Bitcoin splits again, creating a new cryptocurrency called bitcoin gold that then plunged 66%

Bitcoin splits again creating a new cryptocurrency called bitcoin gold that then plunged 66%

  • The price of bitcoin took a hit after the cryptocurrency underwent another split, with the newly-created bitcoin gold seeing its value plunge over 60 percent.
  • Bitcoin hit a low of $5,374.60 on Wednesday before recovering nearly $300.

Bitcoin underwent another “hard fork” that resulted in the creation of bitcoin gold.
Continue reading “Bitcoin splits again, creating a new cryptocurrency called bitcoin gold that then plunged 66%”

Bitcoin splits again, creating a new cryptocurrency called bitcoin gold that then plunged 66%

  • The price of bitcoin took a hit after the cryptocurrency underwent another split, with the newly-created bitcoin gold seeing its value plunge over 60 percent.
  • Bitcoin hit a low of $5,374.60 on Wednesday before recovering nearly $300.

Bitcoin underwent another “hard fork” that resulted in the creation of bitcoin gold.
Continue reading “Bitcoin splits again, creating a new cryptocurrency called bitcoin gold that then plunged 66%”

Bitcoin is dropping right now after a big Chinese exchange said it is closing

Bitcoin is dropping right now after a big Chinese exchange said it is closing

  • Bitcoin prices plunged about 8 percent Thursday after one of the biggest exchanges in China said it will shut down its operation.
  • BTC China said in a tweet Thursday that it will close down its operations by Sept. 30 as Chinese authorities crack down on cryptocurrencies.
  • On Sept. 4, Chinese media outlet Caixin reported that regulators banned companies from raising money through initial coin offerings (ICOs), referring to them as an unauthorized fundraising tool that may involve financial scams.
  • Chinese investors have until September 30th to get their money out of exchanges before they close,” Brian Kelly, CEO and founder of BKCM and a CNBC contributor, said in an email.
  • Just two days ago, JPMorgan CEO Jamie Dimon called the cryptocurrency a “fraud,” adding “it won’t end well.”

Bitcoin prices plunged about 8 percent Thursday after one of the biggest exchanges in China said it will shut down its operation.
Continue reading “Bitcoin is dropping right now after a big Chinese exchange said it is closing”

Now bitcoin is crashing along with the drop in technology stocks

  • Bitcoin suddenly plummeted Monday, after jumping over the weekend to an all-time The decline came as major U.S. technology stocks fell for a second straight day on concerns that the sector has risen to unsustainable At least two major bitcoin exchanges also had problems Monday.
  • The exchange accounts for nearly 17 percent of U.S. dollar-denominated bitcoin trade volume, according to Cryptocompare, and had reported outages in late May amid “unprecedented traffic and trading.”
  • The exchange accounts for about 6 percent of U.S. dollar-denominated bitcoin trade, according to Cryptocompare.
  • The gains were helped by news that several major Chinese bitcoin exchanges were allowing withdrawals of the currency after a monthslong However, a sharp move lower Monday afternoon ET illustrated how volatile the cryptocurrency can Bitcoin suddenly dropped more than 16 percent on the day to $2,532.87 before recovering slightly, CoinDesk data showed.
  • The digital currency was last trading near Even with Monday’s decline, bitcoin remained more than 150 percent higher for the year so far.

Bitcoin suddenly plummeted Monday, after jumping over the weekend to an all-time high.
Continue reading “Now bitcoin is crashing along with the drop in technology stocks”

Now bitcoin is crashing along with the drop in technology stocks

  • Bitcoin suddenly plummeted Monday, after jumping over the weekend to an all-time The decline came as major U.S. technology stocks fell for a second straight day on concerns that the sector has risen to unsustainable At least two major bitcoin exchanges also had problems Monday.
  • The exchange accounts for nearly 17 percent of U.S. dollar-denominated bitcoin trade volume, according to Cryptocompare, and had reported outages in late May amid “unprecedented traffic and trading.”
  • The exchange accounts for about 6 percent of U.S. dollar-denominated bitcoin trade, according to Cryptocompare.
  • The gains were helped by news that several major Chinese bitcoin exchanges were allowing withdrawals of the currency after a monthslong However, a sharp move lower Monday afternoon ET illustrated how volatile the cryptocurrency can Bitcoin suddenly dropped more than 16 percent on the day to $2,532.87 before recovering slightly, CoinDesk data showed.
  • The digital currency was last trading near Even with Monday’s decline, bitcoin remained more than 150 percent higher for the year so far.

Bitcoin suddenly plummeted Monday, after jumping over the weekend to an all-time high.
Continue reading “Now bitcoin is crashing along with the drop in technology stocks”

Why Bitcoin is crashing after SEC rejects Winklevoss ETF

Why Bitcoin is crashing after SEC rejects Winklevoss ETF @readDanwrite

  • Cameron (L) and Tyler Winklevoss speaking in front of the New York Department of Financial Services in 2014 (Reuters)

    The price of the digital currency bitcoin has been flying for the last few weeks, reaching an all-time high today of $1,350 per coin just this week.

  • Here’s why: the SEC on Friday released a long-awaited ruling on an application for a bitcoin ETF (exchange-traded fund) submitted by Cameron and Tyler Winklevoss of Facebook fame.
  • In its own language, from its 38-page decision, the SEC wrote (emphasis ours) that it:

    “does not find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest.

  • The Winklevoss brothers, who own a large amount of bitcoin and offer a bitcoin exchange site, Gemini, and a bitcoin price index, WinkDex, were looking to trade shares of their Winklevoss Bitcoin Trust, a grouping of bitcoin-based securities, on the Bats Global Exchange market.
  • The SEC decision suggests major skepticism around the security of the volatile digital currency, which is sure to raise concerns among bitcoin investors and spur them to sell.

The price of the digital currency bitcoin has been flying for the last few weeks, reaching an all-time high today of $1,350 per coin just this week. Here’s why: the SEC on Friday released a long-awaited ruling on an application for a bitcoin ETF (exchange-traded fund) submitted by Cameron and Tyler
Continue reading “Why Bitcoin is crashing after SEC rejects Winklevoss ETF”

Bitcoin value surpasses gold for the first time

Bitcoin value surpasses gold for the first time

  • He told Marketwatch in a Facebook Live Q&A: “This is digital money; you know what happens sometimes with digital stuff, if you’re not careful it could evaporate or it could just as easily be tampered with.
  • “Many people have looked at it as a proxy to gold and silver, with bitcoins, they try to minimise the quantity of it because that’s what makes money valuable, that there’s a sense of rarity.
  • “Whereas people look at other currencies across the globe, even the US dollar, you could print trillions and it becomes this unlimited thing, but the more you make of it, the less valuable each individual unit is.”

A single bitcoin has surpassed the value of an ounce of gold for the first time as its price surged to an all-time high.
Continue reading “Bitcoin value surpasses gold for the first time”