The impact of Chinese enthusiasm for bitcoin in recent months has been felt by effectively all market participants. Since the beginning of October, bitcoin’s exchange rate has climbed roughly 950% vs most government fiat, largely driven by CNY markets. Equally as interesting are the aggregate habits of Chinese market participants visible via a number of non-traditional sources and the signals those metrics may send. Daily XBT/CNY trading volume in China has climbed from approximately 10K XBT per day in early October to more than 150K per day more recently. The drivers of that volume is likely a mix of general …

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This morning, US-based Coinsetter launched their much-anticipated bitcoin trading platform. The company was one of the first in the space to raise venture capital, closing a $500K round in April co-led by Barry Silbert’s Bitcoin Opportunity Fund and Tribeca Venture Partners. As an exchange looking to serve both US and international clients, Coinsetter is taking a unique approach to navigating the regulatory landscape and offering deep liquidity for its customers. The company was founded by Jaron Lukasiewicz, previously an Associate at The CapStreet Group, a private equity firm in Houston, Texas. Coinsetter was initially focused on offering margin trading and …

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Today itBit, a global bitcoin exchange, announced their official launch as well as the completion of their second round of funding. The company raised a total of $5.5M, with the most recent round closed over the last month for $3.25M. itBit is opening trading today for non-US institutional and retail traders, as well as some US institutional traders. The exchange is headed by Rich Teo, who previously worked as a Senior Analyst at Cedar Hill Capital Partners and Citigroup as an M&A analyst before that. itBit has offices in Singapore, Shanghai and New York, and is looking to serve the …

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The recent climb in bitcoin’s exchange rate has driven heavy attention from media and investors. As the second time this has occurred at such scale in 2013 alone, the broader conversation has made a subtle but important shift from simply trying to understand what bitcoin is and where it came from, to what is happening in the space and what the future might hold. Recent growth has been driven not just by speculators, but also entrepreneurs, venture capitalists and bitcoin users that have contributed to remarkable change in the digital currency economy since the last time these types of exchange …

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The digital currency markets have seen a host of industry-specific news over the past weeks, including events like the closure of Silk Road and announcement that Baidu would accept bitcoin for some services. While such micro events continue to play a large part in the bitcoin markets, the reaction to the agreement over the US debt limit illustrates the clear impact macroeconomic events increasingly have on bitcoin. After weeks of debate and a partial government shutdown, US legislators reached an agreement to extend the United States’ borrowing capacity. In doing so, a default by the world’s largest debtor was avoided …

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Discussions of a possible US default have dominated the news cycle for the past few weeks. This is now the second time in as many years that debates over the debt ceiling have pushed the boundaries of the US government’s borrowing infrastructure. Having seen a similar scenario unfold in 2011, reactions from financial markets this time around may be foreseeable. Incidentally, this scenario may also provide a valuable opportunity to understand bitcoin’s developing role in the macroeconomic landscape. In Familiar Territory The current political disputes in Washington have led to a series of escalating outcomes. As the result of a …

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Today is a somber day in the United States, particularly for New Yorkers. The events of this date 12 years ago are still fresh in many people’s minds, as are the memories of extreme heroism from fellow residents. Knowing that 9/11 was coming up, I recently visited the memorial at Ground Zero for the first time with some friends visiting from out of town. The space was vibrant and reflective of the events that occurred, but it was impossible for one thing not to stand out above all else: the unbelievable security detail at the venue. For those who haven’t …

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Considering a bitcoin mining hardware purchase? Make a more informed decision with our Bitcoin Mining Dashboard. Bitfury’s resellers have begun shipping their 400 GH/s “Full Kits” to customers. After initial accounts of prototypes successfully mining on August 2nd, full production units are now ready. Over the last year Bitfury, a Russian ASIC bitcoin mining manufacturer, has been quietly developing a 55nm ASIC chip that runs around 3 GH/s. Bitfury sold bulk quantities of chips to US and EU distributors who partnered with “100 TH/s”, a publicly traded mining company, to develop fully functional units. The ASIC chips must be set …

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Considering a bitcoin mining hardware purchase? Make a more informed decision with our Bitcoin Mining Dashboard. ASICMiner, the only company selling ASIC bitcoin mining hardware out of available inventory, just reduced the price of their largest miner to 3.5 BTC. The ASICMiner blade was unavailable for several weeks before Friedcat, CEO of ASICMiner, announced on August 11th that they would be selling them again at the then-reduced rate of 10.5 BTC each. Given that every other ASIC bitcoin mining hardware company sells pre-orders for units months in advance of actual delivery, ASICMiner has used their monopoly over the in-stock market …

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Representatives from the Bitcoin Foundation spent the beginning of this week on Capital Hill representing the bitcoin community to federal policy makers and law enforcement. After meeting with nearly a dozen federal agencies on Monday, yesterday served as an opportunity to interface with legislators. The team met with congressional staff from the offices of five legislators across both the Senate and House of Representatives. With Congress currently in recess, the Foundation capitalized on a rare opportunity to speak at length with government officials, whose schedules are often lighter between sessions. The timing apparently worked to their advantage, as they were …

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