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It was another volatile week for the Bitcoin price as it bounced up and down like a rubber ball. The week’s high was first thing Tuesday morning, when the price was $10,939. It fell during the day then recovered a little so by the end of the day it was $10,838. Wednesday saw a big fall, all the way down to $9,862, followed by a further fall early on Thursday morning to the week’s low of $9,775. It then climbed during the day and made it back to $10,226. On Friday there was another rise, up to $10,472. But on Saturday the price fell again, hitting $9,923. It wobbled up and down over the weekend, moving around the $10,000 level, until Monday morning when it shot up to $10,647. It fell back again almost immediately to $10,236. It thrashed around throughout the day but didn’t really go anywhere, then drifted down this morning to reach $10,031. At the time of writing the Bitcoin price stands at $10,161.
Here is a chart showing the Bitcoin price movement over the last week:
ADVFN’s Cryptocurrency page gives you prices for Bitcoin and altcoins
Bitcoin Opinions
Many people (including ADVFN’s CEO Clem Chambers) have spoken about Bitcoin being a hedge against the stock market, but one sceptic doesn’t think it is a hedge against anything. He says that Bitcoin’s volatility means it can’t work as a hedge. Read this viewpoint here
People who do think Bitcoin is a hedge against the stock market have pointed to the way the price climbs when the Dow falls, and vice versa. But suddenly that correlation seems to be broken, with Bitcoin falling at the same time as the Dow. One venture capitalist has warned that a severe financial crisis could damage Bitcoin. Read about his worries here
Well-known crypto sceptic, gold bug Peter Schiff, has been bashing Bitcoin again. He says that the price will never, ever reach $50,000. Read what he said here
After last week’s crazy comment that Bitcoin could have prevented 9/11, this week US Secretary of State Mike Pompeo has said that Bitcoin’s anonymity is a huge threat to national security, and he uses the 9/11 attacks as an example. Read his comments here
Bitcoin permabull Anthony Pompliano thinks that Bitcoin will find its way into “every institutional investor’s portfolio at some point in the future,” and this will lead to a breakout. Read about his prediction here
Bitcoin’s “new normal bottom” is $10,000, and the price will rally to $15,000, said CEO and founder of deVere Group, Nigel Green. He said, “It bounces at this price. If it fluctuates below this level, it shoots back up again. We have seen this in action on Monday when Bitcoin hit $10,500 in a matter of minutes.” Read about his comments here
Facebook’s New Cryptocurrency
A group of US lawmakers will discuss Facebook’s cryptocurrency, Libra, on a visit to Switzerland. The controlling entity for the cryptocurrency, the Libra Association, is set up in Geneva. Read the story here
Stop press: the US lawmakers have completed their meeting with Swiss regulators, and they still have concerns over Libra. Get the details here
The European Union is investigating whether Libra has anti-trust problems because it shuts out rivals unfairly. They are also looking at how Libra-backed apps will be integrated into Messenger, WhatsApp and other messaging services. Find out more here
The reason regulators are so anti-Libra is because it has raised the stakes for financial authorities and could drastically change or even undermine their jobs, says this article
Some of Libra’s original backers seem to be getting cold feet and are backing away from the cryptocurrency, with some considering cutting their ties completely. Get the details here
Crypto millionaire Erik Finman thinks that Libra is going to replace Bitcoin. But he also insists that Libra will itself be defeated by his own cryptocurrency, Metal Pay, which he dubs the “Libra Killer.”Find out why he is so confident here
Libra isn’t really about money, it’s about identity, claims a new report on Facebook’s cryptocurrency. Being able to reliably identify people on the internet would have massive financial consequences, and that’s what Facebook is interested in. Read about the report here
Governments and Regulations
The Securities and Exchange Commission (SEC) in the US continues to drag its feet over Bitcoin ETFs. It has delayed its decision yet again, because of concerns about custody. Read the story here
The US Treasury has blacklisted cryptocurrency addresses associated with three Chinese “drug kingpins” who it alleges manufactured and distributed “synthetic opioids or their precursor chemicals,” and then laundered the proceeds in Bitcoin. Get the details here
The Governor of the Bank of England, Mark Carney, has said that the dollar could be replaced by a global digital currency because stockpiling dollars has become a barrier to global trade. He likened the move to the time 100 years ago when sterling ceased to be the dominant currency. Read the story here
Government officials in Japan are building a new infrastructure that will be the “SWIFT of cryptocurrency” — a way to move crypto on an international scale that will thwart money laundering. Find out more here
Blockchain Communication & Networking
A Hong Kong Fintech company with a complete blockchain social media solution We are utilizing this technology to bring to the world, a revolutionary new way of globally communicating, buying and selling online, using social media, and so much more; all powered by the encrypted technology that is blockchain.
Exchange and Bank News
Silvergate Bank in the US is one of the few banks that isn’t running scared from crypto. Now it’s planning to offer fiat loans to its customers with crypto as collateral. Find out more here
South Korean cryptocurrency exchanges are in trouble, with 97% in danger of going bankrupt because of low transaction volume, says a new report. Read the story here
Intercontinental Exchange Inc, the owner of the New York Stock Exchange, has gained approval from regulators for its Bakkt unit to offer futures that pay out with Bitcoin. The first contracts will be offered on 23 September. Find out more here
Cryptocurrency exchange Coinbase has bought the custody business Xapo, which stores Bitcoins in a vault under a Swiss mountain. Coinbase paid $55 million for the company, and the deal means they now have over $7 billion in crypto assets. Get the details here
Cryptocurrency exchange Gemini, which is backed by the Winklevoss twins, is expanding to offer its services in Australia. This brings the number of countries the exchange operates in to seven.Read the story here
Blockchain News
The Food and Drug Administration (FDA) in the US may use blockchain to improve the review and recall process for drugs and medical products, its principal deputy commission said. Giving a speech last week, Dr Amy Abernethy said the FDA wants to modernise the way health care providers, drug manufacturers, and regulatory agencies communicate. Read the story here
Miller Lite is teaming up with a blockchain marketing company and has launched a mobile “edutainment game” called Great Taste Trivia where punters that correctly answer a 12-question quiz get to win a $5 prize that can be used to buy beer. Find out more here
Mining News
Police in Ukraine have raided a nuclear power plant and discovered multiple cryptocurrency mining rigs running in the administrative wing. The power plant is registered as a state secret, which means no outside computing devices are allowed on the premises. Read the story here
Things You Can Buy With Cryptocurrency
Austrian telecommunications giant A1 is planning to accept cryptocurrency in some of its stores in the country. It will take Dash, Ethereum, Litecoin, Stellar and XRP. The move is not only for local customers but also aimed at tourists. Read the story here
New Ways to Get Cryptocurrency
Online Blockchain has launched a new product which gives you an easy way to get new cryptocurrencies. The HODL box is a “mystery box” which contains three new and unlisted cryptocurrencies; subscribe to the service to receive a box every month. Find out more here
With companies starting to offer their staff the option to get paid in cryptocurrency, some people do not see this as a good thing. In a Financial Times article, a journalist compares cryptocurrency salary earners to modern-day slaves, being paid in company script. That article is behind the FT’s paywall, but here’s a report on what it said, which also refutes it by pointing out that Bitcoin doesn’t have a central landlord or slave owner, and nor is there a company shop. Read it here
Cryptocurrency Crime
A Chinese student who is studying in Australia has allegedly been kidnapped and a ransom demand of 80 Bitcoin has been sent to his parents. At the current price this amounts to US$810,000. Find out more here
A dark web drug dealer who laundered his proceeds using cryptocurrencies has been sentenced to 70 months in jail. Sky Justin Gornik has already been ordered to forfeit millions of dollars in cryptocurrencies for distributing drugs including carfentanil and fentanyl. Read the story here
In the UK, a jailed hacker has had over £900,000 of Bitcoin confiscated after a judge ordered that unless the cryptocurrency was turned over he’d spend another four years in jail. Grant West had been called a “one-man cybercrime wave.” Get the details here
A US man who used an unlicensed money transmitting business to exchange $25 million in cash and crypto obtained from illegal activities has plead guilty after being charged by the US Department of Justice. Kunal Kalra also ran an illegal Bitcoin ATM. Find out more here
If you want to keep up to speed on the cryptocurrency scams you need to stay away from, here’s a rundown of the ones active at the moment. Read it here
Other News
Cryptocurrency is playing a part in the ongoing Hong Kong protests in various ways. Genesis Block, a crypto ATM provider, has been handing out water bottles and umbrellas to the protestors, funded by donations made in Bitcoin Cash. The bottles show a QR code that allow recipients to donate more Bitcoin Cash. Read the story here
Finally, internet domain names related to cryptocurrency have become hot property, with some selling for up to seven figures. Find out more here
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The CEO of ADVFN, Clem Chambers, has a book on cryptocurrencies out now in paperback and for the Kindle. Click here to buy the book from Amazon
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CME Bitcoin Futures
ADVFN (LSE:AFN) is now offering free CME Bitcoin Futures data to its four million registered users.
Anyone visiting the ADVFN site can obtain quotes, view charts and access real-time news for CME Bitcoin Futures here. Users can add these contracts to their portfolios and see bid, offer, highs, lows and current prices along with traded volumes. They can also view them on their monitor pages alongside their other investments.
