A month ago, a single Bitcoin was worth around $2,000. It has doubled in value since then. The price of bitcoin broke through $4,000 on Sunday, a new record, and has largely stayed above that level since, according to digital currency news site CoinDesk. The dramatic price rise marks the latest milestone in bitcoin’s stellar growth in 2017 — it’s already worth more than four times its value at the start of the year.
An advisor to Russian President Vladimir Putin is trying to raise as much as $100 million in an initial coin offering (ICO). The funding effort for the "Russian Mining Company" was revealed this week by Dmitry Marinichev, who serves as the internet ombudsman to Putin's office. According to a presentation published in tandem with the unveiling, the team behind the effort is planning to tap as much as 20 megawatts to power their mining farm, using chips developed domestically. Bitcoin mining is an energy intensive process by which new transactions are added to the blockchain, creating new tokens – 12.5 BTC, or roughly $42,000 at current prices – as a reward for the miner.
The Chicago Board Options Exchange (CBOE) has partnered with Gemini, the bitcoin exchange backed by investors Cameron and Tyler Winklevoss, as part of a bid to launch cryptocurrency derivatives trading. According to the Wall Street Journal, the agreement will find the CBOE leveraging Gemini's data for the launch of dedicated product listings in 2017. Opened to traders in 2015, Gemini is a New York-based exchange offering bitcoin and ether markets, as well as daily auctions of the cryptocurrencies.
A new digital currency called "bitcoin cash" (BCC), created by the splitting of the bitcoin blockchain, is rapidly rising in price despite lacking crucial support from parts of the cryptocurrency community. Bitcoin cash has secured its place as a top cryptocurrency within a day of entering the marketplace. According to Coinmarketcap.com, the cryptocurrency is trading at about $490 a coin, and its market cap now stands above $8 billion. As such, it is the third-largest cryptocurrency by market cap, surpassing big-name coins such as Ripple ($6.7 billion) and Litecoin ($2.2 billion).
On August 1, 2017, the preeminent cryptocurrency is set to break in two: at 12:20 UTC a new cryptocurrency called Bitcoin Cash will be launched. It's based upon Bitmain’s UAHF proposal which was initially created as a contingency plan to thwart the efforts of the UASF, which now looks likely to activate without incident. The split, called a hard fork, will result in two separate and distinct cryptocurrencies: Bitcoin Cash and Bitcoin Core. It also has the potential to create billions of dollars worth of new cryptocurrency out of thin air.
Howard Marks, one of the most respected value investors out there, starkly warned his clients to avoid high-flying digital currencies. Marks, who runs Oaktree Capital and manages around $99 billion in assets, wrote in the investor letter Wednesday. "In my view, digital currencies are nothing but an unfounded fad (or perhaps even a pyramid scheme), based on a willingness to ascribe value to something that has little or none beyond what people will pay for it."
Price predictions in the Bitcoin world are always rather interesting. Especially considering how the price turned very bearish over the weekend. Cybersecurity guru John McAfee feels one Bitcoin can become worth as much as half a million Dollars in three years. However, he is quite confident his prediction will come true. He has avidly followed the recent price momentum and shared his opinions on the price dip. In fact, he was one of the first to acknowledge this was a mere technical correction. And McAfee is very sure that tweeted to one of his followers today that if his predictions fail to materialize, he will dine on his own penis in front of everyone. McAfee made the comment after saying bitcoin will move above $500,000 within three years.
Over the past week, the Bitcoin price and Ethereum price went into a nosedive. The bitcoin prices crash below $2000 and the ethereum prices crash below $140 over the weekend in a broad based correction. Though the ethereum prices have since recovered to come back towards the $160, the bitcoin prices continue to trade below $2000. These two cryptocurrencies have been making waves the world over in 2017, with punters/traders making big bets on more price increases.
In a major event for Swiss banking and Bitcoin generally, Falcon Private Bank became the first Swiss bank to begin offering customers direct access to their Bitcoin and altcoin portfolios. Through a partnership with Bitcoin Suisse AG, the bank is able to provide the necessary infrastructure to allow clients access to their coin holdings. Wealthy clients of Swiss private bank Falcon will be able to store and trade bitcoins via their cash holdings with the bank from Wednesday, a move that signals the traction the virtual currency is gaining even in slow-changing asset management.
Bitcoin has been on a historic tear in 2017. After ringing in the year at $1,000 on the very first day of January, bitcoin price reached an all-time high of $3,000 in mid-June. The remarkable rise amid an overall boom period for cryptocurrencies has seen skepticism from some observers who have pointed to inflated values amid accusations of a bubble. Others are looking at more bullish gains.
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