Money Bitcoin Above Record High of $5000, What Is Behind The Move?

01:00  13 october  2017
01:00  13 october  2017 Source:   Forbes

Bitcoin Competitors Are Being Built in Ex-Google Coders' Laptops

  Bitcoin Competitors Are Being Built in Ex-Google Coders' Laptops Bitcoin’s seemingly unstoppable surge to record highs isn’t deterring competitors. Former Silicon Valley developers are working on at least two new versions of the digital currency. Basecoin is seeking to solve bitcoin’s volatility with a team of former Google Inc. coders that are building what they hope will be a more stable version of the cryptocurrency. Cypherium has former Google, Amazon Inc. and Microsoft Corp. developers building a blockchain that aims to be able to handle an expanded workload more easily.

Bitcoin broke its previous record high of $ 5000 and there are valid reasons which are driving this move . If these reasons continue to support the demand, the price could explode even further. What makes you wonder is what was behind this move ?

Bitcoin broke above its previous high of $ 5000 and it is up 5.26% today. The reality is that investors support the idea of Bitcoin with their money 2017 12:11 Bitcoin price soars above $ 5000 to record high - Crypto Currency News (EN) 12 October 2017 12:11 Bitcoin price soars above $ 5000 to

  Bitcoin Above Record High of $5000, What Is Behind The Move? © Provided by Forbes Media LLC

Buble, wipeout, insane idea, whatever you want to name it, you can. Bitcoin broke above its previous high of $5000 and it is up 5.26% today. The reality is that if investors support the idea of Bitcoin with their money, it is there to stay . Bitcoin is the king and holds the biggest crown among cryptocurrencies. When China imposed restrictions on crypto ICOs, Bitcoin crashed and broke the psychological level of $3000. Now we are back above the level of $5000 and it is up 74% from its previous low of $2975. That was an opportunity worth looking which I mentioned here.

 
  Bitcoin Above Record High of $5000, What Is Behind The Move? © Provided by Forbes Media LLC

Bitcoin is up 74% from its previous low

Russia Plans Its Own 'CryptoRuble' Cryptocurrency

  Russia Plans Its Own 'CryptoRuble' Cryptocurrency CryptoCurrency can be exchanged directly for Russian rubles.Similar to bitcoin, the CryptoRuble cryptocurrency will be underpinned by a online ledger known as a blockchain. Unlike bitcoin, however, it will not be possible for people to mine the virtual currency—the process of confirming cryptocurrency transactions and adding their record to the blockchain in order to generate new units of the currency.

Bitcoin rose more than 10 percent to an all-time high of ,537.16, according to CoinDesk. The latest move higher followed an announcement from the Digital Currency Group that encouraged investors about the future of bitcoin .

12:22 Bitcoin Surges Past $ 5000 for the First Time Amid Staggering Cryptocurrency Run - Crypto Currency News (EN) 12 October 2017 12 price soars above $ 5000 to record high - Crypto Currency News (EN) 12 October 2017 11:57 Bitcoin Above Record High of $ 5000 , What Is Behind The Move ?

 

This is a simply explosive performance and in terms of percentage, the gain is 63% from its lows. What makes you wonder is what was behind this move? There are many explanations such as Amazon bringing Bitcoin on their platform, Goldman Sachs exploring the idea of bitcoin desk, geopolitical risk providing the tailwind and the mighty dollar losing its thrown .

Watch: 'Bitcoin will need to evolve to survive' (Bloomberg)

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The idea of Amazon adding bitcoin as an acceptable form of payment is intriguing.  Its revenue last year was $135.98 billion. Adding bitcoin on their platform would confirm Bitcoin as an acceptable form of payment.  If Amazon successfully implements and brings bitcoin on their platform, it would only be a matter of time before we hear eBay making a similar announcement. After all the entire idea to remain in the game of the online shops is to provide users the best and most efficient way of shopping and Ebay’s annual revenue is $8.97 billion.

Scientists create 'tooth cracker' device to harvest stem cells

  Scientists create 'tooth cracker' device to harvest stem cells That pesky wisdom tooth you're glad you got rid of is apparently a great source of stem cells that could save lives. The "Tooth Cracker 5000" has a clamp that holds a tooth in place while a blade carefully cracks it. This method doesn't damage or contaminate the pulp and results in a perfectly halved tooth -- the team proved that the technique is effective by testing it on 25 teeth samples and achieving a 100 percent success rate. The scientists were able to harvest 80 percent of those sample pulps' stem cells, which is four times more than what you could typically extract from a pulp that was extracted by drilling or shattering teeth.

Having bounced back from China’s exchange closures and Dimon’s damning, Bitcoin just broke above its pre-China ICO ban highs and traded above $ 5000 for the “This record is an exciting milestone and sign of market confidence in the outlook for Bitcoin and the underlying technology behind the

Catalysts for price moves are rarely predictable, but the price moves themselves are. A constructive crash. Every rally must pull back in order to go higher . The long term trend remains up. It is therefore very likely Bitcoin will continue to new highs above $ 5000 .

 
  Bitcoin Above Record High of $5000, What Is Behind The Move? © Provided by Forbes Media LLC

Amazon thinking of accepting Bitcoin as a form of payment

You brain waves would also bring the idea that if giants like eBay and Amazon would accept Bitcoin, what about the biggest giant?  Alibaba is the biggest online shopping platform in Asia and in order to service their clients it would also find a way to bring bitcoin as a method of payment for their users, especially when the firm makes smashing revenues on Single’s Day.  Alibaba holds the crown for the world’s online shopping event. Retailers scrambled on Alibaba platform to sell their products and its revenue for Single’ Day in 2016  ($17.8 billion) surpassed the previous year by $3.5 billion dollars. This really gives you the scope where the price of bitcoin could go if Alibaba and eBay add bitcoin to their list.

A vast number of power plants in Australia have aged and this has substantially pushed up the energy prices in the country. Australians have suffered from several power outages for the past two years and the country requires investment in order to meet the demand. RCMA which specializes in commodity and energy market is looking at ways to provide cheap energy in the country. The managing director of the firm is investing big in gas as it is much cheaper and also cleaner than coal. The firm would invest in their onshore gas field and the company would start a retail electricity trading in Western Australia. That would employ efficient and smart solutions for their consumers and as a part of this, they may include blockchain to pay electricity bills.

This really tells you the scope about the acceptance of the cryptocurrency.

Disclaimer: I do not have any position in Bitcoin

Aubameyang snubs contract, alerts Chelsea & Milan .
Pierre-Emerick Aubameyang has snubbed a contract extension with Borussia Dortmund, fuelling speculation that a January move to Chelsea could be on the cards. Aubameyang, 28, has made no secret of his desire to leave Dortmund, particularly over the summer. A move failed to materialise during the summer transfer window as AC Milan’s interest was continuously rebuffed by current Bundesliga leaders. Massimo Mirabelli, AC Milan’s Director of Sport, is a long admirer of the Gabon Captain but failed in his attempts to get Dortmund to part ways with their star striker. Instead, Mirabelli, focus his efforts on securing the signing of Nikola Kalinic. Aubameyang however, felt the Milan giants could have done more. “I want AC Milan but they fell asleep”, Aubameyang stated. With Chelsea seeing the departure of Diego Costa to Atletico Madrid, and an injury to summer signing Alvaro Morata, speculation is increasing for a move in January for Aubameyang. It’s clear the heavy load of fixtures during the Christmas period with push Chelsea’s strike force to the limits with any realistic chance of winning the Premier League or Champions League requiring reinforcements, particularly in the goals department. Aubameyang has already scored 13 goals in all competitions this season for Borussia Dortmund. With this goalscoring record, it makes the prospect of signing a striker with such a prolific goalscoring record, ever more tempting for the likes of Chelsea and AC Milan.

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