Úno 26

Goldman Sachs-backed Circle Buys Poloniex Cryptocurrency Exchange for $400M

· February 26, 2018 · 11:30 am

Circle, the notionally cryptocurrency-focused payment services startup, has reportedly bought exchange Poloniex for $400 million.

Job Done Between Circle And Polo

According to Fortune editor Robert Hackett who leaked the news in advance, an official statement will follow Monday. The takeover means a cryptocurrency exchange is now under direct ownership of a Goldman Sachs funded company.

Hackett wrote on Twitter earlier this morning:

Rumors have swirled in recent weeks that Circle has been in talks to buy the cryptocurrency exchange (Poloniex). […] I can confirm here for the first time that, yes, Circle has completed the acquisition. (A source familiar with the terms told me the price tag came to roughly $400 M.)

Circle Takes On Crypto Exchange Giants

Circle had fallen out of favor with diehard Bitcoin fans after it made the decision to divest itself of Bitcoin interaction. One of the pioneering major movers in cryptocurrency, many saw the removal of Bitcoin from the Circle Pay app as a rejection of the more innovative values cryptocurrency represents.

Commenting on Poloniex’s incorporation, however, Hackett saw Circle establishing a firm foothold in the now vastly-expanded crypto corporate arena:

This is a huge coup for Circle—putting it within striking distance of other big U.S. crypto exchanges, like Coinbase’s GDAX, Kraken, and Bittrex.

According to the report, Circle’s revenue from cryptocurrency trading would significantly increase thanks to Poloniex – up to around $1 billion per year, proportionally roughly similar to the combined revenue of the entire exchange sector of South Korea.

Poloniex itself had been facing mounting criticism in recent months. A huge influx of new users over the second half of 2017 saw technical problems and outages at key trading moments as technology struggled to cope with demand.

Also struggling was customer support, a problem repeated across many exchanges in the industry as newbie traders made rookie mistakes and relied on staff to provide a remedy.

What do you think about Circle buying Poloniex? Let us know in the comments below!

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Lis 26

Bitcoin Rockets Past $9000

· November 26, 2017 · 1:00 am

The meteoric rise of Bitcoin continues as the digital currency has just reached $9,000, which is a staggering rise from its $800 value at the end of 2016.

To say that 2017 has been a good year for Bitcoin is a massive, massive understatement. The cryptocurrency that many people considered an interesting distraction has skyrocketed in value since the start of the calendar year. People were amazed when it hit $5,000, and they were then blown away when it hit over $8,000. Now a new milestone has been reached as Bitcoin has just surpassed $9,000.

Higher and Higher!

If you had told people at the start of 2017 that Bitcoin would reach over $9,000, very few would have believed you. But here we are. The cryptocurrency has exploded in 2017, reaching heights of over 10 times its value at the end of 2016.

Hedge fund manager Mike Novogratz said recently that Bitcoin would reach $10,000 by the end of the year. This was followed by Thomas Lee of Fundstrat being bullish on Bitcoin as well, predicting that the digital currency would reach $11,500 by the middle of 2018. It’s now quite likely that we could see Bitcoin reach 10K by the end of the year, and if so, how soon would it take to reach $11,500?

Jumping On the Bitcoin Bandwagon

Many financial institutions and people dismissed Bitcoin as a Ponzi scheme or passing fad (like Jamie Dimon), but quite a few of those entities have changed their tune over the last few months. Investment giants like JPMorgan are now getting actively involved in the cryptocurrency market, and acceptance of Bitcoin continues to grow.

Bitcoin Gold Releases Statement on MyBTGWallet Scam

How high will Bitcoin reach by the end of 2017? It’s anybody’s guess, but it would be tremendous to ring in the new year if it does hit $10,000 (or even higher). It seems that there’s no telling how high Bitcoin could eventually go, especially in light of its fixed supply and ever-increasing demand. Buckle up your seat belts as it looks like the Bitcoin ascent is heating up.

Are you excited that Bitcoin has reached $9.000? How high do you think it will go by the end of 2017? Let us know in the comments below.

Images courtesy of IStockPhoto and Bitcoinist archives.