17 January 2017

Bitcoin Weekly News Summary 2017 W2 (09-15/01/2017)

BWNS

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Bitcoin Average Exchange Price For The Week

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The price per Bitcoin was yet again the biggest news of the week. Just in the opposite way that is was on the first week of 2017. This time around, the price suffered a big dip. So much so, that you can perfectly call it a slam. Taking the price back to pre-rally days. Or to be more precise, to a month back into the past. 

With the high of the week being around $921 on Wednesday 11, And then just going on a free fall on Thursday 12 reaching the low of the week at around $762. Friday 13 saw a bounce to around $830 and yet another pull back to around $790. Saturday 14 got a stronger bounce, as it held this time around. Keeping the price on a ride above $820 and up to around $840. Sunday 15 ended the week with less pullback taking the price below the $820 level. But over all keeping above that level.

The factors affecting the price were all derived around more Fear Uncertainty & Doubt from China. 

What started on the week 1 of 2017 as FUD from China which killed the rally. Ended up becoming monster FUD as meetings of Chinese Bitcoin Exchanges with the PBOC were met with a few grossly misreported articles that classified the meetings as “raids” and “crackdowns” . Which caused all newcomers to get weak hands syndrome and panic sell. Which in turn added tons of nerves to traders which made them to slow down. Something that affected the price even more.

Some of the effects of these meetings with the PBOC could be perceived right away. As one of the big changes that came from it was that Chinese exchanges stopped offering crazy amounts of leverage.  Another effect seemed to have been about they now having to keep fake trading in check. Whether that means the Chinese exchanges are adjusting how they account for trade volume or something else. That is unclear. Nonetheless, Exchange Volume going down during the week in China let a few inquiring traders to see some interesting patterns. With more than one interpreting them as China real exchange Volume being really only about 40%. The evidence to support this cannot be called out as all conclusive, yet one of the points in favor of the theory is that Price per Bitcoin really got slammed when western countries started to panic about badly reported news from China. Instead of tanking immediately as insiders in China got to know about it.

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News

It may not have seen like it. But the second week of 2017 was filled with news. To the point that this BWNS will be all about just News.

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Julian Assange read out a block hash from the Bitcoin Blockchain to prove he is alive

In order to finally put a rest to the loud cries of concerned wikileaks supporters. Julian Assange read out some proofs that he is alive while on a video stream used to conduct an Ask Me Anything thread on Reddit. One of the proofs, and the coolest one, was of course using The Bitcoin Blockchain. The block called out was #447506.

via Justin Connell at News.Bitcoin.com

Backpage shuts down its Adult section in the USA. Not without loudly calling out censorship and pressure from USA government

One of the things that pretty much created a niche market for Bitcoin when it comes to personal listings. Was without a doubt the fact it is the currency preferred by Backpage once all other kinds of payment processors were forced to drop them. 

This week, they shut down the Adult section. Does this mean the escorts that were using it went to another site? No. It simply meant that the Dating Section got a whole lot grayer.  Because as everyone knows. Markets just don’t die if there is a demand for them.

So far, the only change was in optics and process.

To read more on the details, check out the news report.

Via CBCNews/ Reuters

A Report estimated that 10 Million people hold some amount of Bitcoin

The report was a joint effort by ARK Invest and Coinbase. While it cannot be proved as certain enough. It makes for good speculation and headlines. The main giveaway is that according to this report. Most people just hold Bitcoin as an alternative store of value than use it as currency. This only really actually states that the argument of Bitcoin being a store of value could now be considered no brainer in both practice and theory. This does not negates that Bitcoin is still a currency too. Among other things.  It just shows that Bitcoin being considered a store of value, or in other terms being perceived as a commodity is one of the most prevalent notions.

Via Kyle Torpey at Coinjournal

Bitcoin will not be banned in Russia. It is now perceived as a private currency

Is the central takeaway out of news from Russia’s Central Bank and Federal Financial Monitoring Service. Another reason on why the band will not be made is simply because it is quite hard to do effectively and without bringing a lot more attention to it.  In Russia, something getting banned is almost like advertising it. So, am not surprised Russian Authorities have now realized that.

Via Samburaj Das at Cryptocoinnews

Pantera Capital has a new $25M USD VC Fund. Will invest in Brave Browser and Abra

Previous investments from Pantera Capital have been Bitstamp and Xapo. Which so far proved to be good call. Another investment in the Bitcoin space was the now defunct ChangeTip. Which as far as I know, they lost money on. Investing in Brave Browser can almost be seen as a replacement investment to the one they did in ChangeTip. Since the goals of the startups are similar in their use of Bitcoin. Both Brave Browser and Abra are far riskier investments than Bitstamp and Xapo, that is for sure. But if they were to work out, they got some really good reputation cache and a decent possible return.

Other Pantera Capital investments in the Bitcoin & Blockchain Spaces have been the provenance geared startup Chronicled. And the now only partly Bitcoin related fintech startup Circle.  Regardless of how things go for Pantera Capital is still a very positive thing they are investing in the Bitcoin Space in one way or another.

Via Antonio Madeira at Bitcoinist

Blockchain.info got a new logo. It is OK.

Some people hated it. Other liked it. Most are quite Meh about it.  In my case. I don’t can even decide.  The only thing I am sure of it is that it reminds me of the Delicious Bookmarks logo. One thing that can be said is that it is good it is at least OK. After all Blockchain.info is still the #1 Bitcoin Wallet in terms of registered users.  This has been BC.info fifth Logo.

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Via Blockchain.info Blog

In January 12th of 2009, The late Hal Finney was the first recipient of Bitcoins in what was the very first public Bitcoin Blockchain transaction.

Hal Finney died of ALS in August 28 of 2014 and was then put into a cryopreservation state. He can be seen as the founding co-developer of the first working versions of both PGP and Bitcoin. His input no doubt was essential in getting Bitcoin off the ground to a good start.

Further reading

Jonas Schnelli, Bitcoin Core Developer and Co-founder of the Digital Bitbox Bitcoin Hardware Wallet, tweeted about just how much development was done on Bitcoin Core in 2016.

Needless to say, a whole lot.

Google Searches of Bitcoin reached an all time high on India

In terms of Bitcoin awareness, there is no doubt that it has increased a lot in India. Google Searches Trends, while not something to be taken too seriously. It is still a positive indicator.

via Andrew Quentson at Cryptocoinnews

Anthony Murgio pleaded guilty to operating an illegal Bitcoin exchange

The Bitcoin exchange in question being Coin.mx. Which at one point was well known in the Bitcoin Space.

Charges on the illegal activity tied him to Money Laundering and facilitating fraud. But this is just tip of the icerberg when it comes to his story. Click on to read more on what is quite an interesting read.

Via Lester Coleman at Cryptocoinnews

21 Inc CEO Balaji Srinivasan met with Donald Trump as one of the two contenders to lead USA’s Food & Drugs Administration

Not that surprising once you learn Balaji background in the Medicine Industry previous to his Bitcoin venture.

As an interesting note for Bitcoiners. If he were to form part of the USA government under Donald Trump. This would be the third person in the Trump Administration with a few links to Bitcoin.

Via Joseph Young at CCN

An Alpha release of The Lightning Network Daemon became available

Another milestone in the development progress of LN was achieved making it now easy for interested developers to test it.

There are lot of important details about it if you are interested

Via The Lightning Network Community Blog 

BitX rebranded to Luno. Because they say they want to help Bitcoin reach the moon

Only thing verifiably true about that statement at the time of this news is that Luno does mean moon in Esperanto.

BitX, now Luno is a well known South African Bitcoin Exchange. One you get to meet again. So far with they saying is all regular business as usual and they are all about Bitcoin.  With the excuse for the rebrand being that they don’t want to be seen as just an exchange and also all being due to timing as they are now looking to expand to the European market.

Eh, another week, another Bitcoin Startup rebrand.  Or at least that how 2017 feels so far.

Via the BitX, I mean Luno Blog

Bitcoin Merchant Adoption in Japan has grown at least 4X since one year

This according to a recent Survey. Putting the total amount of shops that accept Bitcoin to 4,200 shops.

However, it is unclear how these shops are being counted. That said, I think the premise of the news of a 4X+ jump in Bitcoin Adoption compared to one year ago is no doubt highly plausible. Specially since Japan now has two solid Bitcoin Exchanges in Coincheck and Bitflyer. And has even saw the appearance of a small Bitcoin Themed reality TV show there among several other news. 2016 was very clearly the year Bitcoin got traction in Japan again.  It looks like 2017 at the very least will keep things moving forward in a upwards trajectory.

Via Olesegun Ogundeji at Cointelegraph

How Chinese is Bitcoin? – Part 1: Trade Volume

Is the question that Neil Woodfine, who also happens to be Bitcoin Beijing Meetup organizer wants to answer. Starting by looking at Trade Volume.  Very recommended read as this also serves as an explainer on this week news explained in what happened when it came to the price per Bitcoin.

Via Blockunchained.

 

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This BWNS is brought to you by BraveNewCoin,  who have built an advanced Market Data Engine and API along with it that can provide you with a Bitcoin Index of Historical Data, a Bitcoin Block Weighted Average Price and a Bitcoin Liquid Index among many others things. Take a look, Contact BraveNewCoin and gather market insight.

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That’s all for this week.



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