Bitcoin investors BANNED from using their mega-profits to buy houses amid money-laundering fears

Bitcoin investors BANNED from using their mega-profits to buy houses amid money-laundering fears

Bitcoin investors BANNED from using their mega-profits to buy houses amid money-laundering fears

Investors who’ve made a mint are now trying to cash in on their sudden windfall by milking the UK’s property boom.

BITCOIN investors are being knocked back by mortgage lenders amid fears about money laundering.

The price of the virtual currency has rocketed nearly 1,500 percent in the past year.Some have made massive profits on Bitcoin but are facing obstacles because of transparency fears And now investors who’ve made a mint are trying to cash in on their sudden windfall by investing in the UK’s property bubble.

But lenders are now worried about the source of the cash and have been rejecting them for mortgages.

Broker Mark Stallard said one investor had a £40,000 deposit pot after investing in bitcoin but even he was denied a loan.

Mr Stallard, from House and Holiday Home Mortgages: said: "The first mortgage lender I rang asked me what a cryptocurrency was.

"I rang two other lenders and they said they would not touch it.

"When I mentioned where the money had come from there was massive reluctance to help or understand the problem.

"I do not believe the mortgage providers in general are ready for this issue and research tells me that a lot more people will be knocking on our doors with funds made or raised in this fashion.”

The perceived problem with cryptocurrencies, such as bitcoin, are that they are not regulated by central banks. Instead they are held digitally by people using electronic identities which allow them to remain anonymous and so could be used by criminals.

Several building societies said they would not accept a deposit derived from a cryptocurrency, while banks including Santander, Nationwide and Aldermore said they had no formal policies.

The Building Societies Association said: "There is currently no regulation of these electronic currencies, which puts them into the highest risk category in relation to money laundering.

"In addition, it is well known that such currencies are popular with criminals, who use them to launder the proceeds of crime.”

 

Author: By Patrick Knox 13th January 2018, 3:44 pm

 

Posted By David Ogden Entrepreneur
David ogden Cryptocurrency Entrepreenur

Of course if you pay cash for the property, a bank may also want to know the source of the funds, So maybe you could get the seller to accept Cryptocurrency and record the transaction on the blockchain, which opens up a new ball game.

David https://markethive.com/david-ogden

Bitcoin falls as one of the world’s biggest cryptocurrency markets readies a bill to ban trading

Bitcoin falls as one of the world's biggest cryptocurrency markets readies a bill to ban trading

Bitcoin falls as one of the world's biggest cryptocurrency markets readies a bill to ban trading

  • South Korea's justice minister said that the country is preparing a bill that will ban all cryptocurrency trading

  • Park Sang-ki told reporters that there are "great concerns" regarding virtual currencies

  • Bitcoin tumbled more than 12 percent following Park's remarks

South Korea's justice minister said on Thursday that a bill is being prepared to ban all cryptocurrency trading in the country.

That news is a major development for the cryptocurrency space, as South Korea is one of the biggest markets for major coins like bitcoin and ethereum.

According to industry website CryptoCompare, more than 10 percent of ethereum is traded against the South Korean won — the second largest concentration in terms of fiat currencies behind the dollar. Meanwhile, 5 percent of all bitcoin are traded against the won.

"There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges," Park Sang-ki said at a press conference, according to the ministry's press office.

Bitcoin tumbled more than 12 percent following Park's remarks, according to CoinDesk's bitcoin price index that tracks prices from four exchanges. At 1:26 p.m. HK/SIN, the cryptocurrency price retraced some of its losses to trade at $13,547.7.

Park added that he couldn't disclose more specific details about proposed shutdown of cryptocurrency trading exchanges in the country, adding that various government agencies would work together to implement several measures.

Reuters further reported that a press official said the proposed ban on cryptocurrency trading was announced after "enough discussion" with other government agencies including the nation's finance ministry and financial regulators.

Cryptocurrency trading in South Korea is very speculative and similar to gambling. Major cryptocurrencies like bitcoin and ethereum are priced significantly higher in the country's exchanges than elsewhere in the world. For example, bitcoin traded at $17,169.65 per token at local exchange Bithumb, which was a 31 percent premium to the CoinDesk average price.

That difference in price is called a "kimchi premium" by many traders.

In fact, earlier this week, industry data provider CoinMarketCap tweeted that it would exclude some South Korean exchanges in price calculations due to the "extreme divergence in prices from the rest of the world" and for "limited arbitrage opportunity." The exchanges that were removed from the price calculation included Bithumb, Korbit and Coinone.

Last month, the South Korean Financial Services Commission said it was prohibiting cryptocurrency exchanges from issuing new trading accounts. If an exchange does allow new accounts, the government has the ability to take action to either stop trading or shut the exchange down, the commission said in a statement.

The commission added that, since much of the cryptocurrency trading was being done anonymously, users must use their real names.

The government also indicated it would closely monitor banks and would "swiftly" step in to limit fund flows into cryptocurrencies if necessary.

Bitcoin exposed stocks in South Korea took a major hit after the announcement. Shares of Omnitel, which has a bitcoin remittance business, crashed 30 percent, Vidente shares tumbled 29.96 percent, Digital Optics fell 13.46 percent and KPM Tech was down 5.19 percent.

That news from the justice minister comes after the country's largest cryptocurrency exchanges were raided by police and tax agencies this week for alleged tax evasion, people familiar with the investigation told Reuters.

 

Author : Saheli Roy Choudhury

 

Posted by David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

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Bitcoin Price Technical Analysis for 10th January – Small Reversal Signal

Bitcoin Price Technical Analysis for 01/10/2018 – Small Reversal Signal

Bitcoin Price Technical Analysis for 01/10/2018 – Small Reversal Signal

Bitcoin Price Key Highlights

Bitcoin price appears ready for another selloff as price has formed a head and shoulders pattern on the 1-hour chart.

Price has yet to break below the neckline around the $14,000 major psychological support.

The chart pattern is approximately $3,000 tall so the resulting drop could be of the same height.

Bitcoin price is forming yet another selloff signal on a short-term time frame, but technical indicators are looking mixed.
 

Technical Indicators Signals
 

The 100 SMA is still above the longer-term 200 SMA on this time frame to suggest that the path of least resistance is to the upside or that the rally could continue. However, the gap between the moving averages has narrowed significantly to show that a downward crossover and and pickup in bearish momentum is imminent.

A break below the neckline could take bitcoin price down to the $10,000-11,000 region next while a bounce could lead to a move up to $15,000 then the highs at $17,000.

Stochastic is pulling up from the oversold region to signal a return in buying momentum while RSI also appears to be slowly heading north as well.

Market Factors

Dollar demand has once again ticked higher on record high Treasury yields, as well as record closes for equity indices. Traders are now looking ahead to a positive earnings season scheduled to start on Friday, and these upbeat expectations are likely to be sustained as tax reform kicks in.

Meanwhile, bitcoin price continues to reel from the hesitation among ETFs facing SEC regulation. A couple of funds withdrew their applications, citing pushback from the financial watchdog. Direxion Shares ETF Trust secretary Angela Brickl wrote
 

“On a call with the Staff on January 5, 2018, the Staff expressed concerns regarding the liquidity and valuation of the underlying instruments in which the Fund intends to primarily invest and requested that the Trust withdraw the Amendment until such time as these concerns are resolved. In response to the Staff’s request, the Trust respectfully requests withdrawal of the Amendment.”

This cryptocurrency is also losing ground to its altcoin rivals, as well as equities that are performing better.

 

Author: SARAH JENN

 

Posted by David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

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BITCOIN PRICE – LIVE UPDATES: CRYPTOCURRENCY VALUE RECOVERING AFTER HEAVY RECENT SLUMPS

BITCOIN PRICE – LIVE UPDATES: CRYPTOCURRENCY VALUE RECOVERING AFTER HEAVY RECENT SLUMPS

The value of bitcoin appears to be recovering after a tumultuous period for the cryptocurrency.

After hitting a new record high when it passed the $19,850 mark in mid-December, it tumbled rapidly, falling to below $12,000 within days.

It has been constantly rising and falling ever since, and is worth $14,932 as of Wednesday afternoon UK time, according to the Coinbase exchange.

That’s a significant improvement on yesterday, when it almost slipped below the $13,000 mark. However, earlier this morning it had been worth more than $15,370.

Its value is up more than 30 per cent over last month and more than 1,320 per cent over the last year, but recent goings-on have demonstrated just how quickly the situation can change.

The cryptocurrency’s value fell dramatically just ahead of Christmas, dropping by almost $2,000 in just an hour at one point, and almost slipping below the $11,000 mark.

Bitcoin is notoriously volatile, and its value is expected to continue to shift unpredictably. Its rise has also led to increasing amounts of interest in alternative cryptocurrencies, such as ethereum, litecoin and XRP.

Those fluctuations have caused problems with actually using bitcoin, with Steam recently announcing that it won’t be able to take it any more and multiple exchanges saying the huge amounts of trading is leading to problems with actually transferring them.

Naturally, its spectacular rise has coincided with increasing amounts of interest, with more and more people now looking to invest.

However, there are serious fears that bitcoin has created a bubble that could burst at any moment.

Numerous financial experts are advising potential investors to avoid getting involved with bitcoin, though others are speculating that it could keep rising towards the $1m mark.

Bitcoin only exists online, has no central bank and isn’t linked to or regulated by any state.

An anonymised record of every bitcoin transaction is stored on a huge public ledger known as a blockchain.

However, transactions made with the cryptocurrency are irreversible, which makes investors in bitcoin attractive targets for cybercriminals.

 

Author AATIF SULLEYMAN

 

Posted by David Ogden Entrepreneur
David Ogden Cryptocurrency entrepreneur

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Bitcoin rises 10% on Peter Thiel fund’s likely holding; may revisit December high

Bitcoin rises 10% on Peter Thiel fund's likely holding; may revisit December high

Bitcoin rises 10% on Peter Thiel fund’s likely holding; may revisit December high

Bitcoin prices advanced over 10 per cent in two trading sessions after The Wall Street Journal reported Peter Thiel's Founders Fund has amassed hundreds of millions of dollars of the volatile cryptocurrency.

The report further said that the fund bought $15 to $20 million worth of the cryptocurrency and multiplied the principal investment by over 5 times.

Bitcoin jumped to $14,951 on January 3 from $13,354 on January 1. During the period, the digital currency hit a high and low of $15,300 and $12,787, respectively.

Peter Thiel is an entrepreneur and investor. He started PayPal in 1998, led it as CEO, and took it public in 2002, defining a new era of fast and secure online commerce. He is a partner at Founders Fund, a Silicon Valley venture capital firm that has funded companies like SpaceX and Airbnb.

According to another report, vice president of Group Nduom, Papa-Wassa Chiefy Nduom has advised the Bank of Ghana to expand its investment by putting some of its funds in bitcoin.

He further advised the bank to put around 1 per cent of Ghana's reserves in bitcoi

According to Reuters, bitcoin may revisit its December 17, 2017 high of $19,666 in three months, as suggested by its wave pattern. The deep correction from this high has been driven by a wave (4), the fourth wave of a five-wave cycle from the July 16, 2017 low of $1,830. This wave is expected to be totally reversed by an upward wave (5).

Back home, bitcoins or such cryptocurrencies are not legal tenders and those indulging in such transactions are doing it at their own risk, Finance Minister Arun Jaitley said on Tuesday as several members expressed concerns over trading on these platforms.

Source India Times

 

Posted by David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

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Bitcoin slump sees trades suspended on certain exchanges

Bitcoin slump sees trades suspended on certain exchanges

Bitcoin slump sees trades suspended on certain exchanges

Bitcoin plunged on Friday, extending a fall that saw the crypto-currency lose almost a third of its value from a record of nearly $20,000 (£15,000).

The crypto-currency's price dipped below $11,000 on Friday, according to the Coindesk exchange website, before recovering to above $13,000.

Amid the swings, three Bitcoin-related exchanges suspended certain trades.

Bitcoin has had a blistering trip over the past 12 months. Its price at the start of the year was about $1,000.

It has skyrocketed since – more than doubling in value since November – drawing interest from major firms as well as private investors.

But since Sunday Bitcoin has been on a losing streak, falling back to where it was at the start of December.

Analysts said investors should be prepared for such rapid changes, which have characterised the asset from its start.

"This is exactly how this asset trades and has done since the beginning," said Nick Colas, co-founder of New York-based DataTrek Research. "It has a lot of volatility and it will for the foreseeable future."

What happened on Friday?

This week's plunge led to a flood of trades that swamped one of Bitcoin's major exchanges, Coinbase, on Friday. A technical slowdown prompted the firm to halt buying and selling twice.

The CME and CBOE exchanges in the US also temporarily suspended trading of certain Bitcoin futures contracts, which allow investors to bet on where they expect the price of Bitcoin to be at certain points in the future.

The exchanges have automatic brakes that apply once a commodity or asset has moved by a certain amount – as happened in this case.

What sparked the slump?

The market remains driven by sentiment, according to Charles Hayter, founder and chief executive of industry website Cryptocompare.

"A manic upward swing led by the herd will be followed by a downturn as the emotional sentiment changes," he said.

Some traders would have been cashing in on the spectacular gains made over the year, he added.

Concerns about the infrastructure behind crypto-assets may also be spooking investors, said Nick Colas, himself a Bitcoin trader.

In recent weeks, markets have been rattled by hacks and allegations of insider trading.

He attributes some of this week's slump to the launch of a new crypto-asset that came earlier than planned. The surprise temporary shutdown of Coinbase on Friday was the kind of thing that could erode investor confidence, he argued.

"It is not OK to just take trading offline randomly through the day," he said. "The robustness of that system is just as important to their confidence… as the price of crypto-currencies themselves."

A spokesman for Coinbase said the firm was working around the clock to ensure smooth trading. Friday's suspensions lasted for about two hours in total.

"We're doing everything within our power," the spokesman said.

What exactly is Bitcoin?

A digital asset, Bitcoin is not backed by any governments. It is created through a complex process known as "mining", and then monitored by a network of computers across the world.

There is a steady stream of about 3,600 new Bitcoins a day, with more than 16.5 million now in circulation. Supply is expected to peak at about 21 million.

Every single transaction is recorded in a public list called the blockchain.

This makes it possible to trace the history of Bitcoins to stop people from spending coins they do not own, making copies or undoing transactions.

What are authorities saying about Bitcoin?

Regulators around the world have stepped up their warnings about its provenance as an investment.

One of this week's most striking comments came from Denmark's central bank governor, who called it a "deadly" gamble.

Earlier this month, the head of one of the UK's leading financial regulators warned people to be ready to "lose all their money" if they invested in Bitcoin.

Andrew Bailey, head of the Financial Conduct Authority, told the BBC that neither central banks nor the government stood behind the "currency" and therefore it was not a secure investment.

Despite the risk to individuals, US authorities have said they do not think it is a big enough part of financial markets to be a threat to broader economic stability.

 

Source BBC News

Posted by David Ogden Entrepreneur
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Bitcoin Price Technical Analysis for 12/22/2017 – Bears Settling In

 http://seriouswealth.net/wp/wp-content/uploads/2017/12/Bitcoin-Price-Technical-Analysis-for-22nd-Dec-Bears-Settling-In.

Bitcoin Price Technical Analysis for 12/22/2017 – Bears Settling In

Bitcoin price is trending lower on its 1-hour time frame and might be due for a pullback to the area of interest at $16,000.

Bitcoin Price Key Highlights

  • Bitcoin price continues to trend lower and has just dipped below the $13,500 mark.

  • Price seems to be drawing some support from this area, though, probably making its way up for a correction.

  • Applying the Fib retracement tool shows the nearby inflection points that might serve as resistance.

  • Bitcoin price is trending lower on its 1-hour time frame and might be due for a pullback to the area of interest at $16,000.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is to the downside. This means that the selloff is more likely to resume than to reverse.

The 61.8% Fib is closest to the falling trend line resistance that’s been holding for the past few days. It also coincides with the broken support at the $16,000 longer-term area of interest.

The 38.2% Fib is near the $15,000 psychological level which might also contain plenty of sell orders. The 50% Fib is located at $15,285.

Stochastic is pulling up from oversold territory to reflect a pickup in buying pressure that could allow the correction to stay in play for a while. RSI is also pulling up so bitcoin price might follow suit.

Market Factors

The persistent slide in bitcoin price has probably been leading traders to liquidate their positions before the year comes to a close. The euphoria over the launch of bitcoin futures has faded after all, and there are no major catalysts that could spring another rally.

Then again, there are a few network upgrades scheduled all the way until March next year and this would still likely leave bitcoin stronger than ever. However, issues pertaining to bitcoin trading manipulation have eroded confidence in the cryptocurrency somewhat.

Meanwhile, the dollar remains strongly supported by tax reform progress as the government is on track towards implementing corporate tax cuts soon. This would be very positive for businesses and consumers, thereby upping the chances of seeing more Fed rate hikes next year.

 

Author Sarah Jenn 5:31 am December 22, 2017

 

Posteds by David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

David https://markethive.com/david-ogden

Analysis of Bitcoin, Ethereum, and Litecoin

Analysis of Bitcoin, Ethereum, and Litecoin

Analysis of Bitcoin, Ethereum, and Litecoin

* All the market data is provided by the HitBTC exchange.

 

The cryptocurrency universe is showing nervousness at the current levels, having recovered anywhere between 50% to 78% of the fall. After having sucked in the eager bulls at lower levels, is a retest of the lows on the cards?

What should be the future plan of action? To hold out or sell now? Let’s uncover the possibilities

Bitcoin

In our previous analysis, we had recommended booking partial profits at about $4459 levels. We are not yet bearish on bitcoin, but we believe that the pullback has reached a significant resistance zone of $4546 to $4680.

So, how far can the digital currency fall?

Bitcoin has significant support from the 20-day exponential moving average (EMA), the 50-day simple moving average (SMA) and the trendline in the zone of $4121 to $4200.

Therefore, a bounce from these levels is likely.

We may see an intraday dip below the trendline, but the closing is likely to be above it. Aggressive traders can initiate long trades close to $4150, if there are clear signs of support kicking in. Please watch for an hour to establish a strong support and then buy. If the cryptocurrency continues to fall, no trade should be taken.

This is a risky trade, therefore, we recommend a smaller position size.

In order to protect our investment, a stop loss of about $3950 can be kept. The target objective of this trade is $4480 and higher.

Ether

While bitcoin is yet to breakdown of the trendline, its junior partner, ethereum has already done so, albeit on an intraday basis. Until the digital currency breaks and closes below the trendline, we will not consider it a valid breakdown.

Ethereum has significant support at the $280 levels, where we expect some buying to emerge.

Nevertheless, we believe that the digital currency is stuck in a tight range of $280 to $310. This range is unlikely to hold out for long. Soon, price will either breakout or breakdown of it. Therefore, we recommend waiting until the digital currency reaches $317, which is a clear indication of demand because if the cryptocurrency breaks down of $280, it can plunge to $240 levels.

We are not recommending a trade within the range, as price is below both the moving averages, which is a bearish sign.

litecoin

Litecoin has formed a clear range of $44 on the lower end and $57.7 on the upper end. The best way to trade within a range is to buy at the bottom and sell at the top.

Currently, the cryptocurrency is trying to hold the psychological level of $50. If this level beaks, a fall to $44 is likely, where the traders can initiate long positions with a SL at $40. However, please don’t buy in a falling market. Wait for prices to bounce off the lows before buying around $44 to $46 levels.

On the other hand, if litecoin finds support at $50 and rallies above $58, we recommend a long position with the stop loss just below $50. A breakout of the range has a minimum target objective of $71.

Guest Writer on 05/10/2017

 

Posted by David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

 

David https://markethive.com/david-ogden

Why Bitcoin and Ethereum will soon be everywhere

Why Bitcoin and Ethereum will soon be everywhere

Why Bitcoin and Ethereum will soon be everywhere

Bitcoin, Ethereum and blockchain technologies are all the rage. Initial coin offerings (ICOs) are raking in millions in mere minutes, and every day a new initiative is announced with ever-increasing hype.

With all of this going on, you’d expect cryptocurrencies to be mainstream fare, right?

Unfortunately, they’re not quite there — yet.

As of now, your grandma probably isn’t wagering Ethereum with her bridge buddies. Heck, even buying pizza with cryptocurrency sounds like science fiction. The fact of the matter is that for people outside of the hardcore crypto-enthusiast community, the whole idea is still mysterious.

This article will help you get a better grasp of the future of cryptocurrency. After you finish it, you’ll clearly see how these technologies are poised to join the mainstream.

So, when will this dizzying race come to an end? Is there real value in the blockchain craze? Can it possibly live up to the expectations created by so many rivers of newsprint?

Below, you’ll find answers to all of these questions and more.
 

The true potential of blockchain technology

As it turns out, distributed blockchain ledgers do have a future.

Not only can they reduce skyrocketing IT costs, but the promise of faster, less-expensive financial transactions has the potential to accelerate growth in a host of industries.

With this great potential comes some bad news, though … you won’t see these possibilities become a reality until the technology becomes useful in the real world.

uber

What will this look like exactly? Well, when you can pay for a ride to a cafe and buy a coffee in crypto — without needing a master’s degree, mind you — its use will be pretty standard.

When crypto goes mainstream transactions won’t be measured in millions of dollars, but trillions.

The explosion of the global sharing economy illustrates how cryptocurrency can go mainstream.

Several companies are already changing the way things are done in this sector. They’re taking products and services that are already in existence and turning them into economic opportunities for millions of people.

In their industry, Uber and Lyft have transformed the way the world thinks about traveling by car. They’ve also empowered people who couldn’t otherwise find work to generate income.

With these businesses, it’s easy for drivers to get started, and they can work on their terms. Due to these reasons and more, Uber and Lyft have taken off like wildfire.

Air B&B

Airbnb also challenges the status quo to provide worldwide accommodations for its users. Not only has it reinvented the way people think about traveling, but it’s been an absolute game-changer when it comes to bringing more money into various communities.

Currently, initiatives like Open Money are laying the foundational groundwork so that software developers can make the vision of universal cryptocurrency acceptance possible. Their platform provides the technological infrastructure that will integrate cryptocurrency transactions into practical, everyday applications.

At the end of the day, companies like Uber and Lyft don’t just change the way we think about the world — they change the world. When it comes to cryptocurrency, companies like Open Money will significantly expand the acceptance of cryptocurrencies by facilitating their incorporation into the software people are already using.
 

Can cryptocurrency acceptance in consumer apps open the floodgates?

Now all of this sounds pretty amazing, but what is needed to bring this vision to reality?

Companies will need to develop strategies that are based on proven market principles to succeed. Namely, they’ll need to empower app developers from all over the world to quickly and easily integrate cryptocurrencies into their applications.

The booming consumer applications market is the ideal starting point for bringing cryptocurrencies into the mainstream. According to a recent research study by We Are Social, more than half of the world’s population now connects to the internet with a smartphone, generating over 50 percent of all internet traffic.

Overall, 3.5 billion people around the globe consistently use mass-market consumer software.

around the world

The real motor of consumer software lies in the hands of software developers. All around the globe, these individuals are innovating solutions that engage their users in powerful ways.

Unfortunately, they don’t currently have the tools they need to make this possible.

Though others are likely to follow in its footsteps, Open Money is the first initiative to provide a state-of-the-art REST API, SDKs and industry best practices designed to facilitate blockchain integration.

Built by developers and for developers, with this solution, it won’t be necessary to start from scratch. Instead, they can leverage an established infrastructure to transition their currently successful apps into the cryptocurrency market, finally enabling you to pay for your pizza in cryptocurrency.

“We want to be the catalyst that takes blockchain technology and puts it in the hands of billions of people around the world. By empowering developers of all sizes to harness the true potential of this amazing technology, we will be contributing to a world that is more efficient, equitable and productive. That’s what the Open initiative is all about,” explained Ken Sangha, COO of Open Money.

The Opportunity

Cryptocurrency is on the brink of change. Soon, app developers from around the globe will empower everyone — including grandparents— to use cryptocurrency with ease. (Nostalgia: $12 checks written by older folks will soon be a thing of the past, so get your cryptowallet ready.) If they succeed, they’ll create a new market that’ll change the economic system forever.

 

by NATHAN RESNICK

 

Posted by David Ogden

David Ogden Cryptocurrency Entrpreneur

 

David https://markethive.com/david-ogden

Bitcoin Price Rises by 5% to $3,740 as the Cryptocurrency Market Gradually Recovers

Bitcoin Price Rises by 5% to $3,740 as the Cryptocurrency Market Gradually Recovers

Bitcoin Price Rises by 5% to $3,740 as the Cryptocurrency Market Gradually Recovers

Today, on September 23, the bitcoin price increased from $3,600 to $3,738, recording a daily increase of 4.88 percent. At today’s peak, the bitcoin price surpassed the $3,800 mark, showing signs of recovery from the largest price correction.

Bitcoin Price Rises by 5% to $3,740 as the Cryptocurrency Market Gradually Recovers

On September 20, less than three days ago, the price of bitcoin and most of the cryptocurrencies in the global market declined significantly. The bitcoin price plunged from $4,020 to $3,530, by $490, and the price of other leading cryptocurrency such as Ethereum also dropped by over 10 percent.
 

Bitcoin Remains Stable in $3,800 Region, Optimistic Indicators

In 2013, when the Chinese government banned bitcoin and trading activities around the cryptocurrency, the bitcoin price fell by over 40 percent and it failed to recover for more than eight months thereafter. The bitcoin price surpassed the $1,000 mark for the first time in December of 2016. However, when the Chinese government issued a nationwide ban on bitcoin, the bitcoin price was not able to surpass the $1,000 mark again until January of 2017.

In consideration of the impact the Chinese government and its ban on bitcoin had on the price of bitcoin in 2013, China’s nationwide ban on local bitcoin exchanges had significantly less impact on both the price of bitcoin and the state of the global bitcoin exchange market.

When the Chinese government requested major bitcoin exchanges and trading platforms including BTCC, OKCoin and Huobi to shut down, analysts expected the price of bitcoin to remain below the $3,000 mark for awhile, since the Chinese bitcoin exchange market was still a large market for bitcoin. But, as an increasing number of traders and investors began to realize that the Chinese market was only accountable for around 10 to 13 percent of global bitcoin traders, the international bitcoin exchange market started to demonstrate increasing demand from investors.

It is important to acknowledge that stability is most likely a far-fetched term to depict the recent performance of the bitcoin price. But, relative to previous events such as the 2013 ban on bitcoin by the Chinese government, bitcoin has done surprising well, showing resilience towards FUD and regulatory uncertainty in China.
 

Can Bitcoin Price Recover Beyond $4,000 In Upcoming Weeks?

Financial and bitcoin analysts including Max Keiser and Ben Verret reaffirmed that the bitcoin price is likely to increase in the upcoming days and weeks, considering that the weak hands have left the market. Earlier today, Keiser also emphasized his short-term price target of $6,000, given that the bitcoin price has been able to hold up and sustain momentum despite the uncertainty in regards to the Chinese bitcoin market and also, the country’s local bitcoin mining industry.

Since 2016, an increasing number of investors and traders have begun to seek bitcoin as a safe haven asset to avoid global markets volatility and weakening of reserve currencies. As the conflict between North Korea and the US continues to intensify, it is likely that more investors will seek out for bitcoin in the upcoming weeks.

More to that, as JP Vergne, a professor at Ivey Business School explained, developer activity around cryptocurrencies is the best indicator for price. Bitcoin development is booming with the emergence of Lightning-based applications and Segregated Witness (SegWit)-supporting wallet platforms.
 

Joseph Young on 23/09/2017
 

Posted by David Ogden
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