Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

Bitcoin gets boost from IMF head


Recommended Posts

The No. 1 digital currency regained ground Tuesday, after some upbeat news from the head of the International Monetary Fund (IMF) pushed bitcoin back above $8,000.

The price of a single bitcoin BTCUSD, +1.14%  was last valued at $8,109.29, up 0.7% on the day and off its early morning low of $7,972.55.

Lagarde sees more prominent role for crypto, blockchain

The digital-currency community got some good news late Monday when the head of the International Monetary Fund (IMF) outlined the benefits of bitcoin and the blockchain technology.

In a blog post, Christine Lagarde said cryptocurrencies have the power to minimize transaction costs, while the technology that underlines the cryptocurrencies could improve efficiency and increase safety.

“Crypto-assets enable fast and inexpensive financial transactions, while offering some of the convenience of cash. Some payment services now make overseas transfers in a matter of hours, not days,” Lagarde wrote in the April 16 post.

“The underlying technology of crypto-assets—distributed ledger technology, or DLT—could help financial markets function more efficiently. Self-executing and self-enforcing “smart contracts” could eliminate the need for some intermediaries.”

 
 
 
 

Lagarde’s comments come as digital currencies are making a comeback; bitcoin rose by as much as 20% last week, recording back-to-back weekly gains for the first time since 2017.

Read: Can blockchain technology live up to the hype? Barclays analysts say no

What are market experts saying?

The outperformance of altcoins, or alternatives to bitcoin, is a good sign, says one industry participant.

“As we’ve noted several times before, the crypto market tends to move together when things are falling but when prices are rising performance between different coins may vary,” said Mati Greenspan, senior market analyst at eToro, in a note Tuesday.

“Therefore, it’s a great sign that over the past week the different cryptos have all been rising but with widely different percentage gains.”

MW-GH440_image__20180417082402_NS.png?uuid=367fd964-423a-11e8-9b92-ac162d7bc1f7 eToto
Relative performance across crypto market

The two standouts have been Ripple, which rose more than 30% last week, and Litecoin.

Altcoins and futures

Other digital currencies have followed bitcoin higher Tuesday. Ether has gained 1.1%, to $516.57, Bitcoin cash has risen 1.7% to $778.64, Litecoin is the best performing of the smaller bunch, adding 8.3%, last trading at $138.91 and Ripple’s XRP is in the green by 1.4% at 67 cents.

The Cboe’s April contract XBTJ8, +1.64% which expires Wednesday, is higher by 1.9% at $8,100 and the CME Group Inc. April contract BTCJ8, +1.50% has added 1.8% to be at $8,125.

https://www.marketwatch.com/Story/bitcoin-gets-boost-from-imf-head-2018-04-17?&siteid=yhoof2&yptr=yahoo

  • Upvote 2
Link to comment
Share on other sites

25 minutes ago, md11fr8dawg said:

Well, it looks like the 17th has come nd gone. Did anyone hear anything about Verge? All I know is it dropped from about 0.10 to 0.07 this AM. Guys the head of verge was blowing smoke up our keisters!!!

 

The price of the digital coin Verge (XVG) skyrocketed Tuesday following news that adult entertainment giant Mindgeek, the owner of Pornhub and Brazzers, is now accepting payments in the form of the anonymous cryptocurrency

The partnership, which had been hinted at over the past month, means that users now have the option to pay for a premium subscription without leaving any trace. In March, Verge launched a crowdfunding campaign with a target of collecting 75 million worth of the cryptocurrency. It is currently unknown whether Mindgeek has taken an ownership stake in the digital currency, according to Fortune. (See also: Santander Launches Blockchain Payments Service.)

“Pornhub is a global organization with nearly a hundred million daily users,” said Verge founder Justin Sunerok. “This partnership represents an enormous market with a global reach that will compete with fiat currencies. It’s huge for Verge and we’re extremely excited to finally be able to announce it.”

Thirsty for New Tech

In a statement, Pornhub Vice President Corey Price indicated that the alliance will increase security on its platform and maintain the adult entertainment industry's role at the forefront of the adoption of new technology.

History has proven that the adult entertainment industry plays a critical role in adoption for innovative technology. We saw that with VHS, Betamax, credit card payment icons and, most recently, VR goggles. We expect to see widespread adoption of crypto and blockchain in short order," stated the VP. In allowing customers to pay in digital currency on its three sites, including Pornhub, Brazzers, and adult gaming portal Nutaku, Price foresees an "uptick on the purchasing of content."

Mindgeek, a clear market leader in the porn streaming industry—think a YouTube-like platform for X-rated content—makes a portion of its money on charging subscription fees for its higher-quality clips. The company, which owns several production studios, is not well-liked in its industry, and has been repeatedly accused of stealing content from other "tube sites," as reported by Fortune. Nonetheless, its acceptance of cryptocurrency is a significant decision given the firm's massive hold on its market and its place as first in its space to put such plans into action.

XVG Price Up 160% in the Past Month

Verge has also faced its fair share of criticism, most recently with allegations of paid pumping by John McAfee and its recent crowdfunding efforts used to "support development" of its partnership with Mindgeek. Without explanation, Verge removed 18 million XVG from its fundraising pool without explanation, causing alarm among some investors. 

At a price just below $0.08 on Tuesday at 3:43 p.m. UTC, XVG reflects a $1.14 billion market capitalization and has gained 160% over the most recent one-month-period



Read more: Pornhub Partnership Ups Verge Cryptocurrency Price | Investopedia https://www.investopedia.com/news/pornhub-partnership-ups-verge-cryptocurrency-price/#ixzz5D1xSPfbW
Follow us: Investopedia on Facebook

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.


  • Testing the Rocker Badge!

  • Live Exchange Rate

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.