GOLDMAN SACHS: Here’s when we’ll know bitcoin’s top is in

GOLDMAN SACHS: Here's when we'll know #bitcoin's top is in

  • Since bottoming at $2,643 a coin the day of the split, bitcoin has exploded by 57%, and it is now up 335% in 2017.
  • Sheba Jafari, the head of technical strategy at Goldman Sachs, wrote in a note sent to clients on Sunday that because bitcoin was approaching her target of $3,691 (which it has since passed), an extension wave five of this move could take bitcoin all the way up $4,827 before a correction pushes it all the way down to about $2,221.
  • Jafari isn’t the only one who sees bitcoin approaching the $5,000 level.
  • Arthur Hayes, the CEO of BitMEX, a bitcoin derivative exchange, expressed that view to Business Insider after last week’s implementation of Segregated Witness, or SegWit, a software update designed to improve the coin’s scalability and make it faster to process more transactions.
  • “At this point, Bitcoin would have to move back under 2,935 (Jul. 21st high/top of wave 1/V) to signal that a top is already in place,” Jafari wrote.

Bitcoin is experiencing a monster rally. It has gained more than 15% since Friday’s close…
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As bitcoin comes off its record high, the next step is to avoid a ‘lightning fork’

  • The bitcoin community is eagerly waiting for the next big development called the Lightning Network, a technology that enables instant transactions.
  • This after it reached a new milestone on Tuesday, with the digital currency network “locking in” a decision to implement a new piece of technology called SegWit, that improves capacity of the bitcoin network.
  • “The Lightning Network is a game-changing innovation, which utilizes smart contract technologies to enable instant micropayments using cryptocurrencies such as bitcoin,” Aurélien Menant, founder and CEO of digital currency exchange Gatecoin, told CNBC via email.
  • On Tuesday, the bitcoin network passed a threshold of support required to lock in a new piece of software, called ‘segregated witness’ or SegWit.
  • “Bitcoin’s SegWit means the many well-financed companies researching Lightning solutions can start to test on the main network,” Fran Strajnar, co-founder & CEO of data and research company Brave New Coin told CNBC via email.

The bitcoin community is looking towards the Lightning Network, a technology that enables instant transactions, after SegWit implementation is locked in.
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AP Explains: Why HBO hackers demanded payment in bitcoin

Why HBO hackers demanded payment in #bitcoin

  • Bitcoin, the digital currency, is the payment of choice for HBO’s cyberattackers.
  • (AP Photo/Eric Gay, File)

    NEW YORK (AP) — The digital currency Bitcoin is the payment of choice for HBO’s cyberattackers.

  • Bitcoin allows people to buy goods and services and exchange money without involving banks, credit card issuers or other third parties.
  • The shuttered underground e-commerce site AlphaBay required transactions to be done in bitcoin and similar digital currencies.
  • A network of tech-savvy users called miners keep the system honest by pouring their computing power into a blockchain, a global running tally of every bitcoin transaction.

The digital currency Bitcoin is the payment of choice for HBO’s cyberattackers. The hackers demand what they say is their “6-month salary” in bitcoin, suggesting it’s at least $6 million. Bitcoin …
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AP Explains: Why HBO Hackers Demanded Payment in Bitcoin

  • NEW YORK — The digital currency Bitcoin is the payment of choice for HBO’s cyberattackers.
  • Bitcoin allows people to buy goods and services and exchange money without involving banks, credit card issuers or other third parties.
  • Here’s a brief look at bitcoin:

    Unlike most currencies, bitcoin isn’t tied to any bank or government.

  • They receive bitcoins in exchange.
  • A bitcoin’s value plunged by 23 percent against the dollar in just a week this past January.

The digital currency Bitcoin is the payment of choice for HBO’s cyberattackers. The hackers demand what they say is their
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Thomson Reuters Makes Its Market Data Blockchain-Friendly

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Thomson Reuters Corp plans to release a tool on Wednesday that will allow customers to plug its market data into systems that run on the digital ledger technology known as blockchain.
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Thomson Reuters Makes Its Market Data Blockchain-Friendly

Thomson Reuters Makes Its Market Data #blockchain-Friendly

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Thomson Reuters Corp plans to release a tool on Wednesday that will allow customers to plug its market data into systems that run on the digital ledger technology known as blockchain.
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The battle over the future of bitcoin

  • On the other side of the fence, Peter Smith, whose firm Blockchain tries to help people pay with bitcoin at places like local coffee shops, says “religion does perhaps explain it well”.
  • Naturally, Smith wants bitcoin to grow quickly – preferably very quickly, handling lots of transactions at the same time so it’s faster and more convenient for users to spend money, and so that his investors make a bigger, faster return on their investment.
  • Along with other bitcoin companies, Smith is trying to improve the process to handle more consecutive transactions to reduce delays and boost volume.
  • Smith, Wright and some other key bitcoin developers want the blocks to be larger so more transactions can clear at the same time.
  • In 2014, before bitcoin’s current identity crisis, bitcoin developer Gregory Maxwell and several encryption enthusiasts co-founded Blockstream, a bitcoin startup that tries to develop new ways to use the currency’s main technology, the blockchain.

Billed as the future of democratized, digital money, the currency is now at the center of a conflict over how to develop technologies behind the system
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