After periodic drops of 20 percent, bitcoin tends to come back even stronger

After periodic drops of 20%, bitcoin tends to come back even stronger  #AppleNews #TechNews

  • The last four times bitcoin has fallen more than 20 percent this year, it has gained an average 28 percent in the two weeks following, according to digital currency trading firm Genesis Global Trading.
  • Bitcoin performance in the weeks after a drop of more than 20% – – The digital currency plunged to a low of $5,507 this weekend amid uncertainty over bitcoin’s future.
  • Developers have disagreed over the best way to improve bitcoin’s transaction speeds and costs, resulting in splits in the digital currency.
  • Bitcoin also more than recovered from a $2,000 drop in September after a Chinese crackdown on digital currencies.
  • Digital currency enthusiasts attribute the gains to growing interest from institutional investors, especially as the planned launch of bitcoin futures later this year may allow other products such as a bitcoin exchange-traded fund to launch.

As dramatic as the downturn in bitcoin’s price was over the weekend, history indicates future returns will likely be greater.
Continue reading “After periodic drops of 20 percent, bitcoin tends to come back even stronger”

After periodic drops of 20 percent, bitcoin tends to come back even stronger

  • The last four times bitcoin has fallen more than 20 percent this year, it has gained an average 28 percent in the two weeks following, according to digital currency trading firm Genesis Global Trading.
  • Bitcoin performance in the weeks after a drop of more than 20% – – The digital currency plunged to a low of $5,507 this weekend amid uncertainty over bitcoin’s future.
  • Developers have disagreed over the best way to improve bitcoin’s transaction speeds and costs, resulting in splits in the digital currency.
  • Bitcoin also more than recovered from a $2,000 drop in September after a Chinese crackdown on digital currencies.
  • Digital currency enthusiasts attribute the gains to growing interest from institutional investors, especially as the planned launch of bitcoin futures later this year may allow other products such as a bitcoin exchange-traded fund to launch.

As dramatic as the downturn in bitcoin’s price was over the weekend, history indicates future returns will likely be greater.
Continue reading “After periodic drops of 20 percent, bitcoin tends to come back even stronger”

Former Facebook executive says Google, Facebook are ‘surveillance states’ and risk more regulation

  • Even though he was once an executive at Facebook, Chamath Palihapitiya, CEO of Social Capital Hedosophia Holdings, favors investing in Amazon instead, he told CNBC’s “Fast Money: Halftime Report” on Thursday.
  • But Palihapitiya said he thinks that Facebook and Google face more regulatory risk, given the many retailers that compete with Amazon.
  • “Amazon is a microscopic portion of global consumption today, so ultimately I think it has more room to grow before it invites regulatory overview,” Palihapitiya said.
  • Palihapitiya noted that many big technology companies have seen their stocks soar, making it tempting to take gains.
  • But with tools like Alexa, robots and cloud, Amazon’s technology could lead it to victory over “laggard competitors,” Palihapitiya said.

Chamath Palihapitiya’s holding company, which also includes former Twitter executive Adam Bain, hit the public markets on Thursday.
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‘Bitcoin cash’ surges 40% in single day as investors bet on its faster processing speeds

Article:

  • The bitcoin offshoot, bitcoin cash, soared Friday after indications the alternative digital currency could achieve its goal of speeding up transactions.
  • Bitcoin cash rose 40 percent from Thursday’s close of $460.53 to briefly hit $655 Friday afternoon, according to CoinMarketCap.
  • On Wednesday morning, bitcoin cash “miners” successfully demonstrated that the digital currency could support an eight megabyte block, versus the original bitcoin’s one megabyte.
  • The eight megabyte block “has proven that bitcoin cash is working,” said Charlie Hayter, CEO of digital currency information website CryptoCompare.
  • With Friday’s gains, bitcoin cash ranked third by market value at around $10 billion, according to CoinMarketCap.

The bitcoin offshoot, bitcoin cash, soared Friday after indications it could achieve its goal of speeding up transactions.
Continue reading “‘Bitcoin cash’ surges 40% in single day as investors bet on its faster processing speeds”

‘Bitcoin cash’ surges 40% in single day as investors bet on its faster processing speeds

  • The bitcoin offshoot, bitcoin cash, soared Friday after indications the alternative digital currency could achieve its goal of speeding up transactions.
  • Bitcoin cash rose 40 percent from Thursday’s close of $460.53 to briefly hit $655 Friday afternoon, according to CoinMarketCap.
  • On Wednesday morning, bitcoin cash “miners” successfully demonstrated that the digital currency could support an eight megabyte block, versus the original bitcoin’s one megabyte.
  • The eight megabyte block “has proven that bitcoin cash is working,” said Charlie Hayter, CEO of digital currency information website CryptoCompare.
  • With Friday’s gains, bitcoin cash ranked third by market value at around $10 billion, according to CoinMarketCap.

The bitcoin offshoot, bitcoin cash, soared Friday after indications it could achieve its goal of speeding up transactions.
Continue reading “‘Bitcoin cash’ surges 40% in single day as investors bet on its faster processing speeds”

IRS says Bitcoin is taxable property, not a currency

  • On Tuesday, the IRS notice said payments worth at least $600 and made with bitcoins will be taxed the same way the agency treats property transactions.
  • “A payment made using virtual currency is subject to information reporting to the same extent as any other payment made in property,” the IRS said.
  • The IRS admits Bitcoin and other electronic tokens sure function like a real currency.
  • The IRS’ notice serves as one of the first attempts by the U.S. government to regulate the digital money.
  • The IRS notice says bitcoins must be valued at their “fair market value” at the time you acquire it.

The IRS says it can tax Bitcoin, describing it as a property — not a currency.
Continue reading “IRS says Bitcoin is taxable property, not a currency”

Bitcoin hater Schiff now selling gold for bitcoins

  • Peter Schiff is a famous gold proponent and investor, and more recently he has become known for his hatred of bitcoin.
  • That is why it may seem odd that Schiff’s Euro Pacific Precious Metals has announced that it is pairing with bitcoin payment processor BitPay in order to allow investors to buy gold and silver through Euro Pacific by using the digital currency.
  • In a November 2013 appearance on CNBC’s “Futures Now,” Schiff, chairman of Euro Pacific, declared that bitcoin was in a bubble that resembles “modern-day tulip mania.”
  • On Wednesday, BitPay announced that it was partnering with Euro Pacific in an arrangement that will allow customers to spend bitcoin in exchange for precious metals.
  • I still think that there is a bubble in bitcoin, and I don’t think that we’ve seen the lows yet,” Schiff said on Thursday’s Futures Now.

Peter Schiff has said bitcoin is “a bubble” and won’t become “a source of commerce for the world.” So why is he now accepting the digital currency?
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