XDA Developers (blog) | Track Cryptocurrency Prices with Crypto Trakr XDA Developers (blog) The world of cryptocurrency is one that seems to only get bigger and bigger with every passing day. Chances are many of you reading this have tried your hand at buying and/or selling some form of cryptocurrency at one point or another, and a new app by ... |
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Track Cryptocurrency Prices with Crypto Trakr - XDA Developers (blog)
The Merkle | Best Apps to Track Cryptocurrency Prices on a Mac Investopedia Bitcoin Ticker is a simple app that provides a service exactly as you would expect based on its name: it serves as a ticker for Bitcoin, with information about a number of different exchanges available at once. The app has not been updated since 2014 ... Top 6 Bitcoin and Cryptocurrency Books to Check out This Summer |
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Best Apps to Track Cryptocurrency Prices on a Mac - Investopedia
Michal Copiuk is theChief Operating Officer ofX Open Hub, a multi-asset liquidity and trading technology provider for financial institutions and retail brokerages. Finance Magnates interviewedCopiuk to understand the firms reasons for becoming a cryptocurrency liquidity provider.
Learn how to buy Bitcoin and Ethereum safely with our simple guide!
Despite the increasing popularity and publicity it enjoys, not many people yet know how to trade with cryptocurrencies. A lot of investors are not feeling comfortable with the technology needed to store bitcoins and other altcoins. As various statistics show there is still some lack of trustworthiness in the technology used to store clients coins, no matter if those are virtual wallets or hard wallets.
Clients are also afraid of the security of their fiat money, as many of the available exchanges are not regulated.
We very well know the history of the top crypto exchanges that have failed to deliver necessary level of security for their clients. What is more, even today many of them have some technical problems, either with API or quoting one of the several instruments from their portfolio.
Also, many exchanges do not accept fiat money. Clients have to buy Tether to transfer the funds to the exchange, so the process is time and cost consuming. Moreover, a lot of retail clients are not satisfied with the time it takes to execute a transfer of their virtual currency as well as receive a confirmation of such transfer.
Of course, a lot is being done to achieve improvements. Solutions like SegWit2x or increasing the capacity of the individual blocks are being introduced, but the whole network is still growing and it will take some time to implement those changes.
Therefore, a lot of clients willing to invest or speculate on bitcoin and other altcoins are looking for the alternatives, especially that they would like to have those products leveraged with the most competitive spreads aggregated from many exchanges.
We are not afraid of the new. We want our customers to have access to novelties, and we want to guarantee them, that if they stay with us, theyll find everything that will keep their business innovative and agile. Thats the reason why we have decided to introduce this new asset class to our liquidity offer.
During the last several weeks we have established connections to the top cryptocurrency exchanges. We have optimized the feeds, spreads and the execution. We have secured ourselves and our clients with in-house developed technologies against any flash crashes or technical problems in any of the venues.
What is more, we are able to offer liquidity for cryptocurrencies starting from 5% margin.
Lastly, in comparison to many unregulated exchanges offering cryptocurrencies, our offer can be fully trusted. Our capital group is regulated by FCA, KNF, Cysec and IFS and our licenses are passported to more than 10 EU countries and our group is listed on Warsaw Stock Exchange.
This is a great possibility for our partners to entice their retail customers to this type of investment, by offering them fair spreads, fast execution and wide range of instruments. We believe that the brokers have to follow the latest trends, and thus they should treat cryptocurrencies as a fantastic tool to acquire more customers or retain the existing ones, by facilitating their trading with bitcoin and other altcoins.
Not at all. Integration with our liquidity pool can be conducted within 24 hours. We offer API, FIX, MT4 GW and other in-house developed connection methods. Also, our hedge accounts can be handled in multiple currencies.
In terms of short term plans, being aware that as every trading product, this one is also developing and evolving very fast and new cryptocurrencies emerge on the market, we constantly expand our offer. In fact we have already scheduled adding new cryptocurrencies to our portfolio.
In a long term, however, we are aiming to be the top Liquidity Provider for Cryptocurrencies in the world.
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X Open Hub COO Explains Reasons for Adding Cryptocurrency Liquidity - Finance Magnates
While the movement from traditional banking and financial institutions to cryptocurrency investments has been slow for some, others have been biding their time and waiting for the appropriate moment to make the switch. According to a recent report by Coin Telegraph, John Mack, the former Chief Executive Officer for Morgan Stanley, is in the latter category. Mack is reportedly preparing to enter the cryptocurrency game and is looking to launch an ICO at some point later in the year. Why would Mack be interested in joining cryptocurrency investors in the hottest new trend?
Mack's project at this time is Omega One, a platform which he says "is going to be transformative because it benefits the entire ecosystem--making crypto assets cheaper and easier to access," according to the report. Mack claims that he has been following and investing in digital currencies for several years, and he feels that Omega One is uniquely prepared to transform the industry. His investments in the startup were reportedly made via Venture One, a portfolio company which he backs privately. The goal of Omega One seems to be to push digital currencies into broader public view, making them more available and attractive to potential investors. Mack is currently the sole investor in this project, although his status as a finance legend will likely draw in other interest as time goes on.
According to Alex Gordon-Brander of Omega One, his company provides "the bridge between traditional capital markets and the crypto markets." Omega One, he says, "will provide everything from balance sheet intermediation and a trusted counterparty." He points to the "very first signs of institutional adoption of crypto markets" as a sign that his company has an interested and eager audience, as well as room in which to make an impact.
Analysts at Coin Telegraph suggest that Mack's move into the cryptocurrency space has been strategically timed, as the cryptocurrency market itself has grown and matured significantly over the past year and a half. With a clear sign that institutional investors are interested in entering the field, there remains a bit of mystery as to how these investors could best make use of their assets. This is where a company like Omega One could come in, or at least that's what Mack and the company's leaders hope. Regulation and education regarding the digital currency world are some of the largest barriers at this point. Experienced financial professionals like Mack may hope that their background in trading securities and assets of all kinds will allow them the benefit of being able to learn about and improve upon the way that cryptocurrencies are bought and sold, too.
Omega One will reportedly offer clients the opportunity to hold native tokens. It aims to launch via an ICO at some point later this year, after August and before December.
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Morgan Stanley Ex-CEO to Launch Cryptocurrency Game-Changer - Investopedia
- Recent cryptocurrency losses have been pulled back.
- Volatility remains until new proposals come into force.
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Fears that blockchain may split into two, creating two different bitcoins (BTC), have lessened in the past two days as bitcoin miners have begun to support a new bitcoin improvement proposal (BIP) that would help solve the long-running scaling problems. The proposal BIP 91, would introduce SegWit2X to the blockchain to help speed up the transaction time from the current limit of 1 megabyte every 10 minutes. According to many in the industry, BIP 91 would make implementation of SegWit2X less risky and would decrease the probability of a blockchain split (hard fork).
Over the past couple of days, bitcoin miners have begun signalling support for BIP 91 by adding a piece of code to each new block transaction. If the required 80% support is reached before August 1, the new protocol would be locked-in, lessening the chances of a hard fork. The activation window is 336 blocks and if the 80% target is hit, BIP 91 locks-in and after another 336 blocks are mined it becomes activated.
The latest signalling rate is seen just under 80% of the last 144 blocks mined with several of the largest BTC miners already showing their support for the new proposal, including AntPool, BitClub, Bixin, BTC.com and BitFury.
With the chances of a blockchain split lessening, the price of BTC and most other digital currencies have recovered from Sundays heavy sell-off. The future though may be less certain with the recent volatility underscoring the need for cryptocurrency traders to tread carefully in the weeks ahead. The chart below shows BTC still trading below its 100-day ema with a potential resistance level around $2419.
Chart: Bitcoin Four Hour Timeframe (June 14 - July 19, 2017)
Chart by IG
Ether (ETH) in the meantime has seen even sharper swings than peer bitcoin slumping from $225 on Sunday to a $137 low before rebounding to trade over $257 late Tuesday.
Chart: Ether Three Hour Chart (July 7 July 19, 2017)
Chart by TradingView.
Ethereum however, may soon come under increasing State regulation, over the recent surge in Initial Coin Offerings (ICOs), the cryptocurrency markets equivalent of traditional equity Initial Public Offerings (IPOs).
Market Moves/Capitalizations July 14, 2017.
Cryptocurrency
Price/Change%
Market Cap
BITCOIN
$2307 -0.94%
$37.971bn
ETHEREUM
$221.4 +9.5%
$20.68bn
RIPPLE
$0.176 -3.21%
$6.765bn
LITECOIN
$41.93 -4.84%
$2.183bn
ETHEREUM CLASSIC
$15.45 -2.03%
$1.448bn
--- Written by Nick Cawley, Analyst
To contact Nick, email him at nicholas.cawley@ig.com
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Cryptocurrency: Bitcoin Retains Gains as Hard Fork Fears Recede - DailyFX
News world
Governor of the Austrian Central Bank Ewald Nowotny warned users about the speculative nature of virtual currency. Nowotny also serves as a member of the governing council of the European Central Bank (ECB).
On July 19, governor of the Austrian Central Bank (German: Oesterreichische Nationalbank) Ewald Nowotny warned against cryptocurrency usage in an interview with newspaper Kleine Zeitung. Nowotny worries that the general public fails to grasp the potential psycho-social ramifications of a virtual currency correction. When asked about Japans recognition of bitcoin as a means of payment, Nowotny expressed his reservations.
Bitcoin is not a currency, he said. Bitcoin lacks the one thing that makes a good currency, namely stability. Instead, he classifies bitcoin as an object of speculation.
His hesitation is understandable, especially in light of bitcoins impending User Activated Soft Fork. Nonetheless, cryptocurrency has taken root in Austria. sterreichische Post, Austrias official postal services provider, recently announced its partnership with a Vienna startup to allow the exchange of euros for bitcoin.
Significantly, Nowotny is not completely pessimistic about cryptocurrency. He explains that Austria does not ban it as a banknote, but acknowledges that you have to let the people know what they are doing. Previously, he had compared cryptocurrencys popularity to the Tulip Crazeof the 16th century Holland.
Nowotnys measured approach is exactly what a concerned public would hope for in a central banker. He recognizes the inherent dangers and seeks to insulate the Austrian economy.
[Bubbles] can have negative psychological effects, he said. This is the danger we see but I would not overrate it either.
As a member of the European Central Banks governing council, Nowotny may inform the approach of his colleagues. In May, ECB president Mario Draghi encouraged the close study of distributed ledger technology.
Quotes translated from German using Google Translate.
Matthew is a writer with a passion for emerging technology. Prior to joining ETHNews, he interned for the U.S. Securities and Exchange Commission as well as the OECD. He graduated cum laude from Georgetown University where he studied international economics. In his spare time, Matthew loves playing basketball and listening to podcasts. He currently lives in Los Angeles.
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Governor of Austrian Central Bank Advises Cryptocurrency Caution ... - ETHNews
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In BriefCryptocurrencies fell over the weekend, reaching record lowsand loosing billions in market cap. While they've since recoveredthe losses, it shows just how unpredictable the cryptocurrencymarket truly is. Cryptos Rise (& Fall)
Over the weekend, cryptocurrencies suffered one of the most severe decreases in value in history when their market cap fell from a record high of $116 billion in June to $60 billion on Sunday July 17. Early this week, themarket has started to rise again, but the plummet will not soon be forgotten:throughout the day on Sunday, Bitcoin dropped from over $2,000 to as low as $1,758.20, and Ether fell 20percent to $130.26.Click to View Full Infographic
As of Tuesday morning, it seems thedownward trend has ended, with all major cryptocurrencies reporting rising rates again: Bitcoin is back over $2,000 once more, with Coin Market Cap reporting the currency is now trading at $2,307 (9:00 EST), while Ether has risen from a low over the weekend to a current value of $196.58. The total market cap has regained losses of around $10 billion,according to Coindesk.
Despite the improvement, however, cryptocurrencies are a long way off the meteoric successes they enjoyed in June, where they saw a market cap as high as $116 billion. Since then, Bitcoin has lost around 30 percent of its value, with its highpoint being $3,000 in contrast to todays figure of roughly $2,000. Ethereum has suffered even more severely, dropping from $395 to $164. Despite these falls, 2017 remains a record breaking year for cryptocurrency overall.
There have been, according to Venture Beat, three main reasons for the 48 hour cryptocurrency flop.
First, the bitcoin civil war that seems imminent as of August 1st when the Bitcoin improvement proposal 148 is set to activate. For one, theproposal concerns the possibility of increasing the cryptocurrencysblock size, (a decision which has divided miners and investors).At any rate, and regardless of the eventual decision, the uncertainty right now has caused many investors to liquidate their virtual assets.
Second, a flurry of startups have chosen to get out of the game afterprofitable rounds of investment derived from initial coin offerings (ICOs). Two particularly striking examples are EOS: after raising $200 million worth of Ether earlier this month, they have been offloading it to Bitfinex and TenX, which raised 200,000 ETH ($67 million at the time) in its token sale 30 percent of which has already been sold. This contributes to uncertainty and danger in the marketplace, which can precipitatedecreasing value.
Third, the presence of amateur sellers that the bitcoin market attracts through its fundamental lack of regulation and policing can have a multiplier effect on every market movement, namely throughfrantic, if not occasionally panicked, buying and selling practices.
While the ultimate success of cryptocurrencies remains speculative, one thing we know for sure after observingtheir activity over the last few days is that financial currencies remain volatile and prone to unpredictability.
Disclosure: Several members of the Futurism team, including the editors of this piece, are personal investors in a number of cryptocurrency markets. Their personal investment perspectives have no impact on editorial content.
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Cryptocurrency Hit Record Low Values Over the Weekend - Futurism
In Brief After a rough weekend, Bitcoin investors, miners, and developers are cautiously optimistic: after hitting historic lows, the cryptocoin's price went back up on Monday.
After a rough weekend of historic lows, Bitcoin prices began to recoveron Monday, reachingover $2,300, signaling a crisis averted for now.Its also an optimistic sign that the potential network hard fork may be avoided, with more bitcoin shareholders, miners and developers,warming up to a proposed solution.
Bitcoin prices dropped dramatically beginning Friday and continuing well into the weekend. Economic forecasts had suggested that the most turbulent period in the cryptocoins history wasimminent. It didnt come as a complete surprise, as many were expecting the so-called Bitcoin Civil Warto ensue between miners and developers, after a deadlock in deciding what direction the cryptocurrency should take amidst increased blockchain traffic.
Miners wanted to increase Bitcoins block-size limit, while developers have proposed moving data off the main blockchain network, which would diminish the influence miners wield. The scaling solution in question is the Bitcoin Improvement Protocol (BIP) 91, which makes theSegWit2x update and the BIP 148compatible. Essentially, it would make it easier for the SegWit2x update to be adopted, while at the same time avoiding the split that BIP 148 might cause.
To lock in by July 31, BIP 91 only needs 80 percent miner support unlike BIP 148, which would require 95 percent. With increased support for BIP 91, the expected July 31 to August 2 bitcoin splitcould still be averted.
Disclosure: Several members of the Futurism team, including the editors of this piece, are personal investors in a number of cryptocurrency markets. Their personal investment perspectives have no impact on editorial content.
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As Cryptocurrency Prices Recover, Bitcoin War May Be Averted - Futurism
Hackers hijacked cryptocurrency trading platform CoinDash on Monday just as it was in the middle of its initial coin offering, or ICO. It's the first known breach of an ICO, this season's hottest fundraising method.
CoinDash, an Israeli startup, planned to raise capital by selling its own digital tokens in exchange for the cryptocurrency Ethereum , which is similar to Bitcoin . But just 13 minutes into the token sale, which began at 9 a.m. ET Monday, an "unknown perpetrator" hacked CoinDash's website and changed the address for sending investments to a fake one, the company later announced on its website . That diverted millions of dollars in contributions to the attacker.
While the CoinDash ICO still managed to raise $6.4 million from early investors, the hacker stole $7 million worth of Ethereum before the company was forced to pull the plug on the token sale. Despite the losses, CoinDash promised to dole out its tokens accordingly to everyone who participated in the ICO before it was shut down, whether or not they sent funds to the correct address.
"Reminder: We are still under attack. Please do not send any [Ethereum] to any address, as the Token Sale has been terminated," CoinDash said in the statement.
The incident is likely to put a damper on the enthusiasm surrounding ICOs. The offerings are similar to stock market initial public offerings, or IPOs. But there are two key differences: ICO investors receive cryptocurrency instead of equity, and the offerings face far less regulation.
ICOs have had a banner year. In 2017 alone, such token sales have raised at least $540 million, my colleague Jeff John Roberts reported in a recent Fortune Magazine story, "Why Tech Investors Love ICOsand Lawyers Dont." A month ago, a single ICO raised as much as $147 million; another raised $35 million in just 30 seconds .
The CoinDash hack is reminiscent of another large-scale Ethereum heist last year, when attackers breached a blockchain organization called the DAO and stole more than $50 million that had been raised in an ICO a month earlier. But the DAO hack occurred after the token sale had already ended.
To CoinDash, which hyped its ICO with modified promotional imagery for HBO's Game of Thrones , the breach is a blow both financially and in terms of its relationship with customers, some of whom suggested on social media that the attack could have been an inside job.
For its part, CoinDash pledged to investigate the breach and move on. "This was a damaging event to both our contributors and our company but it is surely not the end of our project," the company said in its statement.
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Hackers Just Stole $7 Million in a Brazen Ethereum Cryptocurrency Heist - Fortune
Digital currencies are decentralized, peer to peer currencies that are not influenced by the actions of governments or central banks. They run on open source platforms, and can be traded against fiat currencies, or as funds, at leading trading platforms. Blockchain technology has revolutionized e-commerce and financial services, and more banks are adopting this dynamic technology to process financial transactions.
Digital currencies have come a long way since inception after the global financial crisis of 2008/2009. Bitcoin was created by Satoshi Nakamoto, an individual, or group of individuals, who have since disappeared from the scene. Their legacy remains however, with a myriad of digital currencies now available on the market. These include Bitcoin, Litecoin, Dogecoin, Ethereum and hundreds of others which are rapidly garnering the attention of e-commerce retailers, traders, banks, financial institutions, and even regulatory authorities around the world.
One of the worlds premier financial trading platforms, eToro has launched a CryptoFund. This fund tracks the activity of cryptocurrency such as Bitcoin and others. The precise asset allocation in the CryptoFund is as follows:
The bulk of the CryptoFund 84% is comprised of Bitcoin, Ripple and Ethereum. In June, the fund tracked negatively with losses of 4.65%, followed by month-to-date declines in July of 25.64%. The eToro CryptoFund is a trading option, meaning that registered clients can benefit from price movements in the fund regardless of direction. At eToro, there are currently over $300,000 worth of assets under management (daily reading) with the CryptoFund, with hundreds of traders.
Since this is a CopyFund, it is possible to follow successful traders, copy their trades and profit accordingly. The increasing popularity of cryptocurrencies is a result of several factors, notably their increasing adoption in e-commerce, their rarity, and the anonymity that is afforded to traders. Compared to fiat currency which is completely controlled by governments and central banks, cryptocurrency offers multiple trading opportunities. This fund has a market capitalization of at least $1 billion with monthly trading volumes in excess of $20 million.
eToro management carefully monitors the individual components of the fund and if any of them dips beneath $1 billion, or if trading volumes are less than $20 million, a currency could be dropped from the fund. The cryptocurrency with the highest market capitalization is Bitcoin at $40 billion, but others like Ethereum and Litecoin also have high market capitalizations. The precise weighting assigned to individual currencies in the fund is determined by the portfolio manager at eToro.
The Crypto Copyfund is traded as a CFD (contract for difference) which is a derivative trading instrument. eToro management protects traders with the limits imposed on the daily trading activity of the CryptoFund. If the limit is exceeded, the funds trading activity will be closed for the day. This is done to maintain stability in trading activity, much like the major indices on Wall Street.
eToro is a strictly regulated financial trading enterprise. Only traders from accepted jurisdictions can register, deposit, and trade cryptocurrency online. In the United Kingdom, eToro is registered by the Financial Conduct Authority (FCA) and operates under the name eToro UK. The minimum required deposit is $5,000, and clients are required to be UK residents.
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Cryptocurrency markets are crashing. Bitcoins price has fallen by about 20% in the last seven days, wiping out $7 billion of market value. But its doing better than other major cryptocurrencies like ether and ripple, which have lost 30% or more.
Bitcoins relative resilience in the current crash bolsters its status as the reserve currency of the cryptocurrency markets. Some $29.5 billion worth of bitcoin has been traded on global exchanges in the last month, compared to $26.3 billion worth of ethereum, according to data site Coin Marketcap. Not all traders are cashing out of ether into bitcoin, of course, the ether-Korean won currency pair is among the most actively traded in the last 24 hours, Coin Marketcaps data shows.
One indicator of bitcoins health relative to other cryptocurrencies is the so-called Bitcoin Dominance Index maintained by Coin Marketcap. It shows the total value of all bitcoin in circulation as a proportion of the value of all cryptocurrencies in circulation. As cryptos in general rallied this year, bitcoins dominance has fallen. But as markets have corrected in recent weeks, bitcoins dominance rose.
Bitcoin is still more than twice as valuable as ethereum, and about six times as valuable as Ripple. That gap could grow if the cryptomarket correction continues.
Read next: The strange mix of reasons why bitcoin has soared to all-time records
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Cryptocurrencies are crashing, but bitcoin isn't falling as badly as the rest - Quartz
The price of the digital currency bitcoin fell over the weekend, dropping below $2,000 and farther away from its June highs, part of a broad selloff in dozens of cryptocurrencies, including ether.
Bitcoin on Sunday traded as low as $1,836, according to news and research site CoinDesk, down about 8% on the day, and almost 40% from its high of $3,018 on June 11. Meanwhile, ether, the currency used on the Ethereum network, traded as low as $155 on Sunday, down about 60% from its high of $395 on June 13.
Prices were lower across the board on Sunday, most notably for the tokens created via the so-called initial coin offering, or ICO, process.
The selloffs are yet another stark reminder that for all the potential and promise in these new kinds of digital assets, they remain highly speculative trading vehicles. The markets around them are still relatively immature and illiquid, resulting in extremely volatile trading.
An expanded version of this report appears on WSJ.com.
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Bitcoin slides below $2000 as cryptocurrency selloff continues - MarketWatch
Ethereum, one of the most popular cryptocurrencies, is becoming more difficult to mine. At the same time, volatility is rearing its welcome head, and the value of Ethereum is now less than half of what it was around a month ago. As a result, profitability is way down, and some miners are putting their GPUs up for sale on second-hand sites such as Ebay, CoinDesk reports.
While it is difficult to predict anything when it comes to cryptocurrencies, we are cautiously optimistic that GPU pricing should start trending back to normal in the coming weeks. That could change at the drop of the hat, of course, but with the way things are now, miners are less motivated to stock up on GPUs and mine Ethereum.
That was not the case a month ago when Ethereum reached an all-time high of $300 before recording another high of more than $400 a short while later. More and more miners jumped on the crytpocurrency bandwagon in hopes of making some extra dough, and maybe even eventually striking it rich, as some early adopters of Bitcoin did. But since then, Ethereum has fallen in value, declining to a low of $133 over the weekend. It's currently trading at around $170-$180.
It has also become more difficult to mine over the past month. Have a look at the steep trend line from the beginning of June until now:
From our vantage point, the difficulty in mining has caused about a 10 percent drop in profitability, while the falling price has made Ethereum mining 50 percent (or more) less profitable. Power costs remain constant, so where an RX 580 might have grossed up to $5 per day next last month, it will now only gross around $1.70. That means instead of a net profit of $4, it's now down to a net gain only $1.25 (at a power cost of $0.10 per kWh). Generally speaking, it looks like a typical miner might have to wait six months or more to pay for a GPU hardware investment, compared to two or three months.
This is a good thing for gamers. While crytpocurrencies like Bitcoin (SHA256) are far more easily mined on ASIC hardware, othere's like Ethereum (Dagger-Hashimoto) and ZCash (Equihash) use algorithms that are resistant to ASIC hardware. Combined with Ethereum's spiking value, miners went running for the hills with as many GPUs as they could carry in what became a modern day gold rush.
This resulted in a shortage of many desirable graphics cards from both AMD and Nvidia. The best bang-for-buck options for gaming are also great options for mining, but there just aren't enough parts to meet the demand of both markets. Cards like the Radeon RX 570 have been out of stock or grossly overpriced by third-party vendors, such as this Gigabyte Aorus Radeon RX 570 going for $550. And that's not even the most expensive RX 570 SKU out there. PowerColor's Red Devil variant is listed on Newegg (through a third-party) for $639.
It's a crazy situation, but here's hoping that recent events restore some sanity to the graphics card market. There's an RX 580 8GB currently in stock at Newegg for 'only' $310, which is still way over MSRP, but the coming weeks should see inventories and prices start to return to normal. If you'd rather not wait for inventory levels to even out, you can also check second-hand sites for deals.
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Steep decline in cryptocurrency market has miners dumping their GPUs on Ebay - PC Gamer
No one can say there is such a thing as a boring day in the world of Bitcoin and cryptocurrency. After the onslaught of price declines throughout the weekend, we kick off this Monday on a positive note. All currencies are seemingly recovering their losses. The Bitcoin price surpassed US$2,000 again, but it looks like Ethereum is the winner of the day so far. Other currencies all doing quite well too, for now.
Even though we are not a big fan of the term dead cat bounce, it accurately describes what is going on in the cryptocurrency world right now, by the look of things. The markets are showing signs of positive momentum, but there is no reason to get overly excited just yet. After all, the gains made today can easily be wiped out in an hour or two of bearish trading. This is especially true for the currencies showing large gains compared to yesterday.
Taking a closer look at the charts, we can see there is only one coin in the top 50 without a green number next to it right now. Overall, that is a positive sign for cryptocurrency as a whole. At the same time, people have to keep in mind these positive changes are a direct result of the Bitcoin price going up slowly. Should Bitcoin drop in value again, these short-term gains for all altcoins will be wiped out pretty quickly.
While it is good to see the Bitcoin price bounce back to above US$2,000, maintaining that position will be quite challenging. There is a lot of negative pressure on the market, which may push the price back to to the US$1,900 range in the coming hours. Such a retrace will effectively prove to be a tough time for any altcoin struggling as of late, including the likes of Ethereum and Dash.
Speaking of those two particular altcoins, Dash has seen its value climb by 13.52% over the past 24 hours. This is despite a trading volume of under US$50m, mind you. Ethereum, on the other hand, notes an 18.02% gain over the past 24 hours, thanks to a trading volume which even surpasses Bitcoins. Many people still hope to see ETH return to US$400, but for now, it is a struggle to remain above US$160.
Seeing the Ethereum trading volume surpass Bitcoins is not entirely surprising. Korea and China are trying to push the ETH price back up, yet their efforts are not wildly successful so far. In fact, the price on Bithumb denominated in US Dollars- is below the ETH/BTC price on Poloniex when converting it to USD. That is somewhat surprising, considering Korean exchanges often depict higher values for cryptocurrencies compared to Western markets.
It is still too early to tell if the cryptocurrency markets are effectively recovering. For all we know, this is just a temporary blip on the radar, which will be nullified before the day is over. It seems plausible to assume Bitcoin will have a tough time remaining above US$2,000 for an extended period of time. The markets remain volatile for quite some time to come, but there is always sunshine beyond the dip. No one needs to panic right now, as things will be alright in the end.
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.
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Are Cryptocurrencies Recovering or is This a Dead cat Bounce? - The Merkle
Digital currencies like the bitcoin were once the preserve of programmers, geeks and digitally-savvy traders but they have made it to the mainstream, grabbing headlines for their soaring prices, flash crashes and more.
The numbers around these currencies can be baffling to most of us. Take a Bloomberg report last week about a cryptocurrency trader - who is known only by a string of numbers - whose US$55 million (S$75 million) on paper in the digi-currency ethereum became US$283 million in just over a month, a 413 per cent profit.
Wild swings like this are - and will be - the norm for cryptocurrencies, say experts, so anyone investing in them is in for a rocky ride.
But that in turn will attract risk-takers, so it is best to get a handle on just what this quirky corner of the finance world is all about.
"Cryptocurrency is a form of digital currency that uses cryptography to allow for the peer-to-peer exchange of value, without a third party such as a bank or a remittance company," notes Singapore University of Social Sciences (SUSS) Professor David Lee, whose areas of interest include digital currency and blockchain technology.
ST ILLUSTRATION: JASTER NGUI
He notes that Satoshi Nakamoto - either an actual programmer or a group of them using the name - invented the bitcoin so people can transfer value or currency among peers who do not necessarily trust one another, using a public ledger that is transparent to everyone.
The Financial Times explains: "When people invest in the bitcoin, the money is going into the underlying technology - known as blockchain - not the payment instrument itself."
It refers to the blockchain as "essentially a giant record book of all bitcoin transactions; it is to the bitcoin what the Internet is to e-mail".
And it is described as a decentralised network where every bitcoin transfer is verified, processed and written down, and comes with potential "to make economic interactions cheaper, faster and more secure".
INVESTING IN UNDERLYING TECH
When people invest in the bitcoin, the money is going into the underlying technology - known as blockchain - not the payment instrument itself.
THE FINANCIAL TIMES, saying the blockchain is "essentially a giant record book of all bitcoin transactions".
ASTRONOMICAL RETURNS
To put things into perspective, an investor who had invested just US$1,000 back in 2010 could have cashed out nearly US$51 million today.
MR SACHIN MITTAL, head of telecom, media and technology research at DBS Group Research, on the bitcoin, the most famous, valuable and oldest cryptocurrency.
Mr Sachin Mittal, head of telecom, media and technology research at DBS Group Research, says the bitcoin is the most famous, valuable and oldest cryptocurrency, although there are around 800 others.
Mr Yusho Liu, co-founder of CoinHako, which helps people buy and sell cryptocurrencies, notes that almost 48 per cent of the global cryptocurrency value is held in bitcoin while ethereum holds about 40 per cent of the market share.
Cryptocurrencies have come under the spotlight, with huge gains made by the bitcoin and ethereum, notes Mr Mittal.
The value of the bitcoin shot up about 155 per cent within the first six months of this year. A bitcoin was worth US$2,539 on July 10 this year, compared with five US cents in July 2010. "To put things into perspective, an investor who had invested just US$1,000 back in 2010 could have cashed out nearly US$51 million today," notes Mr Mittal.
Ethereum has risen 2,775 per cent, from US$8.39 to US$241 since the start of this year.
Many argue that the bitcoin and other cryptocurrencies have no intrinsic value and may be a perfect vehicle for forming a bubble, Prof Lee adds.
"To put it into perspective, with a US$40 billion market capitalisation for the bitcoin and US$100 billion for total cryptocurrency, this investible class is minute, compared with US$66.8 trillion for listed equity and US$48.2 trillion for gold."
However, he stresses: "Cryptocurrency is a very complex investment instrument. I would not advise anyone who has no knowledge of cryptocurrency to get involved at all.
"To start off, there are a lot of videos, books and papers written about the subject. One may also join Access - the Singapore Cryptocurrency and Blockchain Industry Association - to attend its talks and programmes to learn about cryptocurrency and the blockchain industry."
Excerpt from:
Cryptocurrency 101: Digital currencies soar in value, but subject to ... - The Straits Times
Ever since Bitcoin first appeared on the scene several years ago, fans of the cryptocurrency have been searching for a way to apply the idea that might capture the public imagination and broaden the use of the technology beyond just geeks and programmers.
Now, some believe that application has appeared with the rise of the "token" economy, in which companies or startup ventures fund their operations by handing out units of cryptocurrencies. Some companies have even done what are known as "initial coin offerings" or ICOs, in which they distribute tokens instead of shares to investors.
The cryptocurrency market is seen by some as a bubble with hugely inflated prices. Some observers say bitcoin and other similar ventures are similar to Linux , an open-source alternative to Microsoft's Windows operating system that has never really achieved mainstream success.
But entrepreneur and investor Balaji Srinivasan, a partner at Silicon Valley venture capital firm Andreessen Horowitz, believes that token-based systems "may eventually create and capture more value than the last generation of Internet companies."
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In an essay published recently on the blogging platform Medium, Srinivasan and his partner Naval Ravikant, co-founder and CEO of a popular online VC community called AngelList, said they believe the token economy has the potential to become "a Kickstarter on steroids."
The two men, both of whom have been investing in bitcoin-related technology for several years, argue that using tokens as a financing option has the potential to improve the liquidity options that companies have by several orders of magnitude, as well as increasing the size of the available audience that might want to invest in such ventures.
All of this is possible because of an explosion in the cryptocurrency market over the past few years, they argue, in which Bitcoin has survived internal strife but also given birth to alternative currency systems and platforms such as Ethereum.
Initial coin offerings or ICOs are one way of using these new currencies, Srinivasan and Ravikant say. Canadian messaging-app maker Kik recently announced that it is launching its own cryptocurrency called Kin, and plans to offer units of it to supporters through a crowdfunding campaign. The currency is based on Ethereum's blockchain technology.
Kik plans to issue 10 trillion Kin tokens to developers and users via a separate non-profit foundation called the Kin Foundation, which will ultimately hold 60% of all the Kin tokens and be run by a group of independent directors.]
Srinivasan and Ravikant warn that some uses of cryptocurrency tokens, including some ICOs, may be subject to regulation by governments if they are seen as equivalent to doing a traditional equity offering or IPO, in which investors receive shares of the company. But they argue other uses of tokens for crowdfunding could essentially be unregulated.
Token supporters say they aren't really equity but more of a digital IOU, which entitles the holder to redeem their tokens in return for access to a platform like Ethereum's.
That access has value because it can be used to generate Bitcoin-style currency through a computer-intensive process known as "mining," and those coins can in turn be exchanged for other more familiar currencies like U.S. dollars. One bitcoin is currently worth about $2,300.
Some skeptics say token-based fundraising has the potential to turn into a huge boondoggle if it is unregulated, with unwary investors being fleeced of their savings with little to show for it.
Ravikant and Srinivasan, however, argue that tokens will allow companies to raise money much more quickly for new ventures than existing systems do, and will also allow for startups to build valuable services without having to rely on advertising as their only revenue source.
Large technology companies like Google and Facebook offer "have sometimes come under fire for making billions of dollars while early adopters only receive the free service," their essay says . "After the early kinks are worked out, the token launch model will provide a technically feasible way for tech companies to spread the wealth and align their user base behind their success."
Originally posted here:
Bitcoin Fans: Cryptocurrency Token Economy Is the Future ...
This week we reported on upcoming events that might be taking place on August 1, concerning potential interruptions connecting to the Bitcoin network. Now the Japan Cryptocurrency Business Association made up of various regional exchanges is preparing to draft service suspension directives for bitcoin users in the country for that specific date.
Also read:Mining, Merchants, and TradersThailands Got the Bitcoin Fever
Japan has had bitcoin fever over the past few months. Since this past April interest in the decentralized currency has grown quite a bit since the Japanese government legalized bitcoin as a form of payment. Now as the country continues to progress in adoption a possible blockchain split may happen in two weeks, and Japanese bitcoin businesses want to be prepared.
According to the Nikkei Asian Review, the Japan Cryptocurrency Business Association (JCBA) is currently deliberating guidelines for a one day to one week freeze on bitcoin transactions. The JCBA organization says it aims to actively investigate and research necessary information, consolidate knowledge and exchange opinions, and aim for sound industry development in Japan. As far as August 1 is concerned, the association made up of fourteen regional cryptocurrency exchanges says it wants to protect customer assets.
The publication also details the trading platform Bitflyer is still undecided on its decision but will release an announcement next week. The Japanese exchanges Bitbank and Tech Bureau has detailed trading will be allowed, but deposits and withdrawals will be suspended until the possibility of a fork is resolved.
The statement from the JCBA and a few Japanese exchanges follows the announcement from the GDAX exchange on July 13. The exchange announced the suspension of deposits and withdrawals on August 1 and the possibility of halting trades as well. GDAX executive Adam White says the decision was based on technical risks and the possibility of network instability.
Masayuki Tashiro, a data analyst at the Japanese trading platform Fisco, says the chance of instability could make some transaction records inaccurate.
If there really is a fork, some transaction records could disappear
Theres still a possibility that nothing happens on August 1 and the industry is just playing it safe as they did this past March. This weekend the code for Segwit2x will be delivered and Segwit activation could happen, which might stop the potential August 1 fork. The JCBA is just following protocol, and other exchanges will likely do so leading up to the next two weeks in order to protect their businesses from legal repercussions.
What do you think about Japan Cryptocurrency Business Association drafting August 1 guidelines? Let us know in the comments below.
Images via Pixabay, Bitcoin.com, Japan Cryptocurrency Business Association.
Do you want to vote on important Bitcoin issues? Bitcoin.com has acquired Bitcoinocracy, and rebranded the project to Vote.bitcoin.com. Users simply sign a statement with a non-empty Bitcoin address and express their opinions. The project focuses on determining truth backed by monetary value and transparency.
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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 isnt 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.
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 worlds 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 worlds 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 doesnt 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.
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Bitcoin Price may dip Below US$2000 as Cryptocurrency Markets Turn Deep red - The Merkle
Navigating the treacherous cryptocurrency market is not for the faint of heart. While the gains over the past year have certainly been spectacular, the recent whipsaw reversal is a reminder of just how wrenching it can be.
As you can see, bitcoins BTCUSD, +0.04% path to recent nosebleed levels has seen its share of sizable drawdowns, including the current one.
So whats a trader to do? And in this case, whats a 13-year-old whos already turned $2,200 in profits dabbling in the crypto market to do?
Thats the question Sam of the popular Financial Samurai blog tackled after one middle-schooler asked for some help plotting his financial future.
Heres the letter he received:
Im 13, live in an upper middle-class family, have good grades in school, and want to start planning out my future now. I want to learn the major mistakes other people have made before I can even grasp the chance to do the same.
I run an eBay .account where I make ~$400 gross a month buying and reselling high tier shoes and clothing. The money usually ends up in my desk drawer, but I have been dabbling in the investment of cryptocurrency and I have turned around a $2,200 profit so far.
I know that money comes with work and gambling for it is the worst thing you could do. I want to be able to live a happy and wealthy life and I know I have all the utilities but I dont know what to do. I am willing to work and take risks to sustain financial growth but I dont know where to start.
If anyone is willing to give me three pieces of advice for my future I will take them with full consideration. Thanks! Daniel
Wise beyond his years, clearly. But its just as clear that Daniel has a lot to learn, and quite likely, a lot of lumps to take in the coming years.
First off, Sam, who acknowledges that he was much more interested in girls, skateboards and beer at that age, told Daniel to go ahead and be a kid while he can. Dont get too bogged down in real life just yet. Enjoy middle school while it lasts, then hit the books hard when high school rolls around.
People today who complain about life not being fair more often than not didnt take school extremely seriously. Education is what will set you free, he said. Get the best grades and test scores possible to give yourself as many options as possible.
His second piece of advice is to learn from the inevitable mistakes. At this age, Daniel can recover from any sort of hits he takes.
Investing in cryptocurrencies sounds like a great way to make and lose everything, Sam said. If you end up losing your $2,200 profit by not at least taking some profits, youll always be reminded about this loss before making more significant investments.
He explained that people who only started investing after 2009 are in for a rude awakening.
Never ever confuse brains with a bull market, he said. Study the previous bubble implosions to better prepare yourself for the next one.
Lastly, Sam tells Daniel to always focus on building his personal brand, and take care in crafting an online image that wont backfire. The internet never forgets.
Dont post compromising pictures of yourself that might come back to haunt you. Dont write hateful commentary, only love or nothing at all, he said. Focus on helping someone first before asking for help. Be resilient. And never fail due to a lack of effort. If you can consistently tilt towards the positive, you will surround yourself with other positive people in return.
And, of course, listen to mom and dad.
Any more advice for Daniel? Share in the comments section.
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3 life pro tips for the teen cryptocurrency trader who's already made thousands - MarketWatch