Sunday, July 22Your Daily Bitcoin & Altcoin News Portal

Author: Wealthy Miner

What Exactly is Happening to Bitcoin on August 1st?

What Exactly is Happening to Bitcoin on August 1st?

BITCOIN
Bitcoin users all over the world are all too aware August 1st is approaching quickly. This day will be an important moment in the history of Bitcoin and potentially all of cryptocurrency. Multiple things can happen. No one knows for sure what the outcome of the 24 hours prior to August 1st, as well as the days after that date, will bring. Since it is just a few weeks before August 1st, let’s review the potential outcomes. AUGUST 1ST IS A BIG DAY FOR BITCOIN With all of the discussions about scaling Bitcoin almost behind us, the time for action is now. Regardless of how things will play out, we will finally see Segregated Witness activate on the Bitcoin network. Most true Bitcoin believers have been waiting to see this happen for over a year now. Those efforts were delayed by Bitcoin
Investment Giant BlackRock Calls Bitcoin ‘Pretty Scary’ While Educating Employees On Working With It

Investment Giant BlackRock Calls Bitcoin ‘Pretty Scary’ While Educating Employees On Working With It

FINANCE
The “world’s largest shadow bank” BlackRock Inc. has said Bitcoin is a “scary” sign of “excess” in global markets. Speaking in an outlook presentation Tuesday and quoted by Bloomberg, the company’s global chief investment strategist Richard Turnill appeared to think the current downturn in cryptocurrency prices was little of a surprise. “When when we look for signs of excess in the market, I look at bitcoin and to me that looks pretty scary,” he told the audience. The comments appear to contrast with BlackRock’s overall view on cryptocurrency, with the company actively seeking to educate employees on the phenomenon. View image on Twitter The giant is “trusted to manage more money than any other investment manager in the world” according to its website, and is rum
Why bitcoin and other cryptocurrencies could plunge 75% — and still be in a bull market

Why bitcoin and other cryptocurrencies could plunge 75% — and still be in a bull market

BITCOIN
It’s been a tough stretch for bitcoin investors. After toppling the $3,000 level last month, bitcoin has shed more than $600. For crypto rival ethereum, it’s been even uglier. The sudden reversal in the market has sparked yet another wave of doom and gloom regarding the future of cryptocurrencies. But while those late to the party have, indeed, been slammed the past couple of weeks, long-term crypto holders don’t have much to complain about. According to buy-side analyst Chris Burniske, bitcoin BTCUSD, +2.85%  and the rest of crypto market could plunge 75% from these levels and still be in a bull market. That’s because such a decline would only bring the total market down to $15 billion in aggregate value. If that number sounds familiar to crypto investors, it should. Back in
‘Buy Bitcoin’ Sign Raised as Fed Chair Janet Yellen Testifies Before Congress

‘Buy Bitcoin’ Sign Raised as Fed Chair Janet Yellen Testifies Before Congress

BITCOIN
As Federal Reserve chair Janet Yellen testified before Congress today, one attendee had some attention-grabbing advice: buy bitcoin. Yellen appeared before the House Financial Services Committee to give remarks on the state of the US economy and field questions from committee members. As chief of the US central bank, Yellen also spoke about a recent semi-annual report delivered to Congress by the Fed. And while Yellen made headlines by expressing her willingness to raise interest rates amidst a healthier economic climate (following years of near-zero rates instituted in the wake of the 2008 financial crisis), it was one attendee who drew notice on social media after he held up a “buy bitcoin” sign two rows behind where Yellen was seated. A screen grab of the moment was tweeted
Ethereum Price Drops Over 20% in 24 hours

Ethereum Price Drops Over 20% in 24 hours

ETHEREUM
The Ethereum community is not too happy with Ether’s price performance. At one point today, Ether was down 25% compared to a day ago. Some of those losses have been recovered already, but the popular currency is still down by just over 15%. Although Bitcoin also lost some of its value, its losses were far less severe. What is going on with the Ethereum price right now? ETHEREUM PRICE GETS A MASSIVE CORRECTION Before people start to panic, it is important to remember the Ether price was well below $45 three months ago. Ever since that time, there has been a massive Ethereum price increase, which made the value spike to $403 at one point. That is a 900% increase over the course of two months, with no obvious reason to even warrant such a price trend whatsoever. Granted, the Ethe
Bitcoin Falls to Lowest Prices in 1 Month

Bitcoin Falls to Lowest Prices in 1 Month

BITCOIN
Bitcoin falls to near one-month low with $12 billion wiped off value since record high 30 days ago. Bitcoin hit a near one-month low on Wednesday and has seen more than $12 billion wiped off its value in the last 30 days, amid nervousness in the cryprocurrency market. The price of bitcoin fell to $2,272.32, its lowest level since June 15, when it slumped to $2,185.96, according to data from CoinDesk. The price did recover on Wednesday slightly to a high of $2,354.41. It’s also significantly off the $3,025.47 all-time high reached on June 11, just over a month ago. In this timeframe, its market capitalization or value has fallen by $12.2 billion. A major pullback is taking place at the moment in the cryptocurrency world after huge rallies. When bitcoin hit its record hi
Experts Believe Cryptocurrencies Still Have Unprecedented Returns to Offer

Experts Believe Cryptocurrencies Still Have Unprecedented Returns to Offer

ALTCOINS
Investors are still forging ahead with digital currencies such as Bitcoin and Ethereum despite the recent volatility. Many experts and professional investors still believe that there are unprecedented returns on offer. New Heights Investors in traditional markets are not used to seeing swings of 50 percent in a month for an asset, such as what happened to Ethereum which dropped from nearly $400 to just over $200, as well as experiencing a flash crash. There has also been a huge correction in Bitcoin price that has seen it fall from its high of $3,000. Despite this though, predictions for digital currency are still aimed astronomically skyward. It is because of the popularity and huge increase in uptake that these digital currencies are on the rise, but also due to companies looking
South Korea Will Allow Bitcoin Companies to Perform Cross-Border Payments

South Korea Will Allow Bitcoin Companies to Perform Cross-Border Payments

FINANCE
The South Korean government will issue permits to FinTech firms including bitcoin mediated foreign currency transfer services to enable international money transfers for small funds. Come August 15, about 40 FinTech firms are expected to launch international money transfer services after receiving permits from the Financial Supervisory Service, South Korea’s financial regulator. According to the Korea Herald, the permitted amount for a one-off transfer via a FinTech firm will be $3,000 or less. The annual limit for a single account will be capped at $20,000 for transfers through FinTech firms. In early May, the South Korean government moved to lower the regulatory burden for foreign money transfer startups. There are at least 20 FinTech companies in Korea who use bitcoin for fore
Ethereum Classic Trading is About to Start on Chinese Exchange Huobi

Ethereum Classic Trading is About to Start on Chinese Exchange Huobi

EXCHANGE
Cryptocurrency exchanges always have to keep meeting market demand. In most cases, this means increasing the number of listed currencies. Huobi, one of China’s largest exchanges, plans to introduce Ethereum Classic trading later today. This is a major boon for all ETC users, to say the least. It is not the first platform to recently add ETC trading either, which is rather interesting. Huobi is one of the leading Chinese exchanges. Even though they may not generate the volume OKCoin.cn does, they are still an important platform. So far, they focus on three main cryptocurrencies, all of which are trading against the Chinese Yuan. Bitcoin, Litecoin, and Ethereum are all supported as we speak. Adding Ethereum Classic to this small and illustrious list is quite interesting, to say the le
US Accounting Board is Considering New Standards for Bitcoin Companies

US Accounting Board is Considering New Standards for Bitcoin Companies

FINANCE
The Financial Accounting Standards Board (FASB), a financial accounting standards body in the US, is reportedly considering whether to undertake a new initiative on digital currencies. According to Reuters, the FASB – which sets accounting standards for publicly traded US firms – hasn’t yet decided if it will develop new guidelines for companies dealing with bitcoin and other cryptocurrencies. However, the non-profit is apparently assessing whether it should begin that process following a request from the Washington, DC-based Chamber of Digital Commerce (CDC) – a trade organization for companies and groups working in the digital currency and blockchain space. In a letter to the board, dated June 8, CDC founder and president Perianne Boring argued that the lack of standards is cre