Russian bankers released a statement May 26, saying that cryptocurrency should be legalized for circulation. This message comes from German Gref, who is head of the Russian Sberbank. Gref said there needs to be an honest and intelligible conversation about cryptocurrencies, because attempts to ban it have only caused problems in the past.
A Russian news article mentioned Greff’s commentary: “Gref stressed that they now engage in a constructive dialogue about cryptocurrency, the Central Bank are trying to understand – what is it and what to do next. ‘Attempts to introduce bans will only lead to the loss of existing competitors,’ said the head of the financial institution.”
Cryptocurrency May Become “Digital Product” in Russia
In another article by the same Russian news outlet, the Russian government’s Deputy Chairman Regulator of the Central Bank, Olga Skorobogatova, said government is preparing amendments regarding cryptocurrencies and the tax code. Skorobogatova went on to admit that government cannot control how many cryptocurrencies can be created. The Russian news page said,
Skorobogatov noted that virtual assets continue to be emitted, no gold reserves, they are not provided, there is no control over their number.
The Russian news outlet went on to say that government or the “financial market” does not necessarily see cryptocurrency as a threat, because government considers it a “digital product.” This is likely why government is seeking to create amendments for it in their tax code.
The article said, “Therefore, financial market electronic money does not consider it a threat. But, if you do not begin to deal with this issue, you can skip a significant risk increase.”
Russian Officials Want to Understand and Accept Cryptocurrency
Between bankers and government officials changing their perspective, it appears there could be a movement toward more political acceptance of cryptocurrency in Russia. This information comes as bitcoin’s popularity has surged over recent weeks and Japan has classified bitcoin as a payment method along others.
It looks like some governments and bankers are trying to understand cryptocurrency rather than react against it.
Many companies are now seeing Bitcoin, and other virtual currencies (or cryptocurrencies), as valid sources of payment for their products!
1-800-FLOWERS – United States based online floral and gift retailer and distributor 4Chan – For premium services A Class Limousine – Pick you up and drop you off at Newark (N.J.) Airport Amazon – An online company that sells almost anything. Apple’s App Store – Buy music and any app on the Apple AppStore with bitcoins Badoo – Online dating network BigFishGames – Games for PC, Mac and Smartphones (iPhone, Android, Windows) Bing by Microsoft – 2nd search engine to Google Bitcoin. Travel – a travel site that provides accommodation, apartments, attractions, bars, and beauty salons around the world Bitcoincoffee – Buy your favorite coffee online Bloomberg – Online newspaper Braintree – Research firm CEX – The trade-in chain has a shop in Glasgow, Scotland that accepts bitcoin CheapAir – Travel booking site for airline tickets, car rentals, hotels CoinMama: Buy Bitcoins with Credit Card Crowdtilt – The fastest and easiest way to pool funds with family and friends curryupnow – A total of 12 restaurants on the list of restaurants accept bitcoins in San Francisco Bay Area CVS – A pharmacy shop Dell – American privately owned multinational computer technology company Dish Network – An American direct-broadcast satellite service provider Dream Lover – Online relationship service EtsyVendors – Original art and Jewelry creations EuroPacific – A major precious metal dealer Expedia. com – Online travel booking agency ExpressVPN – High speed, ultra secure VPN network EZTV – Torrents TV shows provider Famsa – Mexico’s biggest retailer Fancy – Discover amazing stuff, collect the things you love, buy it all in one place Fight for the Future – Leading organization finding for Internet freedom Fiverr – Get almost anything done for $5 Grass Hill Alpacas – A local farm in Haydenville, MA Green Man Gaming – Popular digital game reseller Grooveshark – Online music streaming service based in the United States Helen’s Pizza – Jersey City, N.J., you can get a slice of pizza for 0.00339 bitcoin by pointing your phone at a sign next to the cash register Home Depot – Office supplies store i-Pmart – A Malaysian online mobile phone and electronic parts retailer Intuit – an American software company that develops financial and tax preparation software and related services for small businesses, accountants and individuals. Jeffersons Store – A street wear clothing store in Bergenfield, N.J Kmart – Retail products store Lionsgate Films – The production studio behind titles such as The Hunger Games and The Day After Tomorrow LOT Polish Airlines – A worldwide airline based in Poland Lumfile – Free cloud base file server – pay for premium services Mexico’s Universidad de las Américas Puebla – A major university in Mexico Microsoft – Software company Mint – Mint pulls all your financial accounts into one place. Set a budget, track your goals and do more MIT Coop Store – Massachusetts Institute of Technology student bookstore MovieTickets – Online movie ticket exchange/retailer mspinc – Respiratory medical equipment supplies store Museum of the Coastal Bend – 2200 East Red River Street, Victoria, Texas 77901, USA Namecheap – Domain name registrar Naughty America – Adult entertainment provider NCR Silver – Point of sales systems Newegg – Online electronics retailer now uses bitpay to accept bitcoin as payment OkCupid – Online dating site Old Fitzroy – A pub in Sydney, Australia One Shot Hotels – Spanish hotel chain Overstock – A company that sells big ticket items at lower prices due to overstocking PayPal / Ebay – Credit card / payment processor / Auction Pembury Tavern – A pub in London, England PizzaForCoins – Domino’s Pizza signed up – pay for their pizza with bitcons PSP Mollie – Dutch Payment Service Rakutan – A Japanese e-commerce giant RE/MAX London – UK-based franchisee of the global real estate network Reddit – You can buy premium features there with bitcoins Sacramento Kings – Professional Basketball team out in Sacramental California (NBA) San Jose Earthquakes – San Jose California Professional Soccer Team (MLS) Save the Children – Global charity organization Sears – Clothing and household products, electronic store Seoclerks. com – Get SEO work done on your site cheap SFUbookstore – Simon Fraser University in Vancouver, Canada Shopify. com – An online store that allows anyone to sell their products ShopJoy – An Australian online retailer that sells novelty and unique gifts SimplePay – Nigeria’s most popular web and mobile-based wallet service Square – Payment processor that help small businesses accept credit cards using iPhone, Android or iPad StateRepublicanParty – First State Republican Party to accept bitcoin donations StraubAutoRepairs – 477 Warburton Ave, Hastings-on-Hudson, NY 10706 – (914) 478-1177 Stripe – San Francisco-based payments company Subway – Eat fresh Suntimes. com – Chicago based online newspaper T-MobilePoland – T-Mobile’s Poland-based mobile phone top-up company Target – An American retailing company TechCrunch. com – IT blog Tesla – The car company TheLibertarianParty – United States political party ThePinkCow – A diner in Tokyo, Japan ThePirateBay – BitTorrent directories Tigerdirect – Major electronic online retailer Victoria’sSecret – A lingerie outlet VirginGalactic – Richard Branson company that includes Virgin Mobile and Virgin Airline WebJet – Online travel agency WholeFoods – Organic food store (by purchasing gift card from Gyft)
with your money, for free! Wikipedia – The Free Encyclopedia with 4 570 000+ article WordPress – An online company that allows user to create free blogs Yacht– base – Croatian yacht charter company Zappos – Online retailer Zynga – Mobile gaming
Bitcoin’s rising value continues to pick up steam this week by breaking a new all-time price high nearly every day. Currently, the global average is US$2400 per BTC, but the price is also trading at a premium of $2700 in Japan, $3050 in India, and $3150 in South Korea. End of year bitcoin price will be around 5000 $
Bitcoin Price Fires Up the Rocket Boosters Breaking New Records Daily
Since our last price post just four days ago, bitcoin’s fiat value has climbed $400 higher to an all-time high average of $2405 across most global exchanges. The bull run is showing unstoppable momentum with a few pit stops along the way as bitcoin’s market cap is just a few dollars shy of reaching $40 billion. Alongside bitcoin, many altcoins are also gaining in value at an unprecedented level not seen since 2013.
Additionally, there has been significant demand coming from many countries globally, but in specific regions, the price is going through the roof. For instance, at the Japanese exchange Bitflyer, the price per bitcoin is trading at an average of $2700 at the time of writing. Moreover, most BTC/JPY exchanges are trading at this level. Another country that is pushing bitcoin demand higher is South Korea as prices are significantly above even Japan. The Korean trading platform Bithumb is trading BTC at a value of $3150 at press time. In India, bitcoin is trading at a premium for the past 48-hours as well, reaching $3050 on exchanges like Unocoin.
Weekly View Analysis
Weekly technical indicators suggest the rally may test ranges between $2500-2600 over the course of the next two weeks. As usual, the 100 Simple Moving Average (SMA) is continuing to stay well above the 200-term SMA which means buyers are still in control. Over the course of the week, there have been sharp downswings intermittently ranging from $50-150 drops at times.
Fibonacci retracement trend lines show some fluctuations as bitcoin’s current trajectory could slow up and may stabilize in the $2350-$2400 range temporarily. Both Relative Strength Index (RSI) and Stochastic oscillators show some bear traps could come at any moment in the short term. However, most technical indicators and rule books can be thrown out the window these days, as bitcoin’s rising price has surprised even the most experienced traders.
The Altcoin Fiesta Continues
Just as bitcoin has been performing phenomenally, there have been many altcoins doing just as well. The entire market is now valued at over $90 billion dollars, and most of the money piled up in just a few short weeks. The smart contract token Ethereum (ETH) is now commanding a $20 billion market cap as each ether is worth $220. Ripple (XRP) has stabilized and even dropped in value a touch at 34 cents per XRP and a 13 billion market cap.
Alongside the top three many other coins throughout the top 20 list are catching waves of fresh new money. The cryptocurrency NEM is ($0.25), and Ethereum Classic (ETC) jumped considerably ($20.85). Meanwhile, Litecoin is back on the uptrend ($33) and so is Dash as the token has hit an all-time high of $150 per coin. Others such as Monero, Stellar, and Bytecoin have all made considerable advances as well. Furthermore, one notable surprise comes from Dogecoin markets which now hold the 11th position. The meme token is trying to enter the top ten list, and some hope Dogecoin will one day be worth a penny.
In general most of the cryptocurrency community has been very positive over the past few weeks. A lot of announcements happened this week during Consensus 2017 from startups like Bitpay, RSK, and Shapeshift. Additionally, Barry Silbert introduced a compromise that seems to have a lot of backing from both bitcoin-based businesses and the mining sector. It’s not certain whether or not the agreement will mean anything or even happen, but there are many who are hoping for some kind of solution before bitcoin grows too popular. Lastly, the demand coming from places like China, Japan, India, and South Korea doesn’t seem to be slowing anytime soon.
Bear Scenario: Seemingly there is a strong floor in the $2100 range at the moment but the price swings over the past three weeks show that floor could easily break. Over the course of the week, there is sure to be a bunch of volatility, so those making profits from intra-range and day trading will be in heaven. As said above swings have been ranging from $50-150 at times, so bears are undoubtedly playing their hands.
Bull Scenario: Bitcoin has roared a few dollars past the $2400 mark and seems to be taking a rest after all that hard work. Bulls can definitely recharge their engines as they have done multiple times over the past two weeks breaking higher price barriers. Short term technical indicators have been at odds as bulls have held the reigns for a long time. $2500 to $2600 per BTC or an even higher exchange rate is not out of the question at the current rate of growth.
What do you think about the price of bitcoin breaking $2400? Do you think bitcoin will continue to rise to higher levels? Or do you expect a deeper correction soon? Let us know in the comments below.
news by bitcoins.com