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Inside Bitcoin

Inside Bitcoin (Jun 30th, 2017)

$BTC (2:45 PM EST): $2,527.38 (-0.06%)

90-day high: $3,003.00 // 90-day low: $1,085.25 // More info

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Bitcoin has become increasingly volatile in recent months, reminding investors that the currency has a significant way to go before being dubbed mainstream. After a bubble on the digital currency burst in 2014, bitcoin stabilized and achieved its lowest level of volatility in April 2016. “There are all sorts of small steps that start legitimizing a market, and by design, bitcoin is inherently unregulated,” David Nadig, CEO of research consulting firm ETF.com, told Bloomberg. “Part of the reason you end up with volatility is because of the lack of market structure.” Bitcoin is up 167 percent year to date. – BLOOMBERG

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Hedge fund billionaire Michael Novogratz, who two months ago said he had 10 percent of his net income invested in digital currencies, is now selling the coins. Novogratz says with bitcoin having tapped $3,000 and ethereum topping $400, that the cryptocurrency boom has peaked. “The market had a spectacular run, and trees don’t grow to the sky,” Novogratz said. He said he still has 10 percent of his network in cryptocurrency, but he has taken the gain from the past two months and now holds “a lot less coins” which are worth more. Novogratz said he expects ethereum has hit its highs for the year. – FORTUNE

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Nvidia (NVDA) is restructuring its crypto cards as it competes with Advanced Micro Devices Inc. (AMD) for sales of chips to those mining the currencies. Susquehanna Financial Group analyst Christopher Rolland says the move is likely to undercut AMD’s “price-performance advantage” in the market. Nvidia is introducing two new graphics cards similar to two of its current models but with some features removed to make them more price competitive, Rolland writes, citing conversations with unnamed sources during his recent trip to Asia. “[The] new cards may upset AMD’s alt-crypto coin dominance,” Rolland wrote. – BARRON’S

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Coinbase co-founder Fred Ehrsam said ethereum has several scaling issues. Ehrsam said ethereum developers are working on seven major scaling solutions that will be launched by 2018. Because it is decentralized, ethereum is harder to scale than centralized networks like Facebook, which handles more than 175,000 requests per second. The scaling solutions proposed would bring ethereum close to being able to handle billions of users, but they must be deployed securely and efficiently, Ehrsam said. “These are hard computer science and game theory problems,” Ehrsam said. “Most of them have never been solved before. Estimating completion can be hard and can be far off.” – COIN TELEGRAPH 

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Russian Burger Kings and Thai noodle shops are among the latest businesses to start accepting bitcoin from customers. The Moscow branches of Burger King have already begun piloting bitcoin payments, and the fast-food restaurant is set to start rolling out the program through the rest of Russia this summer. Russia recently said the currency can be traded legally on the exchanges there, so long as it meets regulatory standards. And Lim Lao Ngow, a popular 80-year-old fishball noodle shop in Bangkok, is making a similar move. The company said it wants to embrace new technology. – COIN TELEGRAPH

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