Day: November 20, 2017

The Australian government has announced that it will provide over AU$8 million in grants for a blockchain-powered smart utilities project.

The first ever Bitcoin Gold dedicated wallet has been announced by wallet maker Freewallet after users were previously using only multi-wallets.

Paul urged Americans to the company he endorses to know more about the various investment options that are based on Bitcoin.

The Smart Dubai Office won an award for its blockchain initiative at the Smart Cities Expo and World Congress last week.

A lot of things are happening in the world of cryptocurrency as we speak. Some of these developments may not be overly positive in the long run. For several months now, Bitfinex has been a big question mark. Not only are they dominating the Bitcoin trading volume, but there are also allegations regarding wash trading. At this rate, some people fear Bitfinex may turn into the next Mt. Gox. That is the last thing anyone wants to see right now.

It is evident there are some weird things happening over at Bitfinex. While still a somewhat reputable exchange, some recent incidents raise a lot of questions. Ever since the company was hacked a year and a half ago, things have never been the same again. While that can also be a good thing, the number of concerns over Bitfinex is certainly growing. A few days ago, the first reports regarding withdrawal issues started hitting social media.

Should we be Concerned About Bitfinex?

That is not the biggest concern right now, though. A lot of people think Bitfinex is guilty of wash trading with several million dollars worth of funds. Leveraging this liquidity may even put it well above the $1bn mark. At this rate, there is a strong indication this particular exchange is setting the Bitcoin price. It draws eerie similarities with how Mt. Gox jacked up the price and then collapsed. While these claims are all worrisome, there is no real proof of this happening. Nor would there be if it were true, though.

This guy gets it. When you then also factor in that they are wash trading with the funds, 500M liquidity (or a few billion leveraged liquidity), they can pretty much decide the price all on their own.

— Mathias Grønnebæk (@MatGroennebaek) November 17, 2017

Additionally, Bitfinex decided to leave the US market not too long ago. This sudden decision took a lot of people by surprise. It may very well be another warning sign of what is yet to come, for all we know. Then again, there is no reason to think this is done to hide malicious activity. US Regulators have scrutinized cryptocurrency for some time now, that much is evident. There shouldn’t be any reason to think this exchange will collapse like Mt. Gox did. Yet one cannot deny the unusual aspects of this platform are present for everyone to see.

As is always the case with stories like these, speculation is running rampant. A lot of people are concerned about exchanges possibly collapsing. That is a good thing, as we have seen too many of those issues in the past. People need to learn to move money off exchanges as soon as possible. If they go down and your money with it, funds will be lost. Rest assured we will see some more discussions regarding Bitfinex in the coming months. All we can hope for is none of this being true. Unfortunately, that’s hard to say for certain at this point in time.

The post Cryptocurrency users Grow More and More Concerned Over Bitfinex Becoming the new Mt. Gox appeared first on NEWSBTC.

From the early days of Blockchain technology and the very first Blockchain token which is Bitcoin, various benefits have been enjoyed on a global level.

If I sell my Bitcoin, it will be for other cryptocurrencies: Brock Pierce.

The hottest industry term in cryptocurrnecy is proving a doubled-edged sword for the entrepreneurs seeking to enter the market.

It has been a very interesting day for Bitcoin, to say the very least. A new all-time high was recorded just above $8,100 a few hours ago. As was to be expected, the Bitcoin price took an immediate tumble after reaching this value. Right now, the Bitcoin price hovers near the $8,000 mark, depending on which exchange one is looking at. This market has a lot of positive momentum right now, although it remains to be seen how things will play out.

Another Bitcoin Price Surge is Coming

Although the past few weeks have been somewhat volatile for the Bitcoin price, the overall uptrend is still firmly intact. No one can deny it was a matter of time until the Bitcoin price surpassed $8,000 again. Remaining around or above this mental barrier has proven to be very difficult for Bitcoin, though, but that is only to be expected. A lot of people are taking profits and shorting the Bitcoin price right now. Then again, the bullish momentum may continue to push the price up even further in the days to come.

It is always interesting to see the Bitcoin price respond to whatever is going on in the world of cryptocurrency. More specifically, we saw most currencies recover slightly after the recent Bitcoin price push toward $8,00 but it seems that momentum may turn in favor of the world’s leading cryptocurrency again over the next few hours. Altcoins don’t stand much of a chance as long as their value remains linked to Bitcoin, which is the case for most currencies in the top 10 right now.

How all of this will affect the top altcoins, remains to be seen. There is never a valid reason for altcoins to lose value in BTC just because the Bitcoin price is going up. People mainly dump alts to chase the Bitcoin price pump. If they would hold onto their altcoins, those would appreciate in value as well and result in nearly equal profits. It is only a matter of time until people learn this, though, as Bitcoin still isn’t a perfect cryptocurrency by any means.

With over $3.21bn worth of trading volume, Bitcoin is in a very good place right now. The demand for the world’s leading cryptocurrency isn’t diminishing by any means, as it seems more and more people are looking for a new hedge against financial volatility. In a lot of people’s minds, Bitcoin is the perfect tool to do so, although it is still a volatile asset. Then again, no one can argue with the Bitcoin price trend recorded throughout 2017 so far.

Bithumb still hasn’t succeeded in dethroning Bitfinex as the primary Bitcoin exchange ranked by volume. Nor will this happen anytime soon either, by the look of things. Bitfinex easily maintains almost twice the volume of Bithumb and has an even bigger lead over GDAX right now. Whether or not all of this is a good thing or a worrisome sign, remains to be determined. Most exchanges value Bitcoin above $8,000 right now, other than the Korean and Japanese exchanges.

It is safe to say the Bitcoin price momentum will carry over for some days or weeks to come. More specifically, we may very well see a five-digit Bitcoin price by the time Christmas comes around. Whether or not we will see a massive correction shortly afterward, remains to be seen. The Bitcoin price has seen volatile corrections so far, but none of them have had any lingering effects. An interesting sign of maturity – or massive manipulation – to keep an eye on.