Altcoins try to recover. Bitcoin still flirting with $5000 – October 11

Even though Bitcoin price could not break past $5000 mark, most of the analysts are still very bullish on it. For instance, Mike Novogratz, a former Wall Street giant turned billionaire private investor, today said that he would not be surprised to see Bitcoin price hitting above $10,000 in early 2018.

As of now, Bitcoin’s rally has stalled just above $4800, but it remains in a breakout position, and from here the cryptocurrency could not only cross $5000 but also set fresh all-time highs around $5400 in the coming week or two, as SegWit2x hype wears down.

Wednesday was a good day for altcoins. We saw a minor recovery to the altcoin markets, enabling them to reclaim about $1.5 billion of the combined market cap they had shed earlier this week.

At present, the combined value of all cryptocurrencies is $155.4 billion with Bitcoin dominating the market at $80.4 billion market cap. Today, Bitcoin price rose to a global average of $4,920, placing it just $80 below the $5,000 mark.

Once again we’re seeing most of the volumes are coming for BTC/KRW and BTC/USD pair. BTC/JPY, on the other hand, continues to lag behind, but the current value of this pair is much closer to the global average than it has been over the past several days.

Top stories from the Crypto World

1. Putin tells central bank not to create unnecessary barriers to cryptocurrencies

According to Kremlin’s website, Russia’s president Vladimir Putin held a meeting “on the use of digital technology in finance and the implementation of innovative financial tools.” It was attended by top regulators including the central bank governor, her deputy, and the finance minister.

Putin pointed out risks associated with cryptocurrencies stating that “the use of cryptocurrencies also carries serious risks.” but he stressed the importance to not “build up unnecessary barriers” for new technologies.

Looks like Russia is not banning cryptocurrencies after all.

2. Abu Dhabi issues cryptocurrency and ICO regulations

The government of Abu Dhabi has published guidelines to bring clarity to its regulatory approach to ICOs and virtual currencies for ICO organizers and digital currency adopters.

The Financial Services Regulatory Authority (FSRA) – Abu Dhabi’s financial markets regulator- has decided that a “one size fits all” approach to virtual tokens, is “inappropriate.”

Under the new guidelines, companies wishing to organize an ICO are now mandated to approach the FSRA where the authority will determine if the token offering is to be regulated as a security.

If the FSRA determines the token falls outside the definition of a security, the token offering will remain unregulated.

3. A man sells everything for Bitcoin and waits for the crypto-boom

Didi Taihuttu, a 39-year-old, has sold everything he owns to buy Bitcoin. Speaking with the Business Insider, Taihuttu explained that this summer he and his wife made the decision to sell the family house, the car, a motorbike, electric bikes, clothing, shoes, and the children’s toys.

Now he and his family live on a campsite in The Netherlands. He goes on to say, “People will say, ‘You’re crazy.’ But we are an adventurous family and are going to gamble for a moment to live minimalist lives. If you never take a risk, life is boring.”

My two cents: This decision of Didi could go either way; he may become a millionaire in five years or go broke. As any seasoned crypto investor would tell you, considering how volatile this market is and how little data we have on it (less than a decade), it is advised not to put your life savings to buy cryptocurrencies. This market is extremely risky.