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Saturday, November 11, 2017

Why Bitcoin Drops from $7,200 to $6,200 today?




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There are four popular news spread like wildfire which affects why Bitcoin Drops from $7,200 to $6,200 today? and lost it's value of about $1,000 in one day here are the following reasons;



1. The US National Treasury Secretary Mnuchin yesterday gave his comments that they are carefully looking for Bitcoin and this digital must be regulated very soon because of the fear that this kind of crypto-currency will use by a criminals and terrorists for wrong motives. He added that he already formed a group that will look into this matter. But according to interview of John Mc Appe that he said no one can stop bitcoin and even government because this is a digital money that you can't hold or grip and how you will ceased this one is like that government want to stop the internet or world wide web which already been used by the people through peer to peer.



2. According to Influential man Prince of Saudi Arabia Prince Talal, Bitcoin will not succeed and will put to an end because this type of currency is not regulated by government and has no value in it and it will put to halt. The same rebuttal by John  McAppe that bitcoin is a like digital force that controls by the people and for the people and even any government can't stop this kind of force because it's spread already through the internet unless you have power to stop the internet. Prince Talal was made mistakes that he did not able to use bitcon to preserve his wealth and assets because he was detected by Saudi Central Bank and KSA government for laundering billions of money out of the KSA country and now he was already arrested by the KSA government and put to jail.

3. Millions of investors are waiting today for the segwit2x as another pork to be launched but it was put on hold with no reasons at all but i believed bitcoin management has limit their pork for bitcoin cash and bitcoin gold. So the investors especially Asia's Billionaires flood their billions in Bitcoincash and bitcoin gold for time being they leave their support of original bitcoin and that is why bitcoin has plummeted to $6,200 but i believe it will return again to $7,500 and if it will go up it will skyrocket to $10,000 which means if Bitcoin reached $10,000 eventually will continue to predictions up to $20,000 on first quarter of 2018.

4. Lastly here's the report below which i believed that investors affected most of the comments of New York University Professor.




‘Dr. Doom’ Roubini Says Bitcoin is a ‘Gigantic Speculative Bubble’ that Will End


An influential American economist who predicted the 2008 financial crisis is now claiming that bitcoin is a ‘gigantic speculative bubble’ and that it will eventually come to an end.
Nouriel Roubini, an economics professor at New York University’s Stern School of Business, spoke withBusiness Insider Poland during a visit to the country at the invitation of Bank Pekao. During the interview, Roubini, who has gained the nickname ‘Dr. Doom,’ expressed his views on the crypto market, in particular bitcoin.

According to Roubini, bitcoin isn’t a ‘serious method of payment’ or ‘a good way to store capital.’
He said:
I think that more and more countries will start to make cryptocurrency exchanges illegal like China did. New regulations will be adopted. So, this will find its end.

While he states that the digital currency is a ‘gigantic speculative bubble,’ he believes that the blockchain will bring about positive changes, adding:
Blockchain creates an enormous chance to increase productivity in many companies and I think the technology to be something very good.
His comments come at a time when bitcoin has been experiencing a surge in value in recent weeks. Just yesterday, at the news of BitGo CEO Mike Belshe announcing the end of SegWit2x on the SegWit2x Mailing List, bitcoin’s value surged to $7,800, achieving yet another all-time high.

However, shortly thereafter, the currency’s value plummeted to below $7,000 to $6,977 as the market reacted to the news. As a result, further market volatility is expected as the impact of the SegWit2x cancellation unfolds.
No doubt reports of bitcoin’s value dropping nearly $1,000 will add fuel to many critics against the digital currency.
Roubini’s comments follow the likes of Jamie Dimon, JPMorgan Chase CEO, who called bitcoin ‘a fraud,’ later adding that it was ‘worth nothing.’ Billionaire investor and Saudi Prince Alwaleed bin Talal, who wasarrested earlier this month for money laundering, bribery, and extortion, has also added his voice to the critics list. In late October he said that bitcoin is ‘going to implode‘ due to a lack of regulatory supervision.

Since the cancellation of SegWit2x, bitcoin’s price has recovered slightly. At the time of publishing it was trading at over $7,200 with a market cap of $120.3 billion, according to CoinMarketCap. It remains to be seen how market prices will change over the next few days and where it will go from here.

References:

1. https://www.cryptocoinsnews.com/bitcoin-bashing-saudi-prince-alwaleed-arrested-money-laundering/
2. https://www.cryptocoinsnews.com/were-looking-very-carefully-at-bitcoin-u-s-treasury-sec-mnuchin/

3. https://www.cryptocoinsnews.com/dr-doom-roubini-says-bitcoin-gigantic-speculative-bubble-will-end/

Wednesday, November 8, 2017

CME Emeritus Chairman Leo Melamed Says That Bitcoin is a Bullish Cryptocurrency and That They Will Classify as New Asset Class




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CME Emeritus Chairman Says That Bitcoin is a Bullish Cryptocurrency and That They Will Classify as New Asset Class

CME Group chairman emeritus Leo Melamed is bullish on bitcoin, predicting the cryptocurrency will go on to become a new asset class alongside gold and traditional stocks.
CME Group Inc. (Chicago Mercantile Exchange & Chicago Board of Trade) is an American financial market company operating the world's largest options and futures exchange. It owns and operates large derivatives and futures exchanges in Chicago, New York City, and exchange facilities in London, using online trading platforms.[3][4]It also owns the Dow Jones stock and financial indexes, and CME Clearing Services, which provides settlement and clearing of exchange trades. The exchange-traded derivative contracts include futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, rare and precious metals, weather, and real estate.[5] It has been described by The Economist as "The biggest financial exchange you have never heard of."[6]
Leo Melamed, widely recognized as the founder of financial futures and the former chairman (chairman emeritus) of the CME Group, sees bitcoin going beyond being a cryptocurrency to becoming a new asset class in its own right.
In an interview with Reuters, the legendary financial figure spoke about the CME Group’s plans to launchbitcoin futures contracts this year. Melamed expects the launch to open the floodgates for major institutional investors enter the bitcoin space and went on to claim that the CME Group will “tame” it toward mainstream acceptance while playing under regulatory rules.

He told Reuters of the upcoming launch of the futures contract of bitcoin:
That’s a very important step for bitcoin’s history…We will regulate, make bitcoin not wild, nor wilder. We’ll tame it into a regular type instrument of trade with rules.
Melamed further revealed he was a bitcoin-skeptic initially, but the 85-year old financial pioneer soon saw similarities between the cryptocurrency and the International Monetary Market (IMM) currency futures trading he launched as CME’s chairman in 1972, which is now one of CME’s four major divisions. He now sees the possibility of bitcoin representing a new asset class based on blockchain technology, beyond being a transactional P2P cryptocurrency.
He stated:
The world in the 1970s didn’t look at currency trading as a valid instrument of finance. I too went from not believing (in bitcoin) to wanting to know more.
Fueled by support from the world’s largest exchange owner, bitcoin prices have soared above $7,500 since the CME Group’s announcement last week.

Melamed’s outlook on bitcoin is in marked contrast to that of JP Morgan Chase chief executive Jamie Dimon, who called bitcoin a “fraud” in September. For Melamed, bitcoin represents new technology, technology that leaves naysayers obsolete.

In statements reported by Reuters, Melamed said:
My whole life is built abound new technology. I never said no to technology. People who say no to technology are soon dead. I’m still that same guy who believes in, at least examining change. That’s what bitcoin represents.

References:

1. CME:  https://en.wikipedia.org/wiki/CME_Group


2. https://www.cryptocoinsnews.com/important-step-bitcoins-history-cme-heralds-new-asset-class/


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