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Bitcoin is more than just a “Bubble” says Richard Quest

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Richard Quest, an English journalist and CNN international anchor joined the Bitcoin discussion and said that Bitcoin is more than just a Bubble.

Richard Quest just visited a Bitcoin Mine in Iceland recently and was very surprised by the process how a heavily equipped mine is processing bitcoin transactions.

Bitcoin Mania has taken over the entire world, everyone is talking about it and host of the programme CNN business traveler and 500 questions recently joined the discussion of the bitcoin world, he mentioned that it is too easy for investors to mention Bitcoin as a ponzi scheme or a bubble or even a scam but one thing that they don’t understand is that there is a complete structure behind this and each and every transaction on Bitcoin goes through a properly conducted process called Bitcoin mining, he get to know more about the process of bitcoin mining when he recently visited a Bitcoin mine in Iceland.

Another side of the story

He presented another side of the story as well, he mentioned “We should not just accept the notion that bitcoin is the new source of money for the future, replacing paper currencies and gold. The fact that bitcoin prices roared up to over $11,000 and then just as quickly fell back to $9,300 in a matter of hours shows all the hallmarks of pure speculation. Money is being invested purely on the possibility of making more money because other investors are pouring in and pushing the price higher. This is different from stocks where the price is led by the earnings of the company involved, dividends and other tangible financial measures.

Whatever happens to bitcoin, other cryptocurrencies are gaining ground and more respect. Ethereum, for instance, has far more transparency. So while this week reinforced the fact the crypto revolution is coming, it also showed you can lose your shirt buying and selling bitcoin”

Risk is massive but reward is also sweet

Although risk with Bitcoin is massive but reward in terms of growth is also good making it can attractive investment at least for short term, we don’t know if it’s a Bubble or not, but it is a reality and we need to accept that

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Crypto Market cap reached $275 billion

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Market cap of crypto currencies reached the level of $275 Billion after a spike on 4rth July 2018, Bitcoin maintaining its dominance at 42% , making it the biggest crypto currency in the world.

Bitcoin price currently trading at around $6700 after a 3% spike in the price , making it jump from $6500 to $6700 within minutes, analysts are predicting that this recent upside movement in crypto market in weak and need to sustain these levels in order to attract more buyers, otherwise overall bearish market is still in control.

$7000 is a key level for Bitcoin 

$7000 is very important level for bitcoin according to many technical analysts, If it breaks above $7000 and stays there then chances are that upside move will be healthy, otherwise bear will look forward to take control of the situation again.

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Switzerland merging Cryptocurrencies with conventional banking

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Switzerland is on the right track to become a Crypto nation and country is making efforts to allow cryptcocurrencies to fully access conventional banking .

Bitcoin and other crypto currencies has taken a big hit in brutal bear market of 2018 but that’s not stopping Switzerland to allow cryptocurrencies to fully access conventional banking system within the country. Switzerland is currently in progress and drafting rules and regulations for such collaborations.

Heinz Tännler, Swiss expert & finance director of Zug canton, told media earlier that politicians were moving to allow crypto companies to work with banks, adding that Switzerland’s central bank, financial supervisor and federal government “are willing to help”.

He said: “We hope to clarify relationships by the end of the year at the latest.

“Time is pressing, other jurisdictions such as Malta and Singapore are very active and making a lot of effort to attract these companies. The lack of access to bank services is a significant competitive disadvantage.”

“We have to push certain national institutions to resolve this problem quickly and effectively, but that now seems to be going well.”

Blockchain becoming the global phenomenon 

The concept of Blockchain is interesting and attractive for all the countries, many countries may disagree on the existence and usage of cryptocurrencies, but all of them agree with the fact concept of blockchain is not going anywhere and governments can benefit from this technology in various fields, but if you ask any expert of blockchain, he would tell you that success of Blockchain technology has to be linked with existence of crypto currencies, without crypto currencies, and ecosystem can’t exist, many governments around the world are slowly recognizing the fact and Switzerland is definitely on the right track if they allow crypto currencies to work in collaboration with the Banks, because many banks around the world are not allowing crypto currencies to offer services through them, but this initiative will open many doors in that regards.

 

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Crypto market stabilizing gradually

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Crypto market is stabilizing around $450 billion market cap after gradual increase in overall value in recent weeks.

Leading crypto currencies are on the rise, lead by Bitcoin, Ethereum, Bitcoin Cash and Ripple. Although increase in bitcoin value is less as compared to other crypto currencies but overall market is on rise with current market of $440 billion.

Bitcoin is currently hovering around the $9300 mark after being rejected at $10000 mark couple of times in last days, Ethereum is on the charge as well but the most surprising one is Bitcoin cash. Bitcoin cash was at $600 couple of weeks ago and now at $1600, shows rapid growth in recent weeks.

EOS

Crypto currency of the month has to be EOS, investors of EOS are enjoying a massive rise in value in past few weeks, EOS started April at $5 mark and now is at $18 , value of EOS increased more than 3 times within one month.

Current top 5 crypto currencies

  1. Bitcoin : $9388
  2. Ethereum: $741
  3. Ripple: $0.83
  4. Bitcoin Cash: $1630
  5. EOS: $18.28

 

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