Bitcoin Jumps Over 20 Percent as Crypto Markets Regain Poise
Cryptocurrencies are trading in the green today after a tumultuous seven days.
In the last 24 hours, the total market capitalization of all cryptocurrencies has increased 25 percent to $352 billion, as per data provider CoinMarketCap. The total value had dropped to $276 billion yesterday – the lowest level since Nov. 26.
Though a welcome development, that figure is still down at least 30 percent from last Wednesday’s high above $500 billion. Further, it’s still 57 percent down compared to the record high of $830 billion seen in January.
As of writing, the top 10 cryptocurrencies by market capitalization are reporting double-digit gains.
Bitcoin, the world’s largest cryptocurrency by market cap, has appreciated by 22 percent in the last 24 hours, again according to CoinMarketCap. As of writing, CoinDesk’s Bitcoin Price Index (BPI) is showing the average price across global exchanges at $7,845.
So why the upturn? For one, market observers have told CoinDesk that the U.S. Senate’s softer approach to regulating bitcoin, publicly discussed yesterday, bodes well for cryptocurrencies.
Furthermore, as per technical studies, the bitcoin sell-off looked overdone and a correction upwards was overdue. BTC could also be pulling up other cryptocurrencies, given the tight correlation between bitcoin and other cryptocurrencies.
However, the leading cryptocurrencies have regained poise today, but are still not out of the woods if we consider the negative week-on-week performance.
In particular, NEO stands out with a 50 percent appreciation in the last 24 hours, although on a weekly basis, it is still reporting a 30 percent decline.
Also, another 15 percent rise in litecoin prices and the cryptocurrency would be reporting gains on a week-on-week basis.
Written by CoinDesk.com
Canadian Official Wants Google to Ban Ads for Crypto, ICOs
A senior investigator at the Manitoba Securities Commission in Canada has said that the country’s regulators are “very pleased” with social media giant Facebook’s decision to ban ads for bitcoin and initial coin offerings (ICOs),
Jason Roy, who is also the chairman of Canada’s Binary Options Task Force, said that regulators have been in conversations with Google regarding their concern that “these types of ads are leading people to becoming victims.”
He suggested that Google should take a similar course to Facebook, and restrict ad content for binary options, ICOs and cryptocurrencies.
“There’s just been an explosion of different ICOs and new tokens and crazy offerings. You’re seeing ICOs that are raising large amounts of money and there’s nothing behind them in certain cases, but members of the public are so hyped that they’re throwing money at them,” Roy told The Times of Israel.
Facebook announced its ban on cryptocurrency-related ads in a Jan. 30. blog post. The company’s product management director, Rob Leathern, wrote at the time:
“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception. That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith.”
Roy’s comments to the Israeli news site coincide with with more general regulatory chatter from authorities who are increasingly seeking to reign in cryptocurrencies.
On Tuesday, the chairmen of the U.S. Commodity Futures Trading Commission and the Securities and Exchange Commission testified that ICOs must be treated, and therefore regulated, more like securities than they are at present.
Written by CoinDesk.com
Singapore Deputy PM: ‘No Strong Case to Ban Cryptocurrency Trading’
Singapore’s government has indicated that it sees no need to prohibit cryptocurrency trading.
Tharman Shanmugaratnam, Singapore’s deputy prime minister and chairman of Monetary Authority of Singapore (MAS), said in a written response to MPs yesterday that cryptocurrency and related trading activity currently do not pose any threat to Singapore’s finance system.
He stated that MAS has been “closely studying these developments and the potential risks they pose. As of now, there is no strong case to ban cryptocurrency trading here.”
The comments are a direct response to lawmakers Saktiandi Supaat, Lim Biow Chuan and Cheng Li Hui, who questioned the PM over possibility of banning cryptocurrency in Singapore, according to an order paper prior to a parliament meeting on Feb. 5.
The deputy PM wrote:
“For now, the nature and scale of cryptocurrency trading in Singapore does not pose risks to the safety and integrity of our financial system. Its use in making payments is small, and trading volumes of cryptocurrencies in Singapore are also not high – they are much smaller than in countries like the U.S., Japan and South Korea.”
As such, Shanmugaratnam said, regulators “do not have broader, systemic risk concerns with regard to cryptocurrencies.”
The comment is also in line with an October 2017 report in which Ravi Menon, managing director of MAS, indicated that the central bank would not regulate cryptocurrencies.
Yet, Shanmugaratnam stated in his written response that the institution is aware of the possible use of cryptocurrency in illicit activities such as money laundering and is taking relevant measures to tackle the issue.
MAS will be imposing anti-money laundering and anti-terrorism financing (AML/CFT) requirements on intermediaries that buy, sell or exchange cryptocurrencies, he said, adding: “We set out this AML/CFT regulatory framework for virtual currency intermediaries last year as part of our public consultation on the proposed Payment Services Bill.”
Written by CoinDesk.com
Dignitaries, Pundits, and Bigwigs Reveal Their 2018 Crypto-Predictions
The ‘Wolf of Wall Street’ Thinks BTC/USD Markets Will Top $50K But Then Crash
Ever since December 16, 2017, cryptocurrency markets have been on a downward spiral that seems never-ending. BTC/USD markets reached an all-time high globally touching $19,600 per coin and have since dropped to $7,200 six weeks later. Many traders are calling out different “bottoms” as some think the storm is almost over and others believe the price of bitcoin may drop even further. However with all the ‘doom and gloom’ charts and different ‘bottom calls,’ many cryptocurrency investors and industry executives believe 2018 will be just as phenomenal for bitcoin as it was last year.
On January 31 the infamous “Wolf of Wall Street,” Jordan Belfort explained during a recent interview with the entrepreneur Patrick Bet-David that he doesn’t believe BTC is a scam. But he does believe Wall Street investors can easily manipulate the decentralized currency’s markets. Belfort thinks bitcoin will top last year’s all-time high, and explains to Patrick Bet-David that the cryptocurrency will likely top $50,000 before dropping significantly in value.
Fundstrat’s Tom Lee: ‘Crypto Remains Intact’
Three days ago the investment firm Fundstrat’s Tom Lee published a report that details even with the current bearish sentiment he is still bullish on bitcoin. Lee believes BTC/USD markets will reach $20K by mid-year and $25,000 by the end of 2018.
“It has been a terrible few weeks, but the fundamental positive story for crypto remains intact,” the head of research at Fundstrat Global Advisors stated.
Past sell-offs were followed by rallies of ~150% within 84 days,” Lee said. “In other words, we think the risk/reward at these levels warrants adding here, even if there is additional downside.
Nine Executives and Investors Predict Cryptocurrency Prices by the End of 2018
This week the survey and decision helper website Finder.com surveyed nine well-known fintech investors to see their cryptocurrency predictions for 2018. Cryptocurrencies included in the study include bitcoin core (BTC), bitcoin cash (BCH), Cardano (ADA), Ethereum (ETH), and nine other popular digital currencies. Survey participants in the research include Clayton Daniel of Fintech Founder, Michael Dunworth CEO and co-founder of Wyre Inc, Joseph Raczynski from Reuters, and more well-known executives.
According to the survey, the participant’s cryptocurrency average price predictions (USD) place bitcoin core (BTC) at $14,928 by March 1, 2018. By the year’s end, the nine candidates say BTC/USD markets will top $43,472. Contributors also believe that bitcoin cash (BCH) will be $2,167 by March 1, and $3,083 at the end of 2018. The survey taken in February shows panelists believe Cardano (ADA) will have the most prosperous price climb this year (+1,669.52%) reaching $10.63. Further, each participant commented on each prediction and why they believe cryptocurrency markets will reach these levels.
“I think [BTC] will show promise from scaling solutions, and ETFs platforms integrating the buying/selling component will provide broader reach for market adoption,” explains Michael Dunworth the CEO of Wyre.
‘We’re Really Still at the Beginning Stages’
Jen Greyson, the founder of the Neureal Network who was named one of the top eight women in crypto this past year by Chipin says cryptocurrency adoption is just getting started.
“As adoption in the space continues, we’ll see a rise in bitcoin along with other altcoins — The usability of this new asset class continues to be a hurdle,” says Jen Greyson, CEO of the Neureal Network.
As we find more opportunities to use crypto to pay for burgers and rent, we’ll see a continual uptick in the values across the board — We’re really still at the beginning stages.