Selasa, 02 April 2019

Bitcoin soars 20 percent, mystery buyer seen as catalyst - Reuters

LONDON (Reuters) - Bitcoin burst to its highest level in almost five months on Tuesday, sending smaller cryptocurrencies up, with analysts ascribing the move to a major order by an anonymous buyer that triggered a frenzy of computer-driven trading.

FILE PHOTO: Bitcoin.com buttons are seen displayed on the floor of the Consensus 2018 blockchain technology conference in New York City, New York, U.S., May 16, 2018. REUTERS/Mike Segar/File Photo

The original and biggest cryptocurrency soared as much as 20 percent in Asian trading, surpassing $5,000 for the first time since mid-November. By late morning, it had settled at around $4,700, still up 15 percent in its biggest one-day gain since April last year.

Bitcoin surged to near $20,000 in late 2017, the peak of a bubble driven by retail investors that pushed cryptocurrencies onto the agenda of mainstream financial firms. But wide interest waned as prices collapsed, and now trading is mostly powered by smaller hedge funds, tech firms and wealthy individuals.

Oliver von Landsberg-Sadie, chief executive of London-based cryptocurrency firm BCB Group, said the move was likely triggered by an algorithmic order worth about $100 million spread across major exchanges - U.S.-based Coinbase and Kraken, and Luxembourg-based Bitstamp.

“There has been a single order that has been algorithmically-managed across these three venues, of around 20,000 BTC,” he said.

“If you look at the volumes on each of those three exchanges – there were in-concert, synchronized, units of volume of around 7,000 BTC in an hour”.

For a graphic on Bitcoin price, see - tmsnrt.rs/2VadrPe

Analysts could not point to any specific news or developments in the cryptocurrency sector that could explain the mystery buyer’s big order.

Outsized price moves of the kind rarely seen in traditional markets are common in cryptocurrency markets, where liquidity is thin and prices highly opaque.

So orders of large magnitude tend to spark buying by algorithmic traders, said Charlie Hayter, founder of industry website CryptoCompare.

As bitcoin surged, there were 6 million trades over an hour, Hayter said - three to four times the usual amount, with orders concentrated on Asian-based exchanges.

“You trigger other order books to play catch up, and that creates a buying frenzy.”

Bitcoin’s surge sent smaller cryptocurrencies, known as “altcoins,” trading higher. Ethereum’s ether and Ripple’s XRP, respectively the second- and third-largest coins, both jumped by more than 10 percent.

Price moves of smaller coins tend to be correlated to bitcoin, which still accounts for just over half of the value of the cryptocurrency market.

Slideshow (2 Images)

“Usually bitcoin is the leader of the market and altcoins tend to follow, as far as direction and sentiment is concerned,” said Mati Greenspan, an analyst at eToro in Israel. “Today bitcoin is in the driving seat.”

Cryptocurrency markets have been relatively calm so far this year, with bitcoin trading until today between around $3,300 and $4,200.

There have been few catalysts for big price moves of the kind seen last year. In 2018, fears of regulatory clampdowns and declining interest from retail investors saw bitcoin slump by about three-quarters.

Reporting by Tom Wilson and Tommy Reggiori Wilkes; Editing by Abhinav Ramnarayan and Andrew Cawthorne

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https://www.reuters.com/article/us-crypto-currencies/bitcoin-soars-20-percent-mystery-buyer-seen-as-catalyst-idUSKCN1RE0JY

2019-04-02 12:37:52Z
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8 Reasons Why Bitcoin Looks Even Better Than in 2017 - Bitcoinist

Bitcoin soared in a few short hours blasting through the $5,000 barrier, and HODLers are rubbing their hands with glee preparing for the next epic run. But is this going to be 2017 all over again? No. Here are seven reasons why Bitcoin looks even better now than in 2017.


Better Fundamentals

For any market to reach maturity, it must go through several bullish and bearish cycles. The latest bear market for Bitcoin has been its longest to date, but long enough to shake out the weak hands, the curious speculators, and in-and-out investors. Those who saw Bitcoin as a chance for getting rich overnight are out of the game.

The key takeaway is that in spite of the bear market, Bitcoin has been building. There are now far better fundamentals in place than there were two years ago.

Bitcoin usage has been steadily climbing for 15 months. Transactions, hash rate are all up despite the ‘Crypto Winter’ and 1MB+ Bitcoin block sizes are now the new normal.

More Fiat On-Ramps

Depending on where you’re based, you may have more difficulty than others getting hold of bitcoins. But despite that, there is now more fiat-on-ramps than in 2017–by a long shot.

That includes more exchanges appearing allowing for fiat to crypto trading, including international powerhouses like Binance and OKEx. Square’s Cash App obtained the New York BitLicense in June 2018, making buying BTC through a mobile even easier than Coinbase. And there are better services from existing U.S. exchanges like Coinbase and Gemini. They now list more coins and are easier for users than before.

There are also more ways to earn bitcoin and more providers who pay it. Through services like Trezor, Mycelium, Exodus, and Blockstream Green Wallet it’s easier and safer to earn money in Bitcoin rather than have to purchase it from the start.  

Moreover, institutional investors like Bakkt will eventually settle their BTC futures contracts in bitcoins and not in cash like CME or CBOE.

This means there will be more fiat money flowing into Bitcoin rather than just the futures market–if it ever gets approval to officially open its doors, of course.

Fewer Scams

OK, so we started the year with QuadrigaCX whose ongoing saga is still ongoing. It’s not yet clear whether the owner’s sudden passing with the only knowledge of the location to the cold storage wallets is true or a spectacular ruse.

While we still have this slightly archaic way of storing private keys and opportune hackers exist, your funds may still be at risk. Even if you keep them yourself, you’re not immune to your three-year-old picking up your Ledger and throwing it in the can.

However, compared to 2017, the SEC and other regulatory bodies have done a pretty good job of weeding out scams.

BitConnect, Pincoin, OneCoin, Centratech… Ponzi schemes like these, and bad actors and celebrities shilling altcoins like they’re going out of style have been flushed out. People are more aware of the dangers, the importance of controlling your own private keys, and it’s becoming safer to invest in Bitcoin.

Proven Use-Cases

Bitcoin is proving its worth not just as a store of value, but also as a means of payment in many places, especially Venezuela. In countries affected by high inflation, like South Africa and Turkey, in fact, Bitcoin is proving to be a lifeline to them as well.

In Venezuela, Bitcoin volume on sites like Local Bitcoins has seen unprecedented growth over the last year or so. Bitcoin allows them to receive remittances from family members, shield their wealth from hyperinflation, and pay for essential items.

coin-dance-localbitcoins-VES-volume (1)

Organizations like BitGive have made it easier for charities to accept BTC donations as well to make a difference in hospitals and orphanages around the country.

Bitcoin is Scaling

The Lightning Network is making amazing progress, hitting already 1,000 BTC capacity (or $4.2 million). Bitcoin’s layer two scaling solution looks to be unstoppable making mindblowing progress in just over a year.

Once mass adoption kicks in, there won’t be the bottlenecks, high fees, lengthy wait times, and collapses that we had to experience back then.

More Bitcoin ATMs Worldwide

There are now way more Bitcoin ATMs around the world than there were in 2017. In fact, the number doubled last year to over 4,000 in 2018.

While the latest one in Dubai made a temporary appearance due to regulation, it’s a matter of time before it ticks enough boxes to come back.

More Key Personalities at the Top

From ‘Crypto Mom’ holding up the flag for Bitcoin at the SEC to U.S. Presidential candidate Andrew Yang being Bitcoin-friendly, BTC’s got friends in high places. Let’s also not forget that Bitcoin was officially declared not a security since the wild days of 2017.

Bank scandals and unsavory behavior from centralized entities like Facebook and Google, coupled with greater growth in infrastructure have lead to more people joining in the revolution.

$20,000+ is Realistic

Let’s not forget, Bitcoin has already hit $20,000. No one thought that was possible back then. Now, it’s just another target to break just like the key psychological $1,000 level prior.

That, plus all the reasons above, is why Bitcoin looks even better than in 2017. To the moon!

Is Bitcoin better primed for a moon shot now than in 2017? Share your thoughts below!


Images via Shutterstock, coin.dance

The Rundown

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https://bitcoinist.com/bitcoin-7-reasons-better-than-2017/

2019-04-02 12:15:39Z
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The Daily Chase: TSX enters Q2 on high note; Ontario pot stores begin to open - BNNBloomberg.ca

Columnist image

The S&P/TSX Composite Index heads into the second quarter as one of the top-performing indices in the world this year. Canadian stocks jumped 12.42 per cent in the first three months of 2019, with pot stocks dominating the leaders board of percentage gainers. We’ll dissect the quarter that just wrapped and look ahead this morning with Montrusco Bolton’s John Goldsmith and Sadiq Adatia from Sun Life. Should note the latest manufacturing data out of China have set a positive tone in the market, with global stocks and U.S. futures rallying this morning

ONTARIO POT SHOPS OPEN

The first wave of licensed Ontario pot shops will open for business today, almost half a year later than in other provinces. BNN Bloomberg's David George-Cosh will be on location at The Hunny Pot, reporting on the crowds, the inventory, and the head start that store is getting on lottery winners who still aren’t licensed to open. And if you missed it, here’s his primer.  

HOLDOUT PROVINCES FACE CARBON TAX

The federal government imposes its carbon tax today on the four holdout provinces: New Brunswick, Ontario, Manitoba and Saskatchewan. We will do our best to dodge the politics of the day, and focus instead on business preparedness and policy effectiveness as gas prices rise while households can look forward to “Climate Action Incentive payments.”

BREXIT LATEST

Canaccord Genuity is restructuring its capital markets business in the U.K., resulting in a $12-million charge, as a result of the “prolonged period of political and market uncertainty”. It’s one of the first major retrenchments I remember seeing by a Canadian company in the country. Meanwhile, U.K. Parliamentarians today will again debate alternatives to Prime Minister Theresa May’s Brexit plan with little time to spare before an April 12 deadline imposed by the European Union.

OTHER NOTABLE STORIES

-Kellogg has agreed to sell Keebler and other cookie assets to Ferrero Group for US$1.3 billion

-We’ve got some major M&A in the cannabis sector this morning, with Chicago-based Cresco Labs agreeing to purchase CSE-listed CannaRoyalty, the parent of Origin House, for $1.1 billion in shares. The deal very much looks like a play on California.

-Fresh off naming a new CEO, now Hydro One has a couple holes to patch in its executive ranks, with Chief Operating Officer Greg Kiraly and Chief Legal Officer Jamie Scarlett exiting.

-Medison Biotech, the activist that's taken aim at Knight Therapeutics, is ratcheting up pressure by announcing six nominees for the company's board. What makes this feud especially compelling is the fact Medison's CEO also sits on Knight's board.

-Bombardier announced a firm order for a half dozen Q400 turboprops from an unnamed buyer this morning. Purchase is worth US$202 million at list price.

-Goldcorp reported an underground fire at its Musselwhite mine in Ontario. No injuries reported; company says it’s too soon to say when mining will resume.

-Facebook CEO Mark Zuckerberg made the case for stronger regulatory oversight of the Internet in a Washington Post op-ed this weekend.

NOTABLE RELEASES/EVENTS

-Notable data: U.S. retail sales, ISM U.S. manufacturing index 

-Legal recreational cannabis stores open in Ontario

-Federal carbon tax takes effect in Ontario, Saskatchewan, Manitoba, New Brunswick

-1030: Ontario Premier Doug Ford makes announcement in Etobicoke (plus avail)

-12:00 p.m. ET: Finance Minister Bill Morneau delivers remarks at the Canadian Association of New York (plus avail at ~1:15 p.m. ET)

-3:10 p.m. ET: Bank of Canada Governor Stephen Poloz delivers speech in Iqaluit (remarks on bank website at 2:55 p.m. ET, plus news conference at 4:30 p.m. ET)

-LNG2019 conference begins in Shanghai (runs to Friday; speakers include CNOOC Chair Yang Hua, Exxon Mobil CEO Darren Woods, Royal Dutch Shell CEO Ben van Beurden)

Every morning BNN Bloomberg's Managing Editor Noah Zivitz writes a ‘chase note’ to BNN Bloomberg's editorial staff listing the stories and events that will be in the spotlight that day. Have it delivered to your inbox before the trading day begins by heading to www.bnnbloomberg.ca/subscribe



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April 01, 2019 at 08:24PM

New carbon tax kicks in for four holdout provinces - BNNBloomberg.ca

A fuel tax is now being charged in four Canadian provinces, as Prime Minister Justin Trudeau advances a carbon levy over the objections of conservative premiers.

The federal “backstop” program applies to Ontario, Manitoba, New Brunswick and Saskatchewan, which make up nearly half of Canada’s population. It will add 4.4 Canadian cents per liter of gas, or 12 U.S. cents per gallon, effective Monday, an amount that will rise in coming years. The government is pairing the new tax with “Climate Action Incentive” payments sent overwhelmingly to households, meaning the burden will fall disproportionately on small businesses.

For Trudeau, it’s a key way to help reduce greenhouse gas pollution and lower Canadian emissions by -- in his words -- putting a price on pollution. However, the measure has been a rallying cry for conservatives who govern each of those four provinces and who dismiss the move as a tax grab, warn it could spur a recession and are challenging it in court.

The fuel levy that kicks in April 1 comes on the heels of a tax on industrial emitters that began in January, though its details are still being finalized. The new tax is the equivalent of a $20 per tonne carbon price. That will rise by $10 each year, to $50 by 2022. However, Trudeau faces re-election this fall and his top rival has pledged to scrap the tax.

Small businesses won't be able to pass carbon-tax costs onto consumers: CFIB

Dan Kelly, president and CEO of the Canadian Federation of Independent Business, joins BNN Bloomberg to discuss the economic impacts that await small- to medium-sized Canadian business as the carbon tax kicks into effect. He says the majority of these business will feel a financial setback.

Short-Term Impact

The fuel surcharge alone will raise about $2.3 billion in revenue this year, rising to $5.6 billion by 2022-2023, with the majority sent back to households. The economic impact of the measures is expected to be minimal. Rebates will mean the net impact on gross domestic product will be small in the short term, according to Brett House, deputy chief economist at Bank of Nova Scotia.

“In the near-term, we don’t see the calamitous effects ahead that some may be anticipating,” and price pressures will be modest at first, he said. “The longer term effect is a little more unknown.”

Tony Stillo, director of Canada economics for Oxford Economics, echoed that view. “We expect the impact of the federal carbon price to be quite small for the economy overall, though it could be more material for carbon-intensive sectors,” he wrote in a research note. The most visible part of the system will be “a modest bump to fuel prices.”

‘Holding the Bag’

Federal projections show the average household cost of the plan will range from $202 to $403 annually starting in 2019, depending on the province, while the average household rebate will range from $248 to $598. The rebates will rise in tandem with the increasing carbon price.

Business groups are divided on the measure. Generally, bigger groups have favored it while those representing small businesses have fought against it, saying rebates are too heavily skewed toward households. “Small businesses are left holding the bag,” Dan Kelly, president of the Canadian Federation of Independent Business, said in February.

The federal backstop plan only applies, in whole or in part, to provinces that haven’t introduced their own carbon price. Aside from Ontario, Canada’s three other major provinces -- Quebec, British Columbia and Alberta -- all have their own, though Alberta is poised to elect a new premier who’d scrap the province’s system. If that happened, the federal plan could kick in there, too.



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April 01, 2019 at 09:56PM

Bell customer's 5-month fight is 1 of almost 10,000 recent complaints to telco mediator - CBC.ca

Matthew Tomlinson spent five months trying to get Bell to give him a TV package at the price he was promised.

The 47-year-old Ottawa computer analyst says a Bell sales agent signed him up for the wrong TV package last June, which cost him an extra $50 per month.

"I felt like I was misled at every portion of my transaction with Bell," says Tomlinson.

Frustrated, Tomlinson filed a complaint with the telecom mediator, the Commission for Complaints for Telecom-television Services (CCTS).

His complaint is included in a mid-year report released today by the CCTS, indicating that the number of Canadians unhappy with their telco service providers continues to climb.

Complaints up 44%

The CCTS says it accepted 9,831 complaints between August 2018 and January 2019 — a 44 per cent increase over the same period the previous year.

The biggest issues for consumers: billing disputes, misleading contract terms or non-disclosure of information and poor quality of service.

"It's unfortunate that we see the same issues on a regular, recurring basis," CCTS commissioner Howard Maker told Go Public.

CCTS commissioner Howard Maker says many of the problems consumers face with their telco service providers could be easily prevented with better employee training. (Andrew Lee/ CBC)

He says by the time consumers have filed a complaint with his organization, they are often at their wits' end.

"It's difficult to see them all have to spend time and resources on things that maybe didn't need to have occurred, if better processes had been in place in the front end."

Ninety-two per cent of complaints to the mediator were resolved, although the CCTS could not address 6,413 other complaints beyond its mandate, including customer service, pricing and operating practices and policies.

Companies with the most complaints

The country's largest service provider continued to receive a disproportionately high number of consumer complaints - Bell Canada was the subject of 3,034 complaints.

Rogers received 915 complaints.

For the first time, Cogeco placed third on the list, with 790 complaints, after an upgrade to its computer system led to customers losing service and being unable to contact technical support.

Telus received 746 complaints, making it the fourth most-complained-about telecom provider.

Freedom Mobile, owned by Shaw, expanded its service areas last year and placed fifth on the list, with 637 complaints.

Top issues raised

Customers filed the most complaints about cellphone issues (37.1 per cent), followed by problems with internet (27.8 per cent) and TV services (18.2 per cent).

Canadians were only recently able to file complaints about TV services. That process was introduced into the CCTS mandate in September 2017.

5 months battling Bell

Tomlinson's complaint last fall said he paid an extra $50 per month after a Bell sales agent signed him up for the wrong TV package.
"I felt like I was misled at every portion of my transaction with Bell," says Tomlinson. "Every time they told me that something was being fixed, it was never fixed. Every deadline or date they gave me … none of those deadlines were met."

Tomlinson estimates he went back to a Bell retail store more than 10 times, to try to sort out his billing issues. On top of that, he says, he spent countless hours on the phone to Bell.

"I'd go to sales and sales told me, 'No, this is a billing problem, you have to talk to billing.' So there was this really circular logic they were employing to simply keep me from being able to fix my bill."

Tomlinson feared his telco fight would affect his credit rating, because — on the advice of a Bell employee, he says — he stopped paying $50 of his monthly bill because he had not agreed to a higher price. (Christian Patry/CBC)

Finally, Tomlinson complained to Bell's escalation department — but he still didn't hear back, so he filed a complaint with the CCTS.

"This is the most deplorable customer service I've ever experienced," he says. "And I just didn't want it to go unchecked and unnoticed."

In an email to Go Public, Bell spokesperson Nathan Gibson wrote, "This kind of customer experience is rare, and we apologize to Mr. Tomlinson. We have provided coaching to all team members involved to ensure these kinds of mistakes are not repeated."

Gibson also noted that Bell's share of CCTS complaints "declined more than any other service provider" — by 2.4 per cent.

Rogers customer felt 'taken advantage of'

Mike Polera says he filed a complaint last fall with the CCTS, after his experience trying to move his wife's cellphone from another service provider to his Rogers account.

In terms of frustration, "on a scale of one to 10, this was a 12," says Polera, a small business consultant based in Toronto. "I've never seen anything like this."

Mike Polera says he was on the hook for Rogers services he never received, after a frustrating attempt to port his wife’s cell phone to his account. (Submitted by Mike Polera)

Polera first contacted Rogers using a live chat agent, so he was able to save a copy of his chat and have a record of what was promised. When he went to a Rogers retail store to set up his wife's account, store reps couldn't help him and said there were no notes on his file.

"I actually had everything in writing and then found out that none of it was actually applied to my account," says Polera. "It really made me angry. I felt completely taken advantage of."

In frustration, Polera took his cellphone business to another service provider.

He says Rogers then charged him for services the company never delivered, including a $65 charge for a phone number that wasn't Polera's, and an activation fee.

'Then I got angry'

"The first thing that came to my mind was, 'This is absolutely ridiculous'," says Polera. "Then I got angry."

After he wrote to the CCTS, Rogers issued him a credit for more than $350.

Rogers spokesperson Sarah Schmidt told Go Public, "We strive to deliver solutions for our customers the first time they contact us, and in this case we let Mr. Polera down. We see every customer complaint as an opportunity, and we have taken steps to ensure other customers do not experience the same situation."

A telecom watchdog says problems continue to exist in the telecom industry because companies get away with treating customers poorly.

OpenMedia's Laura Tribe says telecom providers don’t face penalties that deter them from mistreating customers. (CBC )

"Fundamentally, the biggest problem with our system right now is there there aren't any strong penalties in place for the telecoms when they do something wrong," says OpenMedia's executive director Laura Tribe.

"Clearly, going through the CCTS and having a complaint filed is not a big enough threat to the telecoms to stop this behaviour."

Telco employees pressed to upsell

Recently, the CRTC issued a reportcalling for more measures to prevent telecom companies from using aggressive and misleading sales practices.

The recommendations are the result of an eight-month public inquiry conducted by the telecom regulator, prompted in part by months of stories by Go Public about the pressure on telco employees to upsell and mislead customers in order to meet sales targets.

The CRTC report, issued in February, said harmful sales practices "exist in all sales channels, including in store, online, over the phone, and door to door."

Among other things, the CRTC report recommended creating a mandatory internet code of conduct that could include price protections during a contract, and requiring telcos to allow a cooling-off period after purchasing products and services.

Matthew Tomlinson says he still gets angry when he thinks about the hours involved trying to rectify his Bell bill, and the time thousands of other Canadians are spending, in similar situations.

"We don't want to be spending all this extra time away from our children, away from work, away from vacation planning, in order to deal with a problem that ultimately, in the end, it only took about 10 minutes to fix."

Submit your story ideas

Go Public is an investigative news segment on CBC-TV, radio and the web.

We tell your stories and hold the powers that be accountable.

We want to hear from people across the country with stories you want to make public.

Submit your story ideas at GoPublic@cbc.ca.

Follow @CBCGoPublic on Twitter



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April 02, 2019 at 05:00PM

Oil hits 2019 high on OPEC cuts, concerns over demand ease - Reuters

Poloz talks trade: Canada's services a bright spot - Bank of Canada

But in Canada, the trade in services is growing

Trade in services has been growing at a much faster pace than goods. Last year, many service sectors saw exports growing at near double-digit rates or faster, including:

  • financial services
  • tourism
  • telecom, computer and information
  • intellectual property

Growth in Canada’s economy, which was based on trade in natural resources in its early years, is now driven mainly by service industries. Roughly 80 per cent of Canadians are now employed in services.

Statistics don't fully capture the contribution of services

Trade in services is difficult to track and is probably underestimated. For example, many manufactured goods include a large services component that is buried in the price. By some estimates, as much as 30 per cent of the value of goods exports is actually created through services.



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April 02, 2019 at 02:07AM