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Saxo Bank Bitcoin Prediction for 2017

Today the Danish investment bank published its Saxo Bank Bitcoin Prediction for 2017, where it explains that wouldn’t be surprised if the bitcoin price will see huge growth during next year.

Saxo Bank, in fact, recently published its annual “Outrageous Predictions for 2017”, a list of speculations that represent its effort to get financial industry think about more possibilities and revolutionary projects for the next year.

In addition to the prediction that UK will not actually leave the European Union (EU) and that Italian equity prices will soar thanks to the European Union led bailout, Saxo Bank affirmed that the bitcoin price will reach a value of more than $2,100 by the end of 2017.

Among its reasons the prediction explained that the American President’s administration might cause turbulence in the American economy, so this can be a good reason for people to invest in digital currencies like bitcoin.

Saxo Bank Bitcoin prediction explains:

“If the banking system as well as sovereigns such as Russia and China move to accept bitcoin as a partial alternative to the USD and the traditional banking and payment system, then we could see bitcoin easily triple over the next year going from the current $700 level to +$2,100 as the block-chains decentralised system, an inability to dilute the finite supply of bitcoins as well as low to no transaction costs gains more traction and acceptance globally.”

Altough this Saxo Bank prediction doesn’t represent an official position, it is not the first bullish indication the bank has made during its career.

In 2014, then-current CEO Lars Seier Christensen explained his personal interest in bitcoin, describing it as a great opportunity for worldwide investors.

At the time, Christensen had also mentioned about early testing of the technology within Saxo bank, although later he explained that liquidity problems at the time were keeping banks on the sidelines.

Source: coindesk.com

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

Amelia Tomasicchio

Bitcoin Price today Breaches $750

The Bitcoin price today keeps growing up over the value of $750.

This is the sixth time that bitcoin price breaches $750 since mid-November, as revealed by the CoinDesk USD Bitcoin Price Index.

Bitcoin was subject to much volatility during a low trading volume, as CoinMarketCap data showed that during the session, the 24-hour trading volume was roughly $90 million.

This was a lower trading activity compared to last month, when it reached $174 million on November 3rd and $173 million on November 17th.

The digital currency price passed the $750 value several times during November.

The Bitcoin price first breached $750 on 17th November, maintaining this level for a short time, then moving back to a lower value even under $ 700.

Also, it is important to remember that the bitcoin price today exceeded $750 and it did the same many times recently, but it never breached $755 during the last few weeks.

In India the bitcoin price exploded and last week it reached almost $1000 as the country tried to exchange value via Zebpay and Unocoin.

According to Coindesk, the bitcoin price today also reached a growing value of Eur 724, and

2016 has been a great year for Bitcoin. For example, scalability innovations like Segregated Witness have been introduced to the Bitcoin community, many positive Blockchain tests have taken place and many new markets have turned to Bitcoin as a new method of payment.

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

Amelia Tomasicchio

Halving and Bitcon price: there might be a hard fork problem

bitcoin_price_hard_fork_problem
Bitcoin price continues to rise during this week, nearing the amount of $600.
In fact, bitcoin established a new positive trend during the past week, growing fast and surpassing $580 the last weekend.
Currently the Bitcoin price is $586, the highest price since August 10th, 2014, when it reached $589.

Bitcoin Price is growing

Previously we offered several reasons for this Bitcoin jump, as in the Chinese Domain article you can read here.
Data from the yuan/bitcoin market shows that the price reached a high of ¥3,866.11 ($589) there, so it would probably keep growing or remain stable. 
Other experts in the bitcoin sector expressed different ideas, concerned about the problem that halving could lead to. 

Hard Fork Problem

Recently we also read about the hard fork problem caused by the halving of the reward for miners.
In fact, when the halving will occur, the miner reward for new blocks will be lower (from 25 BTC to 12,5), but their expenses for electricity and hardware will remain the same, so their profits will drop. 
This could generate a hard fork problem, as miners could leave the Bitcoin core Blockchain to work on other chain to increase their profits again. 

In the meantime, in fact, the ethereum price for example surged 50% in a week.

Multicurrency Wallet 

Usually, if you have to store different cryptocurrencies (Bitcoin, Ethereum, Peercoin, etc.) you need to have different wallets, which are difficult to manage. 
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Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio

Bitcoin rise driven by Chinese domain

<img src="/images/china.jpg" alt="chinesebitcoindomain" height="264" width="350" />

On September 2015 when the bitcoin price was about $230 China figured out that Bitcoin could increase its popularity specially when the freeflow of capital out of China is growing fast and when gold is stored in China but it is impossible to take it out of the Chinese country. 
And, in fact, some days ago the Bitcoin domain increased exponentially in China. 
It is not clear if it happened because of the fear about a devaluation after Friday’s US Dollar move, or because the Chinese $30 trillion economy found a way to take it out of China.
However, Bitcoin finally has broken its long-term resistance, and right now its price is about $530 according to BitStamp
This is the Bitcoin highest price since summer 2014.

Why is this happening?

It seems somenthing happened in China as the Bitcoin price in CNY on the local Chinese exchange rose as much as the equivalent of $580, much higher than the current US price of about $520. 
This might indicate stronger Chinese demand for the digital currency. 
So, maybe China starts to be conscious about bitcoin, as we could expect in September, when the bitcoin price was 50% lower than now.
The current bitcoin price is about 25% higher in the past days, and analysts expects it will keep growing in the next few days. 
China, in fact, has $30 trillion in deposits – which concerns about devaluations will make very “flighty” while the market cap of bitcoin is under $8 billion. 
If Chinese depositors have finally figured out to use bitcoin to get their funds out of the country, we need to watch out BTC shorts.

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