The US Justice Department on Thursday said law enforcement would shut down the dark web marketplace AlphaBay, saying it allowed thousands of vendors to sell illegal drugs. AlphaBay mysteriously went offline earlier this month. It was widely considered the biggest online black market for drugs, estimated to host daily transactions totaling hundreds of thousands of… bitcoins | New York Post"Justice Department shuts down dark web ‘drug market’ AlphaBay"
Bitcoin’s most abrasive fight is over, for now at least. Bitcoin prices rallied more than 50% this week after a vote in favor of expansion by the computer operators who maintain the digital currency’s network, the so-called miners. On Friday afternoon, bitcoin was trading at $ 2,748, up 52% from Sunday’s low of $ 1,835, when fears about the vote’s outcome pushed prices down. The digital currency reached a high of $ 2,940 Thursday, near its…"Bitcoin Rallies Sharply After Vote Resolves Bitter Scaling Debate"
To the uninitiated, investing can seem like gambling. And in some cases, it is. But when big-name investors make big returns look easy, it’s tempting to roll the dice yourself. The latest craze to catch the attention of the mainstream investing community revolves around cryptocurrencies, such as Bitcoin and Ethereum. Jason Calacanis, an early investor in startups including Robinhood and Uber, recently tweeted a question about the appropriate percentage to invest in the volatile cryptocurrency…"Big-name investors are using a ‘1% rule’ to make risky bets that won’t devastate you — but could pay off big-time"
John McAfee, the colorful founder of his namesake antivirus software company, as well as a former fugitive and passionate cryptocurrency backer, says bitcoin is headed toward the $ 500,000 mark within three years. Apparently, he’s got a lot riding on it: That disturbing visual may be a joke, but Bitcoin’s potential is no laughing matter, according… bitcoins | New York Post"Cybersecurity legend: ‘I will eat my d–k’ if I lose $500K Bitcoin bet"
Bitcoin is on track to recoup losses from its weekend crash thanks to signs that the civil war tearing the cryptocurrency community apart may soon reach resolution. Bitcoin tanked 20%, below $ 1,800 per coin over the weekend, but is now trading at around $ 2,300. According to reporting by Bloomberg’s Yuji Nakamura, that may be because bitcoin miners are getting on board with a software created to bridge the gap between the two opposing camps in the bitcoin community. If enough miners…"Bitcoin is on a tear amid signs that its civil war is coming to an end"
A civil war is taking place in the world of bitcoin, putting the future of the red-hot cryptocurrency in question. Bitcoin is up over 250% since last year, but in the past few months its price has experienced big swings. Arthur Hayes, CEO of BitMex, a bitcoin derivative exchange, told Business Insider he thinks recent volatility in bitcoin’s price reflects the uncertainty surrounding the outcome of this war, which will be decided August 1 when crypto-power brokers determine how the tech that…"Bitcoin is embroiled in a civil war — here’s one way it can unfold"
The price of bitcoin has been on a tear over the last year, but the number of top merchants who accept the cryptocurrency as a form of payment has retreated. That’s puzzling to Jonathan Johnson, the president of Medici Ventures, the venture capital subsidiary of online retailer Overstock. Johnson played an integral role in getting the retailer known for its furniture stock to accept the cryptocurrency. He told Business Insider that Overstock has seen a “modest”…"OVERSTOCK EXEC: ‘It’s crazy that so many retailers don’t accept bitcoin’"
Ether, the unit of cryptocurrency used on the Ethereum blockchain, has given investors a wild ride lately. Its value more than doubled in May, peaked in June at more than $ 400 an ether, and then lost more than half that value by early this week. That may sound like a bubble bursting. But some investors are still optimistic and are prepared to ride it out. Aaron Batalion, a partner at Lightspeed Venture Partners, said…"Silicon Valley is hot on a new cryptocurrency that could become worth 100 times its current value"
Digital currencies fell sharply on Tuesday, with the price of ether falling below $ 200 for the first time since May — a 50% drop from its record high set just a month ago. Bitcoin prices were down as well, off as much as 3% early in the day. Among the top 20 digital currencies, virtually all of them were down, with some off around 15%. It’s just the latest illustration of the extreme volatility…"Ethereum Down 50% as Steam Comes Out of Rally"
This story was delivered to BI Intelligence “Fintech Briefing” subscribers. To learn more and subscribe, please click here. While most federal regulators in the US have taken a sluggish approach to cryptocurrencies, the Commodity Futures Trading Commission (CFTC) has been an exception. In September 2015, the body designated cryptocurrencies as commodities, rather than currencies. Then, in May 2016, it gave TeraExchange, a cryptocurrency clearing platform, full authorization to trade digital currency derivatives, making it the first company in the US to…"More Bitcoin regulations are coming"