The Bitcoin, Blockchain, and Cryptocurrency Thread

[Nereus]

Bitcoin's First $1,000 Weekend Since 2017 Marks Nine-Month High

https://au.finance.yahoo.com/news/bitco ... 09562.html

(Bloomberg) -- Bitcoin surged more than $1,000 this weekend to the highest level since August, as cryptocurrencies extended their rebound from a slump last month amid the New York attorney general’s investigation of a key part of the market.

Bitcoin rose as much as 6.9% to $7,445, before trading at $7,323.86 as of 2:15 p.m. Hong Kong time on Sunday, according to Bitstamp. That compares with $6,290.24 at Friday’s close. All five members of the Bloomberg Galaxy Crypto Index are up more than 8% this weekend, based on pricing from Bitstamp and Bitfinex.

The price of Bitcoin, the biggest cryptocurrency, has more than doubled since its Dec. 14 trough and is now rising for a sixth-straight day on Bitstamp. The decade-old token surged as intensifying trade tensions hammered global stocks in the past week to set fresh milestones for Bitcoin’s wild ride after it crashed last year from 2017’s peak above $19,000.

Virtual currencies slumped late last month as New York Attorney General Letitia James alleged an $850 million coverup by the companies behind virtual currency Tether and Bitfinex -- one of the world’s largest crypto exchanges.

The Bloomberg Galaxy Crypto gauge tumbled 11% in the week to April 26 for its biggest one-week slide this year.
To contact the reporter on this story: Garfield Reynolds in Sydney at greynolds1@bloomberg.net

To contact the editors responsible for this story: Shamim Adam at sadam2@bloomberg.net, John McCluskey, Garfield Reynolds
For more articles like this, please visit us at bloomberg.com

[Nereus]

Bitcoin hits 10-month high, tops $US8,000

https://au.finance.yahoo.com/news/bitco ... --spt.html

Bitcoin has surged past $US8,000, its highest level since July last year, as the cryptocurrency's rally gained further momentum.

There is no real fundamental explanation as to why bitcoin, the original cryptocurrency, hit a 10-month high on Tuesday morning (Australia time).

But there is an ongoing blockchain and cryptocurrency conference in New York called Consensus, with big investors and influential market players gathered to network and discuss the current state of the industry.

Bitcoin had also rallied during previous Consensus conferences.
At 1144 AEST bitcoin was trading for $US8,026 ($A11,538) on the Bitstamp exchange, up more than 11 per cent.

It hit a high of $US8,167.50 ($A11,742), a roughly 10-month peak.

Some analysts pointed out that bitcoin's rally coincided with the escalating trade war between the United States and China, which eroded overall market risk sentiment.

But it is too soon to declare bitcoin as a safe-haven asset, they said.

Fred Schebesta, co-founder of Sydney over-the-counter cryptocurrency trading desk HiveEx and who is currently speaking at the Consensus conference, said the "crypto winter" was finally over.

"This space isn't going anywhere. Confidence is slowly returning to the market," he said. "But we need more real world adoption for cryptocurrency to be widely used."

David Thomas, of London-based cryptocurrency broker GlobalBlock, said the breaching of a key $US6,000 support level last week fuelled interest among investors.

In addition, Lukman Otunuga, research analyst at FXTM, said the bullish "golden cross" is already in play on the daily charts.

This occurs when the 50-day simple moving average has crossed above the 200-day moving average.
Other market participants said perceptions of bitcoin's resilience in the wake of last week's $US40 million theft from the major Binance exchange was supporting sentiment.

Cryptocurrency markets have previously fallen after high-profile security breaches.

Bitcoin has almost doubled in price this year, underscoring its volatility after a bruising 2018.
Last year it lost some three-quarters of its value amid tighter regulation across the world.
But so far on the year, bitcoin has been up a sparking 119 per cent.

[buksida]

Indeedy, up over 114% since the beginning of the year. Where are the trolls now.

Why is Bitcoin at an eight-month high?
The bear market that has lasted for more than one year has, for now at least, been put to bed as Bitcoin and most other major cryptocurrencies are surging again.

Over the past few days Bitcoin has dominated digital asset markets and moved by 33% in the week to reach a new high for 2019. During early Asian trading on Tuesday, Bitcoin surpassed US$8,000 for the first time since July 2018. The move has also increased Bitcoin’s dominance of the market as a whole to almost 60%, as it eats into the alternative crypto assets, or ‘altcoins.’

...

There are a number of fundamental factors that could be driving the Bitcoin rally at the moment. US president Trump’s ongoing trade wars have done nothing for economic confidence as stock markets start to tumble this week and Bitcoin has often been seen as an alternative store of value when traditional markets are in jeopardy.

Institutional interest is also at an all-time high with several big names such as Fidelity, TD Ameritrade, E*Trade and Intercontinental Exchange (ICE) owned Bakkt entering the fray.

...

With big names including Microsoft and Amazon looking towards crypto and blockchain, and eBay, Whole Foods and Facebook eyeing crypto payments, the momentum is building for digital assets once again and that has been reflected in the monumental surge in prices.


https://www.asiatimes.com/2019/05/artic ... onth-high/

[buksida]

Google update sees crypto news web traffic plummet
As many publishers across the world know well, US search giant Google can make or break an online business. A tweak in its ranking algorithm can render a website invisible overnight and cause traffic to plummet, which is exactly what happened after a major Google search function update last week.

Google divulges very little about the mechanisms behind what it considers worthy or reputable as a news website or information source. The highly secretive search algorithm is tweaked frequently leaving webmasters and news editors scratching their heads as to what they might have done wrong in the eyes of the tech monopoly.

Although Google did not appear to intentionally target crypto news outlets with its recent adjustments, they do seem to have been one of its biggest victims. The fallout was so bad for some sites that they have been forced to close down, following a massive slump in web traffic.

https://www.asiatimes.com/2019/06/artic ... c-plummet/

[buksida]

BITCOIN PRICE AT $10,000: NOW VS 2017
The last time Bitcoin was at $10k in a bull market was a year and a half ago in late November 2017. The scene was very different back then but the FOMO was real. This time around, there are several significant fundamental differences that could be a huge factor for where BTC goes next.

From Bitcoin’s first touch of five figures to its all-time high was only 20 days. BTC doubled in price from November 28 to reach $20k on December 17, 2017. By December 22 a massive 40 percent correction had dumped it back down to $12k. BTC regained composure to climb back to $17.5k in early January but the writing was already on the wall. A fourteen-month bear market followed as BTC dumped 84% falling to $3,200 in mid-December 2018.

Since that moment, it has regained over 200% to current levels which are now less than 50% off that ATH again. So what is different this time around?

https://bitcoinist.com/why-bitcoin-at-1 ... than-2017/

[buksida]

Bitcoin, The Dollar And Facebook's Cryptocurrency: Price Volatility Versus Systemic Volatility
Bitcoin’s price swung wildly this week, causing many to conclude bitcoin is unstable. But this conclusion misses a key nuance: Bitcoin was designed for systemic stability, not for price stability. Indeed, as a system Bitcoin is highly stable even though its price may not be.

Bitcoin is the opposite of fiat currencies, which generally exhibit price-stability but are susceptible to periodic bouts of financial system instability. By extension, stablecoins that track fiat currencies, such as Facebook’s new cryptocurrency (Libra), fall into the same category as fiat currencies—they’re designed for price stability, not systemic stability, and are exposed to the same risk of periodic instability of traditional financial systems.

Can a monetary system be both price-stable and systemically-stable? Probably not, and here’s why.

https://www.forbes.com/sites/caitlinlon ... ae423288b8


Bloomberg Finally Admits Bitcoin 'Is Here to Stay'
Mainstream media has been far from complimentary about bitcoin and cryptocurrencies in recent years. The vitriol and FUD make headlines but it is largely based on ignorance of the technology and its ethos. Industry giant Bloomberg may finally be warming up to bitcoin, however, but will others follow?

Bitcoin appears to have finally started its correction from a rally which has added almost 270% to its price since the beginning of the year. The big names in mainstream media are dedicating larger slots to BTC and its brethren as the crypto winter has thawed. In a recent Bloomberg opinion piece, the outlet finally admitted that crypto is here to stay.

The obvious question is this: If Bitcoin was just a bubble to begin with, why has it been bouncing back in this manner? The answer is that cryptocurrencies, in some form or another, are probably here to stay.

https://bitcoinist.com/bloomberg-finall ... e-to-stay/

[buksida]

Looks like Thailand's largest crypto exchange is closing down ... another clampdown ahead?

Bitcoin Co. Ltd. has decided to discontinue offering digital exchange services and wallet services at our BX.in.th website in order to focus on other business opportunities.

This means that after September 30th 2019 all trading on the BX.in.th will be stopped.

We ask that all customers withdrawal any funds held at the BX.in.th website into their own bank account or digital wallet.

The company will not be seeking to hold an SEC issued Digital Asset Exchange license for the year 2020, and we ask all customers to withdraw their funds before November 1st, 2019.

https://bx.in.th/

[PeteC]

https://www.bangkokpost.com/business/17 ... months-end


From the above article.........

....."There have been problems with customers and the company may not be pleased with how it has to report its transactions to the SEC on a daily basis, said the source.".........

It sounds like the same frustrations as with the TM30 reporting. Report, report, report, just for the sake of reporting?

I would think they'll reopen in a different country.

[buksida]

Its a shame because BX was a good exchange, efficient support and very low tx fees. The alternative now for trading in Thailand is https://www.bitkub.com/ - also SEC registered.

Looks like the flooding wont be as bad as the level of reporting and paperwork the junta are drowning this country in.

[buksida]

Speculation grows on BX bowing out
Stringent regulations and imminent market saturation could be the main factors prompting the forthcoming closure of Bitcoin Co Ltd (bx.in.th), Thailand's largest digital asset exchange, say local operators of digital asset exchanges.

"BX may be worried about providing customer information and trading information to the Securities and Exchange Commission [SEC] on a daily basis," said Poramin Insom, founder of Satang Corporation Co Ltd.

"The SEC does cross-check for prices of digital asset transactions every day."

https://www.bangkokpost.com/business/17 ... bowing-out

[buksida]

UK BANKS FINED $66 BILLION FOR INSURANCE FRAUD ... AND BITCOIN IS STILL BAD?
Aside from the simple premise that bitcoin is faster and cheaper to send than an equivalent bank transfer, there are a number of other aspects in the crypto asset’s favor. Regulators, especially from the US, constantly harp on about money laundering and terrorist financing but they should really start looking closer to home than bashing bitcoin at every opportunity.

The world’s top banks have been fined in excess of $300 billion over the past decade for appalling and unprofessional behavior. That epic figure is more than the entire crypto market capitalization, yet still, regulators fret about a bit of bitcoin.

According to the figures, those fines are for a range of nefarious offenses including mortgage abuses, tax violations, insider trading, AML discrepancies, toxic securities, interest rate manipulation, and consumer protection violations.

According to Electric Capital co-founder, Avichal Garg, who documented the shocking findings, the UK fined banks $66 billion just this week.

https://bitcoinist.com/uk-banks-fined-u ... coin-good/

[buksida]

Bitcoin Rallies Close To 40% In 24 Hours
Bitcoin prices have risen sharply today, climbing upwards of 40% and breaking through the psychological $10,000 level after suffering a rough few days.

The world’s most prominent digital currency reached as much as $10,332.41 around 9:45 EDT, CoinDesk figures show.

At this point, the cryptocurrency was up 39.8% from the intra-day low of $7,393.26 it fell to earlier in the day, additional CoinDesk data reveals.

Much of the day’s gains took place within short periods of time, as bitcoin rose sharply during a few hours between the late morning and early afternoon, and then enjoyed another strong rally that started after 8 p.m. EDT.

The digital currency rose to more than $8,700 as a result of the first upward movement, and extended these gains to surpass $10,000 later at night.


https://www.forbes.com/sites/cbovaird/2 ... 8114421594

[buksida]

SCG to pilot Thailand’s first implementation of central bank digital currency (CBDC)
SCG has announced that it has signed a memorandum of understanding (MoU) with the Bank of Thailand and Digital Ventures to develop a prototype system of Central Bank Digital Currency (CBDC) to enhance the efficiency of purchasing and payment management in the business sector. The CBDC is being developed to reduce transaction steps and processing time, which will be conducive to boosting business confidence and competitiveness and promoting Fintech innovation in the future.

https://www.bangkokpost.com/thailand/pr ... ency-cbdc-

A crypto baht eh, Thailand wants to become a cashless society - just like China. With money based on the blockchain, the regime can trace and track everything that everyone spends.

[Big Boy]

A crypto baht eh, Thailand wants to become a cashless society - just like China. With money based on the blockchain, the regime can trace and track everything that everyone spends.

There are too many poor people in Thailand for that to happen with any real effect, with many only having a bank account to receive their 600฿/month pension. As with many conspiracy theories, reality puts a huge hole in the bucket. A lot of effort (huge hammer) to track a miniscule pension (small nut). How many months pension would it take to earn a single Bitcoin? As with many such statements, WHY?

[buksida]

Bitcoin has nothing to do with it.

They're developing a digital baht. Maybe not everyone has a bank account, but they all have a smartphone and that will be used to pay for stuff using the BoT's digital currency and wallet app - all logged and tracked as they do in China. At the moment it appears to be for commercial purposes but a successful pilot could see it being deployed nationwide.

As to why? Surveillance and control - as with everything that comes out of this regime.

Here is more on it: https://www.bangkokpost.com/business/19 ... ent-system