Posts

Showing posts from December, 2017

Bitcoin will trade under $5,000, warns Dennis Gartman

Image
Bitcoin will trade under $5,000, warns Dennis Gartman: In the latest development, there seems to be nothing that can convince Dennis Gartman to turn bullish on bitcoin. Despite tanking this month, bitcoin has still soared over 1,400 percent this year.  But Thursday on CNBC's "Futures Now," The Gartman Letter editor and publisher reiterated his skepticism on bitcoin's meteoric rise, a view he has held for the past few months. 
"I'm very bearish on bitcoin, I think it's one of the silliest ideas I've heard in a long time," he said. 
"To be separated from the brilliance of the blockchain, [makes even] tulips in [17th] century Holland look almost like a quiet, well-demeanored market," Gartman said, using a frequently invoked analogy of the boom in tulip prices that sent the Dutch into a frenzy nearly 400 years ago. 
After reaching spectacular heights, tulip prices eventually tumbled sharply. 
The phenomenon has since become synonymous with bubb…

Surveys: 73% of Russians Will Increase Crypto Investments

Image
Surveys: 73% of Russians Will Increase Crypto Investments: A recent survey shows that 49% of Russians want to receive cryptocurrency as gifts, with a large percentage specifying bitcoin. As cryptocurrencies grow in popularity, another survey reveals 73% of Russian investors expect to increase their cryptocurrency holdings next year. 
49% Want Crypto Gifts Russian technology portal Hi-Tech Mail conducted its traditional pre-New Year’s poll on what gifts Russians want to receive.
Read also: Australian Freeze: Big Aussie Banks Denying Bitcoiners
With over 20,000 respondents participating, the company found: "When answering the question about the desire to receive a cryptocurrency as a gift, the opinions of the respondents were equally divided: 29% [said they] would be happy with such a prospect, another 20% specified that it must necessarily be bitcoin." 
Meanwhile, 51% of respondents said they prefer to receive something else such as smartphones and other gadgets.  73% to Increase…

Australian Freeze: Big Aussie Banks Denying Bitcoiners

Image
Australian Freeze: Big Aussie Banks Denying Bitcoiners: Bitcoiners in Australia claim banks are on purpose freezing their bank accounts, disallowing exchange transfers, and at least one exchange is over-reacting to the freeze. 
They’re so unnerved they’ve done what any good crypto enthusiast does: air it all on social media and in comment threads.  Australia’s Big Four Banks Freeze Crypto Accounts  Australian bitcoiners have taken, in frustration, to social media and comment threads to broadcast treatment by banks and, to a lesser degree, exchanges. In particular, Commonwealth Bank, Australia and New Zealand Banking Group (ANZ), National Australia Bank (NAB), Westpac Banking Corporation, known as the “big four,” have halted exchange transfers and frozen accounts, according to enthusiasts. 
Read also: Russian Crypto Expert Released After Allegedly Being Kidnapped
 Popular regional crypto exchange, Coinspot, announced a temporary hold on fiat deposits from the country in response to friction…

Russian Crypto Expert Released After Allegedly Being Kidnapped

Image
Russian Crypto Expert Released After Allegedly Being Kidnapped: Pavel Lerner, the Russian IT specialist kidnapped by masked men near his Kiev office on Tuesday, has been released after reportedly paying a bitcoin ransom worth more than a million in USD.  This sum and payment have not been confirmed. Exmo’s executive was dropped off on a roadside by his attackers and is in a state of shock. The crypto entrepreneur has so far remained silent about the attack, that also shocked many Russians and Ukrainians. 
Snatched by Men With Rifles and Balaclavas  “He was freed by his kidnappers”, police sources told Strana.ua, the Ukrainian website that broke the news about Lerner’s mysterious disappearing. The six attackers were armed with assault rifles and were wearing balaclavas.
Read also:  What makes bitcoin an implausible currency
They dragged Lerner into a van in broad daylight on a main street in the Ukrainian capital, security officials added. 
The vehicle, a black Mercedes-Benz, had stolen regi…

What makes bitcoin an implausible currency

Image
What makes bitcoin an implausible currency: Is bitcoin money, or a payment system? Mounds, or Almond Joy? Great taste, or less filling? If bitcoin is good at both those jobs, then it’s probably got a bright future.  If it’s good at neither of them … well, farewell, bitcoin, we hardly knew ye. In a previous column I tackled the question of whether bitcoin was going to replace existing payments systems, and concluded that well, no, probably not.

So. Today we ask whether it makes good money.

Read also:  7 Amazing Things That Happen When You Spend Time Alone
So what of bitcoin-as-money?  That’s a complicated question, because money is an insanely complicated concept, even though it seems simple to us when we’re exchanging $5 for an Extra Value Meal. But economists broadly agree on two core functions of money: It is a medium of exchange, and a store of value. 
A medium of exchange means that, well, people will give you stuff in exchange for it. And there are already places where people will give…

Bitcoin is a 'dicey investment' — why one veteran gold analyst predicts it could burn a lot of investors

Image
Bitcoin is a 'dicey investment' — why one veteran gold analyst predicts it could burn a lot of investors: There are dangers lurking in the cryptocurrency market that could burn a lot of investors, according to Michael Dudas, a veteran gold analyst.  Dudas, a partner at Vertical Research, refers to the emerging asset class as a "dicey investment" — citing the amount of fast money flowing into the space and the lack of regulation. "It's a very speculative investment right now," he said Tuesday on CNBC's "Futures Now." 
"Just in the last few days, the amount of volatility the market has seen has made headlines around the world." 
Read also: Digital currency ripple soars nearly 56 percent, becomes second-largest cryptocurrency by market cap
His thoughts came as bitcoin was trying to recapture its latest losses from a wild ride that shows no indication of ending. It fell to as low as $10,400 on Friday. But by Tuesday, it was back in rall…

Digital currency ripple soars nearly 56 percent, becomes second-largest cryptocurrency by market cap

Image
Digital currency ripple soars nearly 56 percent, becomes second-largest cryptocurrency by market cap - Ripple surged nearly 56 percent Friday to an all-time high, surpassing ethereum as the second-largest cryptocurrency by market capitalization. 

Officially called XRP, ripple climbed 55.9 percent to a record high of $2.23 Friday afternoon, according to CoinMarketCap. 
The digital currency had a market cap of $86.3 billion, surpassing ethereum's $73 billion, according to the website.

Read also: Bitcoin led the best-performing ETFs this year

Earlier, the two cryptocurrencies vied for the second-place spot as prices fluctuated in morning trading. Bitcoin remains the largest digital currency by far. 
It has a market capitalization of roughly $247 billion, accounting for about 41 percent of the total cryptocurrency market cap tracked by CoinMarketCap. Ripple accounted for about 12.5 percent, while ethereum was around 12.1 percent, the website showed. 
Six largest cryptocurrencies by market c…

Bitcoin led the best-performing ETFs this year

Image
Bitcoin led the best-performing ETFs this year: The research director behind one of 2017's top-performing exchange-traded funds is still betting on bitcoin and electric, self-driving cars. 
Thanks to an early investment in the Bitcoin Investment Trust (GBTC), Ark Web x.0 ETF (ARKW) and the Ark Innovation ETF (ARKK) are the two best-performing ETFs this year, according to a report last week from ETF.com. At the time, the ETFs were up 95 percent or more for the year.  They remained about 85 percent higher on Friday. Ark's director of research Brett Winton said the company isn't cashing out on bitcoin yet. 
"We hold bitcoin in the portfolio not because we think we're more nimble than other people, but because we think we have a better long-term understanding," Winton said in a phone interview with CNBC last week.
Read also: Bitcoin soars while Dollar heads for worst year since 2003
"We see a young asset class like crypto assets as having lots of volatility and l…

Bitcoin soars while Dollar heads for worst year since 2003

Image
Bitcoin soars while Dollar heads for worst year since 2003: The dollar fell to its lowest in over three months against a basket of major currencies on Friday, on track for its biggest annual drop since 2003, on doubts over durability of a pickup in U.S. economic growth in wake of last week’s tax overhaul. 
One of the most dramatic market developments in 2017 was the breath-taking rise of bitcoin BTC=BTSP and other cryptocurrencies.

While they have pulled back at year-end, many of these digital currencies have surged in value this year.

The greenback may lag further against its peers in 2018 as investors expected other major central banks to reduce their stimulus while the Federal Reserve has signaled it would raise interest rates further, analysts said.

Read also: These were the 5 best books I read in 2017 - Bill Gates

“The dollar will face more headwinds in 2018,” said Chris Gaffney, president of Everbank in St. Louis, Missouri. “The Fed won’t be going at it alone in terms of taking off m…

2018 will be a decisive year for bitcoin Tech investor Roger McNamee Says

Image
Tech investor Roger McNamee thinks 2018 will be a decisive year for bitcoin: Bitcoin might be all hype, but it could withstand a crash and become legitimate, particularly if it sees enough gains in 2018, according to tech investor Roger McNamee.  Bitcoin is "still a very small market in the context of the larger financial world, but it has had a huge year. 
We've done it around a speculative mania," the co-founder of venture capital firm Elevation Partners said Thursday on CNBC's "Fast Money." 
"If a mania goes on long enough, it becomes self-fulfilling. 
Even after a crash, what follows is a legitimate industry." But in order for Bitcoin to earn its legitimacy, it needs to stick around long enough – and continue to keep investors on their toes, said McNamee, who was an early investor in Facebook
"With the amount of activity going on around it, there are people willing to invest the kind of dollars it takes to make a thing like bitcoin into a l…

Bitcoin drops 11% as South Korea moves to regulate cryptocurrency trading

Image
Bitcoin drops 11% as South Korea moves to regulate cryptocurrency trading: In the latest development, bitcoin fell on Thursday, marking the latest gyration following a major sell-off at the end of last week. 

The cryptocurrency fell as low as $13,672.16 on Thursday — an 11 percent decline compared with the beginning of the day, according to leading industry site CoinDesk. 

At 3:42 p.m. HK/SIN, bitcoin had ascended back to $14,233.60. That remained above the low of $10,400 it hit last Friday amid a session of highly volatile trading. 
Read also: Bitcoin: Cryptocurrency is losing its dominance over the crypto market
There had been no immediately apparent explanation behind that fall. The latest moves came as the South Korean government announced it would implementing new rules in a bid to regulate trade in the digital currency in the country. 
South Korea is a major hub for bitcoin. Those new regulations would include prohibiting anonymous trading accounts and could give authorities the abil…

Bitcoin: Cryptocurrency is losing its dominance over the crypto market

Image
Bitcoin is losing its dominance over the crypto market: Its share of the cryptocurrency market has more than halved since January 2017. 2017 was an incredible year for bitcoin In addition to appreciating by more than 1,500% since the start of the year, it also now has two futures markets, which have lured a number of traditional Wall Street players into the nascent digital coin space. Still, in one respect the coin is far worse off now than it was at the start of 2017. 
Read also: Bitcoin price WARNING: Expert MOCKS cryptocurrency – You can't buy McDonald's with bitcoin
At the beginning of the year bitcoin commanded nearly 90% of the cryptocurrency market, according to data from CoinMarketCap.com.

That number fell off a cliff in March, after which it shortly rebounded as bitcoin soared to eye-popping new highs. 
That number started to decline again in early December, reaching a low of 42% on Monday. It's a similar story for Ethereum. For some time it looked as if it could tak…

Bitcoin price WARNING: Expert MOCKS cryptocurrency – You can't buy McDonald's with bitcoin

Image
Bitcoin price WARNING: Expert MOCKS cryptocurrency – You can't buy McDonald's with bitcoin: Bitcoin will not have a traditional trading use in 2018, said Director of the Ira Epstein Division at Linn & Associates, Ira Epstein.  The financial chief laughed at people trading bitcoins during the Christmas holidays when the cryptocurrency suffered a major fall back. In an interview with Bloomberg, he said: 
“On Christmas day I couldn’t believe it, I was watching the market and there they are. These people are all trading.”
Read also: 2017 Was Bitcoin's Year. 2018 Will Be Ethereum's
Mr Epstein explained: “What we both know is there’s no delivery. So without a delivery of a physical good item, it’s all cash. 
The fear that people have, of course, is that the market starts going up and what’s to stop it?

You can’t throw gold at it, you can throw anything at it, it’s a bitcoin. 
“So we’re in the learning process. I heard Goldman Sachs will have, by June, a full cryptocurrency desk…

2017 Was Bitcoin's Year. 2018 Will Be Ethereum's

Image
2017 Was Bitcoin's Year. 2018 Will Be Ethereum's: As a long time investor in bitcoin and cryptocurrencies, 2017 has been remarkable. But it's important to remember, this is really just the beginning.  Despite the valuations, major protocols remain deficient in delivering value to users. Bitcoin with it's high fees and slow transaction times is hardly suitable for payments – spending the same fee whether you buy a coffee or send $100,000 is a joke and the promise of scaling solutions such as the Lightning Network hasn’t been fulfilled. 
Read also: Why bitcoin could be a major market risk next year, explained
Suffice to say, its new positioning as a store of value is precarious, even if, judging by the huge uptick in bitcoin price, the store of value narrative is winning for now. While there's no shortage of old and new believers to keep the party going, along with plenty of developers working to create better, forked versions of bitcoin, 
I’m betting my chips on a more …

Why bitcoin could be a major market risk next year, explained

Image
Why bitcoin could be a major market risk next year, explained: Bitcoin has soared quadruple digits this year, and one market watcher sees the cryptocurrency posing a potential risk to investors next year given its extreme volatility and lack of regulation.  Intense fervor around bitcoin has pushed bitcoin up more than 1,500 percent in 2017 on one exchange. Michael Bapis with the Bapis Group at HighTower sees risks afoot, though he sees the price rising higher still. 
Read also: Bitcoin: Cryptocurrency will trade between $6,500 and $22,000 in 2018, according to the first analyst to cover it
Here are his reasons. 
- The force is with bitcoin for the moment, but its momentum may be short-lived. Governments are already beginning to investigate regulation for the cryptocurrency universe, which would pose a risk to those who hold it. 
- Questions around bitcoin's transparency persist, and too many variables exist in the space. 
- The price is incredibly volatile and sees major price swings th…

Bitcoin: Cryptocurrency will trade between $6,500 and $22,000 in 2018, according to the first analyst to cover it

Image
Bitcoin will trade between $6,500 and $22,000 in 2018, according to the first analyst to cover it: In the latest development, report has it that Bitcoin is in for a potentially wild ride in 2018 that will end with a modest drop from the current price, the first Wall Street analyst to write about the crypotcurrency said Wednesday.  Nick Colas, co-founder of DataTrek Research, has been following the bitcoin phenomenon for at least four years. 
Read also: Bitcoin: Cryptocurrency's Real Bottleneck
Looking ahead to 2018, he sees more volatility for an asset that has soared nearly 1,600 percent over the past year. In fact, he figures bitcoin could slosh in a range between $6,500 and $22,000; it was around $15,750 in Wednesday morning trade. 
"Bottom line: bitcoin can rally to $22,000 and still be reasonably priced, or plummet to $6,500 and also be correctly valued," Colas said in his daily note. 
"We expect to see bitcoin trade for both prices in 2018." Ultimately, he sai…

Bitcoin: Cryptocurrency's Real Bottleneck

Image
Bitcoin: Cryptocurrency's Real Bottleneck: After a year of explosive price growth, forks, failed forks and more, there is much that can be said about bitcoin in 2017. Massive strides were taken, and much has been learned. However, as we push further into uncharted waters, what happens from this point onward continues to be just as divisive a topic as ever.
Underlying both much of the year’s drama and continued future uncertainty is a simple question: Can bitcoin scale as it continues to capture mainstream attention, or will it become a victim of its own success, with alternative cryptocurrencies waiting in the wings to overtake it?

Read also: Bitcoin: Rules to limit speculation in cryptocurrency trading are a good thing, says BitSpread

Of course, no one can honestly answer this question with total certainty. Predicting the future is a messy business, because the future is constantly in flux. It is not and cannot be fixed or predetermined. Rather, the future is being shaped and create…

Bitcoin: Rules to limit speculation in cryptocurrency trading are a good thing, says BitSpread

Image
Bitcoin: Rules to limit speculation in cryptocurrency trading are a good thing, says BitSpread: South Korea's decision to further regulate speculation in cryptocurrency trading is "quite positive," according to BitSpread Founder and CEO Cedric Jeanson. 

"I think it's normal," said Jeanson, whose firm oversees more than $1 billion in trades per month. BitSpread makes bets based on price disparities between exchanges that deal in cryptocurrencies.

Read also: Bitcoin: Cryptocurrency 'doesn't pass the smell test,' says Massachusetts securities regulator
Authorities in Seoul plan to ban anonymous cryptocurrency accounts and want to close virtual coin exchanges. The government has already warned that virtual coins cannot function as actual currency and could result in high losses due to excessive volatility. 
And Seoul has announced plans to tax capital gains from cryptocurrency trading. 
"I think regulators have done what they're supposed to do,&…

Bitcoin: Cryptocurrency 'doesn't pass the smell test,' says Massachusetts securities regulator

Image
Bitcoin: Cryptocurrency 'doesn't pass the smell test,' says Massachusetts securities regulator - Massachusetts' top securities regulator said his office is qualified to issue a warning on bitcoin because the digital currency is "entirely speculation."  "It doesn't pass the smell test," William Galvin, secretary of the Commonwealth of Massachusetts, said Wednesday on CNBC "Fast Money." 
"There is no product here. This is entirely speculation. That's already been proven by the high gyrations of the value," Galvin said. 
Read also: While bitcoin falls, ripple jumps 20% after new link to some Japanese credit card companies
"It's also subject to manipulation, because no one can explain it no one can control it." Bitcoin has soared more than 1,500 percent over the last 12 months to near $15,340 on Wednesday, according to Coinbase. 
That's off a record high above $19,800 hit in mid-December. On Dec. 13, Galvin issue…

ads1