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Bitcoin is trading 12$ up today. Most of the gains came in today’s Asian trading session, when BTC/USD rallied from $586 to $596. Looks like we are preparing for another assault on $600. The momentum of that break may push prices to the $611 H&S neckline we mentioned in our previous daily roundups. Here is today’s upswing on BTC-E. Prices are currently trading somewhat higher on BitStamp at $600 a piece.
Popular Chinese exchange OkCoin is bringing back margin trading. The peer to peer lending facility was shut down back in May, as another casualty of the pressure by Chinese authorities on bitcoin exchanges. The exchange will offer margin of up to 3 to 1 and will only act as a middleman in the deals between users. The interest rate will be market based. The service has two levels. The OK Standard Fund has insured deposits and no minimum loan size. The users in the second level, the OK VIP Fund, must sign a statement acknowledging the risk of their investment and contribute a minimum 1,000 BTC loans.
In a Q&A session on a conference in Washington DC, the CEO of Overstock.com Patrick Byrne, said that the company plans to open up international bitcoin payments by September. Byrne added that Overstock will devote 3% of sales to further Bitcoin adoption. The firm also aims to pay its chain of suppliers in BTC. Overstock was the first major US retailer to accept bitcoin payments. At that time the company was also the largest BTC merchant but has since been overtaken by DISH.
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June 21, 2014 at 10:28PM
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