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Inside Bitcoin

Inside Bitcoin (Nov 28th, 2017)

$BTC (1:40 PM EST): $9,987.99 (2.44%)

90-day high: $9,749.98 // 90-day low: $3,239.15 // More


$BCH (1:41 PM EST): $1,563.64 (-4.90%)

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


$ETH (1:41 PM EST): $472.66 (-0.45%)

90-day high: $489.17// 90-day low: $198.72 // More


$LTC (1:42 PM EST): $95.16 (6.37%)

90-day high: $92.06// 90-day low: $37.87 // More

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Bitcoin surpassed $10,000 per coin on Tuesday. The milestone came at 11:14 UTC and brought bitcoin’s market capitalization to $167 billion, making it more valuable than companies such as IBM, McDonald’s, Paypal and Disney. The record caps a wild week for the cryptocurrency which dipped below $8,000 per coin as recently as Friday. For the year, the price of bitcoin has now increased more than tenfold. -COINSPEAKER

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The number of new Coinbase accounts opened in the last week is higher than originally thought. Coinbase has added at least 300,000 new users since Thanksgiving, according to the Altana Digital Currency Fund. There were reports earlier that Coinbase, which has more than 13 million accounts, added around 100,000 accounts over the holiday. In total, Coinbase has almost tripled its customer base in the past year as the price of bitcoin has skyrocketed. Coinbase’s mobile app was trending on Monday in Apple’s app store, ranking fourth under the finance category. -BLOOMBERG

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Elon Musk has denied that he is Satoshi Nakamoto, the mysterious founder of bitcoin. A former intern at SpaceX recently wrote a story for Medium that argued Musk could be Nakamoto based on his technical expertise, desire to help humanity and his lack of need for money. Musk responded with a tweet. “Not true,” Musk wrote. “A friend sent me part of a BTC [bitcoin] a few years, but I don’t know where it is.” –THE GUARDIAN

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The search term “buy bitcoin with credit card” is around its historic peak. The phrase only makes up 3 percent of all bitcoin searches but is on the rise. More importantly, though, investors see the growth as a possible sign of a bitcoin bubble. Nick Colas, co-founder of Data Trek Research, sees the inclination to use credit to get in on the moves of a volatile asset as “a cautious note” about where sentiment is running. "For those readers who think about transmission mechanisms between financial assets and the real economy, look no further. This is it," he said in a note to clients. -CNBC

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Ethereum co-founder Vitalik Buterin provided more specific details for the future of the blockchain-based platform. Buterin said the Ethereum network needs to improve privacy, consensus safety, smart contract safety and scalability. He said there were solutions for the first three challenges already in the works, but scalability remains the most difficult challenge. Buterin wants the network to handle thousands of transactions per second, be on-chain only and without any supernodes. He believes sharding or allowing side chains where protocol changes can be upgraded while keeping the main chain intact. -COINTELEGRAPH

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Bitcoin’s growth chart has “gone parabolic,” a trend that usually doesn’t end well, said Art Cashin, director of floor operations at the New York Stock Exchange for UBS. The price of bitcoin has increased ten-fold this year with even stronger gains in the last quarter. Cashin said there is a “fear-of-missing-out” phase right now with investors that continue to push the price higher. Cashin said that movement is beginning to worry some people in the Federal Reserve. -CNBC

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