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bitcoin demand

Bitcoin demand in Asia is more active than in the US

Back on May 31st, one the major Bitcoin exchanges in China called OKCoin returned to help improving the Bitcoin demand withing the Chinese exchanges after a period of suspension of transactions.

As a result, more bitcoin investors are recovering their interest in bitcoin and they are driving the demand for the digital currency.

So, thanks to the activation of withdrawals, bitcoin is now trading at a premium rate in China.

Also, the Chinese press that talks about bitcoin as digital gold is pushing the recent growth of the bitcoin demand for local traders.

On Friday, bitcoin price was about $2,340 in China. A value that was $50 higher than the US rate.

Of course, there are several other major factors that are driving bitcoin price. For example the legalization of the digital currency in Japan, and the use of ICOs in raising funds.

Experts believe that the increasing demand in Asia is pushing the recent growth in the bitcoin price.

South Korea

In South Korea, Bitcoin price increases up to $3,100 when the price on the US exchanges was about $2,400, so $300 higher than the US.

A few startups are also using bitcoin for sending remittances since it works better and faster than traditional money.

For example, one of these startups is called Bluepan, located in South Korea. This company provides an easy way to send money from overseas workers to their families.

In 2 years, Bluepan has processed payments worth $65 mln and for the past year, they recorded a five-time increase in transactions.

Why in Asia?

That said, it is clear that Bitcoin demand in Asia is increasing and its driving prices, while North America shares only a small amount of all users in any sector.

For example, there are fewer customers in North America who use money transfers than in Asia.

This is maybe due to the fact that the worldwide financial system is based on the US dollar, so remittance transactions are easier between dollars and non-dollar currencies compared with transactions that involve two non-dollar currencies.

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

Amelia Tomasicchio
bitcoin exchange regulation

Bitcoin exchange regulation in China

Soon a new bitcoin exchange regulation in China may be required to ensure know-your-customers (KYC) verifications.

According to an article published by Caixin, the People’s Bank of China issued a new paper for the Chinese exchanges on which it is looking for comments for the proposed regulation.

This move is part of a effort by the Chinese central bank in order to have a bitcoin exchange regulation and avoid money laundering and other financial crimes.

According to the official press release, this paper explains both a regulation related to the anti-money laundering (AML) issues and the creation of a customer identification system.

Bitcoin users will have to own an on-site certification if they want to deposit funds. To do se, they will have to present identification at the time of registration. Also, for clients who hold more than ¥50,000 (over $7,200) in volume, a remote video certification will be required to authenticate their own identity.

The document also contemplates that there must be a senior management team who controls AML procedures and reports dubious transactions.

This news come after the PBoC’s decision made back in January that indicates to intervene in the Chinese bitcoin market during this period of heavy bitcoin price volatility.

Since then, bitcoin exchanges started to implement several new policies, ending margin trading and freezing withdrawals for a few cryptocurrencies.

At the moment, while I’m writing this article, bitcoin Chinese exchange withdrawals are still frozen.

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

Amelia Tomasicchio
value_of_bitcoin

Value of Bitcoin: the digital currency’s higher price

The value of bitcoin has grown a lot in the last period, reaching its all-time high set back in 2013.

According to the CoinDesk Bitcoin Price Index, at the moment the value of bitcoin is less than $30 below the maximum ever value of $1,165.89 reached on November 30th, 2013.

This latest rise comes after bitcoin’s longest ever period at over $1,000, and a period of average volatility during the recent few months.

Also, this high might reflect the traders and investors confidence in an industry field that has been recently affected by the Chinese central bank’s plan to restrict the Chinese bitcoin exchanges environment, with the result of several of them to temporarily stop any withdrawals of the digital currency.

 

Click here to better understand what gives Bitcoin value with an infographic.

 

Another possible news to having an influence on the value of Bitcoin is the currently SEC decision on the Winklevoss brothers’ bitcoin ETF – an event that some experts explained that traders are already pricing in a potential approval.

On March 11st we could see the approval of the first bitcoin ETF within the U.S.A. market, opening the virtual currency to a larger group of investors.

However, many experts in the industry cannot see a high propension of financial regulators to approve this move.

For more charts about the Value of Bitcoin in the past, click here.

 

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

Amelia Tomasicchio
bitcoin_prices

Bitcoin Prices are trading above $950

Bitcoin prices are growing more than 3% since yesterday, trading above $950 for the first time in a few weeks.

The average price yesterday reached a high of $959.37 from an open of $920.24, according to the CoinDesk Bitcoin Price Index (BPI). This chart shows that the Bitcoin prices haven’t passed $950 for a month, since January 6th 2017, to be more exact.

This Bitcoin prices growth above $950 came after a few days of a almost steady trading, in which the price of bitcoin ranged between roughly $910 and $922, according to trading data.

At the moment, the Bitcoin Prices are between $950 and $970 with a medium rate of volatility.

Chinese markets have climbed about 11%, reaching a high of ¥6,629.34.

Currently the price is about ¥6,608.70 and it represents a growth of 10.7% above yesterday’s open of ¥5,961.77.

This move comes after a big news in the worldwide exchange landscape, as major bourses in China moved to add trading fees.

This is the reason why volumes moved to the remaining markets without any fees.

Anyway, experts now discuss that this trend will have a short life as those exchanges will also add fees of their own for sure in the next future.

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

Amelia Tomasicchio
china_blockchain

China Blockchain project for a new digital currency

People’s Bank of China (PBOC) is working on a China Blockchain project for a new digital currency.

According to an article published by Caixin yesterday, the People’s Bank of China completed a project on 15th December during which it tested how transactions could work by using a custom blockchain system.

The test was held together with major Chinese commercial banks including Industrial and Commercial Bank of China (ICBC), Bank of China and WeBank.

The official press release reports:

“The bank suggested the digital currency would not only reduce circulation costs but also increase transparency and curb money laundering and tax evasion.”

Also, the official report just released explained that the new China Blockchain digital currency might be connected to the Shanghai Commercial Paper Exchange to create a “national platform for bank bill transactions”.

Together with this new project the PBOC will also open a digital currency research institute for which it is looking for experts in big data, fintech, cryptography and distributed ledger technology.

The official report shared by the PBOC governor Zhou Xiaochuan in February, also explained that the central bank was considering the distributed ledger as one of a few different technologies that can be allow it to create a new form of digital cash.

Also, this project coincides with the current PBOC’s investigations into the most important bitcoin exchanges of the country, an operation that started in January and that has seen several startups doing a few changes to trading policies.

Read more news about the China Blockchain projects by clicking here.

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. 
HolyTransaction is here to solve your problem, with the possibility to create a single account. 
So, do you want to store Bitcoin and other cryptocurrencies? Open here your wallet for free.

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

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

HolyTransaction’s Bitcoin Monthly Roundup of January 2016

Welcome to HolyTransaction’s first monthly recap for the new year of 2016. This past month of January has been marked by all time highs for the year thus far; during that time, the bitcoin price rose from a high of $430.89 on January 1st to a low of $368.49 on January 31st, according to Bitcoin exchange Bitstamp.



Since the news broke about Cryptsy’s disappearence, the exchange has officially put forward their side of the story. Paul Vernon claims that the exchange was hacked years ago, and admits to running a fractional reserve since that date. He even offered a 100 BTC reward for whoever could find the hacker. Community speculation and the piling legal documents against Cryptsy’s founder spell more bad news for the American exchange.



Months ago, Hearn was promoting Bitcoin XT, a hardfork that would have increased the Bitcoin blockchain block size in a brute force manner. The plan wasn’t able to garner community support, and Hearn eventually signed a deal to work with R3. Hearn also cited concerns about “Chinese miners” and the Great Firewall of China and what their involvement in Bitcoin meant for the longevity of the project. He left the Bitcoin community with a strong blog post on Medium, saying: “But despite knowing that Bitcoin could fail all along, the now inescapable conclusion that it has failed still saddens me greatly.” Unfortunately, many in the mainstream media took this as an opportunity to hail the death of Bitcoin; but alas, the death of Bitcoin was (again) greatly exaggerated.



Shaun Bridges, one of the government agents arrested and charged in the aftermath of the Silk Road case, which the agents were instrumental in, has been re-arrested. Bridges was found with packs of packed clothes, money, passports, and other evidence that he was planning to leave the country instead of reporting for his time in jail. There is evidence that Bridges still has Bitcoin stashed elsewhere, and the plot continues to thicken.



In a response to community outcry for better communication from those entrusted with the “original” version of Bitcoin, the Bitcoin Core team launched their social media presence this past month. They are also using popular communications platform Slack to better interface with the community. Interested users can signup at slack.bitcoincore.org to chat about the future of Bitcoin.



Former JP Morgan Chase banker Blythe Masters’ blockchain company, Digital Asset Holdings, has successfully raised $52 million for their project. The company previously bought out such bitcoin startups as Hyperledger and had been raising money through 2015 to bring the blockchain to the mainstream. The company also landed a deal with ASX Ltd., which is Australia’s main exchange operator. The blockchain is going down under, in a good way.


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

Amelia Tomasicchio

Infographic: What is Bitcoin Mining?

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jorge