#1 Source for BlockChain News

Category archive

recent news

Bitcoin Hits Lowest Level of the Year Thus Far

Today is a bleak day for cryptocurrencies everywhere as Bitcoin hits the lowest level of the year thus far. Where Bitcoin goes, the rest of the market tends to follow, and indeed, the index shows us all the top-ten coins are experiencing double-digit losses.

Bitcoin Hits Lowest Level of the Year

Currently, Bitcoin is down over 10% and has touched a low of $5,550 a coin. This price is the weakest the coin has been since October 2017 and also puts an end to what was the steadiest period the coin experienced in months. Bitcoin has been trading comfortably around the $6,400 range for the majority of Autumn and volatility was at an all-time low.

The market is placing the blame on tomorrow’s Bitcoin Cash hard fork for the selloff across the exchanges today. As stated, the damage is widespread, and Bitcoin Cash itself is suffering the hardest, with losses just shy of 17%. Ethereum is down -13.5% and Litecoin is down -13.05%, but the entire top-ten are hurting.

Bitcoin Cash Hard Fork

The Bitcoin Cash hard fork will result in a network being split into two different versions of Bitcoin Cash. One upgrade will follow the Roger Ver-favored Bitcoin Cash ABC protocol, and the other will follow Craig Wright’s preferred protocol, the Bitcoin Cash SV.

According to Mati Greenspan of eToro:

“Both Roger and Craig are advocating a different version of Bitcoin Cash […] The end result will most likely be a split in the network resulting in two different versions of Bitcoin Cash when both upgrades go into effect this Thursday.”

>> Japenese Crypto Exchange Coincheck Resumes NEM (XEM) Trade Ten Months Later

Market Drops

The entire cryptocurrency market capitalization dropped by $15 billion USD over 24 hours Wednesday.

And the total market cap of $85 billion is down more than 70% since the start of this year.

This is a far cry from the highs of 2017 when Bitcoin was selling for $19,511 a coin.

What do you think about Bitcoin’s new low?

Featured Image: Depositphotos/© ilixe48

If You Liked This Article Click To Share

!function(f,b,e,v,n,t,s)if(f.fbq)return;n=f.fbq=function()n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments);if(!f._fbq)f._fbq=n;
n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)(window,
document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘894368744004449’);
fbq(‘init’, ‘447469122301599’);
fbq(‘init’, ‘1763072463990516’);
fbq(‘track’, ‘PageView’);

(function(d, s, id)
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “http://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.6”;
fjs.parentNode.insertBefore(js, fjs);
(document, ‘script’, ‘facebook-jssdk’));

Bitcoin (BTC) Profits Jump $500,000 in Square Q3 Earnings Report

US financial service company Square (NYSE:SQ) just announced that its Q3 Bitcoin (BTC) revenue jumped up from its previous earnings in Q2. Square detailed its full company earnings in a shareholder letter released yesterday.

Bitcoin (BTC) Revenue Q3 2018

Square released a full digest of its total earning and financial activities. The release was far more colorful and interactive than most public companies’ earnings reports. It included various pie charts, graphs, and diagrams, uncommon in the earnings space.

Earlier this year, the newly public company introduced Bitcoin support in its Square Cash payment app. Compared to Q2, cryptocurrency revenue grew $6 million in Q3.

“Total net revenue was $882 million in the third quarter of 2018, up 51% year over year. This includes $43 million of bitcoin revenue,” the report reads.

Square has been on the rise lately, as its market cap just passed Twitter’s this week. Coincidentally, Jack Dorsey is CEO of both companies. While media interest may be down in cryptocurrency this year, this earnings report shows that there is still interest in the crypto space.

>> A Guide to Understanding Cryptocurrency White Papers

Bitcoin profits remain a niche for Square, and the company only brought in profits of around $500,000 after taking into account Bitcoin purchasing costs. This past October, Square expanded its interaction by open sourcing its cold storage set up and expanding its crypto offerings in new jurisdictions.

Square just recently launched Square Terminal, which allows merchants to take debit and credit card payments. There have been rumors circulating about the possible merchants’ integration with BTC, but there have yet to be any official reports on the matter.

Bitcoin (BTC) Movement

At press time, Bitcoin is currently trading at $6,515.40 a coin, down -0.11%. This week, the original digital currency went on a bit of a bull run and jumped above the $6,500 mark, but now it seems to have slightly corrected.

Featured Image: Depositphotos/© peshkova

If You Liked This Article Click To Share

http://platform.twitter.com/widgets.js
!function(f,b,e,v,n,t,s)if(f.fbq)return;n=f.fbq=function()n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments);if(!f._fbq)f._fbq=n;
n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)(window,
document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘894368744004449’);
fbq(‘init’, ‘447469122301599’);
fbq(‘init’, ‘1763072463990516’);
fbq(‘track’, ‘PageView’);

(function(d, s, id)
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “http://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.6”;
fjs.parentNode.insertBefore(js, fjs);
(document, ‘script’, ‘facebook-jssdk’));

CBOE Bitcoin (BTC) Futures Reach Record-Low Volatility

Bitcoin (BTC) futures hit record low volatility in October on the US Chicago Board Options Exchange (CBOE), MarketWatch reported yesterday.

CBOE Bitcoin (BTC) Futures

Kevin Davitt, a Senior instructor at CBOE Options Institute, published a video on November 1st outlining the volatility decline.

In the video above, Davitt outlines that the average weekly volatility for XBT-CBOE Bitcoin (BTC) futures on the week ending October 26th was just three percent. This is the lowest level of volatility since the futures contracts launched on December 10th, 2017.

As of the first of November, the average weekly XBT high-low range on front-month Bitcoin futures since inception is 15.65%. Since tax day, mid-April 2018, this weekly average had dropped to 10.6%.

“As it turns out, [Bitcoin] XBT futures and cryptos in general are moving with very little speed. The week ending Oct. 26th was the least volatile since futures were introduced nearly a year ago,” Davitt told MarketWatch.

This CBOE Bitcoin (BTC) futures news is a positive one for institutional investors wanting to get into the crypto space, as high volatility is the reason most have stayed away. Even major banks interested in launching their own crypto products have been hesitant due to the volatility and current low-demand for these products.

>> Crypto Airdrops are Now Illegal in China

Bitcoin (BTC) Hanging On

Former L/S Equities portfolio manager, Travis Kling, pointed out:

In October, the stock market plummeted to its lowest day-losses in seven years. Coincidentally, the cryptocurrency market remained solid and didn’t drop with it. One would expect if investors on Wall Street are selling, the panic would have spread to crypto investors, but as seen in the chart above, crypto enthusiasts remained cool, calm, and collected.

This is a positive sign for the industry, as it shows maturity and stability. While crypto assets still remain a high-risk assessment, institutional investors may now be more inclined to dip their toes in Bitcoin (BTC) as it shows continued stability.

Featured Image: Depositphotos/© membio

If You Liked This Article Click To Share

http://platform.twitter.com/widgets.js
!function(f,b,e,v,n,t,s)if(f.fbq)return;n=f.fbq=function()n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments);if(!f._fbq)f._fbq=n;
n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)(window,
document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘894368744004449’);
fbq(‘init’, ‘447469122301599’);
fbq(‘init’, ‘1763072463990516’);
fbq(‘track’, ‘PageView’);

(function(d, s, id)
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “http://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.6”;
fjs.parentNode.insertBefore(js, fjs);
(document, ‘script’, ‘facebook-jssdk’));

Bitcoin (BTC) Classified as an Asset by Morgan Stanley

Global investment bank Morgan Stanley has given Bitcoin bulls something to cheers about. The institution has stated that it classes Bitcoin as an institutional investment class. (And the day after Bitcoin’s birthday… how thoughtful)

What this means is that it recognizes Bitcoin as a type of asset similar to shares, property, bonds, cash, or commodities. It also means good news for those hoping for a Bitcoin ETF.

Research Concludes Bitcoin an Asset

The bank’s research division reviewed the last six months of Bitcoin usage.

What the researchers discovered was that permanent ledger technologies, hacks, hard forks, Bitcoin competitors, and market volatility have led to a conclusion that the most sensible way to classify BTC is as an institutional investment class.

Bitcoin Asset Class

The researchers concluded that Bitcoin is not just a digital payment system or financial network, but an asset class in its own right.

According to Coindesk:

“Perhaps most notably, the report emphasized its ‘rapidly morphing thesis,’ which began by defining bitcoin as ‘digital cash’ and noting that investors had full confidence in it, to a solution for issues in the financial system, to a new payment system to ultimately a new institutional investment class.”

The report detailed further:

“Various issues and discoveries around the bitcoin ecosystem have caused the thesis to evolve, including the permanent ledger recording all transactions, a number of hacks, hard forks, new technologies which are cheaper than bitcoin, market volatility and other concerns.”

>> Jamie Dimon Knocks Down Bitcoin Again

Evolution

Bitcoin has evolved. At present, $7.11 billion worth of Bitcoin (BTC) is being stored by hedge funds or capital firms. This is somewhat hypocritical as the original whitepaper of Bitcoin looked to avoid involvement with financial institutions. But adoption by major financial institutions is increasing, and it only serves to support the coin as a legitimate asset.

At the time of writing, Bitcoin is up 0.94% today and selling for $6388, according to coinmarketcap.com.

Featured Image: Depositphotos/© wolterke

If You Liked This Article Click To Share

!function(f,b,e,v,n,t,s)if(f.fbq)return;n=f.fbq=function()n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments);if(!f._fbq)f._fbq=n;
n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)(window,
document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘894368744004449’);
fbq(‘init’, ‘447469122301599’);
fbq(‘init’, ‘1763072463990516’);
fbq(‘track’, ‘PageView’);

(function(d, s, id)
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “http://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.6”;
fjs.parentNode.insertBefore(js, fjs);
(document, ‘script’, ‘facebook-jssdk’));

Jamie Dimon Knocks Down Bitcoin Again—What’s He Saying Now?

JPMorgan Chase & Co (NYSE:JPM) CEO Jamie Dimon has always been tough when it comes to his stance on Bitcoin (BTC). Back in September of 2017, Dimon even went as far as calling it a “fraud.” He later retracted his statement and said that he was wrong for calling it a fraud but was still wary of the digital currency.

Well, it seems Dimon has something different to say about Bitcoin now. Again.

Jamie Dimon vs. Bitcoin (BTC): October 2018

Two days ago at an AXIOS conference, the CEO was asked about changing his mind on Bitcoin, and he said, “I never changed what I said, I just regret having said it,” CNBC reported.

Dimon continued by saying:

“I didn’t want to be the spokesman against Bitcoin (BTC). I don’t really give a s*&^, that’s the point—okay? But Blockchain is real, it’s technology, Bitcoin is not the same as fiat currency.”

Most major banking CEOs around the globe have taken a very similar stance on the matter. Nearly a year ago, Morgan Stanley (NYSE:MS) CEO James Gordon stated that despite Bitcoin rising 700 percent in 2017, the digital currency was the definition of a “speculative investment and anyone thinking it might be stable is deluding themselves.” Gorman goes on to describe Bitcoin as “not even close to a safe investment.”

>> Coinbase will Add Nearly 300 Coins in the Next Year but Won’t IPO

Goldman Sachs (NYSE:GS) is the exception among most major US banks. GS has been very pro digital currencies and is even recently rumored to have started onboarding some of its clients to sign up for its future crypto projects. There has yet to be an official statement from the bank on the matter, but the support shouldn’t come as much of a surprise, as the bank has been vocal about its crypto plans in the past.

‘Yay!’ Blockchain, ‘Boo’ Bitcoin (BTC)

Despite the negative outlook on digital currency from Jamie Dimon and most of the major banks around the world, many of them  are working with some form of blockchain technology behind the scenes, to see if it can improve their day-to-day operations

Just a few days ago, it was reported that nine Japenese banks have states using a Fujitsu blockchain settlement trial.

Featured Image: Depositphotos/© wanton

If You Liked This Article Click To Share

!function(f,b,e,v,n,t,s)if(f.fbq)return;n=f.fbq=function()n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments);if(!f._fbq)f._fbq=n;
n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)(window,
document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘894368744004449’);
fbq(‘init’, ‘447469122301599’);
fbq(‘init’, ‘1763072463990516’);
fbq(‘track’, ‘PageView’);

(function(d, s, id)
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “http://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.6”;
fjs.parentNode.insertBefore(js, fjs);
(document, ‘script’, ‘facebook-jssdk’));

1 2 3 10
Go to Top
%d bloggers like this: