Last updated on August 26th, 2016 at 05:35 pm
Bitcoin Prices Drop Below the Thousand Dollar Marketing
Only a few weeks ago, a single Bitcoin was going for more than $1,200 dollars amid heavy demand from China and across the world. Now, with regulators in China starting to clamp down on the currency and growing skepticism among mainstream investors and media sources, Bitcoin prices are on the decline. Bitcoins are currently selling for about $750 dollars on Mt. Gox. While the outlook may currently be negative, the decline in prices could mean that there is a great buying opportunity for those looking to buy Bitcoins.
BTC China at Risk of Being Shut Down By Government
Over the past month demand from China has been driving up the value of Bitcoin. At one point prices were well past the thousand dollar mark. The Chinese government appeared ready to support the currency, but may now be changing course. Regulators have stopped BTC China from accepting new deposits in Yuan, which may force the company to shut down. Specifically, the government is blocking payment processors from accepting the virtual currency. BTC China is trying to figure out a work around to allow new deposits, but if the company is unable to come up with a solution, it may be forced to shut down.
eToro to launch Bitcoin Based Stock
Popular online trading firm eToro is getting involved in Bitcoin trading. Bitcoin has been added to the eToro openbook platform, which will allow traders to easily conduct trading. Currently, Bitcoin is available as part of a live beta, which allows for trading, but has not yet been officially launched. eToro’s system allows traders to trade only once per day. With eToro traders do not trade actual Bitcoins, but instead a stock set up based on the value of Bitcoins. Up until now, most major trading firms have avoided getting involved directly in Bitcoin, so this move could point to building momentum among mainstream financial companies.
Bitcoin Trademark Battle Heating Up
As many people know, Bitcoin has been set up to be a community driven currency. Unfortunately, that isn’t stopping some people from trying to cash in on Bitcoin through rather shady methods. Neil K. Adams is currently trying to trademark the use of the term Bitcoin in Canada, which if successful could be a major blow to the Bitcoin community. If the term Bitcoin is restricted through IP efforts, people could be forced to pay in order to use the term Bitcoin. Luckily, the Bitcoin Alliance is fighting Adams’ attempt in court.
Overstock to Become First Major Online Retailer to Accept Bitcoin
Bitcoin has secured a major victory with mega-online retailer Overstock.com looking to become the first major retailer to accept Bitcoin. Some people have wondered if Bitcoin will truly become a currency accepted by major companies, so this announcement could prove to be crucial for the digital currency. CEO Patrick Byrne supports the currency due to his libertarian beliefs and believes that it offers a “refuge” from government control. According to Mr. Byrne, the website will start accepting Bitcoin next year, possibly as soon as the second quarter. Mr. Byrne has also come on record stating that government backed currencies could potentially destabilize the global economy, and that community driven currencies, like Bitcoin. could be a better system.