Tag: cryptocurrency investment

Cryptocurrency Market Shows Life, Adds $40 Billion in 2 Days

By Ryan Lau | @agorisms

Over the past several months, the cryptocurrency market has slowed. Its peak market cap of $830 billion has fallen dramatically, losing over two thirds of its value.

However, over the past several days, it is beginning to show life again.

On July 2, Bitcoin finally saw growth after it reached a 12 month low in value. As of June 29, the cryptocurrency had fallen as low as just over $5800 USD. Yet, the value, as of July 3, has soared back to $6658 USD.

This shows nearly a 15% increase in Bitcoin in just four days, which averages to slightly under 4% a day.

Of course, since the cryptocurrency’s fall from a January high of nearly $20000 USD, it has jumped up by these percentages a number of times. Despite this, some investors believe that this rally is longer term.

Sustainable Cryptocurrency Market Gains

As Bitcoin rose, the cryptocurrency market as a whole also saw considerable gains in volume. In the past 48 hours, it has added $40 billion dollars in total volume. As part of this, Bitcoin’s volume rose to $4.6 billion.

Other coins, such as Bitcoin Cash, Cardano, and Ripple, have also risen in value and volume over the same span. Ethereum also showed strong recovery, bouncing from $400 to $467 USD.

Because of the increase in both volume and value, many expect this growth to continue. Some market estimates place a short-term value of Bitcoin at slightly over $7000 USD. If this occurs, it will represent a 21% payout since the cryptocurrency reached its low.

Smaller cryptocurrencies have yet to see the same rebound and uptick in volume. Yet, the market trend suggests that they may soon see similar looking gains, as demand for crypto increases.

The Cryptocurrency Market in U.S. Cities

Clearly, there has been a rapid increase of cryptocurrency market recognition since just one year ago. As this continues, demand not only rises for coin ownership, but for work opportunity. in fact, first quarter 2018 blockchain jobs on the freelance site upwork.com rose a staggering 6000%.

While some, like those on upwork.com, seek employment in blockchain, many others are finding another way to join the market.

Throughout U.S. cities, Bitcoin ATMs are beginning to appear. As of mid-June, over 2,000 of the machines existed in the United States, with almost 100 in the state of Michigan.

For a fee of 7 to 8 percent, consumers may purchase the cryptocurrency in order to hold, invest, or trade.

Generally, the machines exist in low income areas. Of course, many families with lower incomes do not have bank accounts. As an alternative, they may use these ATMs as a cheap alternative means of storing money.

Some even view the machines as an alternative to lottery tickets. With high levels of risk and reward, both are capable of bringing massive success for a small price.

Unlike a lottery, however, the cryptocurrency market shows trends that users can monitor for maximum gain. Detroit gas station owner Andy Attisha says that users of his Bitcoin ATM are doing exactly that.

“A lot of people do day trading on it,” Attisha remarked about his ATM. “I see people coming in here every day messing with the machine.”


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Cryptocurrency Payments May Return On Reddit

By Nick Hamilton | United States

During an interview with Cheddar, Chris Stowe, the CTO of Reddit, asserted that Reddit hopes to bring back payments dealing with Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH).

Reddit stopped accepting Bitcoin in March of this year, when the Coinbase Merchant Services were experiencing some technical difficulties and bugs. This led the popular sharing site to drop the Cryptocurrency as an option for payment.

Coinbase has since announced the migration of Coinbase Merchant Services to a program called “Coinbase Commerce,” a program specifically designed for merchants. The migration of Coinbase Commerce will end on May 31st, which is when we could see a return of cryptocurrency payments to Reddit.

Reddit has always been very crypto friendly, with subreddits such as r/Bitcoin, r/Crypto, r/Litecoin, and r/Ethereum having tens of thousands of subscribers.

Stowe said the following Thursday:

The upcoming Coinbase change, combined with some bugs around the bitcoin payment option that were affecting purchases for certain users, led us to remove bitcoin as a payment option.

We have been looking at other cryptocurrencies. As a matter of fact, that was part of the issue with the high fees on the bitcoin network. We are looking at Ethereum and Litecoin that are both provided by Coinbase.


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Buffet Says Cryptocurrency is a Gamble, Not Investing

By Mason Mohon | @mohonofficial

World-renown investor and head of Berkshire Hathaway Warren Buffet spoke out once again against cryptocurrency recently.

Continue reading “Buffet Says Cryptocurrency is a Gamble, Not Investing”

North Carolina Sends Cease and Desist Order to Cryptocurrency Mining Company

By Mason Mohon | @mohonofficial

The state of North Carolina sent a cease and desist letter to cryptocurrency mining company Power Mining Pool (PMP) last week. It was found that PMP was in violation of multiple parts of the securities act:

The Securities Division found that PMP is violating the Securities Act by: a. offering unregistered securities in the form of ‘mining pool shares;’ b. offering securities while it is not registered to do so; and c. making material misstatements when offering securities.

Continue reading “North Carolina Sends Cease and Desist Order to Cryptocurrency Mining Company”

Japanese Agency Orders Crypto Exchange to Improve Itself

By James Sweet III | Japan

The Japanese Financial Services Agency, shortened to FSA, is a government agency that is responsible for overseeing financial organizations like banks, exchanges, and insurance corporations. Just recently, they issued an order to a cryptocurrency exchange, demanding that they improve their operations to meet the FSA’s standards.

Minnano Bitcoin, a government-approved exchange for cryptocurrencies in Japan, was the exchange that received the “administrative punishment” handed down by the government. The FSA did an inspection of the exchange’s operations, and discovered it was “not performing appropriate verification at the internal audit in addition to the inadequate management and management system.”

The demands state that Minnano Bitcoin must do the following:

Building a business management system; Establishment of a management system for money laundering and terrorist financing; Construction of bookkeeping management system; Establishment of management system related to user protection measures; Construction of system risk management system and outsourcing management system.

May 14 is the deadline the FSA has created for the exchange to improve its internal organization, as well as write a report on its improvements.

Minnano Bitcoin is a “deemed dealer” of cryptocurrencies and other assets, allowing them to operate. Exchanges can become licensed, leading to less intrusion and investigation in the long run. Only two licensed exchanges have been ordered to improve their businesses in some way, while multiple other deemed dealers have been ordered to improve their operations.