Week ending December 10th, 2017
Your weekly roundup of all things crypto brought to you by Coin Street
Neil’s Market Wrap
Regular followers of my weekly market wrap will have notice that more often than not I start off by telling you Bitcoin hit an all time high during the week. This week is no different. Bitcoin hit $20,000 briefly. Twenty thousand US Dollars for a single one. That’s bonkers, mental, crazy, wild, insane. Add into the mix the fact the Lite Coin and Ethereum also saw their all time highs this week and consider the fact that the total market cap for all crypto currencies soared past $400 billion. So a pretty standard week in some respects but not exactly normal either.
The big news this week, knocking all the other crytpo doings off the top spot has to be the launch of the first ever real world Bitcoin futures product on the CBOE. This is massive and as we have previously reported, represents a coming of age for Bitcoin. So much has been discussed regarding this and what it means for the price that we can’t opine any longer. We are but hours away from the launch. It’s definitely going to be volatile and probably not going to go the way people expect. Fasten your seat belt and hold on tight. Bitcoin is about to get serious. (Source)
A further word of caution for those readers who are still learning about the space and how to get involved. We have been hearing more regular reports about newcomers getting involved in CFDs and other such risky investments. We don’t offer investment advice here, but we do urge caution as it can be complicated and confusing at first. Coin Street have a free beginners guide which you can access here and which will guide you through the basics. Take your time if you intend to make the leap into a crypto investment and above all make sure you are getting what you pay for. A CFD doesn’t actually buy you any coin, it’s just a complicated and confusing way of betting on Bitcoin and a sure way to lose your money if you don’t know exactly what you are doing. If in doubt just ask. We have an active community of admins and members on Facebook who are always happy to guide the way.
Remember, the easiest and safest way to buy Bitcoin is via Coinbase.
This Week’s Highlights
Coinbase is the number one app on the Apple app store
That means that everyone wants to buy crypto. Basically. (Source)
BBC Bitcoin. I’m part of a crazy wave.
When the BBC are reporting on crypto, you want to read about it there rather than here right? After all they are real world journalists, they must know what they are talking about. (Source)
Winklevoss Twins Expect Bitcoin Market Cap to Surpass Trillions in Long-Term
Tyler and Cameron Winklevoss, better known as the Winklevoss twins, expect the market valuation of bitcoin to surpass trillions of dollars in the upcoming years. The twins were recently reported as being the first Bitcoin Billionaires, fortunately they aren’t in the least bit smug, just check them out in any of the interviews they give. Not smug. (Source)
Exponential Growth: Number of Bitcoin Users to Reach 200 Million by 2024
A study conducted by Dr. Garrick Hileman and Michel Rauchs in March of 2017 revealed that the number of active users of bitcoin wallets was in the range of 2.9 million and 5.8 million.
However, since then, proportional to the market valuation and price of bitcoin, the cryptocurrency’s user base has grown at a rapid rate. Coinbase alone, the global market’s largest bitcoin brokerage and wallet platform, serves more than 13 million active users. In November alone, Coinbase recorded 1.2 million users. (Source)
Big Banks Block Client Access to Sunday’s Bitcoin Futures
Big banks are not rushing to facilitate investment in the first bitcoin futures market that goes live on Sunday. Citigroup Inc. and Bank of America Merrill Lynch have told customers they will not provide access to the CBOE Bitcoin futures that goes live on Sunday, according to The Wall Street Journal. (Source)
British spy agency GCHQ tests Bitcoin risks
The Treasury has enlisted Britain’s spy agency to probe the risks associated with Bitcoin, as the digital currency’s price continues to soar.Chris Ensor, the deputy director for cyber skills and growth at the National Cyber Security Centre, an arm of GCHQ, told The Telegraph it is investigating potential security risks on behalf of for Government departments.“We are interested in anything that could affect the country, so Bitcoin is a major thing now,” Mr Ensor said. He said work on the cryptocurrency included assessing how it works as the Treasury considers a crackdown, as well as the potential benefits of blockchain, its underlying technology. (Source)
TL:DR The Treasury said Bitcoin is a major thing now.
The financial and investment press just can’t get enough of Bitcoin.
If they aren’t plugging Bitcoin itself then they are advising on what other crypto exposed stocks you should be looking at. (Source)
Bulgaria Government Shocked To Discover It Owns $3 Billion In Bitcoin
Bulgarian law enforcement jointly worked with the Southeast European Law Enforcement Center (SELC), a regional organization comprised of 12 member states, to bust a sophisticated organized-crime network, arresting twenty-three Bulgarian nationals and seizing a total of 213,519 bitcoins. At the time this was worth in the region of $500million, however it is now worth over $3 and a half BILLION* Total is likely to have changed by the time you read this. (Source)
Coin Street hits 11,000 fans on Facebook
That’s pretty momentous news for us. Why don’t you pat yourself on the back and invite a friend to join the party, We even have a chat group for newcomers to crypto with some friendly souls who would love to hear from you and answer all your questions. Check it out.
Hey, have we talked about the kitties yet?
Basically, a frivolous game broke the Ethereum network this week. That’s simultaneously terrifying and hilarious. While I appreciate that the problems with the scaling and speed of the Ethereum network are well documented and are being addressed in the Raiden upgrade. This was an eye opening example of just how poorly a decentralised network can perform when compared to anything in the real world. Must do better. (Source)
That’s a Wrap
That’s all for this week. It’s a fast moving space. They say one week in crypto is a year in the real world.
Can we ask one favor please?
See you next week.