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Inside Bitcoin (Nov 22nd, 2017)

$BTC (1:56 PM EST): $8,143.45 (0.33%)

90-day high: $8,266.57 // 90-day low: $3,239.15 // More


$BCH (1:56 PM EST): $1,308.38 (9.01%)

90-day high: $2,050.08// 90-day low: $275.90 // More


$ETH (1:57 PM EST): $366.63 (-0.17%)

90-day high: $389.65// 90-day low: $184.82 // More


$LTC (1:58 PM EST): $70.89 (-0.45%)

90-day high: $85.58// 90-day low: $37.37 // More

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The hack of Tether on Sunday has reignited fears about the safety of investing money with bitcoin exchanges. Emin Gün Sirer, a computer science professor at Cornell, fears ongoing security issues with the online exchange Bitfinex, which is owned and operated by the same people that own Tether, could greatly harm the industry. “I’m worried about the systemic risk that this centralized company poses, and I’m worried that if they go down, they will take down the space with them,” Sirer said. The New York Times takes a longer look at Bitfinex, currently the world’s largest cryptocurrency exchange. That includes a history of lost bitcoin and the company’s move to make customers pay for lost funds in 2016. –THE NEW YORK TIMES

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Nikolai Nikiforov, Russia’s minister of communication and mass media, said the country will never consider the legalization of cryptocurrencies. He added that it is “quite possible” that Russia could use blockchain technology, although he did not provide any context on how. While the Russian government takes a generally negative stance on bitcoin, the country's officials have made a number of pro-blockchain statements in recent days. Just a week ago, a senior official at Russia's central bank said ICOs could drive funding opportunities for startups. And, a week prior, the head of Russia’s Federal Agency for Tourism predicted that blockchain could transform the country's tourism industry. -COINDESK

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Fundstrat’s Tom Lee has raised his mid-2018 price target for bitcoin from $6,000 per coin to $11,500. Lee had warned investors that bitcoin was overpriced when it traded near $7,400 earlier this month but last week’s crash to $5,600 and subsequent rise “cleaned up weak hands and we no longer feel caution is warranted,” he said. Lee is bullish on the crypotcurrency due to his forecasts for strong growth in the number of bitcoin accounts and transaction dollar volume per account. He noted how Coinbase has more than 14 million accounts. -CNBC

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Morocco has officially banned transactions that use cryptocurrencies. The country cited a lack of regulation as a danger to users. Morocco Trade and Development Services, an internet service provider that operates in the country, just announced last week it would accept bitcoin as payment. The company said it will comply with the country’s new law, although its founder, Karl Stanzik, said regulators will struggle to curb the use of virtual currencies in the country. –COIN TELEGRAPH

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JP Morgan Chase is considering providing access to CME Group’s bitcoin futures trading offering through its own futures platform. The consideration comes with a fair amount of irony as Chase CEO Jamie Dimon has been one of bitcoin’s most outspoken critics. He has called the cryptocurrency a “fraud,” said anyone that invests in it is “stupid” and promised to fire anyone on his staff that traded it. –THE WALL STREET JOURNAL

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NOTE TO READERS: Inside Bitcoin will not publish tomorrow or Friday but will return Monday with the latest cryptocurrency news.

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