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This is a discussion on Brokers Minutes within the Forex Brokers forums, part of the Trading Forum category; Venture Capitalist Tim Draper Wins 30,000 Bitcoins in the auction by the US Govt. By Forexminute - Deepak Tiwari | ...

      
   
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    Venture Capitalist Tim Draper Wins 30,000 Bitcoins in the auction by the US Govt.

    By Forexminute - Deepak Tiwari | Bitcoin | Jul 6, 2014 8:52AM BST




    Though several renowned investors put their bids for 30,000 Bitcoins auctioned by the US government that it took away from Silk Road, the winner came in venture capitalist Tim Draper. He was the single winning bidder for a cache of Bitcoins. This co-founder of investment firm Draper Fisher Jurvetson will now work with startup Vaurum.

    Draper will now be working towards providing access to Bitcoins in developing economies and use the about 30,000 Bitcoins his company won in the auction as a source of liquidity. In a statement issued to media he admitted that Bitcoin frees people from trying to operate in a modern market economy with weak currencies.
    Therefore, with the help of Vaurum and this newly purchased Bitcoin, he expects to be able to create new services that can provide liquidity and confidence to markets that have been hamstrung by weak currencies. There is still a lot of Bitcoin with the US government as it auctioned only 29,656 Bitcoins out of more than 144,000.

    There were 45 bidders which included some renowned entities like New York brokerage SecondMarket Inc. The actual price of the winning bid isn’t known yet; however, the cache sold on June 30 was worth about $19 million at current exchange prices.

    What is Vaurum?


    Vaurum has come to the news after the win in the bid by Draper Fisher and his statement that he will be working with this firm to promote the digital currency to new regions. It’s a company based in Palo Alto, California. This startup enables companies including banks and brokerages to trade and store Bitcoins on behalf of customers.
    Earlier this year, Vaurum raised $4 million in seed funding from investors including Draper, Battery Ventures and America Online Inc. co-founder Steve Case. The company invests in Bitcoin startups and was founded by Tim Draper’s son, Adam Draper who says that all in on Vaurum, Bitcoin, and Bitcoin adding a tremendous amount of value in the developing world.
    Vaurum Chief Executive Officer Avish Bhama shares his views with Adam Draper as well when he says that collectively, his company has been brainstorming to come up with new ways to help grow global Bitcoin adoption.

    He said that what his company came up with is a way to leverage our exchanges and utilize the auctioned pool of Bitcoins, as well as market making strategies, to help provide liquidity in these underserved markets.


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    Cryptocurrency Trading News: Market Suffered Throughout the Weekend



    Last 24 hours in the cryptocurrency market has been strictly average, as only Bitcoin and Peercoin managed to gain some pace, whilst every other top coin, including Litecoin, Nxt, Darkcoin, etc. slipped notably.

    Market however was expecting huge falls in Bitcoin prices, owing to the ruling of the European regulators that asks banks to avoid buying, holding and selling virtual currencies. The cryptocurrency communities, on the other hand, was made believe that European regulators are following the footsteps of the Chinese Central Bank that once ordered their nation’s commercial banks to clamp their businesses with virtual currency businesses. However, it was later made clear that EU regulators simply want to execute rules that will prevent fraudulency related to cryptocurrency markets.

    Here is the full report:

    BTC/USD


    The BTC/USD opened yesterday at around $629 and remained steady throughout the following hours. Although right before closing, the pair stumbled a bit and eventually found support at $630. It closed at $631 at the end of the day.

    At press time, the BTC/USD has surged 0.5% in last 24 hours and is trading at $634.

    LTC/USD


    The stability of Bitcoin had somehow impacted Litecoin to rebound during Friday’s trading hours. The LTC/USD stayed on its track as well on yesterday, while opening at the reasonable $7.268. The pair although slipped slightly in the following hours, but recovered simultaneously as well. It eventually closed around 7.305 at the end of the day.

    Upon entering today’s trading hours, the LTC/USD remained stable in the initial hours, but fell notably in mid-hours. The reason for this sudden plummeting might be the increasing number of Litecoin getting submitted for sale. The gradual downtrend is also an issue due to which most of the member of the Litecoin community are either leaving or switching from it.

    At press time, the LTC/USD is being traded at around $7.06 and has fallen around 2% in last 24 hours.

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    Lamassu Brings Rakía, a Brand-spanking-new Open Source Back-end System for their ATMs

    Lamassu Brings Rakía, a Brand-spanking-new Open Source Back-end System for their ATMs

    By Forexminute - Deepak Tiwari | Bitcoin | Jul 7, 2014 8:42AM BST




    Lamassu which has revolutionized the in-person acquisition of Bitcoin via a streamlined thirty-second process earlier introduced a modular two-Bitcoin ATM system; has now brought in Rakía, a brand-spanking-new open source back-end system for its ATMs. The decision is aimed to continue providing A better experience for its clients.

    The New Hampshire-based Bitcoin ATM maker, Lamassu has carved a niche for its product as it is not just reliable but also comes with excellent manufacturer’s warranty. The latest open source back-end system that it has brought in now will redefine how the company’s networks of ATMs in use around the world are utilized by customers.

    Thus, the company is often trying to provide cutting-edge and upgraded technology. Now, operators of the Lamassu devices which presently allow consumers to buy Bitcoin with fiat currency in a matter of seconds will be independent nodes, and won’t have to rely on a centralized service.

    A source from Lamassu says that now BTC ATM operators will have complete control over setting pricing, commission fees, and background trading operations. He further adds that on top of that, operators will potentially be able to accommodate integration with “any relevant Bitcoin service or software.”

    The source also disclosed that when using Lamassu’s Santo Tirso stand, these devices can be transformed
    into two-way ATMs i.e. the end user not just can buy the digital currency with fiat but also sell them in exchange for local currency. Thus, it is going to provide complete solution for buyers and sellers of Bitcoin.

    To Give Tough Competition to Western Union and Other Similar Companies
    Rakia platform according to Lamassu would be to have a two-way machine in two international airport hubs. Lamassu CEO Zach Harvey in his statement said that it’s important to note that the company does not plan to be the next Western Union, MoneyGram or Travelex; rather, it wants to create a platform for thousands of small businesses.

    He says that the platform is aimed to provide competency to small businesses compete against the legacy financial institutions like Western Union and others and against each other. According to him these are markets in dire need of fierce competition to bring down transfer and exchange fees.

    Nonetheless, as Rakía is open source, developers will be able to make tools that can make these machines even more useful and according to Lamassu CEO this is an evolution of the Bitcoin ATM format and the company has already spoken to several key Bitcoin businesses that are excited about integrating their services with the new Rakía platform.

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    France Police Dismantles Local Bitcoin Exchange, Arrest Two



    The first ever bad publicity stunt for Bitcoin in France, and Europe, came today when the country’s law enforcements dismantled a local Bitcoin exchange, and seized a large amount of digital and fiat currencies as well. Two people were also indicted during the raid.

    According to our reliable source, it is found that police have seized a total of 9,000 Euros in fiat and 388 Bitcoins, whose current value at press time is over 200,000 euros. However, sources failed to confirm the identity of the exchange. On the other hand, the arrested duo is the administrator and supplier of the platform, respectively. A third person, the wife of one of the accused, was also arrested in connection with the investigation, but was later released without any charges.

    The arrested individuals however are charged for conducting illegal banking practices. The charges against the director although are heavier. Apart from bank frauds, he is also charged with “money laundering.” This person use to ask exorbitant fees – from 30% to 50% – on each transaction on its website, as per the allegation. The prosecutor although is unable to trace the origin of funds, which means the investigators will be going to lose almost half the value that were made by exchanging Bitcoin at excessive prices.

    The administrator of the Bitcoin exchange will also be facing a charge of “illegal supply of online games,” as he was going to launch an unauthorized casino on the internet.

    Bitcoin Market after the Event

    Brokers Minutes-bitcoin11.png


    According to the charts available at CoinMarketCap.com, this incidence seems to have disturbed the steadiness of Bitcoin market. Somewhere around the time when this news was made public, Bitcoin price fell almost $10 within the matter of minutes. As soon as people begin to know of these arrests, the BTC/USD will certainly face some pessimism from the investors’ circle.



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    Forex Video Briefing (7/7): USD Paring NFP-Gains

    Forex Video Briefing (7/7): USD Paring NFP-Gains

    The USD/JPY retreated from last week’s high of 102.25, and is now testing some support factors just under 102. We have a rising trendline support from last week, and a broken trendline that served as resistance before. If the USD/JPY is to remain bullish, price should stay above the 101.80 level, maybe 101.75. A break below 101.70 however should invalidate last week’s bullish breakout and return USD/JPY to consolidation with a bearish bias toward the year 101.25 low, and the 100.75-100.85 lows on the year.

    The EUR/USD has been bearish, on the back of a soft euro. The strong NFP report pulled the pair below 1.36 last week, but traders are finding support around 1.3580 to start this week. We are seeing a bullish correction in the 1H chart that is about to test some common resistance factors around 1.3610, which include a falling trendline that has held July’s price action so far. A break above 1.3611 and a subsequent hold above 1.36 can suggest further bullish correction. The 1.3640 level will be a key resistance in the near-term. The 4H chart shows common resistance around this area as well as a broken trendline support. If 1.3640-50 area hold, then the bearish outlook remains and a bearish continuation has the 1.3475-1.3505 lows in sight.

    When we look at the USD Dollar Index in the 4H chart, we are seeing some correction against last week’s rally. Price is trading at the crossroad after a breakout of June’s falling trendline. A bullish continuation is imminent if the breakout holds. However, if price falls below 80, the bearish continuation scenario comes in play. If price instead holds above 80, and pushes above 80.40, the bullish continuation scenario is in play. This week’s FOMC Minutes on Wednesday should help traders find some direction in the short-term. A bullish outlook has the 81 high on the year in sight, but unlikely has the fuel to break above unless there are affirmation of a Fed rate hike to be in the first half of 2015. To the downside, a break and hold below 80 has the 79.75 low in sight, as well as exposes the 78.90 low on the year. On the daily chart, you see a bearish bias from prevailing price action and the moving averages giving traders USD-bears an idea to trade with the trend.



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    Ruble Surges as Exporters Seek to Benefit from its Decline, Rupee also Accelerates



    The ruble grew by the fastest pace in two weeks after exporters rushed to benefit from the dollar’s three-day advance against the ruble to convert revenue earned from offshore operations.

    The ruble grew 0.6 percent to trade at 34.2345 per dollar as of 6 p.m. close in Moscow. The currency has declined 2.1 percent versus the dollar since June 26 on Ukraine tensions. The yield on bonds denominated in ruble that mature on February 2027 fell 3 basis points to 8.56 percent.

    The Russian currency rose 0.7 percent to steady at 46.5905 versus the euro and also gained by the same margin against the central bank’s basket of euros and dollars to 39.7865 on Tuesday. Most analysts are of opinion that the declining oil prices have negatively impacted the on the ruble, which extended its losses for the seventh straight day.

    The Brent crude prices declined 0.6 percent to trade at $109.58 per barrel in London, the weakest since June 11. Inflation stood at 7.8 percent last month, the most since August 2011, reported Bloomberg News.

    In a separate report, the Indian rupee rallied from its lowest level in two weeks on reports that the government intends to invite foreign investors to upgrade the rail network, boosting speculation that the new administration will unveil policies aimed at attracting foreign investments.

    “Expectations for a growth-friendly budget are adding to the sentiment and helping the rupee,” Ankur Jhaveri, a Mumbai-based co-chief of currency and rates at Edelweiss Financial Services, told Bloomberg. “The government is likely to allow higher overseas investment in different businesses including railways, and unveil other polices aimed at boosting manufacturing.”

    The rupee rallied 0.4 percent to trade to 59.79 per dollar in Mumbai trading. India’s Rail Minister Sadananda Gowda announced on Tuesday that foreign investors will be permitted to invest in railroad infrastructure. The stance may attract investments from infrastructure companies such as Bombardier Inc. and General Electric.

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    Risk-on Trading Seen Across the Board – A Look at EUR/JPY, GBP/JPY, and CAD/JPY

    Today, we are seeing positive risk-appetite. US stock indices are up after a brief dip early in the US session. We are also seeing JPY weakness across the board, which is a sign of risk-on trading. Let’s take a look at the EUR/JPY, and GBP/JPY and CAD/JPY.

    The EUR/JPY is staying in a consolidation channel today. The risk-on rally will allow us to see whether traders will challenge last week’s high. If traders instead put in a top below last week’s high, the EUR/JPY is likely to start a bearish continuation. GBP/JPY on the other hand looks ready to continue its bullish trend. The CAD/JPY is also in a bullish continuation scenario after today’s risk-on rally.


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    Bitcoin Technical Analysis 10th July

    Bitcoin Technical Analysis 10th July

    By Forexminute - Yes Option | Bitcoin | Jul 10, 2014 8:35AM BST




    As can be seen from the hourly BTC/USD chart, the price of Bitcoin is now consolidating sideways and has managed to sustain just above support S1. Since the lower-top lower-bottom structure still holds and there is no sign of a reversal as yet, 600 seems to be the next stop for the digital currency. The current value of a Bitcoin stands at $621.

    Traders may short the pair on any rise towards 630 for a target of 600 with a stop-loss at 638. A breach below the immediate support level of S1 would be another great opportunity to go short on the pair for the same target of 600 but with a stop-loss revised at 620. However, 600 is a good support level and all short positions are advised to be liquidated at the level. The expected short covering at and around S2 could be used as a buying opportunity for short-term gains. Long positions can be built near S2 for a target of 615 with a strict stop-loss at 595.

    This is a welcome correction for medium to long-term investors, as the current price does not seem expensive given that the currency has established a fundamental support near 540-550.

    Considering the increasing demand for multisig wallets, owing to the security concerns surrounding the cryptocurrencies, various companies have developed and released such wallets in recent months. Now, BitPay has released an open-source, multi-signature wallet service Copay as a solution to the security vulnerabilities, such as theft, that come attached with a private key. Transaction fees have yet again become the flavor of the discussions with a new study claiming that low Bitcoin transaction fees are unsustainable in the long run as subsidies have to go away some time and that a new system to determine the fee must be considered. It should be noted that the current system features rock-bottom transaction costs because of these subsidies.


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    Bitcoin News Mash-Up: New BitPay Platform and More




    BitPay Launches New Platform
    Renowned Bitcoin payment processing service provider BitPay recently launched CoPay – an open source wallet service having multi-signature as a key feature. This new wallet service is to fill the security loopholes that often occur during the safety of private keys. In the past, a large number of Bitcoins have been stolen in absence of such a wallet like CoPay. The industry has thus welcomed the important step taken by BitPay. It although isn’t the first of its kind wallet; previously many notable companies have released multisig wallets.

    Bitcoin Foundation Hires a Lobbying Firm

    According to a report recently published on The Wall Street Journal, the Bitcoin Foundation has hired a lobbying firm that will act as their political muscle on Capitol Hill, Washington. The firm is called Thorsen French Advocacy, and is owned by two former Congress employees. It will help the Bitcoin Foundation in improving the Bitcoin’s image before the political bigwigs.

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    EURUSD & GBPUSD Intraday Elliott Wave Analysis July 11, 2014

    EURUSD chart depict almost the same picture. We are currently tracking minor wave II pullback, and we expect further continuation to the downside. ECB chairmen Draghi in his comments yesterday, insisted on the further improvements in the fiscal policy in EU area countries which will be a great support to his last implemented measures to curb downward inflation spiral and better credit supply to real business sectors in EU area.

    EURUSD 1h Elliott Wave Analysis



    Yesterday, BOE left its key policy rate unchanged. GBPUSD is still in the same range, with invalidation levels close to current price levels. We still see the potential of the move to downside from current levels, and are looking for the confirmation signs which will validate current count on this pair.

    GBPUSD 1h
    Elliott Wave Analysis




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