The price of bitcoin today is $8,858. There’s been a bit of a dip in cryptoland this past week as bitcoin went from the $9,000 range to the mid $8,000 level. Altcoins have also taken a bit of a beating and are largely down.
Let us take a look at some of the most interesting events in cryptoland this past week.
The Bitcoin Price and Cryptocurrency Events
China and Cryptocurrency Mining
China is in the news again regarding cryptocurrency, except this time the country is backing off cryptocurrency mining banning. The international superpower will not substantially restrict crypto mining within its jurisdiction, according to documents released by the government of China. Notable cryptocurrency players have noted this fact and think that this move will be a good one for the leading digital asset bitcoin.
The changes to the policy comes after the speech by President Xi Jinping two weeks ago which helped to bring btc out of its price slump.
China is pressing forward on key technologies such as 5G, blockchain and artificial intelligence as it engages in the trade war with the United States.
The country, by going this route, is acknowledging the importance of cryptocurrency mining and realizing the value of key Chinese companies such as Canaan Creative, Bitmain, and other entities.
Silvergate Goes Public
Silvergate is a cryptocurrency friendly bank. The financial institution is a big deal because it is one that works with several cryptocurrency institutions. Silvergate going public marks a new era for the cryptocurrency as many traditional banking industry participants stayed away from digital money institutions.
The bank serves more than 700 cryptocurrency related entities as of the most recent report. This is not to state that Silvergate doesn’t serve other institutions. The firm also serves fintech providers, institutional investors, and software developers.
Silvergate trades under the ticker symbol, SI, on the New York Stock Exchange.
Coinbase Offers Crypto Staking
Cryptocurrency firms must cement their spot in the world of new banking and one way is to offer interest on deposits. The next way is to be the staking organization, helping to run the network and providing a way for those who deposit to ward off inflation.
Exchanges such as Coinbase will continue to deploy more services such as staking as they hope to grow to meet their valuations and diversify their revenue streams. The US based firm will start staking services with Tezos before moving on to other digital assets. Individuals will have to hold for at least 40 days before seeing rewards show up in their accounts.
Coinbase provided these services to institutional investors earlier this year accounting for
Enthusiasts may be split in this event. Is this a form of centralization and will we revert back to old systems with new players? These are surely good questions to ponder as we progress and evolve in the cryptocurrency industry.
Microsoft and Ethereum Tokens as a Service
Microsoft recently announced their plans to help enterprises mint tokens. The firm wants to make minting tokens to be as simple as possible with Azure, their cloud based platform.
The initiative marks another important event in the cryptocurrency sector where large corporations take the sector seriously and deploy solutions to help foster it along further.
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Bitcoin Price Today – November 2, 2019
The bitcoin price today is $9,258.43. Bitcoin came back last week with full force and is still staying strong within the current range. Let’s take a look at some of the most important trends within the bitcoin sector and general economy today.
General Economy Bitcoin Price Events
The Federal Reserve Lowers Rates
The United States Federal Reserve made a point to lower rates this past week and hinted at a general pause in interest rate reduction moving forward. The Federal Funds Rate will now range from 1 .75% to 2.00%. This is undoubtedly a strange phenomenon in a healthy economy. The Federal Reserve cut interest rates several times this year and will cautiously stop this trend, according to Jerome Powell.
Powell commented that the current standard will “likely to remain appropriate” as everything else remains steady.
They may adjust if they feel it is necessary.
“The committee will continue to monitor the implications of incoming information for the economic outlook as it assesses the appropriate path of the target range for the federal funds rate,” as noted by the report.
Lending organizations and borrowers watch this rate because it can affect them. Lenders may adjust rates to stay competitive, and borrowers may gain additional advantages of paying lower interest on debt depending on certain factors. These standards apply to borrowing in vehicles that range from mortgages to credit cards.
Also, savers can expect a minimal return on their cash holdings in times of lower interest rates, but this has been a long-term trend.
Bitcoiners and digital asset enthusiasts yearn for sound money, and moves like this one bolster their long-term thesis for bitcoin as hard money and a robust long-term store of value. Countries continue to devalue their currencies and conduct a race to the bottom.
Mixed Signals in the Economy
The United States economy is lagging and slowing considerably as it only grew 1.9% according to recent reports by the Commerce Department. Is this a significant problem? It may possibly be if the average consumer is overly burdened by debt and corporations slowly cut back on jobs. Conversely, unemployment rates remain low as of the latest report indicating stability in the economy. Consumers are advised to pay down debt, spend cautiously, and prepare for a potential recession.
Reports indicate that investors may pull funds out of the market and increase cash balances.
Corrections in Tech
We see significant corrections in the private equity technology market. Companies such as Uber, Lyft, Pinterest, Slack, and several Softbank backed startups have not fared well in the public markets. WeWork didn’t even get a chance to make a public debut. Further, many startups are in the process of restructuring their workforce. Fair, Uber, JustEat, Maker Faire, HQ Trivia, Udacity, and other startups have let varying portions of their workforce go.
Hong Kong is nearing or is now in a recession due to regular protests over freedom and rights. This poses a problem as Hong Kong is interconnected within the global economy. Remember that issues present in Hong Kong may have spillover effects in other parts of the world.
Bitcoin Price Today – October 26, 2019
The bitcoin price today is $9,347.00. Surely, bitcoin holders have fared well over the past week. Still, bitcoin has done well over a ten year time horizon and even a two-year time frame. The bitcoin price was at $970.00 at the start of 2017. It is now $9,347.00. It has surely been a roller coaster of a ride this past week as bitcoin swung down to $7,700 before going back to its current levels.
Now a leading digital asset, it was relatively obscure and is currently a mainstream phenomenon with leading entities creating a business around it.
Firms such as Facebook, Paypal, Wells Fargo, Telegram, JP Morgan, Softbank, Overstock, and a slew of others have deployed their initiatives to improve their payment technologies. Discount brokerages and firms such as Fidelity have launched their own digital assets divisions, further bolstering the longevity of bitcoin and digital assets in general.
With that, let us take a look at some of the most notable events that may contribute to the bitcoin price in October 2019.
The Bitcoin Price Today and Blockchain or Cryptocurrency-Related Events
President Xi Jinping made a speech yesterday, wherein he talked about the virtues of blockchain technology. The leader of China noted the importance of blockchain technology and the impact it should have on society. He mentioned how vital it is for China to increase and expand its operations in the blockchain arena.
The Chinese government seems to accelerate its efforts into the blockchain technology and is exploring improvements in supply chains and Internet of Things technologies.
The Chinese leader noted the advancements blockchain technology brings to society and the many potential advantages it will bring about in the world.
Of course, this comes at a time when China is developing its government-backed digital currency and is diving deeply into the blockchain in several ways. We can expect further coordination of resources around the blockchain if the government is seriously interested in ratcheting up efforts to implement blockchain technology at a large scale in Chinese society.
A speech of this nature is quite essential and gives further credence to the growth and value of the blockchain technology in society today. Such a move indicates further involvement by governments in the blockchain sector and will likely spur even more interest in digital assets such as bitcoin.
The Bitcoin Price Today and Larger Macro Events
Political Uncertainty Grows
Bitcoin is currently a risk asset on the verge of becoming a safe haven asset at a time when we see great political instability across the world. From worker strikes in the United States (Uber, GM, Chicago Teachers) to economic protests in Chile, Argentina, Hong Kong, Libya, France, Egypt, Lebanon, and other areas.
Instability is king, chaos continues to rise.
Safe havens are in demand and will likely be sought after in the coming weeks and months as the global economy slows, and restructuring takes place.
Bitcoin Price Today – October 20th, 2019
As of the time we share this, the bitcoin price today is $8,007.98, and with that, let us take a look at recent events priced into bitcoin at this time.
Crypto Based Events and The Bitcoin Price Today
Fidelity is moving in on cryptocurrency in a big way.
The firm and its digital asset arm, Fidelity Digital Asset Services (FDAS), are in the process of deploying its cryptocurrency custody and trading solutions according to reports from the Financial Times. We know that the launch of these digital asset services has been delayed by a couple of quarters. Bu it is expected to roll out by the end of this year.
Fidelity continued to conduct the behind the scenes of work conversing with clients, getting a feel for the industry, regulations and created its services throughout the year. Further, Fidelity will focus on institutional clients that range from family offices to financial counselors and other commercial entities.
This is undoubtedly exciting news for cryptocurrency enthusiasts as it shows that existing and traditional players seek to capitalize on the growing industry and take it seriously. Other entities such as Bakkt, with its launch of the bitcoin-based physical settlement of futures, is also a notable event in crypto adoption.
Fidelity carries weight due to its storied history and current assets under management (it manages more than $2.5 trillion in assets). But this move by Fidelity calls into question the value of players like Coinbase, Galaxy Digital, and other entities that might rely on stable and consistent revenues from custodial services.
Do these newer entities gain industry experience, capture more knowledge and value in the industry, and then eventually sell to one of these more established and well-funded entities? Financial service firms such as Fidelity have the clout, industry connections, knowledge, a mass base of users, and relationships with key parties within the financial system.
That crypto exchange, looking after billions of dollars of digital assets, was approved by the New York State Department of Financial Services, and launched its custody services for third parties last October.
Bitcoin Price and Other Cryptocurrencies
Congrats to bitcoin, as miners have mined 18 million bitcoins so far. This means that there are only 3 million left to mine.
Lastly, bitcoin is range-bound for the past two weeks around the $8,000 mark. XRP has enjoyed slight gains in the past week and Ethereum and a slew of other cryptocurrencies trade sideways.
Bitcoin Price Today – October 12th, 2019
The bitcoin price today is $8374.03. With that, let’s take a look at the latest events that might be present in the bitcoin price today.
Bitcoin Price Today and Crypto Events
Bitcoin ETF Proposal Does Not Meet SEC Requirements
The U.S. Securities Exchange Commission (SEC) has rejected the Bitwise bitcoin exchange-traded fund (ETF) proposal again, to no one’s surprise. It seems like the SEC is still not ready to accept the Bitwise bitcoin ETF proposal and will keep it on hold for now. The regulators doesn’t believe that the current plan will contribute to stability, safety, and the protection of bitcoin investors. Bitwise is just one organization among many who’ve filed their bitcoin ETF proposals to face regulatory hurdles.
Cryptocurrency investors are split on the value of a bitcoin ETF and if it makes sense in a “not your keys, not your coins” era. If the main value of the blockchain is to dis-intermediate and connect investors directly to digital assets, the deployment of ETFs and other third party offerings may not adhere to decentralization principles.
Key players in the bitcoin ETF sector include Bitwise Asset Management and NYSE Arca.
The IRS Clarifies Cryptocurrency Taxes
Uncle Sam, or more specifically, the IRS, is helping you understand what you need to know about bitcoin and cryptocurrency taxes. Cryptocurrency investors can use these guidelines to minimize their current tax confusion on crypto asset holdings. The Internal Revenue Service notes essential issues such as cryptocurrency forks. The IRS also offers guidance on ways to assess and report earned cryptocurrency. Further, it states how to assess what you will owe to the Internal Revenue Service when you divest your cryptocurrencies.
Here’s what you need to know.
Forks are treated as ordinary income and taxed at market value at the time that it was received according to the investors’ tax bracket.
Forks are still a contentious issue for a variety of reasons. For example, you might have an EOS or an ETC that decides to conduct an amicable fork, thereby creating a new blockchain distributing tokens equivalent to an existing holding. But there’s a problem with this rule, and if one were to go by the new tax guidelines, they would be taxed on no real gains.
Finally, a digital currency might continue to swing in value; investors might sell later, capture less value, and be liable for the initial higher value. There’s still a long way to go on cryptocurrency taxes and how investors should pay taxes on their holdings. Also, cryptocurrencies are often treated like commodities or assets. Using it as a currency would be counter-intuitive. The IRS will still deem spends of cryptocurrency as a sale and therefore a taxable event.
Bitcoin Price Today – October 5th, 2019
The bitcoin price today is $8,090. The good news is that the bitcoin price is range-bound, the bad news is that the price of bitcoin is range-bound in the $8,000 level.
With that, let’s take a look at some of the most compelling events within the burgeoning crypto sector.
The Bitcoin Price and Crypto Events
Agatha For Congress
Agatha is gunning for Nancy Pelosi’s seat, and she might be right for the job. The potential Speaker of The House is an intriguing candidate because of her relevance to millennials. Agatha Baclear runs on a future-forward platform and will accept cryptocurrency campaign donations.
She recently noted her interest in working alongside more political representatives like her who understand emerging technology and crypto.
Remember, Agatha Baclear isn’t the first one to accept cryptocurrency campaign contributions, Andrew Yang, and others have surely done so in the past. Yet, this is event shows that more political candidates who aim to serve the public are running on change and relevance.
They’re focused on showing their constituents that they’re studying and understanding how the world is changing and hoping to put forth legislation and government programs that work for the American people.
Is this event material and bitcoin markets moving? Well, yes, and no.
The event shows that cryptocurrency is not a fad and further shows that representatives are catching up with the technology.
Coinbase and the Crypto Rating Council
One of the most compelling events within the past week is likely that of the Crypto Rating Council. Coinbase teamed up with several crypto exchanges to classify digital assets as securities or not. This initiative is an intriguing one because it shows that the cryptocurrency industry is further aligning itself with regulations but will take a pro-active approach.
A pro-active approach is certainly needed in this emerging industry to perpetuate innovation. Stodgy institutions like the SEC, FinCEN, and others might stifle growth and place undue and onerous burdens on companies and assets, restricting real technical innovation.
The Crypto Rating Council deems bitcoin, litecoin, dai as pure non securities and is in the process of classifying others. Its effectiveness is essential, and it must make sure to work with regulators throughout the process.
The SEC ON ICOs and Landmark Settlements
Block.One settled with the SEC for its “unregistered securities sale” and paid more than $20 million in fines to the centralized regulatory body.
The EOS maker received a slap on the wrist.
It raised more than $3.5 billion and only paid out $20 million to the SEC. This event shows that the SEC is willing to work with cryptocurrency projects as long as these projects continue to collaborate with the SEC.
It is an essential event as KIK is firing up to fight the SEC regarding its KIN token offering. We’re expecting the SEC to conduct similar transactions with other projects within the cryptocurrency sector.
Bitcoin Price Today – September 28th, 2019
Life comes at you fast. One day you’re up, the next you’re down. The bitcoin price today is in a downward trending territory. We’re hunkering down and watching for further winter effects.
What’s the bitcoin price today?
The bitcoin price today is $8,218.
Yes, this is quite a drop from the $10,000 range that it’s been at for quite a while now. What caused the sudden decline over the week? There’s a variety of reasons as to why it might have fallen but instead of speculating, let’s take a look at current events.
The Bitcoin Price Today and Cryptocurrency Events
Trading Volume in Cryptocurrencies
The bitcoin price today might reflect recent research that shows an overall decline in bitcoin trading volume across the different prominent exchanges.
The supposed silver to bitcoin’s gold, litecoin, crashed substantially recently. Litecoin hit a high of $141.90 in the middle of 2019, and it is now trading at $54.00. That’s quite a correction as it is one of the many altcoins that have seen substantial hits to its value.
SoFi Launches Crypto Trading
Corporations are still pushing forward within the blockchain and cryptocurrency sector, SoFi, a rapidly growing fintech firm recently rolled out no cost crypto trading for bitcoin, litecoin, and ethereum. SoFi Invest aims to cater to a growing generation of native internet individuals and capture a portion of the market regarding trading and investing. SoFi invest is supposed to have more than 90,000 users on its platform. Cryptocurrency infrastructure is being created and rolled out despite volatility in the sector.
Overstock Invests in Blockchain Identity
Byrne is out at Overstock but its blockchain arm, Medici Ventures, seems to remain stable. It just invested in a blockchain-based identity management company called Evernym. Evernym is only one among many other similar blockchain identity management startups that Medici has backed so far.
Lastly, Bakkt launched at the start of this week to little interest from investors. But Bakkt is still a very important piecce of the cryptocurrency ecosystem. It is backed by ICE, the owner of the NYSE, and provides more options for institutional investors to get involved securely, and directly and with bitcoin derivatives.
The Bitcoin Price Today and General World Events
Economic uncertainty is something to watch out for as whispers of a recession continue to increase over different demographics. We’ve got general insecurity in the stock markets as trade talks between the USA and China to continue to linger, and other political events hang in the air.
A current impeachment process for the sitting President of the United also looms and has investors worried. Futures markets dropped this past week, another public offering, Peloton, fell and potential signals of a housing crash were present this past week.
Recent events such as the WeWork IPO shelving and recent declines in Uber, Slack, and other high growth – no profits-startups show rationality is present to a certain extent in general markets. This caution by general public investors indicate that we might not be at the top of the stock market just yet.
Economy and Markets Round Up
Overall slower economic growth is also expected to continue over the next few quarters. Meanwhile, the Federal Reserve has injected several procedures in adding value to the financial system.
September 21st, 2019
The bitcoin price today is $10,037.08. The leading digital asset continues to hold support over the psychological $10,000 price limit, staying steady in uncertain and volatile times.
Let’s take a look at what’s going in the traditional equities market and in cryptoland that might have an impact on the bitcoin price today.
Bitcoin Price Today and Traditional Equities Markets
Traditional equities markets seem to have some volatility and questions arise in terms of the actual health of the market. Investors might consider significant acquisitions by private equity firms as potential signs of a top in traditional investments.
Signs of a Top?
The multinational firm, Blackstone, recently purchased Dream Global REIT for a substantial sum.
India’s Stock Market Goes Through the Roof
India recently cut interest rates by 35 basis points and now moves forward with further stimulus by providing a $20 billion tax cut. India’s central bank is currently in an “accommodative” mode, and Indian stocks are at ten-year highs on the news.
The We Company & WeWork IPO
The company, which states that its “mission is to elevate the world’s consciousness’ has decided to shelve its initial public offering for now. It has gone through a rough patch recently with its valuation marked down several times, affecting its current investors, employees, and others who’ve invested at higher valuations. Lack of market interest might indicate some form of rationality in the markets and fear over the potential growth in the broader economy.
Strife in the Middle East
The energy markets were shaken this week by targeted drone attacks against Aramco allegedly by Iran and its affiliates. Oil prices rose by less than 25%, but Aramco expects full capacity by the end of September. The attacks had a significant impact as it affected more than 40% of Saudi Arabia’s overall production and less than 6% of the world’s total oil production.
The Federal Reserve Cuts Rates Again and Everyone’s Wondering Why?
The Federal Reserve cut interest rates again, and everyone’s wondering why they would need to help stimulate the economy if it is supposed to be going swimmingly with no issues whatsoever. Federal funds rates will now oscillate between 1.75% and 2.00%.
Further, according to Reuters, “cash available to banks for their short-term funding needs all but dried up on Monday and Tuesday, and interest rates in US money markets shot up to as high as 10% for some overnight loans, more than four times the Fed’s rate.” The shortage in funds led to the initiation of repurchase agreements to create stability associated with the federal funds rate. Repo operations over $50 billion were conducted over the week.
It looks like the Fed is taking a close look at the economy and hoping to prevent a recession by pumping more liquidity and lowering interest rates.
Bitcoin Price and Crypto Markets
Huobi announced that it would close down US-based accounts on its Global platform. It noted an email “in line with the laws and regulations of the United States with respect to crypto-assets, our User Agreement expressly prohibits users in the United States from using our platform.”
Further, Upbit and Okex delist monero, DASH, Zcash, and other privacy coins from their platform.
North Korea To Create Cryptocurrency to Bypass Sanctions
The volatile country is in its early stages of deploying its cryptocurrency to bypass strict regulations imposed by the United States.
The country is still designing how it will work and is likely going to be tied to a commodity or good.