Říj 30

Bitcoin Price Hits $700 for the Second Time This Year

Source: bitcoin

happy trader bitcoin price

The bitcoin price has increased by an additional $20 since our last  report and is now hovering at the $700 mark. This makes it official: bitcoin has reached the point projected, and crypto-fans are breaking out the champagne.

Also read: Bitcoin Price Keeps Booming, Another $30 Rise in the Books

One source explains the action:

“Well, there we go. . .As we said this morning, it’s been a great week for our breakout strategy. When tings move like they have done this week, it’s difficult not to profit from the volatility. All we needed to do was set up our key levels and wait. That’s all we ever really do.”

Bitcoin Price Rallies as China’s Monetary Problems Worsen

Activity in China is still believed to be the cause of bitcoin’s subsequent jumps. The yuan just hit a six-year low, and investors are rushing like crazy to purchase bitcoins and “circumvent capital controls.”

Chief strategy officer at OKCoin Jack Liu explains:

“There is a premium in bitcoin pricing in China as a hedge against the yuan… Strength is likely to carry into year-end.”

What’s particularly impressive about bitcoin this time around is that it could not only reach $700 in such a short period but that it could accomplish such a feat twice within the same year. Many of you might remember that bitcoin wandered into $700 territory over the summer before the Bitfinex hack.

The unexpected jumps caused many to up their respective purchasing and further add to their growing portfolios, but once disaster struck in Hong Kong, people began speculating on the legitimacy of the expansion. Was it possible executives had been tampering with the markets and the price like what allegedly occurred before Mt. Gox?

This became the subject of much debate, but now it’s probably safe to say that bitcoin’s rise isn’t necessarily a fluke. Yes, Asian influence is again being witnessed, but bitcoin has managed to reach the same territory within four months, and investors feel comfortable that the stagnant market of 2015 did indeed run its course and disappear for good. Last year brought virtually little to no change to bitcoin over a span of ten months, and enthusiasts would like to avoid that same route as best they can.

To make matters better, analysts are predicting that bitcoin will remain steady, and reach potentially stronger points before 2016 ceases:

“The long-term bullish trend continues to develop… An immense volume breakout has not affected the price. This is considered bullish divergence. If sellers become exhausted in the coming weeks, the price should make new highs for the year… The long-term Bitcoin chart is extremely bullish, with solid support for the current bull market in the form of extreme volume.”

How much further will bitcoin go before 2017 begins? Post your comments below!

Image courtesy of Bitcoinist.

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Bitcoin Price Hits 0 for the Second Time This Year

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Chinese Court Awards Damages Against OKCoin, Says It Operates Illegally

Source: bitcoin

Chinese Yuan

A Chinese civil court has awarded damages against the parent company of popular bitcoin exchange OKCoin, saying the business is improperly registered and facilitates criminal money-laundering.

Also read: Network Engineer Tries to Thwart UK Bill That Plans to Expand Surveillance State

It is the first major court ruling against a bitcoin exchange in China, which could have ramifications for other Bitcoin businesses in the country.

The decision was actually published online in China on July 29, but did not become widely-known until today. It pertains only to OKCoin’s China-based entity OKCoin.cn, and not its Singapore-registered international exchange OKCoin.com, which is a separate business.

The case is reportedly an appeal stemming from a 2014 case that OKCoin’s parent company Lekuda also lost. The defendant, Huachen Commercial and Trading Co. Ltd., claimed a criminal had defrauded it of 12 million RMB ($1.8 million USD) and then laundered the money by buying bitcoin, which was then withdrawn to an account in Macau.

The initial ruling awarded 80 percent of the damages the defendant company had sought, but the appeal reduced this to 40 percent.

OKCoin ID Reviews Not Strict Enough

In the ruling details, the court criticized OKCoin for not strictly reviewing its users’ real identities, meaning criminals could easily use the exchange to launder proceeds from their illicit activities.

The criminal in this case had set up a number of accounts on OKCoin using fraudulent identity documents purchased online.

Operating Outside the Scope of its License

The ruling also suggested OKCoin was operating illegally, since its operating license doesn’t cover its bitcoin exchange business.

It would be difficult to comply fully under these conditions, since there is no existing legislation to regulate Bitcoin businesses in China, and no license to obtain even if it were sought.

The judgment said OKCoin “should register at the administration of Industry and Commerce and get a business license.”*

“Lekuda’s registered business scope only includes these areas: technology development, transfer of technology, technical services, technical marketing, consulting and investment management. Trading Bitcoin for profit-making purposes is beyond the range permitted by the administrative authorities.”

Bitcoin in China a Gray Area

Since the Chinese government has a history of placing restrictions on Bitcoin companies’ operations, many in the country will no doubt be watching and treading carefully in the near future.

Authorities first tried to forbid bitcoin exchanges from performing direct transfers in and out of banks in early 2014, and requested the five major exchanges at the time sign a statement warning their customers of the risks of speculating on bitcoin price.

Since then, however, Bitcoin businesses have found ways to continue operations as usual within the gray legal area. Chinese bitcoin exchanges are among the world’s most active and widely used, mainly due to zero-fee structures.

*English translations of judgment via Reddit.

Do you think the ruling is likely to lead to another crackdown on Bitcoin business in China? Are Chinese exchanges more likely to be more thorough with ID procedures in future?


Images courtesy of Wikimedia Commons, OKCoin.

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Chinese Court Awards Damages Against OKCoin, Says It Operates Illegally

Čvc 02

Industry Report: How China, France, and the FBI Do Bitcoin

Source: bitcoin

Bitcoin Industry Report

China loves digital currency, France wants to fight it, and the FBI doesn’t know how to handle it. Want to catch up on your latest digital currency news? Check out the stories below.

Also read: Industry Report: Bitcoin Thieves Abound As Popularity Skyrockets


China has proposed a new civil law that recognizes the people’s right to own virtual assets. This includes bitcoin and additional cryptocurrencies.

The civil code was introduced in the National People’s Congress on June 27 and states that all virtual and physical financial entities possess equal status. In other words, you can own bitcoin, and you can own yuan. Either way, they’re both money and they’ve both been created for the same purposes.

OKCoin founder Star Xu was enthusiastic about the law, stating:

“Since the Chinese laws have not clearly defined the virtual asset in the past, property disputes involving ‘virtual commodities’ are difficult to be resolved under the existing law. This proposed new civil law draft, which includes digital assets with legal rights, will contribute to the protection of such property rights while also establishing a framework for the development of future specific rules.”


Despite the light in China, there’s a dark sky hovering over Paris. Bernard Debre of the National Assembly of France wants to place a ban on bitcoin in the city of Paris, fearing its use will lead to online drug purchases. Debre believes drug trafficking is at an all-time high. He’s also aiming to shut down “La Maison du Bitcoin” (the house of bitcoin), a bitcoin-advocacy organization operated by Ledger.

Following the terrorist attacks of last year, Debre is hard on his stance, and proposing that the country takes a legislative approach towards stopping anything that could further criminal activity.


Three years have gone by since the original Silk Road went offline. Ross Ulbricht is behind bars, and yet this story hasn’t come to a definite close.

Gary Davis, allegedly known as “Libertas” on the darknet market, is presently fighting his extradition to the U.S. He will not be charged for his involvement in Silk Road if he’s successful in his process.

Back in 2013, Microsoft was issued a warrant when the DOJ wanted to investigate a particular Outlook account belonging to Gary Davis. The case to which the investigation pertained was never revealed to Microsoft, and the company is now seeking legal assistance regarding what they say was a “breach of privacy.”

The case is in the hands of the US Court of Appeals and is likely to set new precedents for the technology industry. The outcome should be decided in July, and Microsoft is receiving support from several technology companies ranging from Apple to Cisco and AT&T.

Know of any stories worthy of being included in our regular industry reports? Post your thoughts and comments below!

Image courtesy of Alexandre Beaudry blog.

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Industry Report: How China, France, and the FBI Do Bitcoin

Čvn 03

Bitcoin Price Finds Stability After Massive Bull Rally

Source: bitcoin

Bitcoin Price

Perhaps last week gave us so much excitement that we needed some time off. In our previous price piece, bitcoin shocked its fans by jumping to the $530 range within a matter of days. Now, we look at bitcoin, and it hasn’t moved. In fact, several days later, Bitcoin is exactly where it was before.

Also read: Bitcoin’s Price Explodes, Is $600 Around the Corner?

Will the Price Stay Flat at $530?

Will the currency continue to rise in the coming days? It’s hard to say, exactly. Bitcoin is certainly on the rise. This past week has shown that, but a pause seems to be occurring in what can be called the Bitcoin assembly line.

As several sites and platforms reiterate, there appear to be three major things influencing the price of bitcoin, all of which we’ve covered in previous segments, so this won’t be news to regular readers.

The first is the halving set to occur next month. There’s not much else to say that hasn’t already been explained. Production on bitcoin is slated to be cut in half beginning in July. There will be fewer transactions, and the value is expected to spike.

The second seems to be interest in Ethereum. This one is really up for grabs; we saw Bitcoin drop before moving back up, and this could also have been due to re-instituted value and interest in Ether, a long-standing Bitcoin rival.

The altcoin was the subject of the largest crowdsale in history, but while some feel that this was the cause for a temporary fall in bitcoin’s status, others claim that it brought about further interest in cryptocurrency altogether, thus garnering more views and causing several to eventually turn their attention towards Bitcoin completely.

This makes sense, in a way. Bitcoin rose nearly $100 USD in just a week, while Ether’s price has remained relatively unchanged, so in the long run, this argument could go either way. Ethereum may have hurt bitcoin for a short time, but it also may have aided it in the end.

The third reason is China; their interest in bitcoin is at an all-time high. As the Wall Street Journal states:

“Huobi and OKCoin, two Chinese exchanges, now collectively account for some 92% of global trading in bitcoin. The surge in bitcoin buying this weekend could be the latest sign of how Chinese investors are moving money between asset classes quickly in search of high returns.”

The simple fact is that China is responsible for the majority of bitcoin trading, and things are slated to stay this way for at least a little while.

There may not be much news to report on the state of bitcoin, but there also isn’t any negative press. The digital currency is staying put and hovering in a solid place, and doing its best to provide and build on what it has already created, so why get in the way of that? This is one time where we need to sit back and enjoy the ride.

Eventually, bitcoin will jump higher and exceed our expectations again, but until that happens, let’s give bitcoin some room before its next big workout.

Do you see bitcoin rising again soon? Post your comments below!

Images courtesy of Entrust Financial Credit Union, bitcoinprice.tech.

The post Bitcoin Price Finds Stability After Massive Bull Rally appeared first on Bitcoinist.net.

Bitcoin Price Finds Stability After Massive Bull Rally

Kvě 14

Give Me Leverage or Give Me Zero Fees for Bitcoin and Cryptocurrency Trading

Source: bitcoin

Give Me Leverage or Give Me Zero Fees for Bitcoin and Cryptocurrency Trading

There is a trend emerging in the bitcoin trading landscape. The trend is towards higher and higher leveraged products. If you do not have leverage or zero trade fees at your exchange, then you can expect to see tumbleweed go by every day. Give the users leverage or zero fees, otherwise expect exchange death.

Disclaimer: Bitcoinist does not endorse nor back any of the services in the article. Use them and the information at your own risk.

Also Read: Talking with CRIX founder Dmitry Koval

Stigma – Socialised Losses and high leverage

There is a chance of Socialized losses when trading at some futures platforms with high leverage. When there are a lot of liquidated positions, the system can be at a loss. To prevent the system from losing money everybody that made a profit after the futures have settled pays a part of their profit into the pot to pay for the liquidations. In the past, there were significant socialized losses at okcoin and bitvc. In more recent times since adjusting some of the parameters around liquidations and increasing the insurance fund size socialized losses occur a lot less. Socialized losses were something that a lot of exchanges did not want to be associated with. High leverage futures were thought to be unsafe and not a real derivative. These two factors made some platforms hesitate to make the move to high leverage products.

Crypto Facilities

At the start of 2015 Crypto Facilities offered 3:1 which they later rasied to 5:1. Now have a turbo product with 50:1 leverage. That is quite an increase in leverage wouldn’t you say? At Inside Bitcoins Berlin,Dr. Timo Schlaefer the CEO characterised anything over 3:1 to be “unsafe” and a “gambling product. Oh, how the times change. Compared to a lot of other platforms that offer 20-100:1 leverage. One thing that is different about the products at Crypto Facilities is that there are not any socialised losses. The futures are settled without a possible clawback if there are too many people on the losing side. Even at 100x leverage CF does not have socialised losses. They are also regulated by the FRN. Recently they have made a partnership with CME to create a bitcoin reference rate and real-time index.


Bitmex started out as a futures platform designed for institutional traders. It was confusing and overly complicated for a lot of traders and struggled to get volume. Little by little the UI improved, products were taken away and new ones were added. With the new products and higher leverage came new traders. The latest product is a 100:1 perpetual swap that allows people to trade bitcoin at 100:1 without having to deal with futures settlement. The only one of its kind on the market. Bitmex has also added a perpetual swap at 33.1:1 and has the “regular” futures for bitcoin, litecoin, factom and the A50. Unlike an altcoin exchange, everything at bitmex is based on bitcoin all futures and swaps are denominated in bitcoin. This allows you to get exposure to different markets using bitcoin.

liquidations incoming

Zero Fees
Known for ghash it’s mining pool CEX has been a quiet place in regards to trading as of late. It turns out they have been doing a significant amount of business with people buying bitcoin via credit card and have reportedly had40 Million in deposits and are adding margin trading. They have lowered the fees on all trading pairs and are offering no fees for trading on the pairs ETH/BTC and LTC/BTC. Without fees day trading and trading with a trade bot more viable since you are only paying the spread. Even without fees any exchange will have a tough time getting anywhere near the volume at okcoin.cn. There are no trade fees and the volume is off the chart. Not only is okcoin.cn without fees but they also offer 3:1 leveage. Is the volume at zero fee exchanges real or simple wash trades to pump up the volume? You will have to decide for yourself.

Do you trade bitcoin with leverage? What is your favourite platform?


image credit: tradingview.com ,World History Archive/Newscom, wetalktrade.com

The post Give Me Leverage or Give Me Zero Fees for Bitcoin and Cryptocurrency Trading appeared first on Bitcoinist.net.

Give Me Leverage or Give Me Zero Fees for Bitcoin and Cryptocurrency Trading

Úno 17

OKCoin Adds New Security Features To Mobile Bitcoin App

Source: bitcoin

Bitcoinist_Mobile App

OKCoin is one of the leading Bitcoin exchanges in the world, and they have recently updated their mobile application with additional security and other features. More and more traders are looking to access their preferred Bitcoin platforms from the comfort of mobile devices, and companies have to cater to those needs. The recent features added to OKCoin make their application one of the more versatile mobile offerings available today.

Also read: Virtual Currency Issued By PBOC Will Not Use Blockchain Technology

OKCoin Mobile App Gets Major Update

There is nothing more annoying than accessing an online Bitcoin trading platform through a web browser. While several of these platforms offer mobile-friendly versions of their website, the overall experience can feel clunky and annoying rather quickly. Navigating through charts and accessing account menus through a browser on mobile is not a fun experience in most cases.

Mobile applications seem to hold the answer to these problems, and OKCoin is one of the first companies to offer a feature-rich app. The first hurdle to overcome for new platform users is signing up for an account. Luckily, the OKCoin mobile application makes this process rather straightforward, and users can even complete Level 1 verification from within the app itself. Doing so will give them instant access to Bitcoin trading features.

Up until now, withdrawals could not be made from within the mobile OKCoin application. This may seem rather strange for a platform priding itself on their trading features, but it was one of the things that had to be improved in the future. With the updated mobile app, OKCoin users can now withdraw funds in both Bitcoin and Litecoin by accessing the “Withdrawals” menu.

Most mobile applications lack proper security, and the OKCoin developers have addressed those concerns as well. After all, users are storing their trading portfolio wealth on a device that is not always in their eyesight, and proper precautions need to be taken to avoid unauthorized use of the application.

Among the new security features is Touch-ID, which lets users authenticate access through gesture rather than using a password. While gestures may not be a perfect solution either, it is a notable step forwards from letting users stick to [weak] passwords. On the other hand, users who prefer to stick with passwords will have the option to reset it through the mobile app as well, by entering a code sent to them via SMS.

Other Bitcoin Platform’s Apps To Follow?

OKCoin is one of the first major Bitcoin companies to take steps in the right direction for tackling the mobile ecosystem. For some reason, most exchange platforms have no mobile application available, even though global numbers of users owning a mobile device is growing every year.

If and when more mobile apps become available to Bitcoin users, we can only hope to see the same – or an even higher – level of focus on account security. Mobile apps are very convenient, but security is often rather lackluster. In the end, this is real money people are dealing with, on devices that are regularly used by other people.

What are your thoughts on the OKCoin update? Will you be using any of their new features in the future? Let us know in the comments below!

Source: OKcoin

Images courtesy of OKCoin, Shutterstock

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OKCoin Adds New Security Features To Mobile Bitcoin App