Bitcoin Falls Under $300
it #39;s the new $400. Yesterday #39;s selloff managed to push the price of bitcoin below the $300 mark this morning, around two weeks after the cryptocurrency fell below its prior $400 floor....
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Gold and Bitcoin: Trading Down for the Same Reasons
Oct. 6 (Bloomberg) Bloomberg #39;s Scarlet Fu and Matt Miller report on gold and Bitcoin price forecasts with Betty Liu on In The Loop. (Source: Bloomberg) -- Subscribe to Bloomberg...
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Bitcoin is still not dead -- Facebook Payments? -- Chinese Bitcoin Ebay -- Russia Ban Again
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Bitcoin Filter Episode 23: "EYE OF THE BITCOIN"
BITCOIN FILTER meets every Tuesday night from 6PM to 7PM Even as the bitcoin price takes a tumble, Bitcoin survives. It #39;s the eye of the Bitcoin, It #39;s the thrill of the fight, rising up to...
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In the past three months, the price of the cryptocurrency bitcoin has fallen nearly 50 percent going from about $630 per bitcoin to $320 per bitcoin, according to CoinDesk's bitcoin price index, which averages the prices on major exchanges.
That's obviously an extreme shift, though bitcoin trading prices are notoriously volatile, sometimes making similar percentage drops in a matter of hours or days.
The difference here is that it appears to be a slow, measured pattern of decline.
There has been major regulatory news in the past few months, including New York's proposed rules for virtual currencies and Russia's proposal to punish their use. But that doesn't seem to have produced the same type of seismic shifts as when China ordered local payment processors to stop transactions involving digital currencies such as bitcoin.
Instead, Jerry Brito, the executive director of industry-backed think tank Coin Center, said he believes the downward trend in bitcoin may actually be related to its rising popularity among merchants in recent months.
In September, Overstock.com became the first major online retailer to accept the cryptocurrency globally.
"It's hard to tell what exactly causes these price movements, but what I think makes most sense is that as bitcoin merchant adoption grows, there is increasing sell pressure in the market," Brito says. "Because there are not yet very good hedging instruments for bitcoin, merchants that accept bitcoin for payment will immediately sell, so as to not be exposed to any volatility."
Basically, merchants don't want to hold on to the bitcoins they accept as payment. Thus, Brito says, there's a constant sell pressure, which he said he believes may have snowballed into the downward trend.
Brito is optimistic, however, about the future of the market, saying that "needed hedging instruments are coming along very shortly" and that long-term investors may actually buy in the current low.
The $320 exchange rate that the cryptocurrency is floating around is a substantial drop from the highs of last year, when bitcoins reached more than $1,100 on some markets near the end of the year after dramatic surges.
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Remember bitcoins?
The digital currency swam into the average person's attention last December, when the price of a single bitcoin reached about $1,150. The Winklevoss twins, who gained fame from their connection with the founding of Facebook, announced plans for a bitcoin investment fund. The airwaves and news columns loaded up with declarations about how bitcoins were the biggest threat to the banking system since bankers were invented. The bitcoin creed was about defeating evil central bankers with freedom and libertarianism.
Since then thousands of businesses announced they would accept bitcoins for goods and services. That level of interest should have kept the price of bitcoins stable, because theoretically their value is tied to their acceptance.
What's happened instead is that the price of bitcoins has plummeted, especially over this past weekend. The coins were quoted late Monday at $333.88 by CoinDesk, a bitcoin information service, up a bit after bottoming out at about $290. Many of the bitcoin faithful are in paroxysms of grief over the price collapse.
The main problem is that no one in the bitcoin community can adequate explain the price action. Accordingly, rumors and speculation abound. Some think it's the advent of new regulations on "virtual currencies" coming from New York State banking regulators.
Another theory is that Chinese computer programmers have sharply stepped up their "mining" of bitcoins. (The bitcoin supply can be increased only when programmers solve an increasingly complex algorithm, which requires ever-more-powerful computers.) Some even think that bitcoin's success in the marketplace is its own enemy, on the theory that merchants accepting bitcoins rapidly convert them to dollars or other hard currencies, which drives down the price. And then there are bitcoin believers who dismiss the plunge as merely an artifact of bitcoins' natural volatility.
What's hard to dispute is that the long-term price decline underscores the dangers of bitcoins as an investment. As we observed last year, bitcoin fans can be divided roughly into two categories: investment enthusiasts and transactional users.
Investment enthusiasts see bitcoins as the next best thing to gold--a currency/commodity that will retain intrinsic value, or even gain value, as the world goes to hell. Just as gold never loses its glitter, the argument is that bitcoins are immune from manipulation from the gnomes of international finance in central banks and central governments.
For those who bought into this argument and collected bitcoins as the price rose to $1,000 and beyond, the decline is nauseating. One investor's post on reddit.com's r/bitcoin forum was headlined "Desperate: How long to hold out / What would you do in my situation." The poster said he or she already had lost more than $100,000 this year, on an investment at an average cost of $623 per coin. "So far i am down a lot." (No kidding.)
For those who use bitcoins as transactional instruments--that is, to move money in and out of currencies or across national borders without financial authorities interfering--the price might be irrelevant. That's the view of Stanford University economist Susan Athey, an expert in crypto-currencies. Athey told us last year that if you're selling goods in bitcoins and exchanging them for dollars, or trying to transfer your wealth from yuan in Beijing to euros in Frankfort, "inprinciple, you need to only worry about the exchange rate for 10 minutes.... The point is that we have a new technology that allows any individual in the world to send value from one place to another instantly, in a way that's secure and verifiable."
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Bye-bye, bitcoin? The crypto-currency's price agonies intensify
"The view is that some early adopters are making moves at the moment and you can see that in all of the publicly available exchange trade data," he added.
Bitcoin was the center of a media frenzy last year after it rose 8,000 percent from January to early December. Prices halved soon after amid regulatory concerns.
The cryptocurrency has since fallen out of the spotlight, save for a brief flash crash in August, when prices fell 12 percent during one day, due to concerns about state-specific regulation in in New York. Prices are down 73 percent their all-time high of $1,147 hit on December 4, 2013.
Read MoreBitcoin company Coinbase to launch eurozone consumer service
Interest to remain
Price declines over the weekend are unlikely to deter investors, said David Moskowitz, director at Singapore-based bitcoin trading firm Coin Republic.
"I think the price is really irrelevant to the technology. Obviously it hurts investors when the price goes down but most people who are buyers are in it as long term investors and can withstand the short term gyrations," he said.
"Adoption has continued to increase there has been a tremendous amount of good news over the past year especially with more well-known merchants taking it on," he said.
Read MorePanic or real risk: Could bitcoin cause a crash?
Sharp price swings could be positive for bitcoin ANX's Madden said: "It creates headlines and as a result people start to read about it and [attracting] a lot of interest."
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The price of bitcoin rose as much as 12 percent today after falling by 21 percent in the previous five days to the lowest level in 11 months.
The virtual currency was up 10 percent at $340 as of 4:40 p.m. in London, according to Bitstamp data compiled by Bloomberg. The currency fell 14 percent during the weekend.
Bitcoin users must grapple with volatility in the unregulated currency even as it wins wider acceptance from mainstream businesses such as online travel-booking service Expedia Inc. and satellite-television company Dish Network Corp. Recent price declines were reinforced by the unique way in which new bitcoins are added, said Gil Luria, an analyst with Wedbush Securities in Los Angeles.
Miners, who authenticate transactions using the currency and record them in bitcoins public ledger, receive new bitcoins for their services. Because their work requires fixed investments in expensive hardware, the lower the price of the coins they generate, the more they have to sell to cover their costs.
All this describes a negative, self-reinforcing cycle, Luria said in an e-mail. And bitcoin does not have liquidation value to set a bottom - not cash on the balance sheet, no hard assets.
Unlike traditional currencies, virtual currencies such as bitcoin often have a fixed supply and cant respond to changes in demand, making them prone to greater volatility, the Bank of England said in a report last month. By July 9, there were 41 million bitcoin wallets registered, the Bank of England said.
Nicholas Colas, chief market strategist at New York-based ConvergEx, said the murky and sometimes illicit uses to which bitcoin is put on the so-called dark Web may also play a role in sudden price declines.
My best guess -- and it is only a guess -- is that a dark Web drug site or other very illegal site got taken down, and demand took a dip, Colas said in an e-mail.
To contact the reporters on this story: Amy Thomson in London at athomson6@bloomberg.net; Carter Dougherty in Washington at cdougherty6@bloomberg.net
To contact the editors responsible for this story: Kenneth Wong at kwong11@bloomberg.net Kenneth Wong, Cecile Daurat
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Bitcoin Price Rises After 21% Five-Day Decline Amid Volatility
Over the past three months, the price of the cryptocurrency bitcoin has fallennearly 50 percent going from $630 per bitcoin to $320 per bitcoin, according to CoinDesk's Bitcoin Price Index, which averages the prices on major exchanges.
That's obviously an extreme shift but bitcoin trading prices are notoriously volatile, sometimes making similar percentage drops in a matter of hours or days.
The difference here is that it appears to be a slow, measured pattern of decline. There have been bits of major regulatory news in the past few months, including New York's proposed rules for virtual currencies and Russia's proposal to punish their use. But that doesn't seem to haveproduced the same type ofseismic shifts as when China ordered local payment processors to stop transactions involving digital currencies such as bitcoin.
Instead, Jerry Brito, the executive director of industry-backed think tank Coin Center, believes the downward trend may actually be related to the increased popularity of bitcoin among merchants in recent months. In September, Overstock.com became the first major online retailer to accept thecryptocurrency globally.
"It's hard to tell what exactly causes these price movements, but what I think makes most sense is that as Bitcoin merchant adoption grows, there is increasing sell pressure in the market," Brito says. "Because there are not yet very good hedging instruments for bitcoin, merchants that accept bitcoin for payment will immediately sell so as to not be exposed to any volatility." Basically, merchants don't want to hold on to the bitcoins they accept as payment.
Thus, he says, there's a constant sell pressure, which he believes may have snowballed into the current downward trend. However, Brito is an optimist about the future of the market, saying that "needed hedging instruments are coming along very shortly" and that long-term investors may actually buy in the current low.
The $320 exchange rate the cryptocurrency is currently floating around is a substantial drop from the highs of last year when bitcoins reached more than $1,100 on some markets near the end of the year after dramatic surges.
Looking even further back shows just how turbulent 2013 and 2014 were for the overall currency and payment system experiencing major booms and busts at much more significant dollar levels than in its earlier year.
Bitcoin received intense media coverage as it experienced some growing pains, including regulatory turmoil, a bankruptcy scandal involving one of the most popular exchanges, and various attempts to unmask the cryptocurrency's mysterious creator.
But given all the hype the currency has received, it can be easy to forget that the system was launched only in 2009 and that the price stayed well below the current levels until the latter half of 2013.
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Bitcoin will become the new gold -- Mobile Payments to grow 60% in 2015? -- Adopt Bitcoin or Bust
Donate: https://blockchain.info/address/1LAYuQq6f11HccBgbe6bx8DiwKwzuYkPR3 Subscribe: http://patreon.com/madbitcoins Sponsor: http://MadBitcoins.com October 4th, 2014 -- Sao Paulo, Brazil...
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The Bitcoin Selloff Continues
Bitcoin, the best-known cryptocurrency, recently slipped underthe $400 mark, a former price floor that some viewed as a bulwark against further price pressure. Currently trading for $338.83...
By: WochitGeneralNews
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LIVE Update from Hong Kong Bitcoin Price Breaks Support - 4th October 2014
Donation address for James in Hong Kong: https://blockchain.info/address/123mbDdfn6fo1aNhowFTDFahqvx6DU9KiC Follow James on Twitter: https://twitter.com/PRHacks Mentioned in Coin Telegraph...
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LIVE Update from Hong Kong & Bitcoin Price Breaks Support - 4th October 2014 - Video
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What is Bitcoin? What is cryptocurrency? Is Bitcoin money or currency?
Rodrigo #39;s Bitcoin start-up: http://www.blinktrade.com Apps, books courses for entrepreneurs: http://www.problemio.com In this tutorial, I ask Rodrigo what is Bitcoin and what is cryptocurrency....
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What is Bitcoin? What is cryptocurrency? Is Bitcoin money or currency? - Video
First Dance, first Bitcoin Blockchain Wedding
This is moments after this couple registered their marriage contract worldwide on millions of computers (and billions to come) Stateless wedding. first wedding with power vested in the 2 individuals.
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GPG Contracts and the #bitcoin-otc web of trust
Michael Goldstein presentats a tutorial on GPG contracts and the #bitcoin-otc web of trust. Learn how and why to give yourself an online cryptographic reputation.
By: Texas Bitcoin Frontier
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"The view is that some early adopters are making moves at the moment and you can see that in all of the publicly available exchange trade data," he added.
Bitcoin was the center of a media frenzy last year after it rose 8,000 percent from January to early December. Prices halved soon after amid regulatory concerns.
The cryptocurrency has since fallen out of the spotlight, save for a brief flash crash in August, when prices fell 12 percent during one day, due to concerns about state-specific regulation in in New York. Prices are down 73 percent their all-time high of $1,147 hit on December 4, 2013.
Read MoreBitcoin company Coinbase to launch eurozone consumer service
Interest to remain
Price declines over the weekend are unlikely to deter investors, said David Moskowitz, director at Singapore-based bitcoin trading firm Coin Republic.
"I think the price is really irrelevant as far as people who buy it as a speculation or an investment obviously it hurts when the price goes down but most people who are buyers in it are long term investors," he said.
"Adoption has continued to increase there has been a tremendous amount of good news over the past year especially with more well-known merchants taking it on," he said.
Read MorePanic or real risk: Could bitcoin cause a crash?
Sharp price swings could be positive for bitcoin ANX's Madden said: "It creates headlines and as a result people start to read about it and [attracting] a lot of interest."
See the article here: