bitcoin news

XRP, NEO, Monero, IOTA: Can One of the New Kids on the Block Dislodge Bitcoin? – The Market Mogul

It is instinctive to associate the rapidly surging market of cryptocurrencies with Bitcoin – the most valuable currency in the cryptosphere and one that has been in the spotlight of financial media over the last 12 months.

Indeed, despite Bitcoin’s meteoric price rise, other cryptocurrencies have also skyrocketed – at rates faster than Bitcoin. Facing trading restrictions and bans from other countries – as well as having frustratingly high transaction fees and low processing times – there is a chance that another newer cryptocurrency may seriously rival Bitcoin this year.


Bitcoin tumbles to 6-week low on fears of regulatory noose tightening

Bitcoin’s spot price was slumping on Tuesday, touching a six-week low below $11,000, as the biggest cryptocurrencies came under pressure across the board.

The selloff follows reports that South Korean Finance Minister Kim Dong-yeon said banning trading in virtual currencies was “a live option.” That has added to ongoing worries about a potential crackdown in what’s considered the world’s third-largest crypto trading market.



Quinlan Associates: Bitcoin Price will Crash to $1,800 in 2018 | BTCMANAGER

Bitcoin Predicted to Crash in 2018
In their 156-page report titled “Fool’s Gold: Unearthing The World of Cryptocurrency,” the firm comprehensively stated that the current bitcoin price above $14,000 is a bubble and does not reflect the true worth of the cryptocurrency. Quinlan associates argued in their write-up that the current price is unreal for bitcoin both as a store of value and a medium of exchange.
The report read:
“As an asset, we valued Bitcoin using a cost of production approach and a store of value approach, resulting in values of $2,161 and $687 respectively. To value BTC as a currency, we estimated its utilisation for both legal, retail transaction payments, as well as payments in the black market. After significant testing, we calculated the price of BTC to be $1,780.”


Will Cryptocurrencies Be the Art Market’s Next Big Thing?

LONDON — There’s a new gold rush. But this precious metal doesn’t actually exist.

The frenzy is for so-called cryptocurrencies — or encrypted digital money — and their value skyrocketed in 2017. The price of Bitcoin, the pioneer decentralized virtual currency, rose more than 1,300 percent last year, despite plunging 40 percent at one point in December. A Bitcoin rival, Ether, was up 8,000 percent. It is thought that the total worldwide value of cryptocurrencies could reach $1 trillion this year.

Bitcoin and its derivatives have, for the moment, proved too volatile and unwieldy for day-to-day transactions. Yet the cryptocurrency model, underpinned by decentralized blockchain ledger technology, is increasingly becoming a force in more specialized areas of the economy. The art world is one of them.


Bitcoin Mining Fees Soar As China Crackdown Progresses

South Korea’s lawmakers and Ministry of Finance have reportedly shot down a crypto-trading ban proposed by the South Korean Ministry of Justice (since more than 2 million South Koreans own bitcoin, such a ban would inevitably lead to many retail traders booking heavy losses).

But China’s attempt to suppress the local crypto economy is continuing unabated as the PBOC leans on local authorities to deny resources to bitcoin miners and exchanges to encourage “an orderly exit” from the business.

Today, Bloomberg reported that ViaBTC Technology Ltd., which runs the fourth-biggest bitcoin mining collective, is jacking up maintenance fees for some of its clients Friday to 50% from 6%, according to a statement posted on its website.

The disruption in mining power has caused already soaring transaction fees to climb to all-time highs as transactions compete for space on the network.


Chinese bitcoin miners eye sites in energy-rich Canada

MONTREAL/SHANGHAI (Reuters) – China’s Bitmain Technologies is eyeing bitcoin mining sites in Quebec, a company spokesman told Reuters, as expectations of a potential Chinese crackdown on cryptocurrency mining make the energy-rich Canadian province an attractive alternative.

FILE PHOTO: Bitcoin mining computers are pictured in Bitmain’s mining farm near Keflavik, Iceland, June 4, 2016. REUTERS/Jemima Kelly/File Photo
China has grown into one of the world’s biggest sources of cryptocurrency mining but there are signs Beijing is increasing scrutiny of the sector’s players and may ask local authorities to regulate their power use. Bitmain Technologies, operator of some of the largest mining farms in the country, is among several companies looking to expand overseas.


Indian banks are blocking Bitcoin payments and withdrawals

After many weeks of soaring, Bitcoin price is on the descent, and with that comes the frenzy to sell off. Bitcoin, which had a price close to $ 20,000 at the end of the year is now hovering at $15,000. To add salt to this wound, Indian investors are now facing another crisis all together. Users of many Indian Bitcoin exchanges have been facing difficulty with withdrawals as Indian banks are strangling bitcoin exchanges by blocking payments and withdrawals.

Presently, regulators across the globe, including India, have been struggling to comprehend the underlying blockchain technology and to develop an appropriate response to it.One of the main victims of this crisis is cryptocurrency exchange Koinex.

“In the past few days, many of our users have faced difficulties with INR withdrawals on Koinex. A tussle between our payment service partner and their bank has caused an indefinite delay in the settlement of a large portion of deposits to Koinex in the past 2 weeks. This created a bottleneck in the cash flow of user funds, thus hamstringing INR withdrawals on the platform,” writes Koinex in a blog post.


Bitcoin Forecast – Tuesday, Jan 9

BTC/USD
Bitcoin fell against the United States Dollar during the trading session on Monday, as traders came back to work. It looks likely that the market could continue to drift a bit lower, but as you can see on the daily chart, I have formed a bullish flag that could happen. If we can break above the downtrend line marked on the chart, that should send this market much higher. The $12,000 level underneath should be massively supportive, and if we can break down below, where I think it’s the beginning of a serious trouble for Bitcoin. Otherwise, we could break out to the upside and go much higher, with a potential target of $30,000 based upon the pole of the flag.


Multiple Bitcoin debit card providers suspend service under orders of Visa

The Bitcoin community is reeling after several pre-paid crypto debit card providers abruptly suspended service. The companies affected include Bitwala, Cryptopay, Wirex, and TenX.

These services allow individuals to spend cryptocurrencies — predominantly Bitcoin — in traditional brick-and-mortar establishments through a debit card issued by one of the major providers, Visa and MasterCard.