Digital Currencies incl NFT etc. 01; (Feb 14 - Apr 21)

[behappyalways]

Bitcoin correction sees nearly $4 billion wiped off value of the cryptocurrency as price falls 19%
http://www.cnbc.com/2017/05/29/bitcoin- ... value.html

[winston]

Bitcoin volatility points to risk riding on it

Market analysts say crypto-currency bitcoin could potentially develop into an asset bubble due to the lack of supervision to which it is subjected around the world and its high volatility.
That volatility has been seen with prices of bitcoin running wild from last week.

One unit of bitcoin was quoted at close to US$2,800 (HK$21,784) at one point last Thursday. Then it slumped to about US$500 in double-quick time, data from Coindesk shows.

It then stood at US$1,975 on Saturday but had climbed back to US$2,296 by last night.

Analysts point out that this helter- skeltering of prices includes bitcoin more than doubling since the start of the year. It was trading at US$997 a unit on January 1.

One of the reasons for the rapid surge in value is because more countries are moving to legalize it. On that, Japan recognized bitcoin as legal tender in April and prices have been driven partly by rising demand from the Japanese market.

The US Securities and Exchange Commission rejected the idea of approving bitcoin to be included in an exchange-traded fund in March, but it is reviewing the decision after an appeal.

And bitcoin is seen to be a currency with a finite supply. The number of units in existence is not expected to exceed 21 million.

That does not address the issue of crypto-currencies such as bitcoin lacking supervision.

As one analyst noted, bitcoins are not supported by tangible assets to support its rapidly rising price levels - a factor that has given rise to the bubble worry.

In other words, people who have invested in bitcoins could find value being shed almost instantaneously.

Source: The Standard

[winston]

US$10,000 Bitcoin

Bitcoin continues to generate headlines with its massive surge and whipsaw trading, but investors who are bullish on the digital currency will be pleased that someone out there reckons it could hit $100,000.

CNBC has all details on why Saxo Bank's Kay Van-Petersen says Bitcoin could move much higher:

Van-Petersen is assuming cryptocurrencies in general – not just bitcoin – will account for 10 percent of the average daily volumes (ADV) of fiat currency trade in 10 years. Foreign exchange ADV currently stands at just over $5 trillion, according to the Bank for International Settlements.

Ten percent of $5 trillion is $500 billion. This is the ADV that cryptocurrencies could have. Bitcoin will account for 35 percent of that market share, which would that $175 billion of the $500 billion figure, he said. This would mean that $175 billion worth of bitcoin would be traded every day.

Also, Van-Petersen then implies that bitcoin's market capitalization would be ten times the average daily volume, giving a figure of $1.75 trillion for the market cap. The current figure is around $37.8 billion, according to data from industry website CoinDesk.

Bitcoin has a limited supply of 21 million which is expected to be reached by the year 2140. In 10 years, the analyst thinks that there will be 17 million bitcoin in circulation, up from the current 16.3 million figure.

If the potential 17 million of bitcoins in supply is divided by the $1.75 trillion market cap estimate, then each bitcoin would be worth just over $100,000.

Source: Barron's Asia

[winston]

Bitcoin is at risk of no longer being the biggest digital currency

Source: Bloomberg

http://thecrux.com/bitcoin-is-at-risk-o ... -currency/

[winston]

How to Buy Bitcoins - Your Guide to Digital Profits

By DAVID ZEILER

Source: Money Morning

https://moneymorning.com/active-premium ... l-profits/

[winston]

The real reason to own Bitcoin

By Simon Black

Source: Sovereign Man

http://www.thetradingreport.com/2017/06 ... n-bitcoin/

[winston]

Fretting over savings, Mrs Watanabe turns to bitcoin

By Minami Funakoshi and Joyce Lee

Long the preserve of geeky enthusiasts, bitcoin is going mainstream in Asia, attracting Mrs Watanabe - the metaphorical Japanese housewife investor - South Korean retirees and thousands of others trying to escape rock-bottom savings rates by investing in the cryptocurrency.

Source: Reuters

http://www.reuters.com/article/us-bitco ... y%20Report

[winston]

Infographic: The Rise of Cryptocurrencies in Malaysia

Source: Bitcoin Magazine

https://bitcoinmagazine.com/articles/in ... -malaysia/

[winston]

Digital Coins Are Making Bitcoin's Rip-Roaring Rally Appear Tame

by Camila Russo

Blockchain-based assets more than doubled in price on average
Initial coin offerings outperforming stock sales this year

TaaS, a closed-end fund dedicated to blockchain markets, had the coins it sold this year double in price in five weeks, and then fall 35 percent in two days.

Coins from the 15 ICOs this year for which data is available have risen by an average of over 100 percent,

The tokens with the biggest gain, a 500 percent jump since it started trading on March 30, was issued by Edgeless, which is building a decentralized gambling platform.

Prediction market platform Gnosis sold the highest valued tokens this year. The GNO token started trading at $52 on May 1 and has more than quadrupled.

More than $100 million of coins has been raised this year, surpassing total sales last year, while total issuance is expected to jump to about $600 million, according to Tomaino.

Source: Bloomberg

https://www.bloomberg.com/news/articles ... yptr=yahoo

[winston]

Why this early bitcoin investor dumped his entire position

by Julia La Roche

The price of the digital currency has risen more than 168% since January.

His thesis was based on bitcoin being a store of value, creating a “killer app” that would disrupt the payment processing business, and that blockchain technology was a true revolution.

First, there’s been debate within the bitcoin community about changing bitcoin or even creating a new one. For Pal, that doesn’t make it a store of value anymore.

Then, the idea that it would be a “killer app” never happened as companies like Visa launched their own blockchain for B2B payments.

Source: Yahoo Finance

https://finance.yahoo.com/news/early-bi ... 11776.html