Day: September 17, 2017

Israeli-American musician, singer, record producer, songwriter, and entrepreneur said that he considers the virtual currency mainly as an investment that is ideal to his wider portfolio.

Rather than issuing warnings or regulations, at least one progressive government is considering whether it can take advantage of ICO technology.

Why Bitcoin price is heading $ 25,000 in 5 years, despite recent setbacks.

How a foreign micro-lending company could attract new customers, recruit and prosper in South-East Asia.

Ethbet, the first gambling platform on the Ethereum blockchain that has announced support for peer-to-peer betting, is finally beginning its Crowdsale today, September 17th at 8PM UTC. Although the crowdsale could potentially last for up to four weeks, many are now predicting that it will sell out early within the first day due to its … Continue reading Ethbet’s Crowdsale For The First Peer-To-Peer Blockchain Gambling Project Opens To Investors Today

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No one will be surprised to learn various Chinese exchanges have issues right now. More specifically, they either will shut down trading or are involved in an ICo investigation. CBVBTC, one of the smaller Chinese exchanges, seemingly has issues with withdrawals right now. Various users complain about not receiving ETH, ETC, and CNY withdrawals over … Continue reading CHBTC Users Struggle to Withdraw Cryptocurrency and Chinese Yuan

The post CHBTC Users Struggle to Withdraw Cryptocurrency and Chinese Yuan appeared first on NEWSBTC.

Things are once again looking quite bad for the cryptocurrency sector as a whole. All currencies have taken yet another hit in terms of value and it does not appear this situation will change over the next few hours. The Bitcoin price lost another 5.58% overnight, although no one knows for sure why this is happening exactly. It is rather evident this situation will need to be improved sooner or later, though.

What is Going on With the Bitcoin Price?

It is evident the Bitcoin price is still in a very volatile phase right now. Despite some big gains earlier this week, things are slowly heading back in the wrong direction again. Although the Bitcoin price still holds its own around the $3,500 mark, for the time being, it is evident things may head toward $3,000 in the coming days. That would be a rather unfortunate turn of events, especially when considering there is no valid reason for the Bitcoin price to go down in the first place.

More specifically, the news coming out of China should, in theory, only affect Chinese Bitcoin users. Just because the main exchanges are halting trading at the end of October 2017 – which is still six weeks away, mind you – doesn’t mean Bitcoin itself has suddenly become worthless. Moreover, China only represents 12% of all Bitcoin trading volume, making it a blip on the radar when looking at the bigger picture.

It is true the Bitcoin price initially relied on the Chinese traders first and foremost. However, that situation has changed quite a bit when the PBoC introduced new AML requirements for all exchanges earlier this year. All companies successfully complied with these demands, even though they were forced to suspend withdrawals for weeks on end. Even then, the Bitcoin price only budged briefly and quickly returned to its original value afterward.

It is during times like these a lot of people to forget Bitcoin is a global cryptocurrency and not a token used by China first and foremost. The situation affecting Chinese Bitcoin exchanges has nothing to do with the Bitcoin protocol whatsoever. Moreover, the rest of the world shouldn’t care about what is happening in China, as that country will always do its own thing regardless of what the rest of the world thinks is better. This is not a precedent whatsoever, and it will most likely turn out to be a temporary situation in the end.

If more people kept this information mind, the Bitcoin price wouldn’t go through another bearish period right now. Unfortunately, it is what we have to deal with right now. With the Bitcoin price losing another 5.38% in value overnight, it is evident things are not evolving in the right direction whatsoever. Despite $1.5bn in 24-hour trading volume, it appears to be a matter of time until the price drops below $3,500 once again. Whether or not next week will bring any improvements, remains to be seen.

What is rather interesting is how the Bitcoin price is still hovering around $3,000 in China for the time being. This shows the local users are not giving up on Bitcoin just yet, despite some major selling pressure across OKCoin and Huobi right now. Bitfinex, Bitstamp, and bitFlyer all generate a lot more volume and value Bitcoin at $3,500 to $3,540. There is no reason to push the Bitcoin price down any further whatsoever, as China’s trading volume is all but drying up. It is now time for the rest of the world to determine the proper Bitcoin value, without being weighed down by the Chinese government in any noteworthy capacity.

Earlier this week, JPMorgan CEO Jamie Dimon released a controversial statement at a banking industry conference organized by Barclays, condemning bitcoin and threatening to fire portfolio managers within JPMorgan who have been trading bitcoin. Despite the warning, according to sources JPMorgan Securities Ltd. purchased massive amounts of bitcoin through Swedish Bitcoin exchanges when the price dipped to the $3,000 level.

Dimon’s baseless comments toward bitcoin and his threats to traders led to criticism from bitcoin experts, bankers and former JPMorgan executives including former JPMorgan head of global macro Alex Gurevich.

Jamie, you're a great boss and the GOAT bank CEO. You're not a trader or tech entrepreneur. Please, STFU about trading $BTC.

— Alex Gurevich (@agurevich23) September 12, 2017

More to that, Dimon demonstrated a complete lack of knowledge in the structure of bitcoin and blockchain technology in general, when he stated that bitcoin should be closed down by the government in the near future. CNBC analyst Brian Kelly criticized Dimon’s statement, explaining that bitcoin was specifically designed to circumvent governments and authorities by creating a decentralized financial system.

Despite Dimon’s strong condemnations on bitcoin and the threats toward JPMorgan traders, many trusted sources including bitcoin developer Andrew DeSantis and bitcoin trader IamNomad revealed that JPMorgan Securities Ltd. purchased massive amounts of bitcoin through Swedish bitcoin exchange traded note Bitcoin XBT.

Similar to Digital Currency Group’s Bitcoin Investment Trust (GBTC), Bitcoin XBT is an investment vehicle designed for institutional and retail traders to invest in bitcoin through strictly regulated channels in the public stock market. Both DeSantis and IamNomad revealed that many accounts under JPMorgan Securities Ltd. purchased bitcoin as the price of bitcoin dipped below $3,000.

On the World Crypto Network, a YouTube news channel and podcast hosted by Vortex focusing on cryptocurrencies, bitcoin consultant and derivatives trader Tone Vays noted that it is not possible any trader at JPMorgan directly invested in a bitcoin investment vehicle. He suggested that a more likely situation would be JPMorgan processing bank transfers to Nordic Nasdaq stock exchange in which Bitcoin XBT is supported, on behalf of their customers.

Although IamNomad emphasized that a department at JPMorgan could have invested in Bitcoin XBT since traders are not allowed to invest in bitcoin directly at JPMorgan, a more reasonable explanation of JPMorgan’s bank transfers to Bitcoin XBT would be that JPMorgan clients purchased bitcoin exchange traded notes through Bitcoin XBT on Nordic Nasdaq.

Whether JPMorgan purchased shares of Bitcoin XBT or not is of less importance. It is crucial for investors and traders to takeaway the fact that an increasing number of JPMorgan traders are willing to purchase bitcoin and demonstrating enthusiasm even after the harsh criticism toward bitcoin by the company’s CEO.

As mainstream adoption of bitcoin as a digital currency, long-term investment and safe haven asset continues to increase at an exponential rate, demand towards the crypto from public markets, professional and institutional traders will increase rapidly. Regardless of the recent closure of Chinese bitcoin exchanges, international markets and leading regional bitcoin exchange markets are strengthening with efficient regulations and the emergence of major conglomerates within the global bitcoin industry.

Image by Håkan Dahlström, License for Commercial Use

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