Bitcoin fans eye potential in Greek crisis

  • For proponents of Bitcoin, the cryptocurrency, a shaky Mediterranean economy implementing capital controls amid the prospect of full-blown exit from the euro recalls halcyon days gone by.
  • As a result, Tony Gallippi, the co-founder of bitcoin payment processor Bitpay, tweeted on Sunday night that he expected the price of bitcoin to rise to between $610 and $1,250 if Greece exits the Euro.
  • Part of the reason why the crisis is so tempting for proponents of the cryptocurrency is the echoes of a previous crisis in the Eurozone: the banking collapse in Cyprus in 2013, which saw that nation also impose capital controls to prevent massive outflows of currency from the panicking country.
  • That collapse came at the same time as the first major boom in the price of bitcoin, which began the year at less than $20 and peaked at ten times that by early April – before it all came crashing down.
  • At the time, many credited the price rise to interest in the currency sparked by the banking crisis, but Nathaniel Popper, author of the book Digital Gold: the Untold Story of Bitcoin, says that they are labouring under a misapprehension.

Proponents hope cryptocurrency could soar in value as Greeks try to find ways to keep their money safe and avoid currency controls
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Bitcoin plunges nearly 25% in 6 days: Here’s 3 reasons why

#bitcoin plunges nearly 25% in 6 days: Heres 3 reasons why

  • The price of bitcoin has plunged almost 25 percent since hitting a two-and-a-half year high last week amid problems at a key exchange and diminishing fears of a Brexit.
  • Bitcoin was trading around $590.53 by midday London time, a fall of around 23.8 percent from the $774.94 close on June 17, which marked the highest close since November 22, 2013.
  • But opinion polls leading up to the referendum showed a slight bias towards the remain camp winning, helping push financial markets and the sterling higher, but causing a fall in the price of bitcoin.
  • “The bitcoin price when it goes up is always fuelled by a high leverage, people using margin borrowing money to buy up the price anticipating the block rewarded halving, so the smallest hairline crack can cause a selloff,” Bobby Lee, chief executive of BTCC, one of the largest bitcoin exchanges in the world based in China, told CNBC by phone on Thursday.
  • Bitcoin plunges nearly 25% in 6 days: ‘s 3 reasons why

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@bitcoinagile: “#bitcoin plunges nearly 25% in 6 days: Heres 3 reasons why”


From Yahoo Finance: The price of bitcoin has plunged almost 25 percent since hitting a two-and-a-half year high last week amid problems at a key exchange and diminishing fears of a Brexit.


Bitcoin plunges nearly 25% in 6 days: Here’s 3 reasons why

Bitcoin plunges nearly 25% in 6 days: Here’s 3 reasons why

  • The price of bitcoin has plunged almost 25 percent since hitting a two-and-a-half year high last week amid problems at a key exchange and diminishing fears of a Brexit.
  • But opinion polls leading up to the referendum showed a slight bias towards the remain camp winning, helping push financial markets and the sterling higher, but causing a fall in the price of bitcoin.
  • Bitcoin was trading around $590.53 by midday London time, a fall of around 23.8 percent from the $774.94 close on June 17, which marked the highest close since November 22, 2013.
  • The initial rise in the price of the cryptocurrency came last week as traders prepared for a process known as “halving” – where the rewards offered to bitcoin miners fall tightening the supply of the digital currency.
  • Although if you look at the bitcoin price among exchanges based in China they are $10-20 lower than the global exchanges, this might reflect the yuan’s 5-year low and the expected yuan volatility as a result of Brexit,” Aurélien Menant, CEO and co-founder, Gatecoin, a digital currency exchange, wrote in an email to CNBC.

Read the full article, click here.


@CNBC: “Bitcoin plunges nearly 25% in 6 days: Here’s 3 reasons why”


The price of bitcoin has plunged almost 25 percent since hitting a two-and-a-half year high last week amid problems at a key exchange and diminishing fears of a Brexit.


Bitcoin plunges nearly 25% in 6 days: Here’s 3 reasons why