although some are trying to buck the trend.

Cryptocurrency Slum Continues With Another Sharp Downturn

It has to be said, the cryptocurrency markets have been extremely bearish over the past few days. It was only a matter of time until we would see a price decline such as the one present on the charts right now. Experts predicted it would only be a matter of time until we would see a big Bitcoin price retrace. Unfortunately, that is exactly what is happening right now, with no real end in sight.

To put this into perspective, Bitcoin alone lost over 12.3% in the past 24 hours. That is quite a powerful downturn for the world’s leading cryptocurrency, as most of its losses were limited to a few percent here and here. Going into negative double digits is something we rarely see from Bitcoin these days, unless major news breaks. So far, that has not happened.

However, the August 1st deadline keeps coming closer, and a lot of people are very concerned about what the future may hold for Bitcoin. If a chain split were to occur, things quickly go from bad to worse for Bitcoin. Even if one of the chains only survives for a day or less, it would set a very dangerous precedent for the world’s leading cryptocurrency.

Then again, one would expect most Bitcoin holders to store their balance somewhere safe and look at things from a distance. There is no reason to sell Bitcoin right now, as no one will actually lose coins if they store them in a wallet only they can control before July 31st. In the worst case, people will only have their coins on one chain, just like they do now. The best case scenario would see people holding the same balance across multiple blockchains, which will allow people to make free money by not selling Bitcoin right now.

Other currencies are dragged to the bottom alongside Bitcoin as well. Ethereum, Ripple, Litecoin, Dash, ETC, and all other top currencies see their value drop at an alarming rate. Right now, there is no cryptocurrency in the top 50 which notes any gains. Instead, quite a few coins and tokens are down by 20% or more. Quite a substantial amount, as it will take weeks, if not months, to recoup some of these losses. Rest assured there are some smaller coins noting losses of over 25% as well.

With the total cryptocurrency market cap dipping below US$75bn, things are looking anything but great right now. It is not all doom and gloom, though, as we have seen such retraces in the past. Bitcoin and consorts come out stronger every single time such an event happens. Sadly, no one can predict when the reversal might take place. Cryptocurrency is still a small and fickle market It doesn’t take much money to shake things up in a positive or negative manner.

If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.

Bitcoin’s Retail Acceptance Continues to Drop

Bitcoin’s progression as a digital currency appears to be foundering as adoption by major retailers as a payment method is decreasing despite its recent rise in popularity and value.


One Step Forward – Two Steps Back

With record-breaking price surges and mainstream interest in digital currencies at an all time high, one would think that retailers would be lining up to accept Bitcoin as a payment method. It is no wonder, then, that it comes as a shock to many that the exact opposite seems to be happening. Retailers are more skeptical than ever about letting customers shop with Bitcoin.

In a report released on Wednesday by Morgan Stanley payments analyst James Faucette, it was revealed that Bitcoin is accepted by just three of the top 500 online retailers in the world.  That figure is down from last year’s report in which there were five retailers that accepted the digital currency.

Bitcoin not accepted

Retailers are Only Part of the Problem

While it might be convenient to blame retailers for Bitcoin’s sluggish rate of mainstream adoption, the finger should not be solely pointed in their direction. Bitcoin users are also playing a direct role in slowing its growth as a currency.

According to Faucette:

Bitcoin owners are reluctant to use the cryptocurrency given its rate of appreciation, more evidence that bitcoin is more asset than currency. […] Way easier to trade speculatively than convince new merchants to accept the cryptocurrency.

Many of the newcomers who are buying digital currencies such as Bitcoin are doing so in order to hold on to them, with the hopes of seeing more astronomical gains in the near future. As a result, although there is a much bigger marketplace of Bitcoin users, they are not necessarily active spenders of the currency.

Bitcoin Growing Pains

Bitcoin Growing Pains

Other factors that could have retailers withholding their acceptance of digital currency are the scaling challenges that are facing Bitcoin. Issues like slow transaction times and increased transaction fees are problems that will affect the retailer far more than the customer. The inconvenience of longer waiting times and transaction fees nearing $5 is hugely off-putting, especially in the case of smaller value purchases.

In an interview with Bloomberg, Atlantic Financial founder and Bitcoin Foundation board member Bruce Fenton explained:

There’s a problem with the fees being so high,  it does price out certain things. […] There are some micro transaction uses cases, like a cup of coffee is the big analogy everybody uses, that are being sort of priced out just because bitcoin is going up so much.

Looking Up and Looking Ahead

Looking Up and Looking Ahead

Despite the setbacks in the acceptance of Bitcoin as a currency, there are success stories. In Japan, consumer electronics retailer Bic Camera has begun accepting Bitcoin at some of its camera shops while retail giant Recruit Lifestyle recently introduced a Point of Sale system that is Bitcoin-ready already available at over 260,000 retail stores and eateries across the country.

Overstock.com, a large online retailer that is championing Bitcoin, said in May that the number of Bitcoin transactions has tripled since they started accepting digital currency back in 2014. Furthermore, those transactions account for as much as $5 million per year for the online retailer according to Overstock.com Inc. board member Jonathan Johnson.

Have you bought anything online from major retailers? Would you be willing to part with Bitcoin as easily as if it were cash? Let us know in the comments below.


Images courtesy of

The post Bitcoin’s Retail Acceptance Continues to Drop appeared first on Bitcoinist.com.