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Inside Bitcoin

Inside Bitcoin (Nov 30th, 2017)

$BTC (1:32 PM EST): $9,778.60 (-7.29%)

90-day high: $11,418.10 // 90-day low: $3,239.15 // More… $BCH (1:33 PM EST): $1,270.28 (-20.71%)

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

$ETH (1:34 PM EST): $427.81 (-11.55%)

90-day high: $516.85// 90-day low: $198.72 // More

$LTC (1:35 PM EST): $82.52 (-14.34%)

90-day high: $103.48// 90-day low: $37.87 // More

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Bitcoin’s volatile run continued Wednesday into Thursday as the digital currency lost 20 percent of its value in 24 hours. Just a day after passing the $11,000 per coin benchmark to set a new record, bitcoin fell as low as $9,000 per coin on one exchange. The price recovered slightly to about $9,600 per coin but the wild swing is the latest reminder of bitcoin’s unpredictability. "Naturally, a few of the early bitcoin traders are taking some profits off the table," said Charles Hayter, founder of CryptoCompare.com. "Volatility is in the market at the moment and that means both positive and negative moves." Bitcoin continues to make its way into the mainstream as the term "bitcoin" was searched on Google more than the word "Trump" in the past week. Other cryptocurrencies also struggled as Bitcoin Cash, Ethereum and Litecoin each suffered double-digit losses as well. -REUTERS

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A federal court has granted the IRS access to more than 14,000 Coinbase accounts in an effort to recover unpaid taxes from 2013 to 2015. The IRS noted that only 802 people reported losses or gains from bitcoin transactions in 2015. That raised suspicions as the price of bitcoin increased from $13 to more than $1,100 during those three years. The IRS initially wanted information for more than a million personal accounts but later narrowed its scope to accounts worth $20,000 or more. Coinbase did not immediately say if it would appeal the decision. -FORTUNE

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Bitcoin has been called a bubble and compared to tulip mania in the mid-1600s but now there is another comparison – the Mississippi Land Bubble. "If you read history books about all these bubbles, like in Mississippi — where John Law went around selling all this land in Mississippi that was sort of worthless and the French were going crazy giving him all this money,” said billionaire Carl Icahn. “And then one night it all blew up ... to me, this is what [bitcoin] is." Icahn said he would not invest in bitcoin because he does not understand where the currency gets its value from. "I just stay out of something if I don't understand it,” he said. -CNBC

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Litecoin set a record high on Wednesday, trading at $103 per coin, although the coin has fallen back closer to $80 as part of Thursday's correction. Litecoin’s success has gotten lost in the shuffle a little as bitcoin and ethereum both grabbed headlines for their record-breaking numbers earlier in the week. Litecoin’s trading volume has increased to approximately $585 million worth of the coin changing hands in a 24-hour period. There was some fear that altcoins would struggle during bitcoin’s bull run but litecoin has steadily gained ground. "There will be some volatility in the coming days and weeks, but the established currencies will only come out stronger, by the look of things," JP Buntinx writes. –THE MERKLE

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Joseph Stiglitz, the former chief economist of the World Bank, wants bitcoin banned. Stiglitz, now a professor at Columbia University, said bitcoin doesn’t serve any socially useful function. "It’s a bubble that’s going to give a lot of people a lot of exciting times as it rides up and then goes down," he said. "The value of a bitcoin today is expectations of what the bitcoin is going to be tomorrow." Stiglitz said he supports technological innovation in payments but thinks digital money should still be fiat created and controlled by government. -COINDESK

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