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The post Bitcoin Price Breaks $1,600 on Major Exchanges, Global Average Nears appeared first on CryptoCoinsNews.

The bitcoin price dropped $100 today in just one hour of trading, a market moved that put a pause on its upward path to $1,600.

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The wild swings in bitcoin continue.

The cryptocurrency rallied 9% to an all-time high above $1,652 a coin on Thursday morning, but has given up virtually all of those gains over the past hour. Bitcoin now trades up 1.5% at $1,537.41 a coin. It plummeted as low as $1,498 after putting in its record high.

Bitcoin's volatility comes as traders continue to wait on the US Securities and Exchange Comission's ruling on whether or not it will reverse its decision to the reject the Winklevoss ETF. A decision is due by May 15.

Back in March, the SEC rejected the plans for two bitcoin ETFs, saying it "is disapproving this proposed rule change because it does not find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest."

Bitcoin has overcome China restricting trade, the SEC's rejecting of two bitcoin ETFs, and threats from developers of creating a "hard fork" that would split the cryptocurrency in two to post a 61% gain so far in 2017. 

It's been the top performing currency every year since 2010, aside from 2014.

SEE ALSO: Bitcoin just soared to a new $1,600 high — but the first investor in Snapchat thinks it could hit $500,000 by 2030

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The post Litecoin Goes Parabolic, Up 30%, Reaches a Market Cap of $1 Billion appeared first on CryptoCoinsNews.

Bitcoin isn't the only cryptocurrency on the rise today – across the digital asset economy many tradeable tokens posted outsized gains.

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The post Newsflash: Bitcoin Price is Within $5 of $1,600 appeared first on CryptoCoinsNews.

Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours.

The Federal Reserve announced Wednesday that it held its benchmark interest rate after a two-day policy meeting, as had widely been expected. Here's what you need to know:

• Fed holds, says growth slowdown is "transitory"
• Six charts illustrate why the Fed is willing to overlook the economy's ugly quarter
• The Fed looks shaky on its most important reason for raising interest rates

In Wall Street news, here's a breakdown of the Republican plan to tear up Wall Street regulations. HSBC had a surprisingly good quarter. SocGen paid £816 million and avoided a potentially embarrassing day in court. 

A nonprofit set up by a hedge fund legend is tackling the No.1 question for corporate America. There's an incredibly risky new way to bet on stocks. And we went inside the Wall Street charity day where celebrities and star athletes pretend to be traders. 

There's lots of news and views on what's going on in markets. Here's what's moving:

• Oil sinks to its lowest level since November
• Gold is tumbling
• Bitcoin tops $1,600 for the first time

And here's what people are saying:

• PIMCO: China is becoming more cautious with credit — and that's not good for growth
• BLACKROCK: The Fed should make you wary of sovereign debt
• JPMORGAN: Stocks and bonds are fully valued
• BIANCO: "We're more likely to go to Mars" before the 10-year hits 4%
• A chief strategist with insight into 7 million brokerage accounts talks Apple, autos, volatility, and more
• A Wall Street legend explains why it "disturbs" him when people tell him they "play the market"
• The world's biggest fund managers are complaining that making money is hard
• The CEO of Herbalife just called Bill Ackman "fake news"

Warren Buffett's Berkshire Hathaway will host its annual meeting on Saturday. The event has become a huge occasion and is sometimes called "Woodstock for Capitalists" or "Buffettpalooza." Business Insider will cover it, and you can check back on Saturday for a blow-by-blow of the day. Ahead of time, here's what you need to know:

• Investors around the world are getting ready for Warren Buffett's "Woodstock for Capitalism"
• Warren Buffett thinks the "elite" have wasted $100 billion ignoring his best investment advice
• Here's how badly Warren Buffett has crushed the market
• Warren Buffett brilliantly explains how bubbles are formed

There's a lot of news in the tech sector. Here are the headlines:

•  Traders are loading up on bets Snap will hit a record high
• Facebook beats across the board with $8 billion revenue and closes in on 2 billion users
• Facebook admitted all the stock it gives employees is a real business cost, and it could make some other companies look bad
• Fitbit spikes after losing less money than expected

Tesla announced earnings after the bell on Wednesday. Here's what you need to know:

• Tesla reports a wider loss than expected, says Model 3 production remains on track
• A top Tesla analyst just warned investors to balance "greed and fear"
• A Wall Street bank eviscerates Tesla
• ELON MUSK: Apple doesn't want to work with Tesla on a car
• Tesla is desperately trying to avoid "misperceptions" about its long-awaited Model 3
• Tesla is building stores all over the world ahead of the Model 3 launch
• SolarCity's solar installations crash nearly 40%

Elsewhere in autos, Ferrari is on a tear. And we got up close and personal with Ford's $400,000 GT supercar.

Lastly, here's how much it costs to get a haircut around the world. And here are the 25 most expensive weekend getaways in the world. 

SEE ALSO: The 27 most important finance books ever written

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NOW WATCH: SCOTT GALLOWAY: Netflix could be the next $300 billion company

Tesla's lackluster first quarter results have some folks on Wall Street doubling down on their bearish outlook for the firm.

In a scathing note sent out to clients on Thursday, a team of equity analysts at UBS maintained its "Sell" rating and $160 price target, on the stock.

"We are lowering our 2017 estimate from -$2.90 to -$3.70 reflecting the Q1 miss and Q2 outlook (higher OpEx than forecast)," the team, led by Colin Lagan, wrote.

Currently, Tesla shares are trading at $296.64 a share, meaning UBS' target is some 46% below the current level.

On Wednesday, the electric-car maker reported a wider-than-expected adjusted loss of $1.33 for its first quarter as it burned through $623 million. Wall Street was anticipating a loss of $0.81 a share.

The bank also noted two potential risks moving forward: the automaker's merger with SolarCity and the possibility that the Model 3, which will begin production in 2017, won't churn a profit.

But UBS said in the "absolute" worse case scenario Tesla's stock could tumble to $43 per share. 

"The absolute downside for the TSLA stock is material as we believe any significant problems with the current or future products would likely cripple the company in the early stages of its growth," the bank said.

According to UBS, that scenario is contingent upon the firm selling only 500,000 vehicles in 2025 and operating margins of 8% and solar "sales of 5GWh and 10% margins."

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NOW WATCH: This man spent 6 weeks working undercover in an iPhone factory in China — here's what it was like

Australia’s government is pushing ahead with plans to solve the "double taxation" problem of digital currencies in the country.

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The post (+) Bitcoin Recommendation May 4th appeared first on CryptoCoinsNews.

Print section Print Rubric:  The relationship between banks and technology companies is becoming increasingly collaborative Print Headline:  Friends or foes? Print Fly Title:  Financial technology UK Only Article:  standard article Issue:  A decade after the financial crisis, how are the world’s banks doing? Fly Title:  Financial technology Main image:  20170506_SRD006_0.jpg IN JUNE 2007 a banker, or anyone else with $499 to spare, could try a novel distraction from work: Apple’s first iPhone had just gone on sale. In October 2008, after Lehman’s fall, another technological innovation was more quietly unveiled. A paper published online under the name of Satoshi Nakamoto described and advocated a form of electronic cash which people could send to one another without going through discredited banks. It was called bitcoin. As banks have adapted to the crisis and its ...

Print section Print Rubric:  The relationship between banks and technology companies is becoming increasingly collaborative Print Headline:  Friends or foes? Print Fly Title:  Financial technology UK Only Article:  standard article Issue:  A decade after the financial crisis, how are the world’s banks doing? Fly Title:  Financial technology Main image:  20170506_SRD006_0.jpg IN JUNE 2007 a banker, or anyone else with $499 to spare, could try a novel distraction from work: Apple’s first iPhone had just gone on sale. In October 2008, after Lehman’s fall, another technological innovation was more quietly unveiled. A paper published online under the name of Satoshi Nakamoto described and advocated a form of electronic cash which people could send to one another without going through discredited banks. It was called bitcoin. As banks have adapted to the crisis and ...

'We can be the ripple in the pond,' CEO Tim Cook says

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The post Bitcoin Exchange Coinbase Enables Litecoin Trading, Prices Spike appeared first on CryptoCoinsNews.

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The post Bitcoin Exchange Coinbase Enables Litecoin Trading, Prices Spike appeared first on CryptoCoinsNews.

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The post How Bitcoin Saved Me In Cash Strapped Zimbabwe appeared first on CryptoCoinsNews.

Blockchain content startup Yours is working on an alternative version of the Lightning Network, one that actually works on bitcoin right now.

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Bitcoin's price is hitting new highs yet again this week, after passing the $1,500 mark during overnight trading.

Source

Bitcoin cleared the $1,500 level for the first time ever late Wednesday. The cryptocurrency trades up 2.8% at $1,544.43 a coin as of 7:07 a.m. ET. It's higher for the 14th time in 15 days, gaining more than 32% over that time. 

The recent rally has lacked any real catalyst, with traders seemingly keying in on hope the US Securities and Exchange Commission will reverse its decision to the reject the Winklevoss ETF. A decision is due by May 15.

Back in March, the SEC rejected the plans for two bitcoin ETFs, saying it "is disapproving this proposed rule change because it does not find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest."

Bitcoin has overcome China restricting trade, the SEC's rejecting of two bitcoin ETFs, and threats from developers of creating a "hard fork" that would split the cryptocurrency in two to post a 63% gain so far in 2017. 

It's been the top performing currency every year since 2010, aside from 2014.

SEE ALSO: We bought and sold bitcoin — here's how it works

Join the conversation about this story »

NOW WATCH: This man spent 6 weeks working undercover in an iPhone factory in China — here's what it was like

On the two-year anniversary of a post that sparked a thousand bitcoin debates, Jim Harper analyzes the state of developer politics.

Source

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The post Bitcoin Price Hits $1,567, New All-Time High, Led by Japan & US appeared first on CryptoCoinsNews.