Bitcoin smashes past $7,000 for the first time
https://www.cnbc.com/2017/11/02/bitcoin ... -6900.html
Bitcoin is a commodity, not a currency, Allianz's Mohamed El-Erian says
https://www.cnbc.com/2017/11/02/allianz ... forum.html
Bitcoin climbed as much as 14.9 percent on Thursday as it surged above $15,000, extending this month’s advance to more than 50 percent. The price of the cryptocurrency touched $15,242.99, a record, according to Bloomberg pricing.
ASX Ltd., the main exchange operator for equities and derivatives in Australia, on Thursday said it will start using blockchain to process equity transactions. Blockchain is the ledger software that makes bitcoin and other cryptocurrencies possible, and Digital Asset Holdings LLC, the startup run by former JPMorgan Chase & Co. banker Blythe Masters, will supply the technology.
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In a major move for cryptocurrencies, Bank of America has won a patent for a crypto exchange system. This is part of a larger, growing movement to incorporate crypto into traditional financial models.
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A Tokyo-based exchange called bitFlyer handles 80% of Japan’s bitcoin trading and 20%-30% of the global market.
Trading on bitFlyer is roughly 25 per cent in actual bitcoin and 75 per cent in derivatives, where customers make leveraged side bets with each other on the bitcoin price.
bitFlyer traders can buy in with up to 15 times their cash deposits. At 15 times, a 7% move in the wrong direction will wipe out your capital.
The increase in bitcoin this year has followed an uptick in the value of transactions.
At the start of the year, there were $275 million in daily transactions in bitcoin.
Earlier this week, that had grown to more than $5 billion. That's a 1,700 percent increase, which is more than the rise in bitcoin this year, even before its current tumble.
Bitcoin transactions dropped $1.7 billion on Wednesday, according to the most recent available data.
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