Cryptocurrency News for 11 Aug 2017

Bitcoin Party Over? Minimum $3,504 Today to Avert Plunge: Forecast

Bitcoin can only avert a bear run if it closes up above $3,504 today, according to a mainstream investment source.

In a bulletin on Bitcoin’s weekly price performance Thursday, FXStreet said that despite all-time highs, the bullish sentiment behind Bitcoin “had run out of steam.”

“On the higher side, only an end of the day close above $3,504 would revive the bull market trend, although we would want to see a spike in the volumes as well,” it stated.

In terms of a “reversal” of fortunes, the publication sees levels around $3,100 or $3,000 as “likely in the short-term.”

Full story at http://bit.ly/2uM0Y6g

Source: CoinTelegraph

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Research Says Bitcoin Price Booms May Positively Affect Stock Prices

Nautilus Investment Research recently said stock prices tend to soar whenever bitcoin experiences explosive growth. Bitcoin’s price has trended upward about 80% this last month. The S&P 500 has seen monumental increases in lockstep with bitcoin. It appears that bitcoin prices are correlated with rise in stock prices.

The Business Insider article said, “These kinds of astronomical gains in bitcoin, it turns out, are correlated with a strong showing by stocks too, according to Nautilus Investment Research.”

Nautilus Investment Research also detailed that whenever bitcoin gained 30% value in a month, various stocks increased in price a couple of months later. They tweeted a graph showing Bitcoin as a “driver” for SPX.

Full story at http://bit.ly/2uIG5ZC

Source: Bitcoin News

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Bitcoin Investor Loses $50,000 as His Wallet, Backups Get Damaged by Fire

A Reddit user claims that he lost $50,000 worth of the cryptocurrency Bitcoin when the SSD where he stored his Bitcoin wallet caught fire and damaged beyond recovery. The fire could have originated from another computer part, though.

Based on the images shared by the user on social media, the computer’s hard disk drive was also severely burnt.

According to the user, he/she had backed up the wallet and created offline copies of the data needed to restore it. He/she allegedly wrote the recovery code on a piece of paper and also stored it on a USB drive.

However, both the piece of paper and the USB drive were placed near the hard drive storing the Bitcoin wallet address, and they were all burnt down during the fire.

Full story at http://bit.ly/2uMxs0h

Source: CoinTelegraph

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Coinbase Raises $100M to “Help Accelerate Digital Currency Adoption”

On August 10 the San Francisco-based company Coinbase announced it has raised US$100M in a Series D funding round. The company says the large capital injection will be used to help “create an open financial system for the world.”

This week the bitcoin exchange and brokerage service, Coinbase, announced a successful Series D funding round raising $100M. The firm says it has experienced “unprecedented growth” this year and has exchanged over “$25 billion USD worth of digital currency.” Coinbase explains that it will use the new capital to further scale the company’s resources and services. The company outlines its plans with the money stating;

We will Increase the size of our engineering and customer support teams to improve the customer experience. Open a GDAX office in New York City, further investing in our ability to serve institutions and professional traders. And invest in Toshi, to help accelerate digital currency’s shift from speculative investment to global payment network.

Full story at http://bit.ly/2uM97ri

Source: Bitcoin News

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Bitcoin Bubble Debate Escalates as Traditionalists Clash with Bullish Believers

A fresh growth spurt for Bitcoin has seen traditional investors once again surface to comment that the digital currency bubble is on the verge of bursting. But those involved are bullish and optimistic that the real growth has not even begun yet.

It is not only the growth of Bitcoin, which has been unprecedented this year alone but the birth of altcoins and the ease in which money is seemingly created from nothing through ICOs. Bitcoin’s fork, and the creating of Bitcoin Cash is another ‘bubble-warning,’ apparently.

Bitcoin, and cryptocurrencies in general, have staggered many with the way in which they have grown in 2017 alone. A new high of $3,500 was achieved earlier this month when Bitcoin succeeded beyond its Aug. 1 ‘Independance day.’

Full story at http://bit.ly/2uMgdft

Source: CoinTelegraph

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UK Police Drafts Detailed Bitcoin Seizure Guide

Last week the ‘N8 Policing Research Partnership’ published a report that explains how they would like to see UK law enforcement handle bitcoin seizures. The report claims that criminals prefer to use cryptocurrencies in crimes like ransomware, dark web activities and more. The paper says bitcoin is the most favored cryptocurrency employed in illicit activities and N8 believes UK-based officers need to grasp this new technology.

“Cryptocurrencies have increasingly become a common method of value exchange in a number of types of criminal activity,” explains the four-page proposal. “This collaborative project has brought together a variety of experts from different disciplines and practices to explore the challenges posed by criminal use of cryptocurrency with regard to the investigation, production of conclusive evidence of wrongdoing, and prosecution of offenders.”

The N8 police report details that law enforcement needs education on things like bitcoin exchanges, bitcoin ATMs, forensic tracing tools, a literature guide, and a booklet designed to help officers identify bitcoin activity. Additionally, the reports suggests that police departments utilize “Tier 1-Bitcoin experts, Regional Cyber Crime Units, Digital Media Investigators, and Tier 4-Frontline officers and investigators.”

Tier 4 – Frontline officers — All UK police staff should be required to complete a mandatory Bitcoin e-learning package (NCLAT), on how to identify bitcoin activity and who to contact for further advice.

Full story at http://bit.ly/2uMbnza

Source: Bitcoin News

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Prepared by @SydesJokes

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