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The price of Bitcoin has dropped by 11% today, on January 31, and once again, the cryptocurrency market is struggling to recuperate from its preceding corrections. Other major cryptocurrencies like Ripple, Ethereum and Cardano have also dropped by 8 to 13 percent and have triggered the cryptocurrency market crash.

Performance of Bitcoin:

In December, the valuation of the cryptocurrency market fell by more than 30%, and since the cryptocurrency market crash, most of the cryptocurrencies have struggled to record hefty gains in the cryptocurrency market. So, we can say that the crash in the performance of bitcoin is not exclusive to bitcoin.

Cryptocurrency Market Crash

Bitcoin is among one of those few major cryptocurrencies (excluding Ethereum), that hasn’t recorded a 50% drop from its all-time high. Whereas, other cryptocurrencies like Bitcoin Cash and Ripple, have dropped by almost 60% from their all-time highs. Apparently, the current price trend of bitcoin shows that the cryptocurrency isn’t performing well in terms of adoption and user activity.

Robinhood is a US-based financial services company that allows individual investors to invest in publicly traded companies and the stock market. Robinhood recently announced that it is going to launch a cryptocurrency exchange and a bitcoin, also, it will allow traditional finance market investors to trade in the cryptocurrency sector.

It is expected that the Robinhood’s cryptocurrency trading platform will launch in February. Above 998,000 users have already signed up to get the early access to Robinhood’s cryptocurrency trading platform and that is almost 10% of the user base of Coinbase.

Multiple hedge funds have expressed their sanguinity this week towards the short-term trend of bitcoin. There have been many rumours in the market that the institutional investors in the finance sector have sold huge amounts of bitcoin in an attempt to lower the price of bitcoin purposely.

 Acceptance by Retailers & Other Financial Sectors:

South Korea’s one of the largest e-commerce platforms “WeMakePrice” have started to adjust twelve cryptocurrencies into their present system in partnership with Bithumb. Soon, cryptocurrencies like Bitcoin, Bitcoin Cash, Qtum, Ethereum, Litecoin and EOS will be accepted by WeMakePrice, which will make it South Korea’s first retailer to accept cryptocurrencies.

Right now, the cryptocurrency market is endeavouring to reflect this speedy adoption of cryptocurrencies by retailers and large-scale companies, which bitcoin sceptic, Howard Schultz (Starbucks chairman), has labelled as the only essential feature for the progress of cryptocurrency market.

As the major cryptocurrencies in the market such as; Bitcoin and Ethereum, continue to be adopted by retailers and other major financial sectors, within few weeks, the valuation of the market would certainly upsurge.

 

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7 Shocking Things You Can Purchase with Bitcoin Right Now

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Bitcoin has been on a roll ever since the hard fork incident took place. The digital currency climbed to many new heights within the past month but, the most recent one was it hitting a record of $5000 per coin on Saturday, last week.  Let’s not forget, the value did fall by $1000 within three days before it made a speedy recovery. Bitcoin right now is hovering above $4,200 per coin.

We’re all aware that the rapid fluctuations of the cryptocurrency make it difficult to price products. But even with that continuing, there are still some exciting and wild purchases you can make with bitcoin.

Here are 7 of the most shocking things you can buy with bitcoin.

  1. Airline Ticket

    Back in the summer of 2014, Air Baltic was announced to be the first airline to accept bitcoin as a means of payment for airline tickets.

  2. Pizza

    In 2013, ForCoinsLLC was launched by two bitcoin enthusiasts. Their aim was to make it simpler for consumers to purchase items with bitcoin. PizzaForCoins is their website that allows you to pay with bitcoin at local franchises of Papa Johns, Pizza Hut and Dominoes.

  3. A college degree

    You can get a master’s degree in digital currency from the University of Nicosia, in Cyprus. They accept tuition payments in bitcoin through a bitcoin exchange but, their first class is free online. The degree costs $14,500 however, if you pay in bitcoin, you get a 5% discount.

  4. An apartment in Dubai

    Looking for a new pad? Well, the Aston Plaza and Residences in Dubai newly announced that the developers would be accepting bitcoin as a payment for studios, one and two-bedroom apartments. Prices begin at around $127,800 which is 27.55 bitcoins.

  5. Date night

    In Berlin, a restaurant owner claimed that about 10% of his customers pay using cryptocurrencies.

  6. A brandy distillery

    Presently, a distillery in Nemesvamos, Hungary, is selling its building along with the equipments for a little above 73 bitcoins.

  7. A funeral

    One funeral home in the U.S., Crescent Tide Cremation Services in Twin Cities, Minnesota is known to accept bitcoin as a means of payment. They even offer 3% discount if you pay in crypto-cash.

 

Story Credits: mic.com

Image Credits: techrepublic.com

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China Central Bank adviser: “Bitcoin can be an asset, not a currency”

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Bitcoin and other virtual currencies are assets, but calling them currency is a bit exaggeration. The digital coins do not meet the fundamental attributes needed to be classified as currency. These are the words of the Chinese Central Bank adviser, Sheng Songcheng.

The advisor made these comments in an interview with a financial magazine ‘Yicai’ this late Thursday.

The Main Story:

“Bitcoin does not have the fundamental attributes needed to be a currency as it is a string of code generated by complex algorithms… But I do not deny that virtual currencies have technical value and fall under the category of ‘assets’,” he said.

He made these comments after the Chinese Central Bank increased the scrutiny of Bitcoin exchanges in the country earlier this year. The move introduced trading fees and prompted the companies to stop margin lending.

While many governments around the world are still contemplating on how to regulate and classify Bitcoin, the Chinese authorities have already classified Bitcoin as a ‘virtual good’.

Sheng also believes that Bitcoin after being capped in 2140 would make it impossible for it to become a medium of exchange as to become a medium of exchange a currency must meet modern economic development needs which Bitcoin lacks due to it being in an exceedingly small quantity.

He concluded by saying that the fiscal authorities in China should chip away at issuing a central bank virtual currency that it could direct and run properly.

News Credits: CNBC

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Bitcoin Bubble-Mark Cuban is Backing

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1 July 2017, 09:42 AM, entrepreneur Mark Cuban

Well-known entrepreneur Mark Cubam is now planning on switching to another cryptocurrency after dropping the value of the Bitcoin. Accordingly, your clue about the ethereum is absolutely wrong. It may be UnikoinGold.

By offering an initial coin, Cuban is going to participate in fundraising round of his company.

With more than 30 ICOs, ICO method gets popular this year. Companies effort in the different channel to enhance its capability. In that scenario, companies start to sell their own cryptocurrencies and use the return to boost their business fund.

In addition, including Asthon Kutcher, Unikrn has already erected $10 million from investors. According to the CoinDesk, these companies allow its users to place bets with its digital token.

Up to 1 billion UnikoinGold will be available for grabs and the registration for pre-sale will be started in the mid of the July.

Up to now, a company has to set down the Price of the UnikoinGold. Accordingly, investors will be able to start transactions under Ethereum’s token.

 

News credit: fortune.com

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