Category Archives: Bitcoin

Unlocking bitcoin’s next rally is to observe Google search

Colas is not the first analyst to make the connection, with ARK Invest’s Chris Burniske previously pointing to a BTC/USD exchange rate that clearly reflected Google search trends. Burniske referred to it as “a virtuous Satoshi cycle,” evidence for which traces back to at least August 2017. Incidentally, today, a Google search of “bitcoin” yielded me 341 million results.

Fewer people have been searching bitcoin, and that waning interest is being reflected in the bitcoin price, which is currently trading in the $10,000 – $12,000 range compared to nearly a $20,000 bitcoin price in December. Colas concludes that interest levels as determined by Google searches show definite support for bitcoin’s “breakouts” and “pullbacks.”

Reference: https://www.ccn.com/the-google-effect-and-bitcoin-parallels-persist/

Deutsche Bank Analysts

Analysts at Deutsche Bank released a note to clients on Friday, Jan. 19 stating that there is a growing correlation between the price of Bitcoin (BTC) and the CBOE Volatility Index (VIX), also known as Wall Street’s “Fear Index.”

Masao Muraki, a global financial strategist at Deutsche Bank, along with two colleagues Hiroshi Torii and Tao Xu, wrote in the note that a lack of fluctuation and volatility in the stock market is leading investors to look elsewhere to make money.

 

BTC is currently trading at an average of $11,834, down 1.02 percent over the 24 hours to press time.

Reference: https://cointelegraph.com/news/deutsche-bank-analysts-low-volatility-on-wall-street-brings-investors-to-crypto

50 Cent Makes Millions Selling Album For Bitcoin

Curtis “50 Cent” Jackson made a lot of money by being an early believer in Bitcoin, TMZ.com reported on Tuesday. After giving the cryptocurrency a chance 4 years ago, he is now reaping the benefits which amount to over $7 mln, according to current exchange rates.

The rapper is reported to have kept all of his bitcoins without selling them for years until 2018. During that time the cryptocurrency has grown immensely — with the current price set at around $11,000, Jackson’s 700 coins are now worth more than $7 mln.

Reference: https://cointelegraph.com/news/50-cent-makes-millions-selling-album-for-bitcoin

Canada Unable to Meet Electricity Demands of Bitcoin Miners

Canada’s Hydro Quebec will have to turn away cryptocurrency miners looking to setup operations in the province. The electricity supplier has been inundated with requests from cryptocurrency miners looking to setup operations in energy-rich province Quebec, according to Reuters.

Many miners, including giants like China-based Bitmain, have made it clear that they are looking to setup new mining operations overseas in countries with low power costs and surplus of energy. The crack down on cryptocurrency exchanges in China, as well as talks of power regulations applying to miners, has prompted miners to consider new sites to operate from.

Reference: www.cointelegraph.com

Coincheck has lost $400 Million in NEM Coins Hacking

How do you lose $400 million in crypto currency? That’s the question that one of Japan’s biggest crypto currency exchanges Coincheck is trying to answer. Coincheck’s co-founder Yusuke Otsuka said 500 million NEM coins worth about $400 milion were sent illicitly outside the venue. The news has spooked investors in Japan, where many investors are still wary of crypto currency exchanges 4 years after the Mt. Gox collapse, which was the world’s leading Bitcoin exchange at time, and Mt Gox hacking and collapse had crashed the price of Bitcoin by nearly 90% at that time from $1000 to $100 within a week. This new loss in Jan 2018 is one of the biggest of investor assets since Bitcoin’s launch. Japan’s Financial Services Agency is looking into the case.

Reference:
https://www.bloomberg.com/news/articles/2018-01-26/cryptocurrencies-drop-after-japanese-exchange-halts-withdrawals