Earlier today, on October 20, the Bitcoin price achieved a new all-time high at $6,054, for the third time in the past 20 days.
Within the past 24 hours, the price of Bitcoin has surged from $5,600 to $6,054, by over $400 in a single day.
Gary Shilling, a prominent and highly regarded Wall Street financial analyst, recently said in an interview that he doesn’t understand Bitcoin and do not intend to invest in “things that are not transparent.”
While his statement was factually inaccurate, as Bitcoin is the most transparent financial network in existence due to its decentralized blockchain network, it is optimistic to see investors acknowledge their lack of knowledge in Bitcoin, rather than simply calling out Bitcoin as a “bubble” or a “fraud,” as figures such as JPMorgan CEO Jamie Dimon did in the past.
According to TheNational.ae, bitcoin adoption in Zimbabwe is seemingly skyrocketing as the country’s economic situation looks bleak. So much so, that one bitcoin is trading at nearly $10,000 on the Golix.io exchange, while the global average is, at press time, of $5,642.
Having witnessed a solid recovery from the low of $5,100 in the last 24 hours, bitcoin is once again trading on the front foot and looking northwards.
At press time, the bitcoin-US dollar (BTC/USD) exchange rate was roughly $5,700. As per CoinMarketCap, the cryptocurrency has gained 6.47 percent in the last 24 hours. Week-on-week, BTC is up 4.77 percent, and on a monthly basis, it is carrying 45.7 percent gains.
Earlier today, on October 20, the Bitcoin price slightly declined from $5,720 to $5,650. But, within the past 48 hours, the Bitcoin price has surged significantly, as the market gained confidence over Bitcoin’s mid-term rally.
On October 18, the Bitcoin price plunged from above $5,500 to $5,120, as the entire cryptocurrency market endured a major correction.
Prominent venture capitalist and Union Square Ventures co-founder Fred Wilson, who previously stated banks are oblivious to bitcoin’s best feature, recently published a blog post in which he explains how much each type of investor should put into cryptocurrencies, in a response to news that led people to believe he stated investors should have 10-20% of their net worth in crypto assets.
On October 17, Bitcoin.com released a controversial statement which claimed that Bitcoin Cash is Bitcoin. In response, leading industry experts including Litecoin creator Charlie Lee offered harsh criticism.
Bitcoin.com Claims Bitcoin Cash is Bitcoin, Angers Bitcoin Community
In September, Bitcoin Cash was launched through a hard fork executed by a few major mining pools including ViaBTC and Bitmain.
Today, Scaling Bitcoin, the international engineering conference focused on Bitcoin and blockchain research, released its program for the 2017 edition. The conference, to be held in Stanford, California, in the first weekend of November, will also introduce a new side event this year: Bitcoin Edge, a bootcamp for starting Bitcoin developers.
Goldman Sachs has said that digital currencies are not the ‘new gold’ despite claims that it is considering launching a bitcoin trading operation.
In a note to clients, the multinational finance company said that despite the popularity of cryptocurrencies, gold is the ‘best long-term store of value,’ reports CNBC.
The note said:
The use of precious metals is not a historical accident – they are still the best long-term store of value out of the known elements.
Bitcoin may be witnessing a healthy pullback.
After having rallied more than 90 percent from a September low of $2,980, the bitcoin-US dollar (BTC/USD) exchange rate is trading at $5,240 today, a figure that, at press time, marks a new daily low. As per CoinMarketCap, the cryptocurrency has shed 7.37 percent in the last 24 hours. Week-on-week, BTC is up 9.9 percent, while month-on-month it is flashing 29 percent gains.
Bitcoin may have had a tough September, but it appears to be turning a corner and is demonstrating its resilience in the face of obstacles.
That’s according to Germany’s public international broadcaster. In a report from DW, experts are claiming that the digital currency may be in for a ‘sustained record run as it overcomes key obstacles.
The Bank of Canada’s senior deputy governor has said that digital currencies like bitcoin are changing finance. However, she doesn’t believe it will replace cash.
Speaking at an Institute of International Finance meeting in Washington, Carolyn Wilkins, senior deputy governor at the Bank of Canada, said:
Money that’s worth the name to be called money really does have to be a medium of exchange, a store of value – and the digital currencies that are out there right now don’t fulfill them – bitcoin doesn’t, none of them do.
Earlier today, on October 18, the cryptocurrency market endured a major correction, as the price of Ethereum fell by 10 percent and Bitcoin declined by over 5 percent.
Within the past 24 hours, the price of Ether, the native cryptocurrency of Ethereum, fell from $340 to $299, while the price of Bitcoin fell from $5,550 to $5,380.
Back in May, CCN covered the story of a redditor that went by “gingerbreadfutters.” The redditor published a thread in which he claimed to have been watching bitcoin price trends for a while and, being a risk taker, decided to put it all-in on bitcoin. According to him, he took an equity loan on his house for $325,239, which allowed him to purchase 191.118 bitcoin.
On October 17, the vast majority of cryptocurrencies in the market including Bitcoin and Ethereum have recorded slight corrections in price, as the price of Bitcoin fell below $5,600 and Ethereum price dropped to $320.
Price Drop of Ethereum, Despite Optimism Surrounding Hard Fork
Yesterday, on October 16, Cryptocoinsnews reported that the market has responded relatively well to the Ethereum hard fork, as the price of Ether, Ethereum’s native cryptocurrency, increased to over $340.
It’s forking season.
After Bitcoin Cash (Bcash) forked from the Bitcoin blockchain to create a new cryptocurrency (BCH), and ahead of the SegWit2X fork that may do the same thing, a third Bitcoin fork is in the making: Bitcoin Gold (Bgold; BTG).
Despite the Chinese government’s crackdown on initial coin offerings (ICOs) and cryptocurrency exchanges, local traders have invested in Bitcoin with a huge premium during its recent rally.
As Cryptocoinsnews previously reported, the Bitcoin price achieved a new all-time high at $5,920 last week, moving closer to the $6,000 region. Analysts including billionaire hedge fund investor Mike Novogratz predicted the Bitcoin price to surge even further in the mid-term, as an increasing number of institutional investors engage in cryptocurrency and Bitcoin trading.
Julian Assange, the founder of WikiLeaks, has taken to social media to say that the organisation has made a 50,000 percent return with bitcoin, and all thanks to the U.S. government.
Founded in 2006, WikiLeaks is a non-profit whistle blower site, which primarily relies on donations. However, in 2010, Assange claims that the U.S. government forced companies such as Visa and Mastercard to carry out an illegal banking blockade against the organisation. PayPal and American Express were also involved.
Evidence is growing that a recent rally in bitcoin prices may be nearing its end.
While bitcoin has been on a tear of late, rising from a Sept. 29 low of $2,980 to new highs above $5,800 last week, the bitcoin-US dollar (BTC/USD) exchange rate failed to capitalize on this upward movement over the weekend's trading sessions.
On October 16, the Byzantium hard fork was locked in at block 4,370,000. Consequently, the price of the Ethereum network’s native cryptocurrency Ether surged by over six percent.
1200 blocks into Byzantium so far so good. Difficulty almost fully readjusted, block times already back below 20s. https://t.co/4oxHwA1Uhh
— Vitalik Buterin (@VitalikButerin) October 16, 2017
Benefits of the Byzantium Hard Fork and Recent Ethereum Updates
As Mohamed Abedelmalik, the Executive Director of Columbia Blockchain Lab, explained in his recently released paper, the Byzantium hard fork is expected to provide significant improvements to the Ethereum blockchain network in terms of privacy, scalability, and smart contracts efficiency, through the integration of practical cryptographic systems such as ZK-SNARKs.
A bitcoin investor and podcast host has predicted that the price of bitcoin will increase to over $27,000 in four months time.
Trace Mayer, who proclaims to be an entrepreneur, investor, journalist, monetary scientist and ardent defender on his website, took to social media to make his prediction. According to him, by February 2018, bitcoin’s value will be worth $27,395.
Host of The Bitcoin Knowledge Podcast, Mayer is basing his prediction on a 200 day moving average.
Earlier today, on October 13, the price of Ether, the native cryptocurrency of Ethereum, surpassed the $340 mark for the first time since August 31.
In August, Cryptocoinsnews reported the price of Ether was moving closer to the $400 region, with upward momentum supported by optimism around the South Korean and Chinese cryptocurrency markets.
Willy Woo, a highly regarded Bitcoin and cryptocurrency researcher, recently revealed that the number of Bitcoin users approximately doubles every 12 months.
Utilizing Google Trends as one of the main indicators of Bitcoin user growth, Woo formed the following infographic to demonstrate the exponential growth rate of the Bitcoin userbase.
According to a recent report, police in Jamaica is currently refining a strategy to go after human traffickers using cryptocurrencies in an attempt to hide their transactions, according to the Deputy Superintendent of Police Carl Berry, who stated that these criminals are increasingly turning to cryptocurrencies.
Carl Berry, while speaking at a two-day Anti-Money Laundering/ Counter-Terrorism financing conference in New Kingston, told bankers that the illicit proceeds of the human trafficking business were finding their way into the banking system, and asked them to collaborate with law enforcement to track the money.