Blockchain | - Part 6

Bitcoin’s Roller-Coaster Ride Cuts $38 Billion Before Reversal

LAGOS (Capital Markets in Africa) – Bitcoin is proving that investing in digital currencies isn’t for the faint of heart. After plunging as much as 29 percent from a record high following the cancellation of a technology upgrade on Nov. 8, the largest cryptocurrency came roaring back in early trading Monday before fluctuating between gains and losses. “Crypto trading is not for the novice investor,” said John Spallanzani, chief macro strategist at GFI Securities LLC in New York….

Bitcoin Cash: The Digital Cousin Disrupting Cryptocurrencies

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LAGOS (Capital Markets in Africa) – Just when you thought you had a handle on the new-fangled crypto craze, here comes bitcoin cash. Bitcoin’s lesser-known cousin, the so-called cash version has disrupted the $200 billion market and over the weekend got close to overtaking ethereum as the second-biggest cryptocurrency by market capitalization. The main difference between bitcoin and bitcoin cash is the block size. A block is equivalent to a file storing data on approved transactions, which…

Bitcoin dives below $7,000

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LAGOS (Capital Markets in Africa) – Bitcoin has been on a wild ride since a plan to help the red-hot coin scale was scraped. Backers of the so-called Segwit2x proposal were considering to split from bitcoin’s main blockchain network, but power-brokers behind the plan called off their support for the upgrade on Wednesday. That mean’s the network will remain intact — at least for now. Initially, the news sent bitcoin up near $7,900 per coin. Since then, however, it has tanked close to…

Bitcoin Is No Bubble, Says Investor With $213 Million Stake

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LAGOS (Capital Markets in Africa) – Tim Draper was walking through a pavilion at a tech conference in Lisbon on Tuesday when he was cornered by an entrepreneur touting a new digital currency. No sooner had the venture capitalist heard the pitch than he was approached by another guy hawking his own initial coin offering. Another followed, then another. It’s no mystery why cryptocurrency peddlers flocked to Draper. As founder of the Silicon Valley VC firm…

Bitcoin’s Exorbitant Energy Costs May Prove to Be Biggest Risk

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LAGOS (Capital Markets in Africa) – It may not matter whether bitcoin’s a bubble. The staggering energy costs associated with “mining” the digital currency could prove to be its downfall. Even as bitcoin flirts with $8,000, the price required for mining to be marginally profitable stands at a jaw-dropping $300,000 to $1.5 million by 2022 based on current growth trends and energy use, according to Christopher Chapman, an analyst at Citigroup Inc., with implied consumption matching…

Bitcoin’s Spike Toward $8,000 Fades as Free-Money Trades Unwind

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LAGOS (Capital Markets in Africa) – Turns out not everyone is happy with the detente in bitcoin’s civil war. While the cryptocurrency soared to a record $7,882 within minutes of news that it would avoid another split on Wednesday, the gains quickly evaporated. Bitcoin is now trading about 3 percent below where it was before a faction of the community scrapped plans for a so-called hard fork. Some speculators are disappointed they won’t get the additional coins that…

Bitcoin Rally Is Eroding Gold’s Appeal, Top Online Vaulter Says

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LAGOS (Capital Markets in Africa) – Bullion’s rally faltered in the past two months as the dollar strengthened and global equities set new records, while concerns over Brexit and Catalonia’s push for independence failed to drum up notable haven demand. Now, bitcoin’s surge is attracting investor interest toward the cryptocurrency and away from the metal, the biggest online vaulting service said. According to Google Trends, global searches for “buy bitcoin” have overtaken “buy gold” after previously exceeding searches…

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