As per my TA, I still expect the price action to consolidate for a bull run around the 7-8k region. Further details : http://bit.ly/2DObE9T
1) Bitcoin Is the New Gold :
Bitcoin, while still a popular financial asset, is looking less and less like a currency. Online payments company Stripe is ending Bitcoin support. It cites several reasons for doing so:
[Bitcoin] transaction confirmation times have risen substantially; this, in turn, has led to an increase in the failure rate of transactions. … By the time the transaction is confirmed, fluctuations in Bitcoin price mean that it’s for the “wrong” amount. ... Furthermore, fees have risen a great deal … making Bitcoin transactions about as expensive as bank wires.
Source : https://www.bloomberg.com/crypto
IMO: The Guy who reported this article "Noah Smith" paint a negative image on Bitcoin with the justification of why it cannot work as an currency i.e slow transactions, etc keeping that as the forefront of the story he compares it with Gold and justifies why Gold is still a viable investment over Bitcoin.
Comparison between Gold and BTC just based on the Rate of return
If you considered investing in gold instead of BTC and you cashed out today, you would have only got 55% on your investment now in comparison to BTC
The chart speaks for itself, I did not even have data from 2009 and still the returns would blow your mind in addition cryptocurrency is still in it's infancy and BTC spearheading the technology of blockchain.
I will make a detailed article on price action comparison's in the near future.
2) Is Bitcoin’s Reign as King of Cryptocurrency in Danger? :
Bitcoin’s path was forever changed in August 2017 when a new challenger stepped up to the plate amid the rapidly escalating scaling debate. Bitcoin Cash appeared with its backers claiming it to be the one true ruler. Not long after this came Segwit 2x's failure to launch, which essentially confirmed Bitcoin’s status as digital gold. As a digital gold, it may have no rivals, but in the world of cryptocurrency it may have played its last move.
Scaling is a constant topic for evolving cryptocurrencies, and if Bitcoin cannot scale properly soon, it could be abandoned by investors for a more forward thinking cryptocurrency.
Source : https://cointelegraph.com/news/is-bitcoins-reign-as-king-of-cryptocurrency-in-danger
IMO: The success of BTC really lies with the Lightning network, if this fails to be implemented there could be loss of confidence in BTC's intrinsic value, but we always have ETH, ADA ,etc
3)Bitcoin tanks as Facebook bans cryptocurrency adverts:
Facebook announced a new policy prohibiting adverts that relate to cryptocurrencies or initial coin offerings (ICOs) from the 2bn-user social network, saying they are “frequently associated with misleading or deceptive promotional practices”.
Adverts for cryptocurrency-related investments have leapt in recent months as Bitcoin prices have skyrocketed, but many are feared to be scams.
Source : http://www.telegraph.co.uk/technology/2018/01/30/bitcoin-tanks-facebook-bans-cryptocurrency-adverts/
IMO: The recent price drop was due to the subpoena issued to tether and bitfinex, but yes it also could be a contributing factor.
4)South Korea Finance Minister Confirms ‘No Ban’ On Cryptocurrency:
South Korea Finance Minister Kim Dong-yeon has reaffirmed that the government will not ban or otherwise “suppress” cryptocurrency in the country, according to a statement reported by Reuters today, Jan. 31.
In the latest update to the country’s ongoing regulatory overhaul of cryptocurrency exchange, Kim firmly distanced Seoul from previous comments about a potential outright ban, which had caused public outrage earlier this month.
“There is no intention to ban or suppress cryptocurrency (market),” he said in the statement.
Kim and Justice Minister Park Sang-ki caused an uproar earlier this month after the latter said in a press conference that a ban on cryptocurrency exchange was in the works. Mainstream media then published misleading reports that the ban was certain, which helped push a cryptocurrency sell-off.
Source : https://cointelegraph.com/news/south-korea-finance-minister-confirms-no-ban-on-cryptocurrency
IMO : This will all work out well in the long run
**5)Bank pulls support for cryptocurrency platform Cryptopia:
Bank moves to close cryptocurrency exchange Cryptopia's New Zealand dollar trading accounts are bad news for Kiwi investors.
The exchange said that its bank had told it that it would close the accounts for its New Zealand dollar-tethered currency (NZDT) on February 9.
NZDT is used by New Zealand traders as a way into, and out of, cryptocurrencies on Cryptopia. It represents about 2 per cent of the trading on the platform.
Cryptopia has stopped accepting deposits into NZDT and customers who want to withdraw their funds will need to do so by February 9, unless another banking solution is found within that time.
Source : https://www.stuff.co.nz/business/101038176/bank-pulls-support-for-cryptocurrency-platform-cryptopia
5) How Bitfinex, Tether are raising eyebrows in the cryptocurrency market:
Tether and its sister company Bitfinex have been raising eyebrows within the digital-currency community, as critics question the accuracy behind assertions that every tether is supported by actual bank reserves.
In January, Tether Limited printed 850 million tethers, often referred to as USDT, but so far it has yet to provide evidence that $850 million is in reserve to support that offering. According to Tether, its assets total $2.3 billion with as many tokens trading on exchanges such as Bitfinex and Kraken.
IMO: I've covered this story in greater detail in my last 2 posts ,still
Scam 1 : Biiikooooooonecccccct is DOWN
Scam 2 : Tether is next
Scam 3 : Trevon James still ongoing ( Recently getting rekt here on Steemit ) XD
TWITTER UPDATES :
- Cardano : The Github activity Lord
- Ripple : revolutionizing cross border payments*
Thankyou
I post daily content, so here's yesterdays news update if you missed that :
https://steemit.com/altcoinbuzz/@steemaze/crypto-news-korea-and-russian-regulation-update-bitfinex-and-tether-subpoena-btcc-acquired-ripple-neo-status-waltonchain-update
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