Why Bitcoin’s price is so volatile
In 2017, Bitcoin’s value soared from $1,000 to just under $20,000 before dropping down to around $13,000 at the end of the year. Since then, it’s value has risen and dropped sporadically from day to day, dragging smaller cryptocurrencies like Ether and Ripple along with it. If you’re new to cryptocurrencies, this kind of volatility can be dizzying (and painful if you invest at the wrong time), but if you take a closer look it starts to make sense. Here’s why Bitcoin’s price keeps changing so drastically, and why it may get more stable in the future. Bitcoin Is Still Very New Bitcoin was first released in 2009, but it […]
Macquarie adopts open banking solution
Macquarie customers will be one of the first to test the new open banking regime with the help of a fintech. Retail finance solutions provider Zip Co, which operates under its zipPay and zipMoney brands, will allow Macquarie customers to add banking and credit card accounts via personal financial management app Pocketbook. Zip Co acquired Pocketbook in 2016 and currently has more than 400,000 users. The app integrates with Macquarie’s open banking platform, giving customers the option to connect and manage personal finances. Zip co-founder and chief executive Larry Diamond said as momentum for this type of innovation is quickly growing, the integration with Macquarie Banking and Financial Services Group […]
‘I actually don’t quite care’: Australian bitcoin investors hang tough
Australian bitcoin investors are refusing to be spooked by the cryptocurrency’s wild volatility, saying its steep drop in value was a “healthy step” in the virtual currency’s brief history. Bitcoin – the world’s largest digital coin – fell below $US10,000 ($A12,500) on Wednesday, continuing its month-long slide. Bitcoin peaked in December, at nearly $US20,000 but has since dropped by 50 per cent. Wednesday’s price drop was sparked by a record sell-off after the South Korean government flagged a crackdown on cryptocurrency trading. South Korea is one of the world’s biggest cryptocurrency markets. Bitcoin is one of nearly 1400 different types of cryptocurrency. China has also recently flagged a crackdown on […]
How cryptocurrency is set to change the customer loyalty program model
New trial using cryptocurrency instead of loyalty points at UNSW highlights the value consumers perceive in earning digital dollars. Cryptocurrency is the biggest game-changer to hit customer loyalty programs since the introduction of frequent flyer points more than 30 years ago. That’s the view of LoyaltyX CEO and customer loyalty expert, Philip Shelper, who has just completed a trial in partnership with the University of NSW that saw students and staff earning cryptocurrency instead of points in return for day-to-day purchases with merchants across the campus. Shelper told CMO more than 170 students and staff and 12 merchants participated in the seven-week, ‘world-first’ trial, which was backed by the NSW […]
Why investor Steve Baxter’s changed his tune on the blockchain, but warns current hype levels are “dangerous”
Last year, prominent Australian investor and Shark Tank judge Steve Baxter told StartupSmart in an interview he believed the blockchain was “overhyped”, and he had no blockchain-focused startups in his portfolio, nor was he “in a hurry to find any”. Since then, blockchain startups and cryptocurrencies such as Bitcoin and Ethereum have seen an astounding boom in both popularity, recognition, and price, with multiple success stories locally and abroad. Asked if he’s changed his tune just over six months later, Baxter told StartupSmart this week he now owns “a bit” of second-largest cryptocurrency Ethereum and appreciates the tech more. “I bought $500 bucks of Ethereum to get a sense of […]
First crowdfund licences granted
Even though the Australian government failed to pass amendments to the equity crowd source funding (CSF) regime before the end of last year, the Australian Securities and Investments Commission (ASIC) has granted seven companies licences to allow them to act as CSF intermediaries under the regime. The first batch of licences has been issued to Big Start, Billfolda, Birchal Financial Services, Equitise, Global Funding Partners, IQX Investment Services and On-Market Bookbuilds. “ASIC has been assessing applications as a matter of priority, as suitable intermediaries needed to be licensed before fundraising under the new regime could commence,” said ASIC commissioner John Price. “Intermediaries have an important gatekeeper role which will be […]
Bitcoin tumbles as fears of cryptocurrency crackdown linger
January’s cryptocurrency selloff got fresh impetus on Tuesday when Bitcoin slumped as much as 20 percent, as the prospect of regulatory crackdowns appeared to spread. While the largest digital coin trimmed its loss and was down 18 per cent at $11,444 ($14,378) at 5am AEDT, it was still at the lowest level since late December, according to composite pricing on Bloomberg. As Bitcoin halted its two-day rally, rival cryptocurrencies also tumbled. Ripple sank as much as 33 percent and Ethereum dropped 24 percent, before both tokens pared some declines. Speculators across the globe are struggling to determine when or how market watchdogs may rein in an industry that’s decentralised and […]
AUSTRAC opens consultation on new rules for digital currency exchange providers
Australia’s financial intelligence agency AUSTRAC has earlier today provided another update to digital currency exchange providers. Somewhat later than initially planned, the agency published its draft AML/CFT Rules for consultation. The draft amendments result from the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2017, which is also known as the “Bitcoin bill”. In December last year, the legislative piece passed both Houses and got Royal Assent. Today, AUSTRAC opened a public consultation into the draft AML/CFT Rules. The period of the consultation lasts until February 13, 2018. The rules, inter alia, provide detailed information on the Digital Currency Exchange Register, as well as requirements for information to be reported about […]
