He Paid How Much?! CoinDesk Releases ‘Bitcoin Pizza Day’ Price Tracker

Eight years ago today, the first reported exchange of bitcoin for a consumer product – a pair of Papa John’s pizzas – took place. At a total cost of 10,000 bitcoins, it was a milestone for the adoption of cryptocurrency and one that has since been commemorated though the celebration of May 22 as “Bitcoin Pizza Day.” Yet even the most cursory observation of Bitcoin Pizza Day isn’t complete without a calculation of precisely how much, in dollar terms, those two pizzas cost. With that, CoinDesk is today releasing a…

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Exec of $5.1 Trln Investment Firm Makes Tired Comparison of Crypto to Tulips

The global chief economist of a major investment firm has criticized cryptocurrencies in an op-ed on investment fund news site ETF.com published yesterday, May 21. Joe Davis, the global chief economist and global head of Vanguard Investment Strategy Group, stated that while blockchain technology shows promise, the rise of cryptocurrencies can be compared to the Netherlands’ 17th century “tulip mania,” a classic example of a bubble market. Davis, whose firm manages a reported $5.1 trillion in assets globally as of this January, began the piece by remarking on his enthusiasm…

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Failed Bull Breakout Leaves Bitcoin Eyeing Drop to $8K

Bitcoin’s failed bull move on Sunday has left the doors open for the bears to make a comeback. The inverse head-and-shoulders breakout on May 20 signaled a short-term bullish reversal that could have seen bitcoin rise to $9,000 (target as per the measured height method). However, the bulls ran out of steam at a high of $8,644 yesterday and prices had fallen back to $8,240 at time of writing – a drop of 2.8 percent over the last 24 hours, according to Bitfinex. The decline did not come as a surprise,…

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From the Internet to Crypto

Throughout history, the thoughts and perceptions of the masses have been shaped by leaders of politics, industry and entertainment. The greatest minds of our time have often predicted and touted some of the most prolific innovations. Lended the support of these voices, these very innovations have shaped the way the world works. Internet A prime example would be the Internet. The technology revolutionized communication in the 1990s and led to a surge in investments in Internet-based companies. What followed is now known as the dotcom bubble – a rapid rise in…

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U.S. CFTC Seeks to ‘Provide Regulatory Clarity’ for Listing Virtual Currency Derivatives

The U.S. Commodity Futures Trading Commission (CFTC) has issued an advisory statement for listing virtual currency derivative products, according to a CFTC press release published yesterday, May 21. The advisory statement is aimed at providing clarity for exchanges and clearing houses. The staff advisory, which was jointly issued by the CFTC’s Division of Market Oversight (DMO) and Division of Clearing and Risk (DCR), focuses on the specific areas involved in listing virtual currency derivatives on a designated contract market or swap execution facility. It covers the necessity for more market…

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Back Above $8,500: Does Bitcoin’s Rally Have Legs?

Bitcoin (BTC) has bounced back above $8,500, but the rally is not backed by decent trading volumes, the technical charts indicate. The cryptocurrency closed below key technical levels on Thursday, signaling a bearish breakdown, but the sell-off unexpectedly ran out of steam at $7,925 a day later. Subsequently, bitcoin gained more than $500 over the weekend, rising back above resistance at the 50-day moving average. At time of writing, BTC is changing hands at around $8,530, having clocked a six-day high of $8,644 earlier today. While last week’s bearish trend…

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Russia and Iran Discuss Crypto Alliance

Crypto Alliance – Russia and Iran might start using digital currencies, like Bitcoin (BTC), to bypass international sanctions, Russian news source RBC reported yesterday. Both countries are exploring ways to replace the SWIFT interbank payment system and avoid the US dollar transactions said the head of Iranian Parliamentary Commission for Economic Affairs, Mohammad Reza Pourebrahimi. Pourebrahimi met with Dmitry Mezentsev, the Chair of the Federation Council Committee on Economic Policy, and said that collectively they have “engaged the Central Bank of Iran to start developing proposals for the use of cryptocurrency.” Pourebrahimi…

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Trending Crypto News | Find Out What Went on This Week

The week is over, as is Consensus 2018 and NYC Blockchain Week, so there is a lot to reflect on. Without further adieu, here is this week’s trending crypto news!  Trending Crypto News | May 14 – May 18  Monday  Coins on the crypto markets started Monday both in the green and the red. While Ripple (XRP) found itself up during the day, Cardano (ADA) found itself down.  Monday was the first main day of Consensus 2018, and it was there Ripple (XRP) announced its brand new initiative, deemed the Xpring…

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JP Morgan Appoints New Director of Crypto Assets Strategy

According to a Business Insider report on May 17th, JPMorgan Chase, the leading US banking group and financial services company, recently created and filled a new position— the head of Crypto Assets Strategy. Crypto Assets Strategy Oliver Harris, 29, will assume this new role and report to Umar Farooq – head of blockchain development. Harris will also lead JPMorgan’s internal blockchain project, Quorum, which was tested by JPMorgan Chase and the National Bank of Canada since last month. According to the Business Insider report, Harris will identify and lead new encryption projects…

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Bitcoin Hits One-Month Low As $10K Sell-Off Resumes

Bitcoin’s (BTC) drop to one-month lows below $8,000 has strengthened the bear grip on the markets, the technical charts indicate. The cryptocurrency fell to $7,925 on Bitfinex earlier today – the lowest level since April 18 and has retraced 50 percent of the rally from the April 1 low of $6,425 to May 5 high of $9,990. As of writing, BTC is changing hands at $8,120, representing a 2 percent drop in the last 24 hours. The recovery from the low of $7,925 could be associated with the oversold conditions…

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