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Good morning, and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.

Bitcoin is currently priced at $6,307 with Ethereum down at $449 and Ripple at $0.45.

After last week’s drop to $5k, and talk of a forthcoming crypto ‘funeral’ as the leading coin heads towards a new bottom, this week begins on more of a positive now with BitMEX Co-founder Arthur Hayes telling CNBC that bitcoin will spike before the end of the year.

On BTC’s lowest-ebb he said: “We could definitely find a bottom in the $3,000 to $5,000 range.”

However with regulation forthcoming, he said: “We’re one positive regulatory decision away… to climbing through $20,000 and even to $50,000 by the end of the year.”

Mr Hayes is just one of a number of the crypto community who remain positive. Responding to a discussion on a bitcoin ‘funeral’ after having lost 70 percent of its value since in $19,000 high in late December. 

Nigel Green, founder and CEO of deVere Group told that despite the downturn in price over 2018, “the long-term trajectory for cryptocurrencies is upward.”

Mr Green says that a number of cryptocurrency fundementals help keep the assets resistant to price volatility.

He said: “First, the world needs and demands digital currencies in a digital age.

“Second, cryptocurrencies are beginning to be adopted by established financial institutions.

“Third, household name retail and institutional investors are jumping on board the crypto train.

“And fourth, regulation of the cryptocurrency sector is now becoming inevitable.”

Got something to add? Send your reaction / thoughts / analysis / price predictions over to @DavidGDawkins.

Updates below throughout the day….

9.00am – ‘BTC is constantly under attack’

Jacob Piotrowski, CEO and Founder at Give Bytes told that it’s too soon to talk of a cryto ‘funeral’.

He said: “The price of bitcoin peaked in December at nearly $20K and that was probably too much so the correction was inevitable.

“We have to bear in mind that BTC is constantly under attack – we’ve witnessed couple of exchanges being attacked and some governments and central banks issuing statements that were supposed to discourage people from bitcoin.

“It doesn’t seem to have worked as the cryptocurrency market keeps on growing despite volatile prices and approaches the $250 billion cap.”

Mr Piotrowski wants to see the better development of crypto infrastructure – “ATMs, payment gateways for ecommerce, mobile wallets, POS terminals accepting crypto as well as regulations.”

9.10am – Which? Crypto investigation

Which? Magazine has released a report – Inside the bitcoin bubble: Which? investigates the crazy world of cryptocurrency and captures the emerging world in its infancy.

Tom Wilson writes: “For such a booming industry (cryptocurrencies are collectively valued in the hundreds of billions), it was strange how amateur everything seemed. One company claimed to be involved in the credit market, but misspelled it as ‘creadit’ on its stand.”

11.11am – ‘Concern’ from world’s largest banks

Following on from comments made by Sam Woods, the BoE deputy governor responsible for financial supervision, who warned banks and investors off cryptocurrencies last week, Selim Fendi, co-founder and CEO of USAVE told that the highlighted risks of “integrity and misconduct” are the very same problems that crypto seeks to address.

He said: “As the popularity of crypto-assets grows, it is no surprise that the world’s largest banks are issuing concerns to deter further investment from businesses and consumers.

“While these are of course valid risks within the world of cryptocurrency, these concerns are not unique for the crypto market and are equally as true for traditional currency exchanges.

“In fact, the risks to market integrity and misconduct the banks have warned of, are the same ones that we are utilising cryptoassets to fight against when it comes to the gold production process.”

(Excerpt) Read more Here | 2018-07-02 07:50:43


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