Bitcoin Will Hit $5 Trln Market Cap: Aaron Lasher
Digital currency wallet Breadwallet co-founder and chief marketing officer (CMO), Aaron Lasher, has projected that the leading cryptocurrency Bitcoin will reach a market capitalization (cap) of up to $5 trln in the next 10 years as of early September 2017, according to Market Watch.
However, he claimed that the digital currency can experience some setbacks along the way.
In an interview, Lasher claimed that the current exemplary performance of Bitcoin and other virtual currencies could be followed by a very brutal bear market.
“As a longtime Bitcoin holder, I’m greatly enjoying the recent price action, even though I understand that this bull market will likely be followed by a pretty brutal bear market. Are cryptos in a bubble? Yes, absolutely. Is that a bad thing? Not necessarily.”
Full story at http://bit.ly/2wAQhWO
Source: CoinTelegraph
Bitcoin Prices Retreat From All-Time High
Bitcoin prices retreated today, approaching $4,500 after surpassing $5,000 for the first time ever.
The price of Bitcoin fell to as little as $4,529.37 today, close to 10% below the all-time high of $5,013.91, data provided by CoinDesk's Bitcoin Price Index (BPI) reveals.
At the time of report, the cryptocurrency had bounced back slightly, trading at $4,662.30, additional BPI figures show.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
Full story at http://bit.ly/2wANs8b
Source: Forbes
China Halts 60 ICOs As Companies Cancel Sales Awaiting Legislation
ICOs are delaying or cancelling sales in China as regulators warn of impending legislative moves to formalize - or ban - the market.
Documents seen by Cointelegraph show up to 60 planned token distributions will now remain on the drawing board, as operators await regulatory responses.
According to local news outlet Caixin, several government commissions have “studied” ICOs over the previous month, the most recent of which has heightened rhetoric, suggesting a full ban was “not impossible.”
"90 percent of ICO projects are suspected of illegal fund-raising and intentional fraud,” a source told the publication.
The prospect of a heavy-handed response from Chinese authorities has appeared to make markets nervous. Bitcoin’s price has fallen around $600 since Saturday, and the majority of altcoin markets have repeated the trend.
Full story at http://bit.ly/2wArPoq
Source: CoinTelegraph
Two Big Tests For Bitcoin
Bitcoin, the digital currency that has turned into the new “gold” among investors and traders around the world, is in for two big tests. The first test is simple, and involves Bitcoin’s price chart. The digital currency must overcome the barrier of the $5000-mark, which it already crossed last night before pulling back towards the $4800-mark. Milestone numbers are important for traders following price and volume charts, as they confirm/reject market momentum.
The second test is more complicated. It involves the actions of big governments that have been following with great unease the rising in popularity of Bitcoin and other cryptocurrencies that threaten to abolish their monopoly in creating money and collecting seigniorage income.
Back at the end of July, the SEC ruled that cryptocurrency “IPOs” or Initial Coin Offerings (ICOs) are investments, and therefore, should be subject to the same rules as regular stocks.
That ruling sent all major cryptocurrencies sharply lower, before rebounding towards new highs.
Full story at http://bit.ly/2wAd1GD
Source: Forbes
Russia May Ban Bitcoin Mining In Residential Homes Over Electricity Costs, Heating
Russia is considering a ban on Bitcoin mining in private homes, despite electricity companies holding talks on giving miners spare capacity.
According to Russia Today and local news outlet RIA Novosti, the governmental Informational Democracy Fund will recommend banning participation in mining pools from private addresses at an upcoming meeting of a working group on Internet growth.
“Anything [mining-related] that continues inside the country is a waste of electricity,” RIA quotesthe Fund’s president Ilya Massukh as saying.
“It’s somewhat doubtful in terms of efficiency for the Russian economy.”
Full story at http://bit.ly/2wAAozw
Source: CoinTelegraph
As Crypto Market Sheds Billions, One Analyst Sees Buying Opportunity
The total value of all cryptocurrencies has dropped 11 percent since Saturday, declining from a high of nearly $180 billion to under $160 billion today.
But that might not be cause for alarm, according to one bullish analyst.
In fact, Ronnie Moas, the founder of Standpoint Research (known for his prediction that the cryptocurrency asset class will one day be valued in the trillions), contends that the price break is rather the work of larger traders who want to build up even bigger positions in cryptocurrency.
"When people panic and start selling, they are going to come in quietly and start buying again. So it's buying 50,000 then dumping 20,000, for example," he said, adding:
"They are trying to shake people out of the trade – so that they can get their hands on more bitcoin at lower prices."
Full story at http://bit.ly/2wB4MtS
Source: CoinDesk
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