Cryptocurrency News for 13th April 2018
Bitcoin price latest: Cryptocurrency value rockets by more than $1,000 in bizarre surge
The price of bitcoin has shot up by more than $1,000 in a bizarre price spike for the cryptocurrency.
The volatile virtual currency rose from below $7,000 to briefly reach above $8,000 in an unprecedented surge that follows several months of steady decline.
It is not yet clear what has caused the value to increase by such a large amount, with some analysts speculating that breaking the $7,000 price point sparked a surge in bitcoin investment.
"Today’s rise doesn't appear to be driven by any significant news stories," Ed Cooper, head of mobile at fintech startup Revolut, told The Independent.
Full story HERE
Source: Independent
Bitcoin: The Harder The Fall, The Higher The Rise: $35K By Q4
The cryptocurrency market has fallen under intense pressure during Q1 of 2018, with Bitcoin down just over 50% from the start of the year. Many Altcoins have also seen their fair share of declines, with the biggest losers correcting upwards of 90% from all-time highs. Q1 was packed with action and drama including exchange hacks, exchange suspensions, increased regulation from China, Mt. Gox Bitcoin selling, tax talks, and SEC meetings in the United States. Uncertainty flooded the market due to these events with many cryptocurrency investors unsure if governments would ban cryptocurrencies outright, or just tighten up regulations in regard to initial coin offerings (ICOs).
Now smaller market cap crypto projects could soon be facing liquidity issues, preventing investors from selling out of their positions. The cryptocurrency market is fairly illiquid as is, and these steep declines do not help, should many investors choose to leave the market and close their positions.
Looking back in history, Q2 is often met with more optimism and bullish sentiment in comparison to Q1. Even more so now that we have many things to look forward to including Bitcoin ETF’s, and most notably, the Coinbase Index Fund that will give investors exposure to all digital assets. Exchanges such as QUOINEX, play an important role by using a bank-grade security system to protect data and assets.
Full story HERE
Source: Forbes
Twitter briefly shut down @Bitcoin, sparking wild conspiracy theories
Twitter suspended the @Bitcoin Twitter account, which is run by an anonymous user, over the weekend. The account was briefly taken over by a user who claimed to be Turkish, then by a user who claimed to be Russian, before apparently being restored to its previous owner Monday afternoon.
“We do not comment on individual accounts so nothing to share,” a Twitter spokesperson said when asked about the suspension. “That’s some bullshit if you ask me,” the user behind @Bitcoin tweeted. “I’d like to know why my account was given to someone else, and then when it’s reinstated I’m missing 750,000 of my followers.”
The @Bitcoin account had more than 821,000 followers when it was suspended. Those followers disappeared, but it appears that Twitter is slowly restoring them.
The mysterious suspension naturally stoked conspiracy theories in the Bitcoin community. The @Bitcoin account is supportive of Bitcoin Cash, also known as Bcash. Bitcoin Cash was founded by a group of developers, miners, and other members of the community who split off in August 2017, duplicating the bitcoin blockchain and establishing a new cryptocurrency, after a dispute over how to address the growing network’s scaling issues.
Full story HERE
Source: The Verge
6 Myths About Bitcoin And How To Bust Them
In our Expert Takes, opinion leaders from inside and outside the crypto industry express their views, share their experience and give professional advice. Expert Takes cover everything from Blockchain technology and ICO funding to taxation, regulation and cryptocurrency adoption by different sectors of the economy.
Given all the negative press that Bitcoin has to fight against, the arguments in favor of Bitcoin may sometimes be lost in all the noise. So let’s have a look at the typical attacks on Bitcoin and how the community could respond to them.
Despite being down more than 60 percent from its all time high, the price of 1 Bitcoin - around $7,000 at the time of writing ($7,116 at press time - Cointelegraph) - still deters many people from entering the market. Even though Bitcoin is on the main page of many online newspapers since mid-2017, most people still do not know they can buy a fraction of a Bitcoin. So let’s set the record straight: 1 Bitcoin can be divided into 100 million satoshis (the smallest Bitcoin unit). Just because one cannot afford a full gold bar - which are $600,000 a piece - does not mean one cannot buy a gold coin or invest as little as $126 through a Gold ETF to get exposure to gold. The same thing can be done with Bitcoin.
Assuming a world population of 7 bln people, it means that there are 300,000 satoshis available per human being, or 0.003 Bitcoin. Since several studies have estimated that 3 to 4 mln Bitcoins have been lost in the early years, the true number is probably closer to 220 - 250,000 satoshis per person.
Full story HERE
Source: CoinTelegraph
Cryptocurrency miners seek cheap energy in Norway and Sweden
FRANKFURT/MILAN (Reuters) - Cryptocurrency miners are moving in to Norway and Sweden to take advantage of cheap hydro-electric energy and low temperatures to power and cool their servers.
Iceland has been Europe’s most popular location for miners of digital currencies such as bitcoin and ethereum.
But at 6.5 euro cents and 7.1 cents per kilowatt hours, respectively, commercial power prices in Sweden and Norway are cheaper than Iceland’s 8 cents and far below the European average of 11 cents.
The interest is good news for Sweden’s Vattenfall [VATN.UL] and Norway’s Statkraft [STATKF.UL], the dominant utilities in their countries. Supplying power to cryptocurrency miners is a tiny part of current business but the two state-owned firms have said they see it as an opportunity.
Full story HERE
Source: Reuters
Japan Could Have More Than 3 Million Crypto Traders
Japan's Financial Services Agency (FSA) has released domestic cryptocurrency trading statistics for the first time.
According to data gathered from 17 cryptocurrency exchanges in Japan, as of Mar. 31 this year, the country has at least 3.5 million individuals that are trading with cryptocurrencies as actual assets.
Among them, crypto investors in their 20s, 30s and 40s make up a major share, accounting for 28, 34, and 22 percent, respectively, of the total crypto trader population in Japan.
Announced at the first meeting of a cryptocurrency exchange study group established by the FSA in early March, the data release marks the latest effort by the financial watchdog in bringing greater transparency to the industry following a recent hack of one of the domestic exchange Coincheck.
Full story HERE
Source: CoinDesk
Gamers And Investors Bet Big On Cryptocurrency/Blockchain In The Gaming Industry
While Bitcoin's shaky price run continues, the value that cryptocurrency can provide outside of the trading realm is becoming evident within the billion-dollar gaming industry.
Cryptocurrency and blockchain technology were hot topics during the Game Developers Conference (GDC) that took place in San Francisco last month. As I made my way through the record-breaking crowd of 28,000 industry professionals, I constantly heard “cryptocurrency” and “blockchain” being mentioned.
DMarket, a leading global marketplace that uses blockchain technology to transform virtual gaming items into real world assets, hosted a blockchain and gaming panel discussion during GDC. The purpose of the panel was to provide an explanation as to why cryptocurrency and blockchain technology are having an impact on the gaming sector, which is expected to become a $143 billion global industry by 2020.
Full story HERE
Source: Forbes
Latvia Recognizes Cryptocurrencies in Order to Tax Them
Trying to take its share of the profits, the government of Latvia may accept cryptocurrencies as a legal means of exchange. This year’s tax filing campaign is underway and officials don’t have much time. Two parliamentary commissions and the Ministry of Finance have expressed their views on the matter this week. Latvians may very soon owe the state tax on their gains from crypto transactions.
According to the Latvian Finance Ministry, 20% tax can be imposed on capital gains from deals with cryptocurrencies. Its representatives announced the proposal during a meeting with deputies from the Parliamentary Budget and Taxation Committee on Wednesday.
Some lawmakers reminded their colleagues and constituents that cryptocurrencies are not considered a legal tender in the Baltic state and come with speculative bubbles and financial pyramids. Members of the Financial and Capital Markets Committee, however, noted that cryptos like bitcoin can “function as a means of exchange”.
The Ministry of Finance also revealed that the Latvian government is mulling over comprehensive cryptocurrency regulations. A working group set up by Prime-Minister Maris Kucinskis has been tasked to prepare the proposals. According to the Baltic Reporter, it will study market risks, but also evaluate potential benefits associated with cryptocurrencies.
Full story HERE
Source: Bitcoin News
Let the good times roll!
Daily Steemit Faucet post for 13th April 2018 FAUCET OPEN
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