Original author: Jon Southurst
Coin News
Original author: Stan Higgins
Las Vegas-based online bitcoin banking provider and ATM manufacturer Robocoin has debuted its first machine in China.Robocoin indicates that Chinese consumers can now buy and sell bitcoin for Chinese yuan at Beijing’s Satoshi Plaza – a 1,000-square-meter bitcoin meetup space and incubator.Commenting on the announcement, CEO Jordan Kelly stressed the effort needed to bring the unit to China, saying:“Our Chinese partners have gone through great lengths to provide Bitcoin enthusiasts and newcomers the easiest and fastest access to bitcoin in the most compliant way. We seek to meet all regulatory requirements and hope that we can continue to prosper in China.”The acceptance of Chinese yuan marks the 13th currency used to date in a Robocoin bitcoin ATM. The launch is notable as Robocoin has faced obstacles installing units in Asia.Taiwanese regulators moved to block the installation of Robocoin ATMs this January. At the time, government officials indicated that the installation of bitcoin ATMs would require approval from the country’s Financial Supervisory Commission. Today, however, one Lamassu machine is reportedly operational.The Robocoin unit is also not the first bitcoin ATM in the country. That honor was designated to a unit made by Robocoin rival Lamassu and operated by BTC China in Shanghai.To find more bitcoin ATM locations in your area, check out the official CoinDesk Bitcoin ATM Map.Images via RobocoinAsiaATMsChinaRobocoin
Original author: Pete Rizzo
Bitcoin’s price has been on a roll of late.The CoinDesk Bitcoin Price Index (BPI) recently crossed back above $590 on the 27th of May, representing a 64% gain from 10th April when the price was as low as $360.Much of this dramatic price increase has come in just the last few days. For approximately a one-month period prior to 19th May, bitcoin was trading in a relatively tight band around the $450 level. Then, on that date, the price began to steadily ratchet upwards (see Figure 1).Figure 1: CoinDesk Bitcoin Price Index, 25th April – 26th May 2014
Shifting momentumThe price of bitcoin may have also crossed an important technical threshold.Bitcoin has reversed trading below its 50-day moving price average for the first time since early February (Figure 2).Investors will often look to breaks above and below various moving average calculations as an important directional signal about where prices may be headed.Figure 2: Bitcoin 50-day moving average and daily price, Jan – May 2014
The clear break above the 50-day moving average is perhaps a bullish technical indicator of where bitcoin’s price may be trading in the near-term.Volume trendsThe recent price increase has been accompanied by a significant increase in USD trading volume as can be seen in Figure 3.Figure 3: Bitcoin USD Price and Trading Volume, Feb – May 2014
From the 1st-18th May, there were approximately 16,000 USD-denominated bitcoins traded on average each day on exchanges. From the 19th-26th May, that figure more than doubled to over 41,000 bitcoins traded on average per day.[1]Recent USD volumes, however, have not reached the levels of late March to early April when news began spreading of a further crackdown by Chinese authorities on the ability of bitcoin exchanges to interface with Chinese banks.Why is bitcoin’s price rising?Unlike other significant price moves in the past there is no obvious event which can be pinpointed to account for the recent price increase.A rise in the number of bitcoin transactions, which would perhaps indicate greater commercial use and demand for bitcoin, could explain a bitcoin price increase.However, the use of bitcoin as measured by total bitcoin transactions has remained relatively steady (Figure 4).Figure 4: Daily bitcoin transactions, 26 April – 26 May 2014
Shifting momentumThe price of bitcoin may have also crossed an important technical threshold.Bitcoin has reversed trading below its 50-day moving price average for the first time since early February (Figure 2).Investors will often look to breaks above and below various moving average calculations as an important directional signal about where prices may be headed.Figure 2: Bitcoin 50-day moving average and daily price, Jan – May 2014The clear break above the 50-day moving average is perhaps a bullish technical indicator of where bitcoin’s price may be trading in the near-term.Volume trendsThe recent price increase has been accompanied by a significant increase in USD trading volume as can be seen in Figure 3.Figure 3: Bitcoin USD Price and Trading Volume, Feb – May 2014From the 1st-18th May, there were approximately 16,000 USD-denominated bitcoins traded on average each day on exchanges. From the 19th-26th May, that figure more than doubled to over 41,000 bitcoins traded on average per day.[1]Recent USD volumes, however, have not reached the levels of late March to early April when news began spreading of a further crackdown by Chinese authorities on the ability of bitcoin exchanges to interface with Chinese banks.Why is bitcoin’s price rising?Unlike other significant price moves in the past there is no obvious event which can be pinpointed to account for the recent price increase.A rise in the number of bitcoin transactions, which would perhaps indicate greater commercial use and demand for bitcoin, could explain a bitcoin price increase.However, the use of bitcoin as measured by total bitcoin transactions has remained relatively steady (Figure 4).Figure 4: Daily bitcoin transactions, 26 April – 26 May 2014Rather a combination of events may explain recent price trends.
China stabilizes, eBay teases, BitPay raises
In spite of the further crackdown by Chinese authorities, the bitcoin exchanges which are located in China have continued trading and not been forced to relocate operations as was previously feared.
In fact, the evidence from recent trading volumes at CoinDesk CNY Bitcoin Price Index component exchange BTC China suggests trading volume may be picking up in China once again (Figure 5).
Figure 5: BTC China trading volume (units), Mar – May 2014
Source: BitcoinAverageOther possible explanations for the rise in the price of bitcoin include mention by eBay CEO that the online marketplace is “actively considering” integrating bitcoin into its payment system.
As discussed in the CoinDesk State of Bitcoin report, a move by a major retailer such as eBay to adopt bitcoin could be a major catalyst for further use and demand for bitcoin, which in turn should drive the price higher.
Also of note was the recent record-setting $30m venture round by bitcoin payment processor BitPay.
The investment round surpassed the previous largest bitcoin investment round of $25m for Coinbase and valued BitPay at a reported $160m. The round was a vote of confidence from venture capitalists who continue to like what they see in the bitcoin economy’s growth prospects.
What other reasons explain the recent price increase? Share your thoughts in the comments below.
[1] Actual bitcoin USD-denominated volume is likely underrepresented by these figures from BitcoinAverage as they do not include all USD exchanges. For example, LakeBTC has recently been reporting significant USD volume, but is excluded from BitcoinAverage’s calculations.
Chart image via Shutterstock
Original author: Garrick Hileman
Original author: Stan Higgins
Original author: Nermin Hajdarbegovic
Australian bitcoin payments infrastructure company Diamond Circle is bringing bitcoin to the racetrack, sponsoring local superbike rider David Johnson in this week’s famous Tourist Trophy (TT) race on the Isle of Man.Taking a cue from the recent successful (at least in the attention-getting stakes) covering of NASCAR racer Josh Wise’s car with dogecoin livery, Diamond Circle will put its logo alongside the orange ‘B’ on Johnson’s helmet as he rides in the 107 year-old race classic, which is broadcast around the world.CEO Stephen Rowlison believes that such associations and global sponsorship deals are the best way to bring light to the digital currency revolution as it rolls out its products, and thanked associates such as Jason Kelly of the Manx Digital Currency Association.
He presented one of Diamond Circle’s bitcoin debit cards to Johnson’s racing team Lloyd James PR Kawasaki as part of the promotion.Bitcoin friendly jurisdictionThe Isle of Man has made bitcoin headlines outside of motorcycle racing too. A recent ruling by the island’s Financial Supervision Commission determined that licenses are not required for bitcoin exchanges, and over 15 bitcoin exchanges are said to be interested in setting up there.Fast internet and low taxes have already made the territory an e-commerce hub, including a large number of online gambling sites.Business leaders on the self-governing British Crown dependency have formed the Manx Digital Currency Association, whose role is to assist government and protect the reputation of the Isle of Man through sensible policies.Diamond Circle’s ecosystemDiamond Circle is developing a bitcoin payments infrastructure consisting of ATMs, debit cards, merchant POS systems and online exchanges, with plan to use near-field communication (NFC) technology to send and receive coins.Selling its system both locally and internationally, Diamond Circle says overseas interest had been strong, and it recently sold six of its ‘cashless’ ATM terminals to a customer in the Middle East.Diamond Circle was also recently named in Gartner’s Cool Vendors list for 2014, and will list on the entrepreneurial capital raising market the Australian Small Scale Offerings Board at 1 cent per share, through merchant bankers Funding Strategies.Image courtesy Diamond Circle AustraliaDiamond CircleSportUK
He presented one of Diamond Circle’s bitcoin debit cards to Johnson’s racing team Lloyd James PR Kawasaki as part of the promotion.Bitcoin friendly jurisdictionThe Isle of Man has made bitcoin headlines outside of motorcycle racing too. A recent ruling by the island’s Financial Supervision Commission determined that licenses are not required for bitcoin exchanges, and over 15 bitcoin exchanges are said to be interested in setting up there.Fast internet and low taxes have already made the territory an e-commerce hub, including a large number of online gambling sites.Business leaders on the self-governing British Crown dependency have formed the Manx Digital Currency Association, whose role is to assist government and protect the reputation of the Isle of Man through sensible policies.Diamond Circle’s ecosystemDiamond Circle is developing a bitcoin payments infrastructure consisting of ATMs, debit cards, merchant POS systems and online exchanges, with plan to use near-field communication (NFC) technology to send and receive coins.Selling its system both locally and internationally, Diamond Circle says overseas interest had been strong, and it recently sold six of its ‘cashless’ ATM terminals to a customer in the Middle East.Diamond Circle was also recently named in Gartner’s Cool Vendors list for 2014, and will list on the entrepreneurial capital raising market the Australian Small Scale Offerings Board at 1 cent per share, through merchant bankers Funding Strategies.Image courtesy Diamond Circle AustraliaDiamond CircleSportUKOriginal author: Jon Southurst
In a whirlwind weekend that saw big news from Circle, BitPay and Satoshi Nakamoto himself, Amsterdam’s Bitcoin2014 conference certainly didn’t disappoint.One of the biggest bitcoin events to date, the Bitcoin Foundation‘s annual conference drew more than 1,100 attendees, and 140 speakers and panelists who weighed in on the future of the digital currency economy.For those that couldn’t be there, the CoinDesk team have compiled some highlights of the event in the gallery below – and, in case you missed them, catch our day one and two roundups here and here. For more news on upcoming digital currency events, head to our events page. Alternatively, you can find a full rundown of conferences in 2014 here.What were your standout moments of Bitcoin2014? Do you have plans to attend any cryptocurrency events this year? Let us know in the comments section below.Bitcoin2014eventsgalleriesnetherlands
Original author: Grace Caffyn