Tag Archives: markethive

What is Bitcoin? Would you Like to Earn More?

 

What is Bitcoin?

Bitcoin is a digital currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks!  Bitcoin uses decentralised technology for secure payments and storing money that is peer to peer (doesn't require banks or people's names). But as Bitcoin and other digital "cryptocurrencies" have evolved, along with the public ledger system that makes up the blockchain, much of the bitcoin economy has been increasingly overtaken by big money or by entrepreneurs who want to grab a piece of the ICO phenomenon.  As of today's writting,  there are more than 1500 different cryptocurrencies, also known as Altcoins.   Bitcoin leads the pack!

Using Bitcoin to pay and get paid is easy and accessible to everyone. But before jumping into the Bitcoin market with both feet, there are a couple of things to know about buying and holding Bitcoin:

1. Never invest more than you are willing or able to lose – Bitcoin is a very risky investment so keep this in mind at all times.

2. Bitcoin prices are very volatile.

3. Only buy Bitcoin from exchanges that have proven to be reputable.

4. After buying Bitcoin, move them into your own personal wallet rather than leaving them at the exchange.

5. Consider purchasing a "hard wallet" to store your Bitcoins off line.

6. Buy Bitcoin through "dollar cost averaging" – In other words, don’t buy all of your Bitcoins in one trade. Instead make a purchase of Bitcoin every month, week or even days throughout the year. In this way, you average the price over the course of a whole year.

 

Would you Like to Earn More?

Once you begin accumulating Bitcoin, and watch the dollar value escalate over time, you will be inclined to leverage your Bitcoin to earn even more Bitcoin via compounding. There are numerous opportunities to be found online, however, just like anything else, there are scams. One needs to do their due diligence on companies before handing over hard earned cash.

Having said that, I have found several opportunities that have a proven track record and I am pleased to promote these to anyone who is looking for stable, long term growth of their Bitcoin.   

 

Judy Curtis,  
Contributor

How to Explore Blockchain

How to Explore Blockchain

Written by Arno Laeven (@alaeven) for Coindesk.   Arno Laeven is a strategy and innovation consultant at Laeven Consult, and the former blockchain lead for global healthcare giant Philips.

 

In this CoinDesk opinion piece, Laeven offers his advice for organisations setting out to explore blockchain with a view to adoption, arguing that expectations need to be managed at this early stage of the tech.

 

 

Even though motivational speaker and author Simon Sinek has over 300,000 followers on Twitter, 80,000 on LinkedIn and his Ted Talk was viewed 30 million times and counting, most people still don’t do what he advises and start with 'Why?'.

So, when looking at blockchain tech for your organisation, why would you want to get involved in a technology which is immature, where the legal framework is unclear and where business models are still hard to come by?

 

Immature technology

To start with the technology, sure bitcoin has been around for eight years now, and works extremely well for what it was intended: managing electronic cash without a central administrator. Yet, demanding anything beyond that on the bitcoin blockchain is complex, if not impossible, due to limitations such as scalability, throughput and privacy.

So along comes ethereum which aims to be a decentralised virtual machine or a 'world computer' in the words of Gavin Wood, one of the project's founders. The absence of a central authority is the essence of a blockchain, but also a challenge when you want to ensure users that the machine is working properly.

Vlad Zamfir, one of ethereum's core developers, wrote a great post about the state of ethereum and why he thinks that we all should talk care when handling such a powerful but immature technology.

I believe that blockchain exploration projects should keep as much 'off-chain' as possible, and only use a blockchain for whatever core functionality it may provide for your use case.

From a technology point of view, what you are going to explore will likely: a) be obsolete by the time you've built it (given the speed of development of the technology), and b) not have the full functionality of a blockchain, since you want to keep as much off-chain as possible.

 

Unclear legal framework

Legal concerns are twofold.

First of all, current law and legislation does not fit the technology, as such.

Take, for example, the concept of controller and processor: who is what with regard to data on a blockchain?

The second issue concerns blockchains replacing and/or altering the concept of law – a subject about which Alan Cunningham of the University of Manchester School of Law wrote an interesting piece. In the article, Cunningham singles out for criticism the concept of absence of governance, which has proven not to hold up in crisis situations (as with failed ethereum project The DAO).

He argues further that the roots of blockchain are to be found in anarchistic and libertarian movements. My take is that one cannot embrace blockchains without embracing these world views too.

So, then the question becomes broader than law, it is a question of world view. Is a world without government and without central governance one in which you see your organisation functioning?

In other words, a choice for blockchain is implicitly also a choice for new forms of governance.

 

New strategy required

That brings me to the third point, that of strategy.  Blockchains will alter the value chain and even the organisation itself. This has all to do with the organisation of trust which will shift when introducing a trustless system like blockchain as a foundational layer.

Take a look at your own organisation and identify the positions and departments created just to make sure that transactions can be trusted. Auditors, compliance professionals, in-house lawyers and managers are in most cases ‘just’ there for the reason of trust. What if they are no longer needed and what if the cost of transacting goes down and the ease of collaboration goes up?

Before addressing those fundamental questions, it's rather silly to be asking, 'What's the business model of the blockchain?', or 'What's its killer app?'.

 

Exerting influence

So why, for crying out loud, would you be interested in blockchain?

One reason – and it’s not the worst reason – is that your competitors are investigating the tech. FOMO, or fear of missing out, is very real, and the basis for many innovation projects and blockchain consortia.

A more intelligent answer, though, is that blockchain could be a technology, legal construct and strategy that profoundly impacts your industry and your company in the mid to long term.

So, why should you start exploring now? Because have the chance to influence the course the technology is taking, rather than being confronted by it in a couple of years' time.

Further, blockchain could possibly enable new revenue streams and lower operational costs. A blockchain exploration project therefore should be aimed at moving to deeply understand the consequences of blockchain on a technical, legal and strategic level.

Yet, carefully choosing the right use cases for blockchain will be paramount to the success of the project.

Navigating maze image via Shutterstock

Disclaimer: The views expressed in this article are those of the author and do not necessarily represent the views of, and should not be attributed to, CoinDesk.

 

Judy Curtis,  
Contributor

Bitcoin Rebounds From Two-Month Low to Top $1,000

Bitcoin Rebounds From Two-Month Low to Top $1,000

 

 

After falling to their lowest level in more than two months this weekend, bitcoin prices breached $1,000 again today.

Overall, the digital currency rose as much as 7.5% during the session, climbing from a low of $958.77 to as much as $1,030.78, according to the CoinDesk Bitcoin Price Index (BPI). At the time of the report, bitcoin was trading at $1,023.95.

For bitcoin, the turnaround followed its decline to as little as $891.51 on 25th March, its lowest average price since 25th January, BPI figures show.

Notably, the figure was nearly 50% below the all-time high of more than $1,300 that the cryptocurrency reached earlier this month, then fueled by anticipation for the SEC's ruling on a proposed bitcoin ETF.

When explaining bitcoin's recent price moves, most analysts pointed to the the cryptocurrency's ongoing technical in-fighting as reason for the volatility.

Should the bitcoin network undergo a hard fork, it could potentially split into two separate blockchains (each with their own distinct tokens), prompting concerns among less tech-savvy investors.

Such an event could prove highly bearish for the price of both bitcoin tokens, analysts have warned. Investor and Civic CEO Vinny Lingham, in particular, has emphasized the sharp declines bitcoin could suffer following a hard fork.

Concerns about the growing popularity of Bitcoin Unlimited, an alternative software implementation and developer group that could push the move helped bring about the plunge, according to Petar Zivkovski, COO for leveraged digital currency trading platform Whaleclub.

He told CoinDesk:

"As Bitcoin Unlimited dominated social media conversation and the odds of a hard fork rose, BTC/USD price plummeted."

Harry Yeh, managing partner of investment manager Binary Financial, took a different approach by looking at market dynamics.

He reasons that smart money simply took advantage of this market sentiment, as traders either caught the bounce and sold or shorted the currency pair.

Still, the markets continue to be sharply volatile amid such moves, developments that could continue to stoke fears among casual bitcoin holders and users.

Such choppy waters, those surveyed suggested, could become the norm should bitcoin's scaling uncertainty continue.

Credit to Charles Bovaird for writing this article.  Charles Bovaird is a financial writer and consultant on securities markets and investing concepts. His work has appeared in Fortune, New York Post, Washington Post and elsewhere. Charles holds value in ether and bitcoin.

 

Judy Curtis,  
Contributor

 

Deloitte Accepts Bitcoin at its Restaurant Due to ‘A Lot of Requests’

Deloitte Accepts Bitcoin at its Restaurant Due to ‘A Lot of Requests’

 

Deloitte Canada announced this week that its Toronto office’s internal restaurant called Bistro 1858 now accepts bitcoin. Bitcoin.com talked to Iliana Oris Valiente, ‎Strategy and Execution Lead and co-founder at Rubix by Deloitte, to find out the reason behind this decision and how much interest in Bitcoin the firm is seeing.

Deloitte Accepts Bitcoin at its Prestigious Restaurant Due to 'A Lot of Requests from Within the Firm'Bistro 1858 is a private restaurant exclusively for Deloitte employees and their guests. There is a security guard at the entrance of the restaurant that will turn everyone else away, wrote the Toronto Star.

Unlike most private restaurants that are tucked away from public view, this restaurant is in, what the paper calls, “a most public place” in Toronto. It is located in the Bay Adelaide Center, in the city’s financial district. Its all-glass walls make the dining area visible to anyone passing by. The tower is located at the northwest corner of Yonge and Adelaide Street.

 

Most Visible Private Restaurant

“Bistro 1858 has a seating capacity of 75 with take-out options”, Valiente described to Bitcoin.com. “Breakfast and lunch ranges from approximately $3 to $12 for snacks and meals”, she said, adding that:

"Hundreds of Deloitte practitioners purchase their meals from Bistro 1858 every day."

 

 

Deloitte Professionals Excited to Use Bitcoin

The restaurant’s co-operators, Deloitte and Benchmark Hospitality, have selected Bitpay to accept and settle bitcoin payments. Deloitte does not offer its own wallet, the firm’s representative said. “There are many great Bitcoin wallets available out there so we didn’t find it necessary to recreate the wheel and build a new wallet”.

The restaurant does not offer any incentives such as discounts for customers paying with bitcoin. “Our practitioners are encouraged to share the news with their clients and host them at Bistro 1858”, Valiente explained, noting that:

"Many Deloitte professionals have shown excitement for the opportunity to start using bitcoin to buy their lunch and breakfast from Bistro 1858. If the usage of the BTM [Bitcoin ATM] machine we installed in the fall is any indication of how many people will start paying with bitcoin, we expect the number of users to grow continuously over the next few months."

 

Interest in Bitcoin within Deloitte

Last September, Deloitte became the first of the Big 4 consultancy firms to install a Deloitte Accepts Bitcoin at its Prestigious Restaurant Due to 'A Lot of Requests from Within the Firm'Bitcoin ATM. Located in its Toronto office, Deloitte’s BTM is operated by the firm’s blockchain team at Rubix.

Its fees are 4 percent to buy bitcoin and no fee for selling bitcoin, according to data from Coinatmradar. A mobile phone number and an ID are required to use the BTM and there is a daily limit of $100 per person.

“As the most successful large implementation of blockchain technology, Bitcoin is consistently a topic of discussion at Deloitte and with our clients”, Valiente revealed, adding that:

"When we installed our BTM in the fall we received a lot of requests from within the firm to bring bitcoin to our Bistro.[…] As the industry shifts and evolves we hope to continue to bring new and valuable initiatives to our firm and our clients."

 

Credit to Kevin Helms for writing this article.     Images courtesy of Shutterstock, Deloitte, and the Toronto Star 

 

Judy Curtis,  
Contributor

 

This Happens to Your Coins During a Bitcoin Hard Fork and Possible Blockchain Split

This Happens to Your Coins During a Bitcoin Hard Fork and Possible Blockchain Split

 

Over the past two weeks, the bitcoin community has been discussing the possibility of a hard fork in the near future. Furthermore many industry exchanges and bitcoin-based businesses are already making preparations for such an event. A couple of questions bitcoin holders are asking are — Whether or not their bitcoins will be safe and what they should do during a blockchain split.

Also Read: Popular Bitcoin Exchanges Reveal Controversial Hard Fork Contingency Plan

 

Bitcoins You Possess Will Be Safe

The first and foremost piece of information all bitcoin holders should know is that in the event of a hard fork that splits the blockchain, bitcoins you possess will be perfectly safe.

Over the past year or so hard forks have gotten a bad reputation for political reasons, but in actuality, most types of forks are merely protocol upgrades. A blockchain split occurs during a hard fork which in turn branches the chain into two parts. If this happens, there is nothing a bitcoin holder has to do but wait and watch the fork unfold.

The folks at the subreddit r/btc have compiled a very well written frequently asked questions post concerning protocol upgrades and how users are affected. The thread gives details about the hard fork process and what to expect.

When the blockchain branches into two, there will be two digital assets immediately after the hard fork. Bitcoin holders who possess their private keys will have access to assets on both chains after the split event occurs. So, if you “keep your money” in a local wallet on your computer or on your phone you can just stay put and watch the fork happen.

If you hold money on a bitcoin exchange, then it will be up to the exchange’s discretion on how they choose to disperse both token assets to customers. Most of the well-known industry exchanges have already pledged to support both assets if a blockchain split event takes place.

 

Storing Bitcoin On Exchanges 

Users should remember that holding cryptocurrency on an exchange is not recommended even during non-eventful times. As explained above, after a blockchain split customers storing bitcoin on an exchange will have to succumb to the rules of that specific trading platform. For instance, it’s highly possible that exchanges will pause withdrawals for 24-48 hours during and after the fork. Most reputable exchanges should and will likely disperse both assets to their customers sometime after the event, but users should expect a waiting period while the businesses assesses the situation.

STANDARD EXCHANGES

The bitcoin exchange Coinbase explains the company’s current contingency plan to its customers concerning a hard fork and possible blockchain split which includes pausing deposits and withdrawals;

“Ensuring the safety of customer funds is our top priority,” explains the San Francisco-based exchange. “In the event of a hard fork of the Bitcoin protocol, it is likely that Coinbase will temporarily suspend the deposit and withdrawal of bitcoin from the platform pending our assessment of the technical risks posed by any fork, such as the possibility of replay attacks, network instability, or other factors. Customers should take note that they will not be able to withdraw bitcoin from or deposit bitcoin to Coinbase for a period of up to 24 hours or more following the fork. In the event of a hard fork of the Bitcoin protocol, Coinbase may suspend the ability to buy or sell on our platform during this time.”

The other twenty or so well-known bitcoin exchanges that revealed their hard fork contingency plans last week will also list both digital assets (creating another account for their customers, for the “new” forked coin). Yet it is safe to assume these exchanges will also pause deposits and withdrawals during a split event. Customers will have to follow the rules of the exchange they store their funds with, and each business will have different guidelines.

 

Individuals Who Possess Their Keys

Users holding the private keys to their funds will have access to both chains after a split occurs. Depending on where the user stores their bitcoins they will have the means to access both digital assets by either waiting for wallet support or moving their funds to a different wallet platform that support both chains. For instance, the hardware wallet manufacturer Ledger explains what happens to people who possess their private keys using a cold storage device; 

"First of all, it is very important to understand that hardware wallet users control their private keys. So whatever happens, you will always have the possibility to export your keys and use your bitcoins on any software running on any chain or fork. Whatever happens, you do not need to move your funds prior to a fork, nor do you risk losing access to your coins on any side of the split."

This logic applies to every user utilizing an application that allows exclusive bitcoin key possession. There is no risk of losing bitcoins during a hard fork, and over a period of time after a blockchain split, users will be able to access both chains.

 

Control Your Private Keys and Stay Informed

Forks are a part of most open source software protocols that mature, and many people believe bitcoin will experience a number of them in the future. Users should always consider possessing their own private keys at all times, so they have the ability to use their funds when they want instead of having to follow the guidelines of an exchange.

There is plenty of material online for people to research what will happen during this type of event and many Bitcoin businesses have detailed their hard fork plans. Bitcoin developer, Gavin Andresen, has also written an informative blog post in regards to what may happen to a majority and minority chain. Andresen speculates what may happen within the market as far as price value, but also assures bitcoin holders their assets will be safe in the event of a blockchain split.

Credit given to Jamie Redman, the writer of this very informative article.

 

Judy Curtis,  
Contributor

Mobi is Killer App for Bitcoin: Bobby Lee of BTCC

Mobi is Killer App for Bitcoin: Bobby Lee of BTCC

BTCC, the company behind the oldest Bitcoin exchange in China, is once again expanding its footprint globally. This time with a multi-currency Bitcoin wallet Mobi, which they believe will be the killer app for payments.

Headquartered in Hong Kong, BTCC plays a major role in nearly every segment of the Bitcoin ecosystem from digital currency exchanges, mining pools, physical Bitcoins and now a mobile wallet like no other on the market yet.

 

What is Mobi?

Released the 20th of March 2017, Mobi is available for download from both iOS and Android and has an instant in-app conversion of over 150 different currencies including the pound, dollar, euro, gold and silver.

It also includes an optional Visa debit card and enables payments to Twitter replacing ChangeTip but focusing on larger payments. Uniquely, Mobi allows customers to send money in any currency, including Bitcoin to any of Twitter's 319 mln users.

Mobi will also appeal to Bitcoin users and those looking to hedge or speculate on Bitcoin and other currencies’ price movements by allowing instant in-app conversions between Bitcoin and 154 currencies with no trading fee.

Innovations in the payments industry have been led by Chinese companies for quite some time with the likes of AliPay and WeChat, although Bobby Lee, CEO of BTCC, believes Mobi will succeed where the other Chinese payment technologies have not.

Bobby Lee says:

“Mobi is the only app that supports instant conversion, storage and transfer of 100+ currencies so it can be used worldwide compared to AliPay and WeChat which only supports CNY, and can only be used in China. With Mobi you can send any form of money to anyone, anywhere. Mobi eliminates friction in money transfers, making money truly global.”

 

Private Blockchain

All Mobi accounts are linked to the users’ mobile number, so all that is needed to use it is a smartphone. Mobi users can instantly transfer funds to any of the two bln other global smartphone users using Mobi’s private Blockchain. Mobi also supports Bitcoin transfers on the Bitcoin public Blockchain.

The optional debit card is linked to users’ Mobi accounts allowing them to withdraw fiat in any currency at ATMs worldwide as well as enabling the spending of funds at any retail point of sale that supports Visa. The debit card automatically deducts funds from the customer's’ wallet balance.

Mobi also offers support for 15 languages including English, French, German, Japanese, Korean, Portuguese, Russian and Spanish.

Lee concludes:

“Mobi will take Bitcoin mainstream with mobile number accounts, Twitter payments, 100+ currencies and a Visa debit card. Mobi is the killer app for Bitcoin.”

Credit is given to Niall Maye,  of The Cointelegraph, for writing this article. 

 

Judy Curtis,  
Contributor

The Price of Bitcoin is Now Worth More Than One Ounce of Gold

This article was first published by (@mpmcsweeney) | Published on March 2, 2017 at 15:00 GMT

bitcoin, gold

Bitcoin’s price has reached parity with the per-ounce spot price of gold, according to the CoinDesk Bitcoin Price Index (BPI).

The per-ounce spot price for gold is $1,237.73, according to the XAU/USD spot exchange rate provided by Bloomberg Markets.  Bitcoin’s price, by comparison, is at $1,238.11, having opened the day at $1,230.02, BPI data shows.

The move follows a break to new all-time highs for the price of bitcoin, which began the year by crossing the $1,000 mark.

Markets have seen dizzying changes in recent weeks, breaking through a three-year-old high on 23rd February.  Prices have largely continued to climb since.

Driving the price is overall bullish sentiment in the market, as traders have seemingly taken a positive tack toward the prospects of the US SEC approving the first-ever bitcoin ETF.

The SEC has a deadline of 11th March to make its decision.

Overall, it’s been more than three years since the last time gold and bitcoin hit parity, though it’s worth noting that this was on Mt Gox, which was the only exchange that had a price to reach parity.

Thanks to Stan Higgins at CoinDesk for this informative article.

Image via Alex Sunnarborg for CoinDesk

 

So now that Bitcoin has officially passed the price of gold,   what is next?

A lot of people may not get Bitcoin because they don’t understand it, but sometimes it’s hard to see the vision of a trend and you just have to take a jump with your eyes closed.

If you have money sitting in a bank in savings account,  or in your PayPal why???  Your money is not growing there.  Risk is pretty much non-existent at this point.  I don’t even consider it investing.  Bitcoin is becoming a way of life, digital money is here!   Time to get your share!!!

Check out platforms such as Bittrex where you can buy/sell not only Bitcoin, but a host of other cryptocurrencies as well.

 

Judy Curtis, 
Contributor

 

Save

$1,210: Bitcoin Price Hits New All-Time High Amid Sustained Support

Bitcoin Hits New All-Time High

Charles Bovaird | Published on February 28, 2017 at 22:40 GMT

Bitcoin is showing no sign of dropping below its all-time highs.

After trading above $1,000 for more than two weeks, the bitcoin price has now provided what analysts believe is ample evidence the digital currency’s price has established a floor at this level.

The cryptocurrency has been enjoying its longest stretch above $1,000 in history, a period it began on 14th February.

During this period, bitcoin prices have been pushing steadily higher, reaching a new all-time high of $1,186.33 on 23rd February and then rising to new record levels over the following sessions, according to the USD CoinDesk Bitcoin Price Index (BPI).

The digital currency most recently hit a fresh all-time high today (Feb 28/17), when it reached $1,210.16 at 03:00 UTC, BPI figures show.

At the time of report, bitcoin prices had pulled back slightly from this level, trading at $1,196.38.

Potential upside:

Many market observers have emphasized that bitcoin prices could soon enjoy significant upside if the SEC approves the proposed Winklevoss Bitcoin ETF, an investment fund which has an approval deadline on 11th March.

Traders have already incorporated this event into bitcoin prices, according to several analysts.

However, many market observers have projected that the proposed fund has low odds of receiving authorization from the government agency.

Investor and serial entrepreneur Vinny Lingham, for example, gave the fund 10-15% odds of being approved in a recent blog post, while Spencer Bogart, former analyst with investment bank Needham & Co LLC, has indicated the ETF’s odds of approval are less than 25%.

While acceptance could fuel sharp price gains, a rejection could push bitcoin prices lower, analysts say.

Still, amid this uncertain situation, bitcoin prices have been experiencing little volatility in the last few days, moving largely between $1,170 and $1,210 even as they have enjoyed a steady, upward climb.

Price charts image via Shutterstock

Thanks to   at Coindesk for this informative article.

 

Those who invested in Bitcoin years ago, or even last summer, will be very pleased with the way Bitcoin value is rising.   What about those who did not invest in Bitcoin?  Is all lost?  I think not!

There are many programs available where people can invest and earn Bitcoin.   Scammers are ever so prevalent; therefore, it’s buyer beware!

 

Judy Curtis, 
Contributor

 

 

Save

5 Reasons to Invest in Bitcoin

Jason Stutman of Wealth Daily gives us 5 reasons to invest in Bitcoin.

“Bitcoin’s bid as a serious investment has only matured in recent years as the digital currency has come of age. Once rightfully considered a virtual lottery ticket, Bitcoin has gradually cemented itself as a legitimate asset to consider for your portfolio. This week, the cryptocurrency marked its longest stretch trading over $500 since its inception nearly a decade ago. For six months, Bitcoin has climbed well past that mark, now trading near $750.”  (As published on December 14, 2016).

Since this article was published, Bitcoin has been on a steady increase and as this date, February 28, 2017, Bitcoin is $1199.37 USD.   To find buying opportunities, one needs to keep a close eye on Bitcoin price fluctuations.

“If that makes you feel like you’ve been missing out, but you aren’t convinced just yet that Bitcoin is right for you, here are five things you should probably know about this unique investment…”

 

Wealth Daily offers a Special Report: A Beginners Guide to Bitcoin which is available by just clicking on the subscribe button at the end of the above video.  

It is this writer’s opinion that Bitcoin is here to stay and we should be learning as much as we can about Bitcoin so we can make informed decisions about including it in a financial portfolio.

 

Judy Curtis, 
Contributor

 

Save

Bitcoin Price Surges to Within $30 of All-Time High

Bitcoin Price Surges to Within $30 of All-Time High

| Published on February 23, 2017 at 09:23 GMT

The price of bitcoin has surged overnight, closing in on its all-time high set back in 2013.

Immediately prior to reporting, global average prices had reached a high for the session of around $1,137, according to the CoinDesk Bitcoin Price Index. Notably, that figure is less than $30 below the maximum ever value of $1,165.89 set on 30th November, 2013.

The latest increase comes soon after bitcoin’s longest ever period at over $1,000, and a notable period of volatility in recent months.

The highs also reflect confidence by traders and investors in an industry that has been somewhat rocked by moves by the Chinese central bank to restrict the actions of the country’s bitcoin exchanges, causing a number of them to temporarily freeze withdrawals of the cryptocurrency in recent weeks.

Also lurking in the background, and possibly having an influence on price, is the imminent SEC decision on the Winklevoss brothers’ bitcoin ETF – an event some experts have told CoinDesk that traders are already ‘pricing in’ a potential approval.

The 11th March ruling could see the approval of the first bitcoin ETF in the US market, opening the digital currency to a wider audience of investors. However, many in the industry do not see a high likelihood of approval by the financial regulator.

For more historical data and charts, visit the CoinDesk BPI here.

Trading chart via Shutterstock

Thanks to Daniel Palmer, CoinDesk for this article.

 

Judy Curtis,
Contributor

 

 

Save