Dear Steemians!
Here is the daily press review for bitcoin and other crypto currencies.
How Close Did Bitcoin Get to Disastrous Chain Death Spiral
This hash rate flip was only brief however and just like the pump and dump of Bitcoin Cash, the hash rate has fallen and returned for Bitcoin. However, under the surface, Bitcoin’s alarm bells were close to sounding as the hash rate fell to around 50 percent. Bitcoin Cash rocketed up its own value, reaching as high as $2,500, but it also sapped a lot of the hash power of Bitcoin. According to a hash rate analyzer, Bitcoin has recovered its hashrate well enough to avert the crisis, but it is lower than it has been before the Bitcoin Cash pump weekend. Those who had their eyes too closely glued to Bitcoin price, worrying about every little dollar it dropped, would not have seen the bigger picture. (cointelegraph.com)
Bitcoin's Transaction Fees Show Its Limits
As the sole issuers, they will fit their systems to historical transaction volumes and dictate transaction fees. One can get a Bitcoin debit card and use it anywhere cards are accepted, but the fees on them -- charged on top of the Bitcoin transaction fees -- are generally higher than at your bank. If you're a speculator, though, hoping to make money on the wild exchange rate fluctuations, you'll be willing to pay an even bigger premium for speed. No wonder the medium transaction size at the time of this writing exceeded $800 after reaching a peak of almost $1,300. For merchants, it's convenient to sign on to accept the cryptocurrency via specialized payment platforms -- but then the rate volatility and the same high transaction fees make it unattractive for a merchant who mostly works in a fiat currency economy. (bloomberg.com)
After Declines, Bitcoin Comes Back Stronger
The rise in Bitcoin prices for the four previous dips over 20 percent were substantial. While the saying may refer to an unwelcome guest, the same could be said for Bitcoin, according to recent analysis by CNBC. Based on chart evaluations, Bitcoin price has always increased substantially after dips greater than 20 percent. After more than 20 percent declines, the price has already recovered peaking in recent trading over $6,500. Beyond the negative risk association, though, the market has continued to show that Bitcoin is a genuine store of value something akin to gold. But players should be careful with expectations and trading and not be misled by the continuous boom in price. (cointelegraph.com)
BREAKING: China May Cut Off Cheap Power To Bitcoin Miners?
The circular suggests that Bitcoin mining is ‘illegal operation.’ The circular has yet to be confirmed. Miners feel that the Bitcoin operations are using ‘discarded water’ - water that is let go without producing electricity, which is why the price has been remarkably low. The statement regarding the cessation of cheap mining electricity indicates that the Sichuan Electric Power Company has issued a circular indicating that it will no longer provide the necessary power from its grid-connected hydropower stations. The statement from the power companies does not reflect the general feeling of miners, according to the article. Apparently, the general anti-Bitcoin stance of the Chinese government continues, with reports that the cheap hydroelectric power being used by the largest Chinese Bitcoin mining facilities may soon be a thing of the past, according to local media. (cointelegraph.com)
What Bitcoin's History Says About Its Future
Popper is the author of the book “Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money,” which tracks Bitcoin’s early history. The winners of this round were the digital gold folks, called, for technical reasons, small blockers. Popper said of how Japan named Bitcoin an official currency and licensed 11 exchanges: “That is another one of these funny ironies about Bitcoin’s history. Early on, it seemed that it could be everything — that it could be digital gold and PayPal -- and it’s become clear over time that it can’t be everything." And there’s no question it’s become harder to simply send Bitcoins around. (forbes.com)
Bottom in Place? Bitcoin's Price Needs to Consolidate
As of writing, the world's largest cryptocurrency by market capitalization is changing hands for $6,495, as per the CoinDesk Bitcoin Price Index. Bitcoin's price is holding its ground so far today. Further, the price action analysis indicates the bears need to push bitcoin below the 5-day moving average by today's close to avoid losing control. Still, the small decrease hides the fact that BTC retraced more than 50 percent of its recent sell-off yesterday. According to CoinMarketCap, the bitcoin-U.S. dollar (BTC/USD) exchange rate has dropped by 1.74 percent in the last 24 hours. (coindesk.com)
Is FOMO The Real Reason For Bitcoin's Run-up?
I know there are a couple of ETFs: the Winklevoss Bitcoin Trust ETF (COIN) and Bitcoin Investment Trust (OTCQX:GBTC). JR: The first part of my answer is that I don’t think it’s right for everyone. Whereas the internet exploits TCP/IP, SMTP, HTML, FTP and so forth, blockchain technology and Bitcoin are a type of trust protocol. Perhaps that’s shocking, but I don’t think it is. There’s real pressure on investors through FOMO - “fear of missing out” - on future gains, which absolutely drives speculation. (seekingalpha.com)
Why Bitcoin Now Wears a Suit and Tie, and Will Soon Reach $10,000
The speculation was fueled by a global petition on Change.org, urging ‘Amazon.com should accept Bitcoin and Litecoin cryptocurrency as payment methods ASAP’. Investors such as James Altucher, the American hedge fund manager and venture capitalist, stated: “I’m certain that Amazon will accept Bitcoin. The basic truth is Bitcoin investors are yearning for respectability and for more retailers to accept the currency. If the mere rumours of Amazon adopting Bitcoin were enough to give it such a boost, imagine if it actually does? Back in mid-September, when Bitcoin’s value fell to a ‘mere’ $1,200 thanks to the Chinese crackdown, it looked as if Bitcoin’s dark-web past was coming back to haunt it. (cryptocoinsnews.com)
Bitcoin Price Increases to $6,550 as Market Regains Confidence
The bitcoin price has increased to over $6,550, after dipping below $5,600 on November 12. Analysts have attributed the recent increase in the price of bitcoin to CME Group’s confirmed launch of its bitcoin futures exchange by the second week of December. No Uncertainty in the MarketWith the SegWit2x hard fork cancelled, the Bitcoin Cash community developing its own project, and Bitcoin Gold losing support from the community, there exists no uncertainty in the mid-term within the bitcoin market. Considering that the confirmation of the bitcoin futures exchange launch has garnered significant optimism towards bitcoin in the short-term, upon the completion of the launch, it is likely that the bitcoin price would initiate a strong rally and achieve new highs. Investors are satisfied, confident, and certain that the bitcoin price will recover back to its previous high of $7,800, as it always have done historically. (cryptocoinsnews.com)
Bitcoin Cash joins bitcoin on cryptocurrency roller coaster
Fans of Bitcoin Cash such as investor Roger Ver, known as the "bitcoin Jesus," expected Bitcoin Cash coins would have more value than the original bitcoin following the Segwit2x upgrade. "Bitcoin Cash is just a scam to me," said Vays, who has a YouTube channel devoted to bitcoin. When a second bitcoin currency called Bitcoin Cash debuted in August, trader Tone Vays wrongly predicted that it would "die out within a few days." Prices for Bitcoin Cash reached a high topping $2,500 on Sunday, before plummeting nearly 60 percent Monday to $1,348. According to Bloomberg, Ver is bullish on Bitcoin Cash, which he calls "the real bitcoin," and argues that bitcoin will need to accommodate larger block sizes on its network to remain competitive. (cbsnews.com)
I'll Give You My Bitcoin When You Pry It From My Cold, Dead Hands
The historical significance of this innovation – self-sovereign money – was explained beautifully in a blog post by Nathan Cook, a bitcoin user in Tel Aviv. The reason it's underappreciated, I suspect, is that like privacy, autonomy is one of those qualities no one cherishes – until it's gone. But it's a damn good reason to be thankful bitcoin exists in the world. For more details on how you can submit an opinion or analysis article, view our Editorial Collaboration Guide or email news@coindesk.com. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of CoinDesk. (coindesk.com)
Bitcoin Price Gains Sees Swell Among Singapore Miners
A bitcoin mining company in Singapore is seeing a rising number of customers purchasing mining rigs as the cryptocurrency gains in value. In July, the company was selling 15 mining rigs, but now it’s seeing sales of around 100 per month. At the time, Menon stated that bitcoin doesn’t pose a ‘risk that warrants regulation,’ however, the central bank will keep ‘an open mind‘ about it. The price going up is probably a bubble, given that it has reached more than US$7,000 per bitcoin. SG Mining, based in Singapore, has seen sales shoot up in recent months. (cryptocoinsnews.com)
Trezor Wallet Will Integrate Bitcoin Gold As Major Platforms Reluctant to Show Support
However, because of the lack of both community and industry support behind the Bitcoin Gold hard fork, major businesses and trading platforms are currently reluctant toward integrating support for Bitcoin Gold. The Bitcoin Gold hard fork was expected to occur in late October, led by Jack Liao, CEO of LightningAsic. At present, the only trading platform that will likely process Bitcoin Gold trades is Bitfinex, as it already has introduced Bitcoin Gold futures market on its trading platform. Trezor, makers of one brand of hardware wallet, revealed that the source code of Bitcoin Gold (BCG) has been released and that the Trezor wallet will add support for the currency in the upcoming weeks. After weeks of delay, the Bitcoin Gold development team has released their source code on GitHub, officially initializing the project. (cointelegraph.com)
Irani Central Banker: 'Risky' Bitcoin Requires Review
The Central Bank of Iran is opening up about its stance on cryptocurrency. Speaking at a press conference this week, deputy director of new technologies, Naser Hakimi, said that the government-owned central bank is studying bitcoin and that it plans a comprehensive review of its policies in this area. This was followed by criticisms from the head of the central bank of the United Arab Emirates (UAE) who stressed on the lack of supervision around bitcoin, claiming that it facilitates money laundering and terrorism financing. The comments build on statements issued earlier this year, when according to Irani newspaper the Financial Tribune, Hakimi recently referred to bitcoin in Iran as an "opportunity." The remarks came amid a wider set of comments on how the central bank will pursue financial technology policy broadly. (coindesk.com)
Cryptocurrency trading volumes reached a record high over the weekend that beats some US stock exchanges
To put that in perspective, that is higher than the 5-day average trading volumes for two US stock exchanges. The 24-hour trading volumes for cryptocurrencies reached a record high above $26 billion on Sunday, according to data site CoinMarketCap.com. Bitcoin, the red-hot digital currency, had a wild weekend and that appears to have translated into record-breaking trading volumes across the cryptocurrency market. Still, the record cryptocurrency volumes over the weekend indicate the growing interest in the red-hot market, which until very recently has rarely witnessed daily trading volumes over $10 billion. The figure was based on the assumption that cryptocurrency volumes end up at about 10% of current fiat currency trading volumes. (businessinsider.com)
The Forks and Fights Behind Bitcoin's Turbulence
For those trying to follow along, there was no shortage of bitcoin jargon to wade through -- forks, bitcoin cash, Segwit2x and transaction blocks among them. Bottlenecks in processing bitcoin transactions have been rising, making the currency uneconomical for some small transactions. After the cancellation, bitcoin’s price dove, while bitcoin cash -- currently the bitcoin network with the biggest blocksize -- rallied, coming close to becoming the second-largest crytpocurrency by market capitalization. In late July, the bitcoin network split into two, giving birth to bitcoin cash, which featured changes allowing for faster and cheaper transactions. Over the last few months the bitcoin network has already split -- or, in industry parlance, forked -- twice, into three different versions still running today. (bloomberg.com)
More on these and other related news can be found at http://zentrade.online/bitcoin-news-digest-tuesday-november-14-2017/