Bitcoin Soars 80%, But Why it is Set To Crash?

Bitcoin Soars 80%

Bitcoin Soars 80%: Bitcoin (BTC) price has been on a rollercoaster over the last couple of months.The lack of underlying value and unpredictable nature of digital currencies continues to stun investors with massive sideways movements.   

Since showing the considerable upside volatility at the end of last year, bitcoin’s downside volatility led the price to bottom near $6,000.

After the massive selloff in late January and early February, bitcoin price rose 80% in the last two weeks alone. Bitcoin price has breached the $11000 mark during the weekend; the coin is trading at just over $11,000 this morning  – and now has the market capitalization of $185 billion.

The broader rally in cryptocurrency prices has pushed the total market capitalization above $500 billion for the first time in the last three weeks.

Bitcoin Soars 80%

Why Does Bitcoin Soars 80%?

Regulatory concerns along with the price manipulation and bearish remarks from notables were the key drivers for the violent selloff in bitcoin prices.

However, softer than expected regulatory actions from South Korea and the United Stated led bulls to control the market over the last two weeks. South Korean authorities have been steadily moving back from their earlier strict stance. They have implemented less severe regulatory actions than what investors had initially thought.

The U.S. CFTC chairman said, “regulators should have a thoughtful and balanced response and not a dismissive one.”

Moreover, predictions of sustainable growth in bitcoin prices from key analysts have been adding to bullish sentiments.

Saxo Bank analyst, Kay Van-Petersen, who appropriately predicted the substantial rally in cryptocurrency price at the start of last year – now forecasts that bitcoin is set to hit the $100,000 mark.

Then How Prices Are Heading for Another Crash?

Cryptocurrencies are in early stages, and it’s quite difficult to predict whether they will turn out to be a huge bubble, or if they can replace the traditional financial world.

The Ethereum founder, Vitalik Buterin warned investors for the possible slump. He suggested investors invest the money only if they can afford to lose.

He said: cryptocurrencies are still a new and hyper-volatile asset class, and could drop to near-zero at any time. Don’t put in more money than you can afford to lose. If you’re trying to figure out where to store your life savings, traditional assets are still your safest bet.

Featured Image: twitter

Want to Win Bitcoin (BTC)? MonteCrypto Game Launches Feb 20th

MonteCrypto

Yes, you read that right – it is possible to win a single Bitcoin if you can defeat a new video game that launches very soon. MonteCrypto: The Bitcoin Enigma is set to launch on Steam on February 20th.

Steem is a cryptocurrency used to power the Steemit platform; a blockchain-based social media platform aimed at incentivizing users to create and curate content on Steemit. Each creator gets rewarded for their work.

Currently, there is a 40% discount if you buy the game on its release date, costing only $1.19.

The game itself is a first-person viewed game, similar to that of Call of Duty. It features 24 puzzles that you have to solve while making your way through a haunted mansion. What’s cool is it allows you to play as a team or you can play just individually. Each member will be able to leave clues or lead someone off track throughout the maze for others to find.

MonteCrypto

Source: MonteCrypto

This sounds like an extremely cool game and well thought out. From what I can see, it doesn’t break any of Steam’s rules on games. The game developers have given out an initial clue on the game’s FAQ page. The first clue links to a bit of code on GitHub designed specifically to help game players crack their Bitcoin wallet password if they only remember some of it. As the game gets closer to launch, the team behind MonteCrypto will release more clues, so check the page’s source code frequently!

Look for the game video at the bottom of this post!

>> Tron Dogs Update

Win More Bitcoin

There are other ways to win Bitcoin if you didn’t already know. It took someone THREE years to crack a puzzle within a painting that landed them 4.87 Bitcoins. Obviously worth a LOT more than when the painting originated.

The same team behind the painting is designing a new game named “Neon District” and it will have 15 ETH hidden within it.

Happy Gaming folks!

>> Neon District News

Features Image: Pymnts

UK Entrepreneurs Sell 50 Apartments in Dubai for Bitcoin

Dubai

At this point, it’s fair to say the cryptocurrency industry is constantly evolving. Over the course of the past couple of months, we have seen a number of countries roll out new uses for virtual currencies. In Canada, for instance, individuals can now use Bitcoin to purchase meals from KFC. In Australia, travelers will soon be able to purchase items using Bitcoin in the Brisbane Airport. Now, we’ve been informed that luxury flats in Dubai can be purchased with the virtual currency. In fact, there have already been 50 flats sold in Dubai for Bitcoin.

Dubai’s New Relationship with Bitcoin

Business Insider published a report yesterday which stated that two UK entrepreneurs have sold 50 luxury flats in Dubai for Bitcoin. This is significant news as it suggests the cryptocurrency industry, at least in Dubai, might be making a move into real estate.

The world was informed in September of last year that the two entrepreneurs, Michelle Mone and Douglas Barrowman, had launched a $325 million luxury development in Dubai. It is forecasted to be finished in two years. After announcing the launch of the ‘Aston Plaza and Residences’, Mone and Barrowman promised that they will be offering 150 apartments that can be purchased using bitcoin. For perspective, the entrepreneurs will be offering 150 apartments out of the 1,3000 for bitcoin.

Offering luxury apartments in Dubai for bitcoin is definitely a first, but it appears investors are on board with it. According to the February Business Insider report, 50 out of the 150 apartments offered have been sold. In fact, Mone told the publication that there were a couple buyers who purchased two apartments. To top it off, Mone, who is the founder of lingerie brand Ultimo, stated that there was one buyer who bought as many as ten luxury Dubai apartments.

This news comes at a time when more and more people are fighting to see more cryptocurrency regulation. In fact, the United States, Germany, and France have all called for crypto regulation to be discussed at next month’s G20 summit in Argentina. Therefore, it will be interesting to see how the outcome of the summit affects the potential sale of more Dubai apartments for bitcoin.

Read More About Cryptocurrency Regulation >>

What do you think? Would you want to buy an apartment using bitcoin? Leave a comment below!

Featured Image: depositphotos/Anna_Om 

 

 

 

Bitcoin Will Surge Further – Here’s Why

Bitcoin predictions

Bitcoin predictions: Cryptocurrencies have been stabilizing over the past three days – something rather unprecedented. Markets had witnessed Bitcoin’s upside volatility last year but found it equally volatile on the downside; the slump from $19,000 to less than $6,000 in last month alone vindicated the instability for both trends.  

In spite of the massive sideways movement, returns from crypto funds topped hedge fund returns last year.

For instance, Pantera Capital, which started its first cryptocurrency fund in 2013, generated returns of 22,000 percent since its inception. Last year, Cryptocurrency fund returns were significantly higher from the average gains of 7% from hedge funds.

Why Dan’s Calculations Are Worth Considering:

Dan Morehead, the CEO of Pantera Capital, who bought his first bitcoin for around $72, is now predicting a substantial rally in price. He said, “Bitcoin should return to peak levels in the next couple of weeks and will continue growing from there.”

In December, Dan predicted bitcoin price to fall by half before rising back up. The first part of his prediction turned out to be true and now traders are carefully thinking about the second part of his prophecy.

What Could be the Potential Prospects for a Sustainable Rally?

Bitcoin predictions

Bitcoin and other digital currencies are showing strong support trading around their current level.

The entire cryptocurrency market has been flat over the last three days; seems it is looking for solid reports to make a new trend.

Some analysts are now correlating the movement of crypto markets with stock markets, expecting prices to trade in similar trends.  This assumption could be partially correct as the overall market sentiments offer support to the whole investment markets.

Last year, the rally in tech, financial and industrial stocks combined with Trump’s business pro initiatives, led the major U.S. indices to hit new records.

Market Dynamics Are Different for Virtual Currencies This Year

Though Bitcoin and digital currencies have beaten stock market returns last year, the market dynamics seems quite tough this year. Experts are predicting the crash, while regulators are making strict rules to reduce illegal activities associated with the currencies. Global financial institutions are calling them a risk to global financial stability.

However, traders aren’t ignoring the speculative nature of cryptocurrencies; allowing bulls to strengthen their stance of getting support from regulatory actions. They believe regulating cryptocurrencies could turn out to be a positive catalyst for long-term sustainability.

Featured Image: twitter

Analysts Predict Bitcoin Will Hit $50K in 2018

Bitcoin prediction

Bitcoin prediction: It’s been the roughest week yet for cryptocurrencies as the price of Bitcoin sank to just over $6000 – its lowest since November. This, coupled with regulatory fears and ICO scams, has led to increasingly bearish sentiments towards the cryptocurrency market in general. It has lost $340 billion USD since the start of the year. So it’s great news for investors today, as the price of Bitcoin unexpectedly soared 11.4% – over $800 USD – from last night’s low, at 3:30 pm EST this afternoon (the time of writing). But the even bigger news is that analysts are predicting Bitcoin to hit $50K this year.

In an interview with CNBC, Thomas Glucksmann, head of APAC business development at Gatecoin, said that “There is no reason why we couldn’t see bitcoin pushing $50,000 by December.” This, he says, is due to a market rebound as well as “major technology developments” such as bitcoin’s upcoming Lightning Network, which aims to speed up transactions.

>> Ethereum (ETH) and Litecoin (LTC): Coins to Invest in Before the Market Recovers

In the same report, Jamie Burke, CEO of Outlier Ventures, stated that he believes the market will likely go on a bull run. It will be “comparative if not greater than last year potentially reaching the trillion-dollar mark before a proper crypto winter sets in,” he said. This ‘crypto winter‘ refers to a period where the market will settle down and focus on market fundamentals, potentially becoming more stable.

And to top it all off, Ran Neuner, host of CNBC’s Cryptotrader show, pinned this tweet to his account in a moment of bravery:

With such optimism abound in the industry, it may really be true that we’ll see Bitcoin grow tens of thousands of dollars in coming months. But it’s important to bear in mind that such predictions have been made before…

>> Cryptocurrencies – Excitement is Limited

In 2014, a Coindesk poll showed that most readers thought that one Bitcoin would reach $10,000 by the end of that year, while venture capital firm LightSpeed India gave it a more modest $4000 – $5000. It ended the year at about $315. This goes both ways, of course. In 2015, a Financial Times article gave a bleak outlook for the cryptocurrency, playing on the fact that it had been floating at around $350 for months and that the chances of it becoming a mainstream currency ‘are now zero’. The mainstream currency statement is still debatable, but the article certainly hasn’t aged well since bitcoin hit nearly $20,000 per coin about three years later.

Anyway, none of this is to say that bitcoin won’t do well this year, but it is a casual reminder to be wary of predictions which seem authoritative. Either way, it looks as though it’s safe to be bullish at the moment and hope that today’s great performance continues in coming weeks.

Featured image: BTCmanager.com

Bitcoin (BTC) Not Living Up to Its Original Promise

Bitcoin's Original Promise

The cryptocurrency market is continuing to rebound after a shaky day yesterday. Coincidentally, the Dow Jones plunged a total of 1,100 points yesterday, around 4.6%, which is the lowest since the European debt crisis back in 2011. The stock market corrected itself from yesterday’s downfall, is there a correlation between the two? I really don’t think so.

The cryptocurrency market crash plummeted yesterday, due to the Chinese government implementing a regulation completely banning its citizens from viewing cryptocurrency websites, via a government-ran firewall. Many analysts are stating that yesterday’s drop was due to rising inflation and the usual market correction. This shows that there is absolutely no correlation between the drop of the two markets.

Back in 2008, the original cryptocurrency, Bitcoin (BTC), and its blockchain were born. It was due to the housing financial crisis, where the banks (due to greed) crashed the entire stock market. Satoshi Nakamoto, the Alias, and originator of Bitcoin envisioned a decentralized digital currency that isn’t controlled by a singular entity – this was Bitcoin’s original promise.

>> Bitcoin Price Analysis

Bitcoin as an Investment Asset?

However, the issue most individuals are having with Bitcoin is that it is failing to live up to its original promise. Bitcoin and its blockchain were intended, by its unknown creator, to be a peer-to-peer electronic cash system. Its current scalability issues have resulted in slow transaction times and high fees. BTC remains the top cryptocurrency with the highest total market cap and highest price, however, it could be passed in market cap this year. Just a year ago the digital currency held 85% of the total cryptocurrency market cap dominance but now, is currently only 35%.

The digital token just this year has transitioned from a digital currency used for peer to peer transactions, to an investable asset, like gold and silver. Many new altcoins on the market are being used as a payment and transaction system instead because their transaction confirmation time is 10 times faster than that of Bitcoins.

>> Stellar & Ripple Comparison

Bitcoin doesn’t even come close to Litecoin (LTC), DASH (DASH), Ripple (XRP), and Stellar (XLM) when it comes to transaction time confirmation. Some Bitcoin holders now use the cryptocurrency to purchase large ticket items, such as houses and cars but day-to-day payments with BTC do not occur.

If Bitcoin developers can agree upon and fix its scalability issue, it could potentially switch back to its original goal. However, with faster blockchain projects/coins popping up every day, I believe that it is highly unlikely.

Featured Image: Gizmodo

Italian Energy Company Enel Refuses to Power Bitcoin Miners

Enel

Global energy giant Enel has sharply announced that it has “no interest whatsoever” in supplying energy to cryptocurrency mining operations, say Reuters.

The decision comes after a brief period of research in which the Italian company was in talks to supply Swiss mining firm Envion AG with power from renewable sources. According to a Bloomberg report, the discussions with Envion were part of a broader effort by Enel to look at the market for selling power to cryptocurrency miners.

>> Mining for Charity: UNICEF’s Ethereum Donation Drive

Enel is one of Europe’s top renewable energy suppliers and is also the primary energy supplier in Italy. It explained its decision in a report by Reuters, stating that they have made clear steps toward sustainable energy and therefore “sees the intensive use of energy dedicated to cryptocurrency mining as an unsustainable practice that does not fit with the business model it is pursuing.”

The move is sure to disappoint Bitcoin (BTC) enthusiasts in the country, who likely are waiting for some good news amid harsh government crackdowns on cryptocurrencies elsewhere. On the bright side, despite Enel’s aversion to digital coins, they are still keen to explore the applications of blockchain technology in the energy industry. This was the primary focus of the EnelFocusOn event that was hosted in Santiago, Chile, on February 2nd. The event saw Joel Comm, a ‘blockchain evangelist’, highlight solutions offered by blockchain in “making the energy industry more sustainable”, say Enel.

>> More Crypto Bans: Lloyds Shuts Down Credit Card Purchases

Bitcoin mining is becoming a hot topic as governments, energy companies and environmentalists grow increasingly concerned with the huge amounts of electricity needed to operate mining farms. Many Chinese mining companies are looking to the west for potential mining spots as the Chinese government, overburdened by energy demand, begins a crackdown on the activity. Renewable energy is of particular interest given its abundance, sustainability and relative cheapness in places such as Canada, yet the demand is pushing suppliers to breaking point.

Meanwhile, the Italian government has proposed cryptocurrency regulations which will ‘clarify’ the use of Bitcoin and others in the country. According to Coindesk, the regulations will help enforce new anti-money laundering rules put forward by the European Union. As a result, businesses who make transactions with cryptocurrency would be recorded.

Featured image: Enel.com

This Artist Hides Bitcoin in Digital Paintings – If You Solve It, You Keep It

Bitcoin Puzzle Solved

Want some free Bitcoin? You’ll have to solve a puzzle first.

Artist Marguerite deCourcelle, also known as coin artist, has been hiding Bitcoin in digital paintings for years. Her third Bitcoin puzzle, released in April 2015, has finally been solved. Whoever solved the puzzle remains a mystery but they are now the proud new owner of around $50,000 worth of Bitcoin.

The Bitcoin puzzle series, “The Legend of Satoshi Nakamoto”, has been going on for a long time. It took nearly three years for the third puzzle in the series, “TORCHED H34R7S”, to be solved. When deCourcelle and her team originally placed the key to the Bitcoin wallet into the digital painting, the wallet contained 4.87 Bitcoins – which was, at the time, worth about $1,400.

Source: Twitter

>> Best crypto coins for small payments

We can see from the wallet, known as 1FLAMEN6, that the prize has indeed been claimed:

Source: blockchain.info

>> India threatens ban of crypto

Nothing now remains in the wallet. The new Bitcoin owner must be thrilled to have solved such a mystifying and captivating puzzle for the crypto community.

Interestingly, in November 2017, the wallet saw its first signs of activity since the puzzle had been released – not in the form of someone claiming the Bitcoin, but someone actually depositing more in! This mystery was revealed to be part of a Bitcoin hack that’s been quietly haunting the crypto world.

It worked out for whoever solved the puzzle, though, because it meant there was more Bitcoin to claim.

While the identity of the puzzle solver will remain anonymous, the solution for “TORCHED H34R7S” has now been released and it is quite the solution! From Shakespeare to keys acting as literal keys to coded flames, this solution has it all.

For those hoping to have solved the puzzle themselves, the chase isn’t over yet! deCourcelle’s team is developing a new crypto game, called “Neon District”, this one with 15 ETH hidden within. “Neon District” is part of a crypto RPG that is riddled with easter eggs like this.

Source: Twitter

As an avid puzzle solver myself, this is an extremely fascinating concept – and probably the closest us puzzle enthusiasts will get to feeling like Indiana Jones! I doubt I’ll ever be able to figure it out, but maybe some of you out there will have better luck.

Happy puzzling!

>> Read more about the crypt game “Neon District”

Feature image: twitter

Bitcoin Price: What’s The Chance Of Bouncing Back?

Bitcoin Price Plunge

Bitcoin price plummeted below the support level of $8000 for a third time today. The huge volatility in crypto markets wiped off more than $417 billion from the total market capitalization in the last month alone making this bitcoin price plunge one of the greatest yet.

Consequently, the broader selloff has pulled back the cryptocurrency prices at the lowest level in the last three months.

Bitcoin price plunged below $8,000 during the Friday trade, and although bounced back above $9,000 over the weekend, it has again dipped below $8,000 today. After those dramatic swings, it is currently trading in the range of $7,400. 

Bitcoin Price Plunge

How The Chinese Regulations Led the Bitcoin Price Plunge:

China, which has recently expressed strong concerns over the cryptocurrency trading, is now planning to impose a complete ban on domestic and international cryptocurrency trading platforms.

Based on the local media reports, the Central Bank of China is likely to block all platforms related to the issuance of initial coin offerings (ICOs) and cryptocurrency trading. Already, China has banned cryptocurrency trading in domestic markets. But now, the country has extended the concentrated efforts to foreign platforms too.

>>What Is France’s Stance On Bitcoin Regulations?

The Financial News reported: 

“In the future, any related (platform) will be closed as soon as it is found. At the same time, further regulatory measures will be taken with the future development of the situation,” 

Bitcoin Price Plunge

Last week, comments from the Indian finance minister created the huge crash in prices. During the budget speech, he stated that “the country wants to eliminate the use of digital currencies in criminal activities”  and this plunged the bitcoin price below $8,000 for the first time on Friday since November 24.

Why Is The Upside Limited?

Cryptocurrency mania seems to be ending over the last month. After South Korea, several major institutions have stressed for the strict regulatory actions against the cryptocurrencies. The largest U.S. banks such as Bank of America and J.P. Morgan Chase, have stopped their customers from buying cryptocurrencies using credit cards. Following that trend, the U.K. lender, Lloyds Banking Group, has also implemented the same policy. The signal is clear; there is less trust in cryptocurrency markets.

Featured Image: twitter

UPS to Accept Payment in Bitcoins? It’s On the Horizon

UPS

Another shipping company has now joined the global blockchain revolution, this time it’s UPS. According to a filing with the U.S. Patent and Trademark Office (USPTO), the global shipping giant is considering setting up a system of locker banks so that it could take in Bitcoin as payment.  

>>Bitcoin Price Analysis – Can BTC/USD Rebound?

Here’s how it works: As outlined in the USPTO filing document, a seller can leave an item inside a locker (which can be rented) for the buyer to pick up later-on by entering the designated payment, thus completing the transaction.

The aim is to create a point-of-sale (POS) system that accepts the following payment methods:

  1. Cash transaction
  2. Credit or debit card transaction
  3. Gift certificate
  4. Electronic payment (Google Pay, Apple Pay, PayPal, Bitcoin, etc.)
  5. Any other suitable type of payment

However, only time will tell whether this kind of locker bank system will appeal to the general public and whether people are willing to use Bitcoins to pay for UPS packages.

This is not the first time that UPS expressed its intention to dabble in the blockchain industry. In November, the company joined a blockchain consortium called the Blockchain in Trucking Alliance, focused on the trucking and shipping industry.

On joining the consortium, Linda Weakland, UPS director of enterprise architecture and innovation, stated:

“The technology has the potential to increase transparency and efficiency among shippers, carriers, brokers, consumers, vendors and other supply chain stakeholders.”

>>The Best Cryptocurrency Memes in 2018 (So Far)

With today’s announcement, we are starting to see a trend where shipping companies — which make up a vital part of the global economy — are leaning towards using Bitcoin as a mainstream method of payment.

Over the past two years, more than 50 filings released by the USPTO mentioned the leading cryptocurrency as a possible inclusion into their payment systems (such as Bank of America).

Earlier today, FedEx also made significant progress in developing a blockchain-based platform for its daily business operations. It might not be long before the entire sector moves into the blockchain technology.

Featured Image: twitter