An official government report reveals details of a speech from Taiwan’s vice president of the executive branch of government Shih Jun-ji, speaking at a financial seminar on Friday when he touched upon the topic of cryptocurrencies and their possible impact on the island nation’s financial environment. The official called on the government to introduce measures to manage the cryptocurrency sector after underlining the soaring gains and development of cryptocurrencies in recent years. Shih was speaking at the Taiwan Academy of Banking and Finance when he elaborated on bitcoin, specifically, noting its market capitalization of $160 billion dollars (with bitcoin price pegged at $10,000) would be more than twice the entire financial budget of Taiwan’s government. Having done his homework, the official also added that the valuation of bitcoin, at $160 billion, would be equal to the total assets of all Taiwanese banks and onone-thirdf the country’s foreign exchange reserve. Put simply, the impact of bitcoin and other cryptocurrencies should not be underestimated, Shih said.
Bitcoin is back above $8000 today (07 Feb 2018) after hitting a low of $6000 yesterday morning. The Bitcoin futures (XBT) hit a low of 5880 yesterday morning. Value buyers and short covering has lifted Bitcoin back above $8000 level. Bitcoin may test $6000-6500 level again in the coming days in order to confirm the buying support level.
The daily chart of Bitcoin (BTC/USD) is currently in bearish territory far below 50 day moving average, and Bitcoin will become very bullish once it crosses 50 day moving average. That 50 day moving average is also coming down gradually, and will provide strong support once it comes down to 9000 or lower. For now, Bitcoin is being sold on rallies, and above 50 day moving average, fresh buying will start. Above 14,000 strong upmove can be expected.
Bitcoin hourly chart analysis shows it has crossed 50 hour moving average, so it has become bullish in the very near term, and can go up till 9800 as part of the current rally this week.
Bitcoin is recovering from its lower levels seen yesterday morning, while other crypto currencies are flat to negative. Some of them maybe losing capital to Bitcoin, because Bitcoin had fallen down to attractive rates of $7000-7500 yesterday.
Cryptocurrency Rates in Euro – 07Feb2018, 12:00 CET
Bitcoin: BTC-EUR 6216.10 € +697.50 (12.64%)
Ethereum: ETH-BTC 619.43 € +10.26 (1.68%)
Litecoin: LTC-BTC 99.40 € -8.64 (-8.00%)
Iota: IOT-BTC 1.31 € -0.05 (-3.49%)
Facebook Messenger is unlikely to embrace cryptocurrency payments anytime soon according to David Marcus, Facebook’s vice president of messaging. In a recent interview with CNBC, the former president of PayPal pointed to perceived issues with existing cryptocurrencies, specifying high transaction fees and slow transaction times as reasons why the product isn’t likely to introduce the technology as a payment method, at least in the near term. However, Marcus, who joined the board of Coinbase in late 2017, did leave the door open to allowing such payments in the future, saying that when blockchain developer communities “fix all the issues,” it’s possible that the company will “do something” to open up the option.
LSK, the utility token underpinning the Lisk platform, has been listed on BitFlyer and Huobi.pro, a move that comes just a few weeks before its scheduled relaunch event later this month which will unveil an updated and improved Lisk platform and a new brand identity and website. LSK is the token that powers the Lisk network. The cryptocurrency currently stands as the 16th largest in the world by market capitalization at US$1.59 billion. LSK is trading at about US$13, down nearly 54% from January 01’s price of US$20. “Today’s announcement caps a very successful week for Lisk, following Wednesday’s debut of our LSK token on the BitFlyer exchange,” said Max Kordek, co-founder and CEO of Lisk. “The addition of LSK to the Huobi.pro exchange elevates the status of our platform as we approach our relaunch event on February 20, in Berlin, and strengthens our ambition to be the enablers of innovation, making blockchain technology more accessible to everyone.”