Bitfinex Hacked – Causes Drop in Bitcoin

The price of bitcoin fell sharply today exacerbating an already ongoing decline as global market participants reacted to news that one of the largest digital currency exchanges had been hacked. Earlier this afternoon, Hong Kong-based exchange Bitfinex halted trading after discovering a security breach, which included taking its website offline and pausing all withdrawals and deposits. Representatives from the exchange told CoinDesk engineers were seeking to uncover issues at press time, though the company had confirmed roughly 120,000 BTC (more than $60m) was lost or stolen via social media. In response, bitcoin prices fell to $560.16 by 19:30 UTC, $530 by 23:30 and $480 at press time, CoinDesk USD Bitcoin Price Index (BPI) data reveals. This price was roughly 20% lower than the day’s opening of $607.37 and 27% below the high of $658.28 reached on Saturday, 30th July, when the digital currency began pushing lower. Arthur Hayes, CEO of bitcoin leverage trading firm BitMEX, emphasized that this event had a clear and measurable effect on bitcoin prices. continue reading more...

A Sensible Guide to Trading Bitcoin

All trading books are not equal In the stock market world, there are those who can make a great deal of money by day trading. In order to do so, however, it takes the ability and the discipline to follow a proven system. Otherwise, you could be out a lot of money very quickly. Although many of the more conservative buy-and-hold investors tend to shy away from rapid up and down price movements, the volatility in the price of assets is exactly what attracts most day traders as it is typically viewed as a potential for high profits. Today, as Wall Street starts to get more involved in the day trading of Bitcoins, it is becoming more necessary for traders to have a proven system to run on in order to make money in this area of trading. Tips for Successfully Day Trading Bitcoins When starting out in trading Bitcoins, it helps to have a Bitcoin day trading guide. This way, you will be able to ideally follow through some examples and even a day trading tutorial for various situations that may come up. Prior to even getting started, however, there are several tips that it is essential to keep in mind when day trading Bitcoins. These include: Understand the basics of technical analysis. When trading in Bitcoins – or in any type of asset – it is vitally important that you have a thorough understanding of technical analysis. This includes learning how to read all types of charts for the prediction of up and down trends. This will help you with the identification of buying and selling points....

Why should anyone learn Bitcoin trading strategies?

Can you make Money Selling Money? Today, you’re apt to hear a great deal about all types of business opportunities on the Internet. While some seem highly legitimate, others border on the ridicules. Yet there are some that are highly intriguing – in particular one where you can make money by selling money. Over the past few years, Bitcoins have made their way into the world of alternative currency. This digital – or virtual – money that uses a type of peer-to-peer technology for facilitating instant payments carries out transactions via a network with no central authority. The currency, which actually uses cryptography for security purposes, is extremely difficult to counterfeit. The currency is also capped in order to help in ensuring that it isn’t devalued by an unlimited supply. Because of this, the early stage frenzy about this digital currency has sent its value rising – and a growing number of both individuals and businesses have been able to make a lot of money from it in a number of different and creative ways. For example, some companies like Bitpay and Coinbase, are charging fees for converting Bitcoins into fiat for the merchants and traders who are starting to accept Bitcoin currency online.  Some are providing ATM’s which convert fiat currency to Bitcoin. Still others are doing it by selling money minting machines – contraptions that actually produce digital money. Because Bitcoins are created by people connecting machines to a network and then running the Bitcoin protocol, some companies and individuals have begun to design Bitcoin specific chips that are capable of producing that mining. This essentially improves...