Cryptocurrency News for 8 Aug 2017

Japan Tops Bitcoin Trade Volumes Again As Poland Takes Surprise 6th Place

Japan’s mostly zero-fee trading has propelled it back to poll position in the world for exchanging the cryptocurrency.

Data from CryptoCompare shows the Japanese yen (JPY) accounting for a huge 43.6 percent of Bitcoin trading volumes globally over the past 24 hours.

Japan’s volume - over 97,000 BTC - dwarf those of the number two market the US dollar, which consumes another 25 percent of the total, or 55,800 BTC.

Full story at http://bit.ly/2uBTfYI

Source: CoinTelegraph

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‘Bitcoin Regulation Act’ Introduced in South Korea Bans MLMs

Korean Democratic Party lawmaker Park Yong-jin announced last week that he has introduced an amendment for the Electronic Financial Transaction Act. Its main purpose is to create a regulatory framework for digital currencies in order to “maintain healthy market order and protect users,” Inews24 reported. Business Korea calls this amendment the “Bitcoin Regulation Act.”

“As interests in virtual currencies such as bitcoin and ethereum have soared,” Park said “there is no clear definition of virtual currencies or restrictions on those who can sell virtual currencies.” He first announced that he would introduce this legislation back in July. Business Korea wrote:

The Bitcoin Regulation Act is scheduled for a regular session of the National Assembly in September with a growing debate foreseen.

Full story at http://bit.ly/2uCe0Dl

Source: Bitcoin News

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Bitcoin Price Stays at All-Time Highs, Bitcoin Cash Posts Lacklustre Recovery

Bitcoin Cash (BCC/BCH) has failed to live up to expectations as Bitcoin (BTC) surges to all-time highs.

Cross-exchange data from Coinmarketcap shows BCH achieving only a modest correction to its huge price decline last week, while BTC currently trades at an average $3,240.

Despite a 13.5 percent rebound, BCH is still below $250 as of press time, having reached highs of over $720 the week previously.

Increased trading opportunities fueled a downward spiral which has since seen the new Bitcoin fork drop by two-thirds.

Full story at http://bit.ly/2uBR8DY

Source: CoinTelegraph

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Cryptocurrency Market Tops $116 Billion to Set New All-Time High

The total value of all publicly traded cryptocurrencies set a new all-time high today.

At press time, data from CoinMarketCap indicates the crypto asset class is now worth just over $116.9 billion, just above of its previous all-time high of $116.2 billion set on June 12.

Overall, the value of the asset class is up nearly 30% over the last week, rising from just under $90 billion on July 31, and up nearly 80% since its recent $60 billion low on July 16.

The price increases come at a time when optimism is beginning to return to markets following a bitcoin hard fork in which a new cryptocurrency was created without disrupting the larger bitcoin network. Over this time, bitcoin has enjoyed broad media coverage, though it remains difficult to determine if new buyers are being attracted to the space.

Full story at http://bit.ly/2uByMDi

Source: CoinDesk

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Bitcoin Price Breaks All Time High Less Than Two Days Before SegWit Lock-in

Today, the price of Bitcoin pushed past its previous high of $3,350 to reach $3,430 on Bitstampand similar prices on other exchanges. This continues the upwards move which began Saturday night as Bitcoin shattered the $3,000 mark, which had long been a significant barrier.

Segregated Witness, also known as BIP 141, is expected to lock-in within the next 36 hours. A previous Bitcoin improvement proposal, known as BIP 91, was activated by the network on July 20. BIP 91 was a crucial first step toward the implementation of SegWit because it caused the network to automatically reject any blocks that are not signaling for SegWit (BIP 141) activation.

Once 95 percent of the blocks within a 2016 block difficulty adjustment period have signaled for Segregated Witness, it will be locked in. Following that lock-in, there will be another 2016 block period for everybody on the network to upgrade their software before SegWit actually activates.

Since BIP 91’s activation required all miners to signal for SegWit or find their blocks rejected, the activation of Segregated Witness has been a foregone conclusion since July 20. Nonetheless, the market seems to be reacting favorably.

Full story at http://bit.ly/2uCa5qc

Source: CoinTelegraph

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Bitcoin Is Now Worth Nearly 3 Times More Than an Ounce of Gold

More than five months after bitcoin and gold prices hit parity, bitcoin is now worth nearly three times as much as the more traditional store of value.

The price of bitcoin reached a new high above $3,400 during today's session, a figure that was more than $2,000 above the price of gold. At press time, the precious metal was trading for $1,257 according to a spot exchange rate provided by Bloomberg.

Overall, it's the latest sign that the cryptocurrency asset class may be maturing in the eyes of an increasingly professional set of investors – earlier today, the total value of all publicly traded cryptocurrencies set a new all-time high, rising above $117 billion for the first time.

But while largely symbolic, the finding is notable given that bitcoin enthusiasts have long compared the digital asset to gold, arguing that it is a more effective store of value due to its digital and provably finite nature.

Full story at http://bit.ly/2uC5iVP

Source: CoinDesk

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Prepared by @SydesJokes

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