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Bitcoin Price Drops because of the Bremain

Bitcoin Price Drops because of the Bremain

Bremain and Bitcoin

Today Bitcoin price drops of about $100, falling to peak of 15% by reaching the value of $551 according to Bitstamp.
In the recent weeks we talked about the 5 reasons of the Bitcoin price was rising so fast. In the list we quoted the “Brexit” as a possible reason.
In fact, the uncertainty caused by this move could be a foundamental reason for the Bitcoin growth.

Bitcoin price Drops

This Bitcoin fall is a continuation of the recent correction – probably due to the previous too fast growth, as explained George Sammam – that began on June 18th, when the price hit $774.
A possible reason for this Bitcoin decline is the “Bremain”, or the possibility of the UK to remain in the European Union.
In fact, experts suggested that maybe the bitcoin price is falling down because of the increasing possibility that UK will vote to remain in the EU.
Tim Enneking of Crypto Currency Fund; investor Vinny Linghan and Arthur Hayes, co-founder of BitMEX, all quoted the ‘Brexit’ vote as a possible reason for this drop:
“The drop below $600 indicates that many traders believe that ‘Bremain’ will prevail. The vote is still too close to call with various polls indicating ‘Brexit’ and ‘Bremain’ in a dead heat.”
So, will the Bitcoin price continue to fall or it will remain stable? Stay tuned for next updates.

Multicurrency Wallet

With this high volatility it is a good behavior to store your Bitcoin in a safe wallet and wait for better times.
You can store your Bitcoin and other digital currencies such as Litecoin, Ethereum, Dogecoin in the HolyTransaction Multicurrency wallet.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio

5 reasons Bitcoin price is rising

reasons_bitcoin_price_is_growing

Reasons Bitcoin Price is rising

The bitcoin price keeps rising and it is reaching the value of $700, growing more than 20% during the weekend.
Today, in fact, the Bitcoin price is $695, according to Coindesk and it seems it doesn’t want to turn back.
Experts are trying to provide several reasons for this rise, including the Chinese Domain and the halving of miners rewards.
Below you can read the 5 reasons Bitcoin price is rising so fast:

Halving of Rewards

In July it will take place the event of the halving of the miners rewards: the mining process, in fact, will be rewarded 12.5 BTC per block, instead of the previous amount of 25 BTC.
This process called halving is aimed at preventing a digital currency inflation by reducing the amount of new currency created over time, until it reaches it maximum amount of 21 million bitcoin ever created.

More interests in the Blockchain

Another reason could be the growing interest in the Blockchain by several worldwide companies such as Microsoft, IBM and more.
As the interest in the different applications of the distributed ledger is growing, more and more people start to approach bitcoin too.

Chinese Domain

As we tried to explain into this blog post, one of the possible reasons of the rise of the Bitcoin Price is the increase of the Chinese domain.
In fact, its price in CNY on the local exchange is growing up quickly, reaching more than the current bitcoin price.
Joe Lee, founder at the trading platform called Magnr, explained:
“Capital flight continues as the IMF (International Monetary Fund) is now signalling warnings at the increasing default risk against China’s corporate debt. China’s economy is changing rapidly and debt fueled growth can only be sustained for so long.”

FIAT Currencies Flow

Another reason why the Bitcoin price is growing could be a fiat currencies flow.
This is the point of view of Chris Burniske, who explained:
“What this implies to me is we have lots of new fiat money flowing into bitcoin, and bitcoin’s price action is not being driven by people swapping out of ether, which we’ve often seen before.”

UK out of Europe

Other bitcoin experts explained that another possible reason could be the fear that the UK could leave the UE.
A recent survey showed that 52% want this split, while 33% prefer that it remains.
This is the same thing happened when it appeared that Greece would leave the European Union: for this reason the bitcoin price hit about $300.

Universal Wallet

If you have to different cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, etc., you need to have different wallets, which is difficult to handle.
This is why HolyTransaction create an Universal wallet where you can store all your digital currencies within a single account.
So, do you want to store Bitcoin and other cryptocurrencies?

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio

Bitcoin price future: it is alive and well

bitcoin_price_future
How many times did you hear about the death of Bitcoin? About 45 according to a recent twitter post we found very funny. 
Well, according to us, Bitcoin seems to be alive and well, and there are lots of positive signs that indicate that this cryptocurrency is not dead as everybody thought.

The Bitcoin price, in fact, is now $549 (according to Bitstamp, or one of the most used exchanges in the world).Update: Bitcoin price is reaching $700 today, on June 13rd, 2016.

This means that the price rose more than 20% in the last 7 days, reaching a 1 year high, as we can see from the Bitcoin price index of Coindesk.

Reason of the Bitcoin Price jump

We tried to understand the reason behind this jump.
Of course it is hard to find a unique answer, but we saw that probably the Bitcoin price was driven by the Chinese demand, testified by the bitcoin price on the Chinese local exchange, which reached a level of $580 when it was priced $520 on the international markets.

Another important reason could be the halving process, as you can read in this insightful analysis.

Positive news about Bitcoin

But there are other reasons to be positive about Bitcoin, as several companies such as Microsoft recently started to develp their own projects related to the blockchain.

Also, several countries such as Japan started to regulate and recognize bitcoin as an official method of payment.

Furthermore, Switzerland began to accept Bitcoin for Public Services.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio

Craig Wright Announcement affected the Bitcoin price

craig_wright_satoshi_nakamoto
During this last week, Bitcoin had a low trading volume and its price dropped when the Australian entrepreneur Craig Wright said to be Satoshi Nakamoto, the creator of Bitcoin. 
So, according to Coindesk, Craig Wright’s announcement affected the Bitcoin price.
Traders moved only 7.7m BTC during this week, according to Bitcoinity, much less than usual.
Bitcoin started the week at a price of $449.86 on 29th April. This price reached $456.84 that same day. 

Craig Wright announcement

The currency price was between $450 and $445 on May 2nd, or the day of Wright’s announcement. 
Both Gavin Andresen and Jon Matonis, two of the most popular people in the Bitcoin market, wrote a blog post supporting Wright, but this announcement generated skepticism, and the proof Wright provided to support his identity didn’t convince anyone. 
To prove the Bitcoin paternity, Wright tried to show the private keys he used for the the first blocks mined back in 2009. But it was a false and later Wright deleted those announcements, explaining: 

“I believed that I could do this. I believed that I could put the years of anonymity and hiding behind me. But, as the events of this week unfolded and I prepared to publish the proof of access to the earliest keys, I broke. I do not have the courage. I cannot.”


Bitcoin Price results

Wright’s announcement has had a great impact, as bitcoin price arrived to value an amount of $439.89 on May 2nd. 
After that, Bitcoin price rised again to $445 and $450 on the same day.
So, even if the greatest part of bitcoin and crypto lovers commented that Satoshi Nakamoto anonymity is not a problem and they don’t care about who he is, the Craig Wright’s revelation quickly moved the Bitcoin price thus creating high volatility. 

News to reduce Bitcoin volatility

While Craig Wright drew the attention, there were two other news that could reduce the bitcoin price volatility, explained Chris Burniske to CoinDesk.
The first one was related to Amazon Web Services (AWS) that announced its partnership with the Digital Currency Group (DCG). 
And this is a huge validation for Bitcoin. Read more here. 
The second important news of the week according to Burniske is related to the CME Group Inc:
“CME Group Inc’s public intent to publish pricing data is a significant step towards more bitcoin derivatives, and follows upon NYSE’s Index, which is owned by Intercontinental Exchange Inc, another derivative exchange heavyweight”.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio

That’s why $440 Bitcoin price is low

Today Daniel Masters, ex trader at JP Morgan, published an interesting article about the bitcoin price on Linkedin.
In this article, Masters comments the upcoming halving of rewards for the miners and its impact on the current bitcoin price.
Back in 2012, the mining activity reached the level of 210,000 blocks mined and the first halving occured, taking rewards down from 50 to 25 BTC.
Right after that, the bitcoin price raised significantly, from $7 to $11 in nine months.
We are now at roughly 409,000 blocks, and the next halving will take place at 420,000, a level that is estimated to be reached by next july.
At that time rewards will lower again, from 25 to 12.5 BTC.

Bitcoin price will rise

According to Masters, it’s reasonable to expect another price rise following this event.
Here is his explanation:
“Prices so far in 2016 have been relatively stable. That tells me that there is enough new investment and real time demand to match the creation of $575m new coin. It seems obvious that if that dollar-sized demand persists, which I believe it will, that the price of bitcoin must rise to meet it”. 
In a few words, it’s a simple matter of offer and demand, exactly the same way as it happens in the oil market, where a reduction in production determines a rise in price, given a stable demand.
That’s basically why the current level of $440 is to be considered low.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio

Google update now supports Bitcoin price in search results!

Following suit of Microsoft’s Bing, Google, the world’s most popular search engine, has now added live bitcoin prices into its search results for the digital currency.
The update, which was confirmed just hours ago by a member of the Google team, also provides functionality to mobile users on their smart phones and tablets as well:
The Google spokesperson told CoinDesk:
You can also ask Google to do conversions – if you have the Google Search app on your smartphone, for example, ask it, ‘How many bitcoin are in 500 U.S. dollars?’ and you’ll get the answer in a handy conversion tool.”
Google’s decision to add a live bitcoin price to its general search results for the digital currency comes just several weeks after both Yahoo Finance and Bing decided to add the price into their results. Though Bing was the first to do so, adding the result into its query back in mid-February.
FEATURES
Now, with the simple query of the keyword “bitcoin price,” you can quickly catch up to the minute results on the digital currency’s latest value.
The feature takes it one step further, allowing users to punch in different amounts of the digital currency, working as a bitcoin calculator so to speak. Google’s bitcoin price results also include a price chart, going as far back as to 2011 in displaying the digital currency’s progression throughout the years.
Google’s latest upgrade does; however, come with a disclaimer as does many of its price charts, disclosing that in terms of real-time results, investors should not solely rely on the indicator and should always seek outside advice or guidance before making investment decisions.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Satoshi

Google joins Yahoo in offering Bitcoin prices

(CoinDesk) Google Finance has launched a bitcoin price tracker, offering market
information across several major fiat currencies as well as access to
breaking news in the digital currency world.
Users can access prices in BTC/USD markets, as well as prices in pound sterling, yen, euro, renminbi, Australian dollar and Canadian dollar markets.
The tool also enables review of historical prices dating back to June 2013.
google
The
Google Finance bitcoin tool enables quick BTC-to-fiat conversions as
well, allowing for calculations across dozens of currencies such as the
Yemeni rial and the Bangladeshi taka.
The move comes hot on the heels of the Yahoo! Finance bitcoin price listing. In addition, Bloomberg opted to add bitcoin prices to its terminals in late April.
CoinDesk reached out to Google for comment on the decision, but did not receive an immediate response.

Simple design

The layout in Google Finance is simple, allowing for easy navigation without many bells and whistles.
google
Users can list multiple fiat currencies against the price of bitcoin, and the tool’s news tracker pegs the timing of news releases with the fluctuations in the market.
The tool bears many similarities to Yahoo! Finance’s tool,
though it utilizes different layout schemes for graphs and news
tickers. However, Yahoo! Finance does not offer bitcoin price
conversions to other currencies.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Satoshi

Bitcoin price skyrockets as Senate hearing concludes

(CoinDesk) The price of bitcoin spiked dramatically last night and the
transaction volume on the Bitcoin protocol (in USD) eclipsed that of
Western Union.
The spike took place after Jerry Brito, Patrick
Murck and Jeremy Allaire presented their testimonies on bitcoin and the
future of virtual currencies to the Homeland Security and Governmental
affairs committee in the US senate at the Senate hearing titled Beyond Silk Road: Potential Risks, Threats and Promises of Virtual Currencies.
The CoinDesk BPI read $650 on conclusion of the hearings, with Mt. Gox reporting a jump to $750 and, later, BTC China reaching a record high of 6,989 CNY (approximately $1,147) before crashing to almost 60% of this value in seconds, and then recovering to about $850. At the time of writing, the CoinDesk BPI puts the price at $602.
The
senate hearing is being hailed as an historic moment for bitcoin, with
even Ben Bernanke, current chairman of the Federal Reserve remarking
that virtual currencies “may hold long term promise” in an open letter
to Senator Thomas Carper (D) published 12th November.
At the
hearing, Senator Carper listened to commentary, criticism and praise of
bitcoin with a temperament that left many in the bitcoin community
impressed and even delighted, whilst Jennifer Shaskey Calvery from
FinCEN was measured in her analysis and assessment of the promises and
threats that virtual currencies present.
This morning, data analysis website Coinometrics reported
that bitcoin passed Western Union in daily transaction volume,
transacting an average of $245m compared with Western Union’s estimated
$216m but is still behind on the average number of daily transactions at
approximately 62,000, with Western Union clocking up approximately
633,000 transactions per day by comparison.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Satoshi
bitcoin taxation

Japan eliminates Bitcoin Taxation; Rise in Price expected

Japan government officially eliminates bitcoin taxation after it recognized as legal method of payment a few months ago.

Consumption taxes on the sale of bitcoin will come into effect on July 1st.

According to a Deloitte’s report entitled “Japan: Inbound Tax Alert, 2017 Tax Reform Proposals,” digital currencies including Bitcoin will be exempt from the 8% consumption tax in Japan.

Deloitte’s report explains:

“The supply of virtual currency will be exempt from Japanese Consumption Tax (“JCT”). Currently, virtual currencies such as Bitcoin do not fall under the category of exempt sales, and as a result, the sale of virtual currencies in Japan have been treated as taxable for JCT purposes. Following the enactment of the amended Fund Settlement Law in May 2016, which newly defined “virtual currency” as a means of settlement, the sale of virtual currency as defined under the new Fund Settlement Law will be exempt from JCT. This change will apply to sales/purchase transactions performed in Japan on or after 1 July 2017.”

Bitcoin Industry in Japan

Back in March, the Japanese National Diet approved the tax reform proposed by Deloitte. The bill, which came into effect on July 1st will drastically increase bitcoin and cryptocurrency trading activities within the Japanese digital currency exchanges.

The bill will probably increase bitcoin and cryptocurrency trading activities within the Japanese digital currency exchanges.

On April 1, the Japanese government officially recognized Bitcoin as a legal payment method and currency.

The Japanese Bitcoin exchange industry is well regulated with Know Your Customer (KYC) and Anti-Money Laundering (AML) systems. AML policies are very strict in Japan and South Korea, and it is difficult for traders to take advantage of utilizing digital currencies to move large amounts outside of Japan.

Price growth because of bitcoin taxation

Although it could be a coincidence- since Japan has proposed the end of Bitcoin taxation, Bitcoin price increased from around $2,450 to $2,570.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio
hold bitcoin

Price tripled in 1 year: why you should hold bitcoin

Bitcoin price is nearing its all-time high price of $1,277, maybe because of the impressive growth within the Japanese bitcoin industry. Read here why you should hold bitcoin.

Experts argue that bitcoin price will increase consistently in the mid-term if Japan and the US sustain their growth and if small markets such as India will decide for a massive change related to bitcoin regulation.

Bitcoin price drove by India and Japan

India has always been considered the more important Bitcoin markets because of its poor banking system.

Right now, in fact, 40% of India population can be defined as “underbanked“.

The greatest part of people in India cannot rely on banks and financial institutions to manage their funds.

Recently, the demonetization of 500 and 1,000 bank notes decided by the Indian government led to a national financial crisis, as banks and ATMs ran out of cash to dispense, so Indian citizens cannot obtain cash for their daily basic needs.

Also, PwC explained that 233 mln Indians didn’t have any access to bank accounts since October of 2015 and 43% of adults in India made no deposits or withdrawals in any banks or financial institutions.

Bitcoin hold: why?

Bitcoin exchanges in India – such as Zebpay and Unocoin – began to see a huge growth in their user base and trading volumes.

One key factor that would allow the Indian Bitcoin industry to grow at a rapid rate similar to China, South Korea and Japan is the legalization of Bitcoin.

Bitcoin regulation in India should arrive this summer, according to recent press releases.

This way millions of new users would emerge, and Bitcoin price will rise in the mid-term.

That’s why you should hold bitcoin and store them in a safe place.

Open your bitcoin wallet here on the HolyTransaction multicurrency wallet. You can store more than 10 digital currency within the same account, so it is very easy to manage.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio