Day: August 14, 2018

Despite its 70% Price Drop, Bitcoin Surpassed Gold in Settlement Volume

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Nic Carter, a well respected cryptocurrency researcher, has said that Bitcoin has surpassed the OTC gold market in settlement volumes, even amidst a 70 percent drop in its price. Bitcoin as a Better Medium of Exchange According to the clearing statistics of the London bullion market (LBMA), five major clearing members of the LPMCL including HSBC, ICBC Standard Bank, JP Morgan, Scotiabank and UBS, the global gold over-the-counter (OTC) market is on track to settle $446 billion in 2018, having settled less than $30 billion on a monthly basis since…

How Blockchain Could Help Airlines

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Airlines and airports are functioning on outdated methods of information collection and distribution, using many isolated operating systems where data exchange can be timely and unsecure — despite a reported 170 percent increase in the past 20 years of U.S. outbound trips abroad. Major competitors have recognized how the characteristics of the aviation industry align with blockchain, which has the potential to streamline data sharing among information silos in airports — and with ancillary travel enterprises more broadly — to create a seamless and secure travel experience. Lufthansa Industry Solutions,…

Bitcoin Price Watch | A Month of Major Highs Followed By Many Lows

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Bitcoin Price Watch: Yesterday saw Bitcoin (BTC) price fall to almost below $6,000. But what about today? First, let’s recap the last month. Bitcoin Price Watch: The Past Month Mid-July was looking promising for the coin as it began a sudden bull-run that saw Bitcoin climb to a peak of around $8,450. But typically reflective of this volatile marketplace, the highs did not last long and BTC has been on a steady downward climb since hitting the peak. Once August kicked in, it seemed any progress made in those impressive…

Why the Cryptocurrency Bubble is Reminiscent of Hodling Amazon Stock

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What a difference a few weeks can make. Just 21 days ago, the bitcoin price was trading above $8,400, riding what appeared to many to be the first wave of a new bull market. The bottom, the analysts said, was in. Now, midway through August, bitcoin is fighting just to hold above $6,000. The altcoin markets, meanwhile, have been pummeled to a pulp. The ethereum price is down 18 percent for the day and double that for the week, while the ripple price has now plunged 93 percent from its…

ICOs Can ‘Prove Their Legitimacy’ Under New Crowdfunding Rules, Says EU Lawmaker

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The European Parliament’s Committee on Economic and Monetary Affairs is working on new crowdfunding regulations that could extend to some initial coin offerings (ICOs), according to a draft report published August 10. Ashley Fox, a British Member of the European Parliament (MEP), proposes bringing some ICOs within the remit of a new draft regulatory framework for crowdfunding that has been in development as of March. The report says that while the draft crowdfunding rules may not provide an outright solution for regulating the ICO space, they represent “a much-needed step”…

Bitcoin Falls Through $6,000 Support as Xapo President Warns of Altcoin ‘Extinction Event’

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Bitcoin (BTC) prices fell below $6,000 for the first time since the end of June Tuesday, August 14, as the cryptocurrency community remains resilient. Data from Cointelegraph’s price tracker and Coin360 depict a gloomy environment for traders Tuesday, with all major assets in the red as Bitcoin falls almost 5 percent in 24 hours. Top ten coins are seeing as much as 17 percent losses on the day, with top fifteen coins are down as much 20 percent over the same period. Market visualization from Coin360 At press time, BTC/USD…

Jeju Island Aims to Become ICO & Blockchain Hub Inspite of South Korea Ban

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South Korea’s Jeju island is proposing a plan to become a blockchain haven wherein initial coin offerings (ICOs) would be allowed in the autonomous province despite the ongoing ban in the mainland. According to a report by the JoongAng Daily on Monday, the governor of Jeju Island has formally proposed that the central government of South Korea designate the island as “a special zone for blockchain and cryptocurrency” in its interests to become a hub for the blockchain industry. Jeju Island governor Won Hee-ryong notably made the proposal during a…

Bitcoin and Ether Lack Momentum as Crypto Market Falls Below $200 Billion

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In the past 24 hours, the crypto market has lost $23 billion, dropping from $217 billion to $194 billion, as major cryptocurrencies including Bitcoin showed a lack of momentum. Crypto market valuation chart, provided by CoinMarketCap.com What Has Happened to the Market? Without any exception, every major cryptocurrency in the market has plunged in value on August 14. Ether, the native cryptocurrency of Ethereum, reached its lowest point in 2018, breaching the $290 mark for the first time since early November, 2017. Bitcoin Cash, which has performed relatively well over…

Under Pressure: Bitcoin Price Could Defend $5.6K, Charts Say

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Down two-thirds from its peak of $20,000, bitcoin (BTC) now risks printing fresh 2018 lows below $5,755. The corrective rally seen over the weekend failed to penetrate a key rising trendline hurdle of $6,480 on Monday, allowing the bears to make a strong comeback. As a result, the leading cryptocurrency fell below $6,000 (February low) and extended the slide to $5,859 earlier today – the lowest level since June 29 – according to Bitfinex data. As of writing, BTC is changing hands at $6,032 – down 6 percent in the…

Jamaica Stock Exchange to Trade Crypto Assets In 2018

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The Jamaica Stock Exchange (JSE) has announced that it will soon be offering cryptocurrencies as tradeable assets for its clients. The company said Tuesday that it had signed a memorandum of understanding (MoU) with blockchain startup Blockstation for the creation of a new digital assets trading platform. While it is not clear which tokens will be initially listed, the platform is set to go live by the end of the year. JSE managing director Marlene Street Forrest told CoinDesk that offering cryptocurrencies as investment products fits in with the equities,…