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Thread: All Information About Bitcoin

  1. #221
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    Bitcoin miner sent to prison for stealing electricity from train network in china

    A man in China has been sentenced to three and a half years in prison after stealing electricity from a train network in order to mine bitcoin.

    Xu Xinghua from Shanxi province pleaded guilty to stealing 104,000 yuan (£11,300), which was used to mine 3.2 bitcoins.

    At the current price of bitcoin, Mr Xinghua's bounty would be worth around £15,000, however at bitcoin's peak, it would have been worth close to £48,000.

    Bitcoin mining – the process of generating new units of the cryptocurrency by confirming transactions on an online ledger called the blockchain – has become extremely popular in China in recent years, thanks to relatively cheap electricity prices in the country.

    As the bitcoin network grows, the processing power needed to mine them also grows. This has led to a government-led crackdown in China on illegal bitcoin mining operations.

    "Local utility agencies and companies will be held accountable if they failed to shut down illegal bitcoin mining operation," a government notice issued by the Economic and Information Commission (EIC) stated in July.

    On top of the prison sentence, Mr Xinghua also received a fine of 100,000 yuan (£10,930), according to local media outlet The Paper

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  3. #222
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    Major cryptocurrencies jump as the controversial dollar-pegged token tether falls

    The price of bitcoin, ether and XRP rose by around 7 percent higher, according to CoinMarketCap data.
    Tether, a token that its creators claim is 100 percent backed by fiat currency reserves, fell as low as 93 cents.
    One analyst said investors would take tether's drop as a reason to shift funds into other cryptocurrencies.

    Major digital currencies edged higher on Monday as tether, a controversial token designed to be pegged to the U.S. dollar, fell more than 2 percent.

    The price of bitcoin, ether and XRP — collectively the three biggest cryptocurrencies by market value — rose by around 7 percent higher, according to data from industry website CoinMarketCap. Bitcoin was within touching distance of $7,000 at around 8 a.m. London time.

    The rise in virtual currency prices follows a sharp downturn last week, where the market shed billions of dollars in market capitalization, in tandem with a two-day sell-off in global stock markets.

    Tether, a token that its creators claim is 100 percent backed by fiat currency reserves, was seen trading 2.5 percent lower at $0.965 Monday morning. Earlier in the morning, the digital asset fell to around 93 cents.

    The firm behind it, Tether Limited, has come under scrutiny over whether it actually holds enough reserves to match the amount of tether tokens in circulation — Tether claims it does.

    "There is concern about tether and whether it is truly backed by dollars and rumors about USDT (tether) being delisted from various exchanges," Charles Hayter, the chief executive of comparison site CryptoCompare, told CNBC in an email.

    Hayter also pointed to a report by an industry publication that Bitfinex, a cryptocurrency exchange connected to tether, had suspended deposits in U.S. dollars, euros, sterling and Japanese yen.

    A smartphone displays the Tether market value on the via The Crypto App.
    Guillaume Payen | SOPA Images | LightRocket | Getty Images
    A smartphone displays the Tether market value on the via The Crypto App.
    Major digital currencies edged higher on Monday as tether, a controversial token designed to be pegged to the U.S. dollar, fell more than 2 percent.

    The price of bitcoin, ether and XRP — collectively the three biggest cryptocurrencies by market value — rose by around 7 percent higher, according to data from industry website CoinMarketCap. Bitcoin was within touching distance of $7,000 at around 8 a.m. London time.

    The rise in virtual currency prices follows a sharp downturn last week, where the market shed billions of dollars in market capitalization, in tandem with a two-day sell-off in global stock markets.

    Tether, a token that its creators claim is 100 percent backed by fiat currency reserves, was seen trading 2.5 percent lower at $0.965 Monday morning. Earlier in the morning, the digital asset fell to around 93 cents.

    The firm behind it, Tether Limited, has come under scrutiny over whether it actually holds enough reserves to match the amount of tether tokens in circulation — Tether claims it does.

    "There is concern about tether and whether it is truly backed by dollars and rumors about USDT (tether) being delisted from various exchanges," Charles Hayter, the chief executive of comparison site CryptoCompare, told CNBC in an email.

    Hayter also pointed to a report by an industry publication that Bitfinex, a cryptocurrency exchange connected to tether, had suspended deposits in U.S. dollars, euros, sterling and Japanese yen.

    Tether Limited and Bitfinex were not immediately available for comment when contacted by CNBC.


    Tether is what is known in the industry as a "stablecoin," a cryptocurrency pegged to a government-backed currency to avoid the volatility common in cryptocurrencies like bitcoin. The idea has also been put into practice by Goldman Sachs-backed firm Circle.

    Any significant swing in the price of tether should come as a surprise to investors as the token is meant to have a static exchange rate of 1 tether token to $1.

    The token is used to buy other cryptocurrencies like bitcoin. There have been fears that tether was used to manipulate the price of bitcoin and other cryptocurrencies.

    "If the perception that tether can hold a stable value is called into question, traders who are holding USDT are most likely to shift their funds into other cryptos in order to hold their value," Mati Greenspan, senior market analyst at eToro, told CNBC in an email.

    Major cryptocurrency prices are still well off their record highs, with bitcoin off by more than 66 percent, ether down more than 84 percent and XRP down 88 percent.

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    Bitcoin Price Is Defending One Key Support for the Fifth Month Running

    Bitcoin (BTC) is defending a key long-term price floor as it recovers from Friday's three-week lows near $6,200.

    After a strong bearish move last Thursday, the leading cryptocurrency looked set to pierce the 21-day exponential moving average (EMA), which has been serving as a strong support since June.

    However, yesterday's rally to over $6,800 ensured that the crucial EMA support remains intact. At press time, BTC is changing hands at $6,730 on Bitfinex, having clocked a high of $7,788 yesterday. Meanwhile, the 21-month EMA is located at $6,160.

    The argument that the bear market has likely run its course remains valid as long as prices are trading above the 21-month EMA.

    However, while the solid bounce from the area around the crucial EMA support is encouraging, a bullish reversal is still not confirmed,

    As seen in the chart above, the bears are struggling to penetrate the 21-month EMA for the fifth month running.

    It's also worth noting that each time the bears fail to force prices below 21-day EMA, they end up raising the probability of a bullish reversal.

    BTC's repeated failure to keep gains above the 10-week EMA over the last four weeks has established the technical indicator as the key resistance to beat for the bulls.

    As of writing, BTC is trading above that mark (currently at $6,671) on Bitfinex, however, only a weekly close on Sunday (UTC time) above moving average would confirm a continuation of the rally from mid-September lows.

    If the cryptocurrency finds acceptance above $7,000 in the next day or two, though, a breakout would be confirmed.

  5. #224
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    Bitcoin Volatility Hits Record Low, Calm Before a Major Short-Term Rally? Experts Weigh In

    In the beginning of October, Bitcoin achieved a 17-month low volatility rate, recording its highest level of stability since mid-2017.

    Bitcoin has started to experience a noticeable decline in its volatility during a period in which the volume of the dominant cryptocurrency achieved a new yearly low. Thus, the volume of Bitcoin dropped from $4.2 billion to $3.2 billion on October 7, by more than 23 percent. Since then, the volume of BTC has recovered substantially, back to $4.2 billion, but it still remains substantially lower than previous weeks. The overall decline in trading activity in the cryptocurrency exchange market due to the uncertainty in the short-term price trend of Bitcoin is said to have contributed to the significant drop in its rate of volatility.

    Mike McGlone, a commodity strategist, stated that as the cryptocurrency market matures, the rate of Bitcoin volatility will continue to rapidly decline. He explained that an emerging asset class often sees a large discrepancy in its daily price movements and volatility in volume until it finds strong infrastructure to support and solidify its market.

    "This is a maturing market, so volatility should continue to decline. When you have a new market, it will be highly volatile until it establishes itself. There are more participants, more derivatives, more ways of trading, hedging, and arbitraging.”

    Since August 9, the price of Bitcoin has remained relatively stable in the range between $6,400 and $6,800. Apart from one occasion in mid-September during which BTC surpassed the $7,000 mark, the asset has shown no signs of solid momentum, mostly due to the lack of volume in the cryptocurrency exchange market.

    On October 6, the cryptocurrency exchange market recorded its lowest daily volume in over 12 months, leading traders to be concerned regarding the short-term trend of the market.

  6. #225
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    Bitcoin Breakout ‘Only a Matter of Time’: Analyst

    Bolstered by stable trading volume, growing network activity, and increasing validation on Wall Street, the bitcoin price could be on the brink of a major move to the upside.

    Writing in daily market commentary made available to CCN, eToro senior market analyst Mati Greenspan said that the stars continue to align for a potential bitcoin rally, making it increasingly likely that the most prominent cryptocurrency will soon break out of its holding pattern.

    “It’s only a matter of time now,” he said of a potential bitcoin breakout. “Of course, the flatline pattern could easily remain for another few months and that wouldn’t be a bad thing, however, there are signs of excitement boiling underneath the cool price action exterior.”

    Greenspan, who previously said that he thought bitcoin was heading into a “classic breakout pattern,” identified three catalysts that he said were suggestive of an imminent breakout, namely, a rising transaction rate, steady daily trading volumes, and the continuing growth of cryptocurrency-related activities on Wall Street.

    Citing data from Blockchain, Greenspan notes that the number of bitcoin transactions per second — which plunged during the first quarter — has steadily risen throughout the second half of 2018. Since dropping below 2.0 TPS in mid-April, the transaction rate has climbed to 2.78 as of Thursday morning — a six-month increase of more than 40 percent. While still far below the 4.8 TPS achieved in late December, this present growth has occurred during relatively stable market conditions — not a parabolic rally. This, Greenspan said, is “a classic indication that we’re nearing the end of the flat cycle.”

    Concurrently, daily cryptocurrency trading volumes, which steadily declined throughout most of the year, appear to have flatlined near $10 billion over the past several months, which Greenspan notes is “exponentially higher” than the average daily volumes seen during the last bear market.

    But while volumes on cryptocurrency spot exchanges have flatlined, trading activity within the Wall Street futures markets are booming. As CCN reported yesterday, CME Group — operator of the largest U.S. bitcoin futures market — identified a 41 percent quarter-over-quarter increase in the average daily volume during Q3. On a daily basis, CME is handling approximately as much volume as Upbit, one of the largest spot cryptocurrency exchanges in South Korea.

    Taken together, Greenspan argues that these data points bode well for the short and mid-term future of the cryptocurrency market.

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  8. #226
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    11 HOURS AGO By Ana Alexandre Bitcoin Hedge Fund and CEO Slapped With $2.5 Million

    A New York federal court has ordered cryptocurrency hedge fund Gelfman Blueprint, Inc. (GBI) and its CEO Nicholas Gelfman to pay over $2.5 million for operating a fraudulent Ponzi scheme, according to an official announcement published Oct. 18.

    GBI is a New York-based corporation and denominated Bitcoin (BTC) hedge fund incorporated in 2014. As stated on the company’s website, by 2015 it had 85 customers and 2,367 BTC under management.

    The order is the continuation of the initial anti-fraud enforcement action filed by the U.S. Commodity Futures Trading Commission (CFTC) against GBI in September 2017. The CFTC charged GBI for allegedly running a Ponzi scheme from 2014 to 2016, telling investors that it had developed a computer algorithm called “Jigsaw” which allowed for substantial returns through a commodity fund. In reality, the entire scheme was a fraud.

    Per the announcement, GBI and Gelfman fraudulently solicited over $600,000 from at least 80 customers. Moreover, Gelfman set up a fake computer “hack” to conceal the scheme’s trading losses. It eventually resulted in the loss of almost all customer funds.

    The current order charges GBI and Gelfman to pay over $2.5 million in civil monetary penalties and restitution. GBI and Gelfman are ordered to pay $554,734.48 and $492,064.53 in restitution to customers and $1,854,000 and $177,501 in civil monetary penalties, respectively.

    James McDonald, the CFTC’s Director of Enforcement, said that “this case marks yet another victory for the Commission in the virtual currency enforcement arena. As this string of cases shows, the CFTC is determined to identify bad actors in these virtual currency markets and hold them accountable.”

    Last month, the CFTC filed a suit with the U.S. District Court for the Northern District of Texas against two defendants for the allegedly fraudulent solicitation of BTC. Per the suit, defendants Morgan Hunt and Kim Hecroft were running two fraudulent businesses and misleading the public to invest in leveraged or margined foreign currency contracts, such as forex, binary options, and diamonds.

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