What caused today’s big move in Bitcoin?

Bitcoin was on course to eke out two weeks in a row above the $9,000 mark, until now.

The top digital token broke its streak Friday after South Korean prosecutors raided the offices of Upbit, one of the world’s largest cryptocurrency exchanges, renewing concerns that heightened regulatory scrutiny around the world could hurt business and dampen enthusiasm for digital assets.

The top digital token declined as much as 6.4 percent to as low as $8,508 in New York trading, the lowest level in three weeks, according to Bloomberg data.

There was also speculation that the trustee of failed exchange Mt. Gox was selling its Bitcoin to pay back creditors.

Bitcoin’s drop is part of a broader selloff in the cryptocurrency market, which is currently worth around $380 billion, according to Coinmarketcap.com. That’s almost $100 billion less than it was worth a week ago. The Bloomberg Galaxy Crypto Index, which measures the performance of the largest digital tokens, fell as much as 14 percent.

The market’s decline comes on the eve of Blockchain Week in New York, where thousands of…

Continue reading at FORTUNE.com

‘BITCOIN JESUS’ predicts THIS CRYPTO will be more valuable than Bitcoin by the end year

Bitcoin will soon lose its place as the world’s most valuable cryptocurrency, according to one of the earliest advocates of the digital currency.

Roger Ver, whose involvement in the space since 2011 has earned him the moniker ‘Bitcoin Jesus’, believes technologically superior cryptocurrencies like ethereum and bitcoin cash will see massive gains in the coming months and years.

A significant surge in their value will likely correlate with more modest gains for bitcoin, according to Mr Ver, leading to what analysts have termed “The Flippening” – the point in time when bitcoin no longer the cryptocurrency with the highest market capitalization.

“I see it happening, and I believe it’s imminent,” Mr Ver told The Independent. “Ethereum could overtake bitcoin by the end of the year and bitcoin cash could do the same before…

Continue reading at INDEPENDENT

VIDEO: Why Warren Buffett is Wrong About Bitcoin

Chamath Palihapitiya, Social Capital founder and CEO, discusses his outlook on bitcoin and recent critical comments on the digital currency from Bill Gates and Warren Buffett…

Watch video at CNBC.com

Why Bitcoin is set up for a massive rally next week

Fundstrat researchers, led by Tom Lee, say Bitcoin is all set up for a massive rally going into Consensus week. The Bitcoin price has dipped slightly to the $9,300 mark after nearly reaching the $10,000 mark. The cryptocurrency has been on a three-week high after struggling for the better part of 2018.


Historical Relationship Between Consensus and Bitcoin Price

The Fundstrat researchers are basing their prediction on the behavior of Bitcoin prices in the wake of previous Consensus conferences. In a note to clients of the firm, Lee stated that this year’s gathering would be larger than the one held last year. He also went on to say that whenever attendance at the conference increased significantly, Bitcoin prices rallied in the immediate aftermath.

 

In 2017, attendance at the conference doubled from the previous year. The value of Bitcoin increased by 69 percent during the meeting. In the two months after Consensus, Bitcoin was up by 138 percent. Lee is expecting this pattern to hold, believing that the results this year might even be more significant. For one thing, the 2018 Consensus conference is expected to gather twice as many participants as last year’s event. More than 2,750 people attended the summit in Manhattan in 2017.

The Consensus conference is an annual blockchain summit that features keynote addresses from leading experts in the industry. It is one of the most popular blockchain technology gatherings of the year. The 2018 edition takes place from May 14th to May 16th. The venue for the summit is the Hilton Midtown in New York. More than 250 experts will deliver lectures at the conference on diverse topics in the industry.

Manhattan, New York City

Regulatory Uncertainty Could Dampen Enthusiasm

Issues relating to regulatory uncertainty over the status of certain cryptocurrencies may dampen enthusiasm. As part of his note to clients, Lee stated the current talk of some cryptos being securities might cause a decline in demand for cryptocurrencies in general. He, however, expressed enthusiasm that this was an unlikely scenario.

Throughout the year so far, Lee has maintained a positive outlook on the cryptocurrency market. Even during the bear market that characterized the start of 2018, Lee was one of the few who expected Bitcoin to bounce back. He predicted that Bitcoin prices would reach $20,000 by the middle of the year and $25,000 by the end of the year.

Do you agree with Tom Lee’s prediction? Will history repeat itself and Bitcoin prices moon? Let us know in the comments below.


Images courtesy of Bitcoinist archives, Pixabay, and Shutterstock.

The post Tom Lee: Bitcoin Price Increase Coming After Consensus Conference appeared first on Bitcoinist.com.

Source: Bitcoininst

Does Warren Buffett need a cryptocurrency education?

Warren Buffett’s comments on cryptocurrencies highlight how he needs to be educated on the future of money, affirms the boss of one of the world’s largest independent financial services organizations.

The observation from deVere Group founder and CEO, Nigel Green, follows Mr Buffett’s address to an audience gathered for the Berkshire Hathaway [of which Mr Buffett is CEO] annual meeting.

Mr Buffett opined: “Cryptocurrencies will come to a bad ending.”

However, as he spoke, Bitcoin, the largest cryptocurrency, had added $2,563.48 to its value in the last month, marking a price hike of 37.9 per cent.

Mr Green comments: “It comes as little surprise that Mr Buffett and his 94-year-old business partner, Charlie Munger, criticized cryptocurrencies at their annual meeting. They have done so consistently.

“But what I do find monumentally baffling is that two of the world’s most successful investors cannot see the intrinsic value of some form of cryptocurrency.

“Do they honestly believe that there is no place for, and no value of, digital, global currencies in an increasingly digitalized and globalized world?

“Do they not see many of the world’s major tech companies, established banking groups and household name investors investing in, using and/or beginning to adopt cryptocurrencies?

“Do they not see governments, central banks and financial regulators recognizing the need for regulatory frameworks because cryptocurrencies are becoming so mainstream?”

He continues: “One of the world’s greatest investors, Warren Buffett is a…

Continue reading at VALUE WALK

The 6 Top Cryptocurrency Alternatives to Bitcoin

Move over, bitcoin, and make way for these more promising cryptocurrencies

In many ways, bitcoin has carried the cryptocurrency market on its back. For years, prior to March 2017, bitcoin comprised between 75% and 95% of the aggregate virtual currency market cap. Even today, with more than 1,600 different digital currencies for investors to choose from, bitcoin still accounts for around 37% of the aggregate $430 billion cryptocurrency market cap.

Investors have relished in bitcoin’s first-to-market advantage — trading began all the way back in March 2010 — as well as its numerous partnerships with online and brick-and-mortar merchants. The scarcity of bitcoin, vis-à-vis its 21-million-coin limit, has also played a role in pushing its valuation higher than all other virtual tokens.

But what if bitcoin doesn’t turn out to be the greatest thing since sliced bread among virtual coins? For instance, its blockchain network has been bogged down by the inability of its community to reach consensus on what upgrades should be implemented. The result has been significantly slower transaction validation and settlement times than its peers. Even with the hope of implementing the Lightning Network to speed up bitcoin’s processing times, the damage could already be done.

Rather than placing your trust (or hard-earned money) in a stodgy virtual currency, consider the following six cryptocurrencies as possible alternatives to bitcoin that could one day takes its place as the world’s most valuable virtual currency…

Continue reading at THE MOTLEY FOOL

5 Things That Will Send Bitcoin Back to the Moon

After a rather unpleasant 3 months which saw the price of Bitcoin fall to less than half its all-time high, the gold standard of cryptocurrency has finally shown signs of reversal. The market leader is currently trading around $9200, but can Bitcoin ever reach and surpass its previous highs? Sure it can — here’s how.


‘Better Security Infrastructure’

As suggested by Forbes, the first thing which could send Bitcoin skyrocketing is increased adoption as a conventional currency — meaning as both a store of value and medium of exchange. However, for this to happen, more secure and user-friendly infrastructure must be built. Christian Ferri, President and CEO of BlockStar, explained:

Assuming Bitcoin will be used as [a] store of value going forward (e.g. digital gold), a better security infrastructure overarching the entire crypto ecosystem will be needed for people to place trust in this new financial medium and start using it. Once this happens, more people will jump in, so a scalable infrastructure will be crucial.

Price Stabilization

Ferri also noted to Forbes that security enhancements alone aren’t enough to push Bitcoin into the mainstream as a viable currency. In order to act as legitimate tender, the price needs to be stabilized by protocol enhancements. He explained:

If new enhancements are done to the protocol to allow Bitcoin (or a fork of thereof) to become a medium for everyday transactions (e.g. buy your Latte with Bitcoin), we’ll need a stability mechanism in place, on top of security and scalability mentioned above. This way that Latte won’t cost you $5 today and $50 tomorrow.

Bitcoin volatility

Institutional Investors

Thirdly, the virtual currency needs big money to come in if it ever expects to reach new highs. And by “big money,” we mean institutional investors. Paul A. Taylor, Executive Chairman of Fabric Foundation, told Forbes:

The influx of money from institutions putting money into crypto index funds will cause a cascading [effect], causing the herd to rush in.

Darren Marble of CrowdfundX agrees, noting:

At this stage, institutional investors hold the key to Bitcoin’s growth. Concerns around liquidity, security, counterparty risk and custody of assets have so far prevented institutional investors from buying Bitcoin on decentralized exchanges.

Wall Street

Regulated Exchanges

It’s a well-known fact that big-money investors have begun dipping their toes in Bitcoin’s waters — but for institutional investment to really come into play, regulated exchanges need to launch cryptocurrency offerings. Marble told Forbes:

Only when regulated exchanges — such as tZERO, Coinlist, or even NASDAQ — go live with their secondary crypto trading platforms, will the smart money begin investing directly into Bitcoin. Once this happens, the floodgates will open and we will see a new paradigm emerge; the crypto market cap will exceed $1 billion, and lead by new all-time highs of Bitcoin.

Cryptocurrency ETF

ETFs

Finally, the last major thing which could push the daddy of cryptocurrency to new highs is the launching of cryptocurrency-related exchange-traded funds — otherwise known as ETFs. Chris Kline, co-founder and COO of BitcoinIRA.com, told Forbes:

Crypto-related exchange-traded funds may allow for simpler trading through brokerage accounts, which would also contribute to hiked up prices for Bitcoin and other cryptocurrencies. The writing is on the wall; with so much momentum surrounding Bitcoin and other digital currencies, in my opinion, it’s only a matter of time before prices rebound again.

Did we miss anything? Do you think BTC will revisit and surpass its previous highs? Let us know in the comments below!


Images courtesy of Bitcoinist archives and Adobe Stock.

The post 5 Things That Will Send Bitcoin Back to the Moon appeared first on Bitcoinist.com.

Source: Bitcoininst

Reddit Co-Founder Makes a Shocking Ethereum Prediction

Reddit co-founder Alexis Ohanian said that he predicts the ethereum price will reach $15,000 in 2018, rocketing its market cap into the trillions of dollars and enabling it to surpass bitcoin as the world’s largest cryptocurrency.

Ohanian, who now works full-time at Initialized Capital –a venture capital firm he co-founded in 2012 — made this bullish ethereum price prediction during an interview with Fortune, explaining that he believes this project has more long-term potential than any other currently-existent cryptocurrency.

“I still hold a little bit of Bitcoin, and I think it has such mindshare that it will continue to be a store of value. I’m most bullish about Ethereum simply because people are actually building on it,” he said, predicting later that “ At the end of the year, Bitcoin will be at $20,000. And Ethereum will be at $15,000.”

“Great, now people can call me out if I’m wrong,” he added.

Under this forecast, ethereum would roar to a $1.5 trillion market cap — up from $67 billion — in just seven short months, while bitcoin would recover back to the all-time high it set last December, bringing its market cap to approximately $340 billion.

Elsewhere in the interview, Ohanian said that Initialized — which has already invested in cryptocurrency industry giant Coinbase — has determined to make blockchain-related investments a particular focus of its efforts in 2018 and that it believes…

Continue reading at CCN.com

4 Facts You May Not Know About Bitcoin

Some facts about bitcoin (BTC-USD) are rather well-known at this point, such as the digital currency’s mysterious origin and the fact that a few dollars invested in bitcoin in its early days would be worth millions today. Having said that, there are some bitcoin facts that aren’t as well-known, such as how much of the currency its investor still owns and that people have paid more than $50 per transaction to use bitcoin at its peak popularity. Here are the details about those and two other lesser-known bitcoin facts.

Bitcoin’s creator could be worth about $9 billion today

By this point, many people know that bitcoin (BTC-USD) was created about 10 years ago by an unknown person using the pseudonym Satoshi Nakamoto.

What you may not know is that this creator was the sole bitcoin miner for the first 10 days of bitcoin’s existence, and all of these original coins (often called “Satoshi coins”) remain unused. In fact, it’s a verifiable fact that there are about 1 million bitcoins in wallets known to be linked to bitcoin’s creator. Based on the bitcoin price as of this writing, that translates to more than $9.3 billion worth of the digital currency.

There are plenty of ways to invest in bitcoin — without buying bitcoins

There are several conflicting opinions about bitcoin (BTC-USD) by major players in the financial world. For example, Warren Buffett and Jamie Dimon both believe bitcoin is destined to fail, while people like the Winklevoss twins and Jack Dorsey think bitcoin is the future of money. However, there’s one thing pretty much everyone can agree on. Whether bitcoin goes up or down over the long run, there’s likely to be lots of volatility along the way.

So, if you want to invest in bitcoin, but the massive price swings scare you (bitcoin rose by 30% in April, in a relatively calm month for cryptocurrencies), the best way to go may be through a stock or two that stand to benefit if bitcoin…

Continue reading at THE MOTLEY FOOL

What Warren Buffett said this weekend about buying Bitcoin

Warren Buffett continues to remain notoriously bearish on Bitcoin, claiming those who participate in the market are not investing.


‘That Is Not Investing’

In an exclusive interview with Yahoo Finance in Omaha, Nebraska, leading up to Berkshire Hathaway’s annual shareholder meeting, Buffett revealed that his thinking has not changed in regards to Bitcoin and other cryptocurrencies. He stated:

There’s two kinds of items that people buy and think they’re investing. One really is investing and the other isn’t.

You can probably guess which one Buffett says “isn’t.”

Warren Buffett

The famous American business magnate, investor, and philanthropist explained his reasoning as such:

If you buy something like a farm, an apartment house, or an interest in a business… You can do that on a private basis… And it’s a perfectly satisfactory investment. You look at the investment itself to deliver the return to you. Now, if you buy something like bitcoin or some cryptocurrency, you don’t really have anything that has produced anything. You’re just hoping the next guy pays more.

You aren’t investing when you do that. You’re speculating. There’s nothing wrong with it. If you wanna gamble somebody else will come along and pay more money tomorrow, that’s one kind of game. That is not investing.

Forgetting the Future

Of course, Buffett neglected to mention that many major corporations are starting to board the blockchain boat and, as such, will likely bring verifiable use cases to many speculative cryptocurrencies.

IBM’s New ‘World’s Smallest Computer’ is Built for Blockchain

Recently, at the Think 2018 Conference, International Business Machines (IBM) introduced the world’s smallest computer purpose-built for one thing: blockchain technology — with the focus of the minuscule computer being to contribute to the supply chain management industry and improve tracking and logistics.

Meanwhile, in an attempt to make it easier for their Amazon Web Services (AWS) clients to create blockchain-based solutions, the dominant company introduced ‘AWS Blockchain Templates‘ — which will afford users the ability to create and launch their own blockchain networks on either the Ethereum blockchain or on Hyperledger Fabric.

Thus, it’s easy to argue that Buffett’s claim that Bitcoin and cryptocurrency investors are just speculating entirely neglects to mention one key fact: they’re speculating on the future of finance.

What do you think of Warren Buffett’s continued bearish statements? Do you think he makes valid points? Let us know in the comments below!


Images courtesy of Flickr and Bitcoinist archives.

The post Warren Buffett: Buying Bitcoin ‘Is Not Investing’ appeared first on Bitcoinist.com.

Source: Bitcoininst