Bitcoin is trading down Tuesday afternoon after one of the most powerful men on Wall Street said the red-hot cryptocurrency is in a bubble worse than any other in history. Jamie Dimon, the CEO of JPMorgan, called bitcoin “a fraud” and “worse than the tulip bulbs” bubble of the 1700s while speaking at the Barclays Financial Services Conference. Bitcoin is down over $ 100 since Dimon made his comments, trading lower by 2% at $ 4,140 a…"Bitcoin slides after Jamie Dimon bashes the cryptocurrency"
Can the bursting of the cryptocurrency bubble be far away? You know a market frenzy has turned surreal when Paris Hilton joins in: The celebrity most famous for being famous took to Twitter Monday to back a new currency called Lydian. But just hours later Chinese regulators put a damper on the fun, issuing a ban on so-called initial coin offerings. ICOs work like IPOs, except that instead of an equity stake in a company,…"In the Cryptocurrency Market, It’s Chinese Regulators vs. Paris Hilton"
Litecoin is riding the cryptocurrency wave. The fifth largest cryptocurrency on the market surpassed $ 80 per coin Friday afternoon, as more well-known digital currencies such as bitcoin and ethereum continue to reach new heights. Litecoin is up 12.98% since yesterday at $ 82.50 per coin. Cryptocurrencies are powered by distributed ledger technology and are not controlled by a centralized authority. The market for these coins and tokens has exploded this year with the total market cap for…"The fifth largest cryptocurrency surges past $80 per coin"
Fidelity is testing out a new service to help make life easier for its clients who invest in cryptocurrencies. The $ 2.3 trillion investor announced on Wednesday a partnership between its Fidelity Labs, the firm’s innovation center, and Coinbase, the cryptocurrency exchange serving nearly 9 million customers. As part of the partnership, Coinbase users will be able to view their bitcoin, ethereum, and litecoin holdings alongside their other accounts in their Fidelity Portfolio. The company told Business Insider it’s not…"Fidelity, the $2.3 trillion investment giant, is testing out a new cryptocurrency service"
This story was delivered to BI Intelligence “Fintech Briefing” subscribers. To learn more and subscribe, please click here. CBOE Holdings, which oversees the Chicago Board Options Exchange, one of the world’s largest options exchanges, has partnered Gemini Trust, a New York-based cryptocurrency exchange backed by the Winklevoss brothers, which deals in assets including Bitcoin and Ether. Under the deal, CBOE will use Gemini’s cryptocurrency market data to create new indices, and eventually, if it receives regulatory permission, to launch cryptocurrency…"US options exchange partners with cryptocurrency player"
AMD released its quarterly earnings after the bell Tuesday and the stock took off. A beat on earnings and revenue, coupled with a higher than expected forecast for the rest of the year, sent AMD’s stock up about 8%. In the earnings call following the company’s release, Lisa Su, CEO of AMD, said something surprising. “Relative to cryptocurrency, we have seen some elevated demand,” Su said. “But it’s important to say we didn’t have cryptocurrency in…"AMD: Cryptocurrency mining won’t be a ‘long-term growth driver’ (AMD)"
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"
Nvidia and AMD are in a war. The two companies both produce graphics cards and compete over PC gamers, self-driving car manufacturers and data center managers to prove that their technology is superior. Nvidia tends to be ahead in many of those markets and has seen its stock rise more this year because of it. A new market is emerging though. The two graphics processing unit (GPU) companies are currently fighting over the cryptocurrency GPU market,…"A Wall Street bank is betting Nvidia will win the cryptocurrency battle (NVDA, AMD)"
Cryptocurrencies led by bitcoin and ether were falling across the board on Monday as a massive run-up this spring has spurred some profit taking. The most prominent drop came in ether, the digital currency used on the Ethereum network that is still reeling from trading problems last week. Ether fell 24% Monday to $ 231, and has now lost 41% of its value from its peak June 14, according to data from Coindesk. Meanwhile, bitcoin…"Ethereum Drops 24%, Bitcoin Loses, Too, Amid Cryptocurrency Selloff"
As bitcoin reaches for $ 2,500 again, I thought this would be a good time to let readers know exactly how digital currencies work and how to get more information if you wish to partake in this alternative investment. There will be only 21 million bitcoins created, and as of last month, roughly 16.8 million or… bitcoins | New York Post"How to get a start in the cryptocurrency game"