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value_of_bitcoin

Value of Bitcoin: the digital currency’s higher price

The value of bitcoin has grown a lot in the last period, reaching its all-time high set back in 2013.

According to the CoinDesk Bitcoin Price Index, at the moment the value of bitcoin is less than $30 below the maximum ever value of $1,165.89 reached on November 30th, 2013.

This latest rise comes after bitcoin’s longest ever period at over $1,000, and a period of average volatility during the recent few months.

Also, this high might reflect the traders and investors confidence in an industry field that has been recently affected by the Chinese central bank’s plan to restrict the Chinese bitcoin exchanges environment, with the result of several of them to temporarily stop any withdrawals of the digital currency.

 

Click here to better understand what gives Bitcoin value with an infographic.

 

Another possible news to having an influence on the value of Bitcoin is the currently SEC decision on the Winklevoss brothers’ bitcoin ETF – an event that some experts explained that traders are already pricing in a potential approval.

On March 11st we could see the approval of the first bitcoin ETF within the U.S.A. market, opening the virtual currency to a larger group of investors.

However, many experts in the industry cannot see a high propension of financial regulators to approve this move.

For more charts about the Value of Bitcoin in the past, click here.

 

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Amelia Tomasicchio
bitcoin_prices

Bitcoin Prices are trading above $950

Bitcoin prices are growing more than 3% since yesterday, trading above $950 for the first time in a few weeks.

The average price yesterday reached a high of $959.37 from an open of $920.24, according to the CoinDesk Bitcoin Price Index (BPI). This chart shows that the Bitcoin prices haven’t passed $950 for a month, since January 6th 2017, to be more exact.

This Bitcoin prices growth above $950 came after a few days of a almost steady trading, in which the price of bitcoin ranged between roughly $910 and $922, according to trading data.

At the moment, the Bitcoin Prices are between $950 and $970 with a medium rate of volatility.

Chinese markets have climbed about 11%, reaching a high of ¥6,629.34.

Currently the price is about ¥6,608.70 and it represents a growth of 10.7% above yesterday’s open of ¥5,961.77.

This move comes after a big news in the worldwide exchange landscape, as major bourses in China moved to add trading fees.

This is the reason why volumes moved to the remaining markets without any fees.

Anyway, experts now discuss that this trend will have a short life as those exchanges will also add fees of their own for sure in the next future.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio
china_blockchain

China Blockchain project for a new digital currency

People’s Bank of China (PBOC) is working on a China Blockchain project for a new digital currency.

According to an article published by Caixin yesterday, the People’s Bank of China completed a project on 15th December during which it tested how transactions could work by using a custom blockchain system.

The test was held together with major Chinese commercial banks including Industrial and Commercial Bank of China (ICBC), Bank of China and WeBank.

The official press release reports:

“The bank suggested the digital currency would not only reduce circulation costs but also increase transparency and curb money laundering and tax evasion.”

Also, the official report just released explained that the new China Blockchain digital currency might be connected to the Shanghai Commercial Paper Exchange to create a “national platform for bank bill transactions”.

Together with this new project the PBOC will also open a digital currency research institute for which it is looking for experts in big data, fintech, cryptography and distributed ledger technology.

The official report shared by the PBOC governor Zhou Xiaochuan in February, also explained that the central bank was considering the distributed ledger as one of a few different technologies that can be allow it to create a new form of digital cash.

Also, this project coincides with the current PBOC’s investigations into the most important bitcoin exchanges of the country, an operation that started in January and that has seen several startups doing a few changes to trading policies.

Read more news about the China Blockchain projects by clicking here.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio

Halving and Bitcon price: there might be a hard fork problem

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Bitcoin price continues to rise during this week, nearing the amount of $600.
In fact, bitcoin established a new positive trend during the past week, growing fast and surpassing $580 the last weekend.
Currently the Bitcoin price is $586, the highest price since August 10th, 2014, when it reached $589.

Bitcoin Price is growing

Previously we offered several reasons for this Bitcoin jump, as in the Chinese Domain article you can read here.
Data from the yuan/bitcoin market shows that the price reached a high of ¥3,866.11 ($589) there, so it would probably keep growing or remain stable. 
Other experts in the bitcoin sector expressed different ideas, concerned about the problem that halving could lead to. 

Hard Fork Problem

Recently we also read about the hard fork problem caused by the halving of the reward for miners.
In fact, when the halving will occur, the miner reward for new blocks will be lower (from 25 BTC to 12,5), but their expenses for electricity and hardware will remain the same, so their profits will drop. 
This could generate a hard fork problem, as miners could leave the Bitcoin core Blockchain to work on other chain to increase their profits again. 

In the meantime, in fact, the ethereum price for example surged 50% in a week.

Multicurrency Wallet 

Usually, if you have to store different cryptocurrencies (Bitcoin, Ethereum, Peercoin, etc.) you need to have different wallets, which are difficult to manage. 
HolyTransaction is here to solve your problem, with the possibility to create a single account. 
So, do you want to store Bitcoin and other cryptocurrencies? Open here your wallet for free.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio

Bitcoin price future: it is alive and well

bitcoin_price_future
How many times did you hear about the death of Bitcoin? About 45 according to a recent twitter post we found very funny. 
Well, according to us, Bitcoin seems to be alive and well, and there are lots of positive signs that indicate that this cryptocurrency is not dead as everybody thought. 
The Bitcoin price, in fact, is now $549 (according to Bitstamp, or one of the most used exchanges in the world).

Update: Bitcoin price is reaching $700 today, on June 13rd, 2016.

This means that the price rose more than 20% in the last 7 days, reaching a 1 year high, as we can see from the Bitcoin price index of Coindesk.

Reason of the Bitcoin Price jump

We tried to understand the reason behind this jump.
Of course it is hard to find a unique answer, but we saw that probably the Bitcoin price was driven by the Chinese demand, testified by the bitcoin price on the Chinese local exchange, which reached a level of $580 when it was priced $520 on the international markets. 
Another important reason could be the halving process, as you can read in this insightful analysis.

Positive news about Bitcoin

But there are other reasons to be positive about Bitcoin, as several companies such as Microsoft recently started to develp their own projects related to the blockchain.

Also, several countries such as Japan started to regulate and recognize bitcoin as an official method of payment.

Furthermore, Switzerland began to accept Bitcoin for Public Services.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio

Bitcoin rise driven by Chinese domain

<img src="/images/china.jpg" alt="chinesebitcoindomain" height="264" width="350" />

On September 2015 when the bitcoin price was about $230 China figured out that Bitcoin could increase its popularity specially when the freeflow of capital out of China is growing fast and when gold is stored in China but it is impossible to take it out of the Chinese country. 
And, in fact, some days ago the Bitcoin domain increased exponentially in China. 
It is not clear if it happened because of the fear about a devaluation after Friday’s US Dollar move, or because the Chinese $30 trillion economy found a way to take it out of China.
However, Bitcoin finally has broken its long-term resistance, and right now its price is about $530 according to BitStamp
This is the Bitcoin highest price since summer 2014.

Why is this happening?

It seems somenthing happened in China as the Bitcoin price in CNY on the local Chinese exchange rose as much as the equivalent of $580, much higher than the current US price of about $520. 
This might indicate stronger Chinese demand for the digital currency. 
So, maybe China starts to be conscious about bitcoin, as we could expect in September, when the bitcoin price was 50% lower than now.
The current bitcoin price is about 25% higher in the past days, and analysts expects it will keep growing in the next few days. 
China, in fact, has $30 trillion in deposits – which concerns about devaluations will make very “flighty” while the market cap of bitcoin is under $8 billion. 
If Chinese depositors have finally figured out to use bitcoin to get their funds out of the country, we need to watch out BTC shorts.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio

HolyTransaction’s Bitcoin Monthly Roundup of January 2016

Welcome to HolyTransaction’s first monthly recap for the new year of 2016. This past month of January has been marked by all time highs for the year thus far; during that time, the bitcoin price rose from a high of $430.89 on January 1st to a low of $368.49 on January 31st, according to Bitcoin exchange Bitstamp.



Since the news broke about Cryptsy’s disappearence, the exchange has officially put forward their side of the story. Paul Vernon claims that the exchange was hacked years ago, and admits to running a fractional reserve since that date. He even offered a 100 BTC reward for whoever could find the hacker. Community speculation and the piling legal documents against Cryptsy’s founder spell more bad news for the American exchange.



Months ago, Hearn was promoting Bitcoin XT, a hardfork that would have increased the Bitcoin blockchain block size in a brute force manner. The plan wasn’t able to garner community support, and Hearn eventually signed a deal to work with R3. Hearn also cited concerns about “Chinese miners” and the Great Firewall of China and what their involvement in Bitcoin meant for the longevity of the project. He left the Bitcoin community with a strong blog post on Medium, saying: “But despite knowing that Bitcoin could fail all along, the now inescapable conclusion that it has failed still saddens me greatly.” Unfortunately, many in the mainstream media took this as an opportunity to hail the death of Bitcoin; but alas, the death of Bitcoin was (again) greatly exaggerated.



Shaun Bridges, one of the government agents arrested and charged in the aftermath of the Silk Road case, which the agents were instrumental in, has been re-arrested. Bridges was found with packs of packed clothes, money, passports, and other evidence that he was planning to leave the country instead of reporting for his time in jail. There is evidence that Bridges still has Bitcoin stashed elsewhere, and the plot continues to thicken.



In a response to community outcry for better communication from those entrusted with the “original” version of Bitcoin, the Bitcoin Core team launched their social media presence this past month. They are also using popular communications platform Slack to better interface with the community. Interested users can signup at slack.bitcoincore.org to chat about the future of Bitcoin.



Former JP Morgan Chase banker Blythe Masters’ blockchain company, Digital Asset Holdings, has successfully raised $52 million for their project. The company previously bought out such bitcoin startups as Hyperledger and had been raising money through 2015 to bring the blockchain to the mainstream. The company also landed a deal with ASX Ltd., which is Australia’s main exchange operator. The blockchain is going down under, in a good way.


Thank you for reading our newsletter with the previous month’s best Bitcoin articles!

We tweet more cryptocurrency news and insights daily @HolyTransaction

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio

Infographic: What is Bitcoin Mining?

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jorge

Bitcoin’s Monthly Recap of May 2015

Welcome to HolyTransaction’s fifth monthly recap for the year 2015. This past month of May has reminded everyone in the Bitcoin world why we are here; during that time, the bitcoin price fell from a high of $231 to a low of $223.51, according to Bitcoin exchange Bitstamp.

Roger Ver and OKCoin Dispute Over Bitcoin.com
Since the news months ago that the highly-visible Bitcoin.com domain would be managed by Chinese Bitcoin exchange OKCoin, things have really changed. In a series of Reddit posts, Roger Ver, OKCoin, and former OKCoin employees aired out all of their dirty laundry. Amid accusations of forged contracts and blatant lies, the spat resulted in a huge blow to the reputation of OKCoin. Bitcoin.com currently redirects to Bitcoin.org, which is maintained by the Bitcoin Foundation.

Bitcoin Exchange BitFinex Hot Wallet Hacked
BitFinex, one of the leading Bitcoin exchanges, has been hacked for just over 1500 BTC earlier in May. According to the exchange, trading was not affected and 99.5% of users’ funds were never accessible to the hacker. The hack, while unfortunate, demonstrates the efficacy of cold and hot wallets, which may have been the downfall of Mt. Gox. Notably, another European Bitcoin exchange, BitStamp, also suffered a hot wallet hack earlier in 2015.

Ross Ulbricht Sentenced to Life In Prison
Ross Ulbricht, the founder of the Deep Web marketplace Silk Road, has been sentenced to life in prison. Many in the community feel that a life sentence is too harsh given the nature of Ulbricht’s crimes. An appeal is planned by Ulbricht’s defense lawyer, Joshua Dratel. Notably, the trial which convicted Ulbricht did not allow the introduction of key evidence that may tell a different story. The sentence was passed by Judge Katherine Forrest, who was appointed to her federal judgeship on the recommendation of Senator Schumner, the first politician to publicly call for the takedown of Silk Road.

North Carolina Passes Bitcoin Bill
The House of Representatives from North Carolina has passed a new bill to modify the Money Transmitters Act. The bill, HB 289, specifically includes and clarifies the state’s stance on virtual currencies such as Bitcoin. The bill was introduced by Republican Representative Stephen M. Ross, who is also a VP at Wells Fargo. The Bitcoin community has been receptive to North Carolina’s clarification, which contrasts with actions from states such as New York. Perianne Boring, the founder of the Chamber of Digital Commerce, commented: “I would be rather straight forward and say that the community favors regulatory clarity over ambiguity that can create ultimately greater exposure for companies, especially those that do not have the legal budgets necessary to evaluate the ambiguities. The legislation represents a lighter touch than the NY DFS proposal by protecting the interest of consumers but  not imposing any additional regulatory burdens or costs on business to business transactions.  It also has avoided some of the pitfalls of existing statutory schemes.  It may not be what a  segment of the community wants – no regulation. But NC is not a no regulation state and this is a useful step forward in making the law work for digital currency companies.”

Ripple Labs Receives $28 Million USD in Funding
Ripple Labs, the company behind the Ripple payment protocol and network, has recently closed a $28 million USD funding round. This round marks their Series A funding and saw many participants from around the world. Ripple has made waves in the digital currency space by sealing deals with several banks around the world. However, Ripple has also faced increasing scrutiny from users wary of centralized control as well as Stellar, an offshoot created by one of Ripple’s original founders which even used some of the same code. Chris Larsen, Ripple Labs’ CEO, commented: “With investors like CME Group and Seagate joining the fold, we’re well positioned to accelerate adoption amongst these key customers.”

Open your free digital wallet here to store your cryptocurrencies in a safe place.

admin

People’s Bank of China doesn’t intend to “suppress or discriminate against Bitcoin”

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(BitcoinExaminer) China’s central bank addressed Bitcoin in a press conference
headed by the chief of its financial survey and statistics department.
Sheng Song Cheng transmitted the official stance given by the Chinese
authorities: “we don’t want to suppress or discriminate against Bitcoin, we are simply saying it is not a currency”.
The decision revealed during the
conference held this Wednesday (15) is being welcomed by the Bitcoin
community as a positive development in China’s apparent war against
digital money. The meeting was focused on the country’s 2013 financial
statistics, but Bitcoin popped up as the journalists started asking
questions about it.

“We took a look at Bitcoin and it
doesn’t have the characteristics of a currency. As far as I know, the
vast majority of countries does not recognize Bitcoin as a currency”,
Sheng Song Cheng answered.
Before confirming cryptocurrency’s
status in China as a “virtual good”, he also added that the “People’s
Bank and the relevant departments will continue to focus on Bitcoin and its associated risks,
strengthen the monitoring and analysis and guide the public to
establish a correct concept of money and investment philosophy”.
The authorities’ posture regarding
cryptocurrency falls under Sheng Song Cheng’s public opinion about
Bitcoin. Recently, he wrote an article
saying that “it would be difficult to see how Bitcoin could ever be
considered a currency in the future”. The English edition of the
newspaper Global Times even quoted Sheng as the author of a powerful
sentence: “Bitcoin is merely a utopia for technology supremacists and
absolute liberalists”.
Still, according to the opinion of some
Bitcoiners, this means that China is legitimizing Bitcoin, despite the
country’s successive warnings about the high risks of dealing with
the digital coin. For now, the authorities aren’t banning Bitcoin –
neither do they plan to do it -, only tightening the regulation and keeping an eye on the users and exchanges.
Coincidence or not, the price of Bitcoin in China has registered a slight improvement on BtcChina in the last few hours, surpassing the ¥5,000 mark.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

admin