Bitcoin Plummets to a Six-Month Low on China Crackdown
Following a statement put out by the People’s Bank of China warning that it will be cracking down hard on bitcoin and cryptocurrency trading in the country, Bitcoin slumped around 10% to a six-month low. While bitcoin and crypto trading isn't explicitly banned in China, the country ordered banks to stop working with bitcoin exchanges in 2017. There are other factors effecting the price as well. Read more...
Every year since the inception of bitcoin it has apparently died, if the mainstream media is to be believed. A sharp decline in price sends out waves of irrational panic as day traders and those looking for a quick buck scrap their satoshis en masse. Each time bitcoin has died, its price has been higher with today’s ‘death’ holding at $7,500. In 2018, Forbes said that it was going to zero when priced at $3,400. What actually happened over the next six months was an epic 300% bitcoin surge to just under $14k. Today it is down by half and the death calls are being heard again. Read more...
As bitcoin plummeted below $8,000, U.S. regulated BTC futures markets saw their volumes skyrocket. The increasing demand for crypto derivatives products is a clear sign of the growing interest among institutional investors despite the high levels of volatility in the market. During this time period, there was nearly $1 billion worth of long and short positions liquidated on BitMEX, a Seychelles-based crypto derivatives trading platform, and on Bakkt, a physically settled bitcoin futures exchange, saw its trading volume shoot up to reach a new all-time high. Read more...
Bitcoin Core 0.19.0 Released: Here’s What’s New
Bitcoin Core, the development community behind the Bitcoin network, has now released the latest version of its full node and wallet software. While this doesn't effect most users directly, the new version has included many improvements mainly related to network speed and security, and has set the Bech32 address format the default. The upgrade is expected to the last update before the Bitcoin halving that is scheduled for April next year. Read more...
On Monday, Money transfer company MoneyGram announced that it has received another $20 million from blockchain service provider Ripple. Ripple made a $50 million investment commitment to MoneyGram, putting in the first $30 million in June. This time, Ripple purchased the firm’s newly issued equity at $4.10 per share, a price much higher than MoneyGram's current market valuation. "Our partnership with Ripple is transformative for both the traditional money transfer and digital asset industry - for the first time ever, we're settling currencies in seconds,” said Alex Holmes, MoneyGram Chairman and CEO. Read more...
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