The last 48 hours have been interesting in Bitcoin news. The Bitcoin Channel takes us in for a closer look into the news from China, the biggest bitcoin heist in history, and the recent dip in the market.
The quantity of money is important for most economic calculations, but the velocity of money is what’s important to the common user. See, without
money currency being exchanged from hand to hand, less and less come in contact with it. If less come in contact with it there is money scarcity in which everyone feels poor.
Now in a free market, this would be corrected by the cost of goods and services coming down to the amount that people can actually pay for. But, in todays age, far too often the price of goods and services increases (usually due to inflation) when the money velocity slows.
If only there was a currency where velocity was greatly improved by technology. Alas, there is! Bitcoin. Continue reading
Just before the clock struck 12 last night, Mt Gox hit a new all time high of $267.40 per bitcoin. Throughout early this morning it continued to climb all the way to 272.52! It’s not done yet, the market rallies as it continues to test this new all time high. How high could it go? No one knows, but know this: The math says it could go much higher before the year is out. YTD bitcoin is sitting pretty at over a 1900% increase.
Recently a number of Chinese Bitcoin Exchanges have begun accepting Litecoin, they include:
- http://www.okcoin.com (over 90k LTC/BTC trading volume today).
- fxbtc.com (over 19k LTC/BTC trading volume today).
- btctrade.com/ltc (over ￥202,890 trading volume today).
In the last 24hrs we have also seen many occasions in which Litecoin prices have been higher on some exchanges based in China when compared to BTC-e. It would appear that Litecoin is now established on multiple high volume exchanges. The current BTC-e price is $3.05 up from a low of $2.60 in the last 24hrs.
Bitcoin, at the time this article was written, hit a new all time high market cap of $2.65+ billion! As more capital flows into bitcoin not only is it great for anyone holding Bitcoin but it continues to add stability to the market. Long gone are the days that a few million USD could really increase or drop the price. I suspect more and more will trickle into ALT coins (other crypto currencies) since they have a much smaller market cap and % wise there are more gains to be made if you know what you’re doing.
Lets not forget, 150 BTC/hr is being released to the network which also adds to the market cap value as the price hovers around $230 on the popular Mt Gox exchange as well as $216 on BTE-e.
Happy Bitcoin Halloween! Finishing up October with a treat, bitcoin remains over $200 on popular exchange Mt Gox which is a ~66% increase since the 1st. Latest pushes upward are speculated to be from China increasing its interest and urning for a way to shed the dollar along with Silk Road’s seizure gaining mainstream attention. Just how high bitcoin can go is unknown, but the math says we will see increases for a long time to come.
Imagine if just 1% of USD moves into Bitcoin, each one would be ~$500,000!
Check out our resources page for more information on charts and other useful bitcoin services.
As we all watched, bitcoin has made major moves lately as trends from around $100 just a month ago have moved up into the 200’s, actually reaching mid $230’s at one point.
It seems to be holding strong so far, while major swings may continue as large transactions occur globally, that shouldn’t be any reason to say bitcoin is too volatile. Bitcoin’s recent gains seem due to continued news reports and the natural awareness that raises.
Over the long run we will see this trend continue – bullish on bitcoin.
Bitcoin will be back up shortly. Someone just unloaded 26,000 bitcoin and the market is still way up over the last 2 weeks. Now that the market cap for bitcoin has been increasing steadily over the last 6 months, it’s much harder for traders to dramatically affect the market as much. Once these large transactions flush out, it’s great for the stability of bitcoin as now MANY people own that same 26,000 bitcoins instead of 1 person. As we all know, bitcoin will continue to increase in terms of fiat currency it is by nature, a natural deflationary currency.
Just last week we noted that the cryptocurrency was quietly surging towards record highs once again as the debacle in Washington, China’s comments on the USD, and Baidu’s acceptance of Bitcoins all interplayed to disrupt whatmany called the end of Bitcoin following the shuttering of Silk Road. Continue reading