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Bitcoin Price Stabilizes At $8,000: Will It Grow?

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From the latest news about bitcoin to rumours about decentralized applications, smart contracts, the Internet of finance, blockchain and the next gen web, we combine the best news, prices, analyses, breakthroughs and advice with emphasis on our expert opinion and experienced commentary from members of the prestigious digital currency community.

Bitcoin Price Stabilizes At $8,000: Will It Grow?

No one in the crypto trading and investing world wants to remember last week – time when the Bitcoin price was in a market correction falling down below $6,000 in numbers that no one would have guessed.

However, this week Bitcoin has been rising which gave the hopes up to many investors. The recovery happened this week and by February 7th, Bitcoin surged to $8,000 on the crypto exchange Bitfinex. Despite the price movements over the past couple of days, it has held above the mark since.

It appears that $8,000 is something like a base for the leading cryptocurrency. Bitcoin has stabilized at the point and could not break through $9,000 despite the brief period of trying on February 10th. Currently, Bitcoin is trading somewhere over $8,857 which is in line with the global average.

One reason for the recovery of Bitcoin lies in the so-called “Kimchi Premium” that is a moderate premium at South Korean exchanges, which rose in terms of value on Western exchanges (after disappearing at the beginning of February because of the implementation of new restrictions intended to cool the heated markets.)

At the time of writing, many exchanges price Bitcoin above $9,000 which may be an indicator for the new price of Bitcoin. Let’s just hope the leading cryptocurrency is on its way back to five-digit numbers.

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Bitcoin ATMs Number Keeps On Increasing, The Question Is Why?

According to a report that reached our crypto news today, the number of Bitcoin ATMs around the world has officially surpassed 4,000 and it continues to grow. Analysts ask why.
The rise in the number of the Bitcoin ATMs comes at a time when cryptocurrency businesses are implementing strict Know-Your-Customer protocols and Anti-Money laundering policies.
For example, ShapeShift, the Swiss-based crypto exchanges received 18 subpoena requests in 2018 from US authorities only. The number in requests, however, is far less that one of Kraken which as one of the most popular crypto exchanges worldwide, received 315 subpoena requests from the US government in 2018. The United States government filed a stunning 65 percent of all of the subpoena requests that Kraken received.
The increasing demand for Bitcoin ATMs relates to the G20’s efforts to try and regulate cryptocurrencies and make regulation stricter. Many crypto markets such as Japan and South Korea have already implemented new crypto policies in regards to user surveillance and fraud protection even in 2017.
The ATMs are an alternative to strictly regulated exchanges where crypto users or more specifically buyers and sellers are able to purchase cryptocurrencies like Bitcoin with almost no identification.
There are some downsides to ATMs as well. For example, the higher fees are one of the reasons why users don’t tend to use them. They also have low daily limits which make impossible for users to buy and sell larger amounts of bitcoin.
The managing partner of Straight Up Capital, Sean Keefe, says that bitcoin has a huge potential to become the major tool for the e-commerce sector and that this will also lead for an increase in the demand for BTC ATMs.

UN Thinks Bitcoin & Crypto Are “The New Frontiers” In Finance, Focusing On Ripple And IOTa

The year-end report on the global economy by the United Nations is in the cryptocurrency news, particularly because of its focus on crypto and Bitcoin as "the new frontiers" in digital finance. As the UN wrote, crypto and blockchain technology have a massive potential to create new and revolutionary business models that cut red tape as well as increase the efficiency.
However, this is not the first time that UN has expressed its interest in digital assets. Before this, the United Nations Office for Project Services (UNOPS) announced its collaboration with IOTA in order to "explore how the innovative technology behind IOTA which provides a distributed ledger for data management is going to increase the efficiency of UNOPS operations."
On top of this, UNOPS is also exploring Ripple's cross-border payment solutions suite, as one report from the Association for Financial Professionals from late 2017 revealed.
The new report, however, puts UN's interest for crypto in the focus. Titled “World Economic and Social Survey 2018” it dives in the many benefits of crypto, blockchain and distributed ledger technology.

“Cryptocurrencies represent a new frontier in digital finance and their popularity is growing. The decentralized networks for cryptocurrencies, bitcoin being a well-known example, can keep track of digital transactions. They enable value to be exchanged and can give rise to new business models which would otherwise require significant regulatory and institutional commitments." the report states.

According to the UN, blockchain and crypto have many use cases. As it is explained in the document:

"For example, a value token called ClimateCoin is being considered as a basis for creating a global market for carbon emissions, allowing peer-to-peer exchange of carbon credits and a direct connection with the Internet of Things. It would then be possible for devices to calculate their own carbon emissions and purchase carbon credits to offset those emissions."

The document also focuses on innovation and how it comes from inherent trust, citing that "the innovativeness of this system lies in the way in which the various parts combine to create the trust and guarantees that the traditional financial system derives from institutions and regulation."

Ed Tilly who is the CEO, president and chairman of the Chicago Board Options Exchange (CBOE) has recently declared that there is a major need for Bitcoin (BTC) exchange-traded notes (ETNs) as a major incentive for Wall Street institutional investors to join the crypto space. Tilly made the Bitcoin news today with this statement, predicting that the growth of Bitcoin may be held because of this reason.
As one article on Business Insider reported, Tilly declared that the growth of Bitcoin in listed markets is still hamstrung by the lack of a trading product geared toward mom-and-pop investors.”
He also said that Bitcoin futures did not see a substantial growth mainly because of the lack of a note or tracker tied to BTC that retail customers could trade on. In the article, we can see an elaboration about Bitcoin futures and exchange-traded notes (ETNs) which according to Tilly, are both important for offering access points to Wall Street-type investors.
Tilly explained ETNs as a more accessible option to the average investor, saying:

“The power of having that future there is also having an ETN that is more attractive to retail, and then institutions can lay that risk off on the listed futures market. [...] Absent that leg and introducing trackers or notes, I think we will be in this, 'It trades every day, but it is not the story.'”

He also said that the main reason why regulators did not approve a Bitcoin exchange-traded product such as the (still-pending) ETF applications is that the regulators cannot protect investors from manipulation on a market.
“You answer that question, you get your first ETN,” the president of CBOE concluded.

“Bitcoin Is The Only Blockchain That May Exist For The Next 100 Years” : Alistair Milne

The popular investor and entrepreneur Alistair Milne coming from the United Kingdom has recently predicted something that went viral in the crypto news today, mainly focusing on Bitcoin's blockchain and its future.
According to Milne, the next cryptocurrency bull run will decide which public blockchains will become the leading names of the industry. As he predicted in a Twitter thread, any new price highs for the most dominant cryptocurrency should surpass the ones we saw in 2017.

“The probability that Bitcoin matches its ATH [all-time high] price again and doesn't then continue past it seems very low. Each wave of adoption is an order of magnitude bigger than the last,” Milne wrote in the Twitter thread that he started on Saturday.

Meanwhile, Bitcoin suffered another drop which took it below $3,500, giving less optimism to traders hoping for a new bull run. The new downturn has led to many accusations from high-profile economics figures. However, Milne continued expressing his optimism and said:

“The next bull run will decide which public blockchains persist for the next 100 years. I believe Bitcoin is currently the *only* sure thing[.]”

Aside from this, Milne also highlighted the interest by institutional investors and labeled Bitcoin's profile as the "gold 2.0" in the next round of adoption.