From Money Morning:
Bitcoin Prices Fall Below $4,500 but Could Still Reach $1 Million
On Thursday, Bitcoin prices burst through the $4,500 level for the first time before retreating slightly in the afternoon. However, any retreat in Bitcoin prices is a good opportunity for long-term investors to add more of the cryptocurrency to their portfolios, as Bitcoin prices could reach $1 million.The earlier calls for a million dollar price tag—
The market capitalization hit a staggering $73.6 billion, as crypto investors grew optimistic that more countries around the globe will begin to embrace digital payment networks. In addition, developers behind SegWit2x said that they will implement the second phase of the digital fork in November 2017.
Below is a recap of cryptocurrency prices at 3:30 p.m. EDT
Bitcoin: $4,321.54, -2.34%
Ethereum: $301.23, -0.08%
Ripple: $0.156, -1.14%
Bitcoin Cash: $388.77, +30.14%
NEO: $40.99, -13.27%
Now that we know all of today's price movements, here's what has been moving these cryptocurrencies…
Bitcoin Briefly Climbs to $4,500 but Quickly Falls
Bitcoin prices have increased by roughly $1,000 over the last nine days, as traders grow increasingly hopeful that it will become more accepted in mainstream finance. Still, there have been concerns expressed about the rise of the currency over the last few months. Goldman Sachs analyst Sheba Jafari predicted that Bitcoin was on the way to topping out at $4,827.
The analyst said that prices could then quickly be cut in half, falling as low as $2,221.
That bearish sentiment wasn't the only voice making noise on Thursday. Peter Schiff said that Bitcoin was in a "bubble."
Bitcoin Cash Prices Surge on SegWit2X Date
The Bitcoin Cash price rallied more than 30% on news that a mining pool called BitClub Network mined an 8MB block on the BCH blockchain.
This was the largest block found so far on the BCH chain.
Ethereum Prices Slightly Down on the DayThe price of Ethereum was mostly flat, trading at roughly $301.
Today, the firm Blockchain announced it had developed a wallet for users to hold Ethereum....MORE
At Money Morning:
Why a Bitcoin Price Prediction of $1 Million Isn't Crazy
...That brings us to Wences Casares, the CEO of the Bitcoin wallet startup Xapo and a member of PayPal Holdings Inc.'s board of directors. In a May 22 speech to Coin Center, Casares repeated his Bitcoin price prediction of $1 million per Bitcoin in 10 years....Roger that, relatively easy.
...But Bitcoin, which was worth just $0.003 shortly after its launch in January 2009, has consistently defied skeptics. Bitcoin has gained 88,999,900% since then. (That would have turned $100 into $89 million.)
To get to $1 million from the current price of about $2,300 would be a relatively easy 43,378% jump....
And at Climateer from ZeroHedge from CNBC so you know it's good, both Cramer and Blodget said something:
Jim Cramer Goes Batty: "Bitcoin May Hit $1,000,000"; Act Now Before It's Too Late!
It’s hard to know when bubbles will end but when analysis goes ape-sh*t batty, it’s easy to know the bubble exists.
Jim Cramer’s analysis of Bitcoin provides a perfect example.
CNBC reports Cramer says it’s possible bitcoin could reach $1 million one day.
Hmmm.... it appears that Cramer-"quote"-of--Blodget thing may be news.What Blodget Really SaidThe price of digital currency stockpiled by companies to pay off potential cyberthreats could reach $1 million one day, CNBC’s Jim Cramer said Wednesday.Cramer was responding to a recent comment by Business Insider CEO Henry Blodget, who said bitcoin could go to $1 million.“I think it could because the European banks are frantically trying to buy them so they can pay off ransomware. It’s a short-term way to be able to deal with cybersecurity. It is the way to pay off the bad guys,” Cramer said on “Squawk on the Street.”“When you get hit and you’re not sure how to do bitcoin, these cyberattackers have customer service desks,” Cramer said.
Blodget also mentioned the downside: “Bitcoin could go to $1 million (or fall to $0),” said Blodget maintains the view that “ultimately, Bitcoin has no intrinsic value.”...
Time to check in with the GS guys.
Goldman bitcoin technical analysts conferring