📈Lessoned Volatility 📉
The Crypto Marketcap is currently $259bn - snug between our $250bn and $280bn target range for consolidation. In fact, yesterday the uptrend turned down right at $281bn.
If the sideways movement theory (fair market valuation at $250bn) holds up, the market will bounce again soon. If the market comes down another 10% or so, the targets become a lot more pessimistic. However, since we have a chunk of our portfolio in fiat, and we’re only averaged into a few longer term ALT bags, we feel well prepared for whatever is to come.
📊If the market hits scary new lows in the coming weeks/months (which we think will happen if current levels can’t hold up) we’ll be uniquely positioned to take huge positions across a diversified portfolio.
💰Prices many of you may not have seen since you joined the space, are starting to pop up across board.
As you’ve seen, we’re moving slow. We are confident there will be another record bull-run, but it won’t matter if you can’t preserve enough wealth to take another shot at it.
Current average portfolio breakdown across the team are roughly:
• 30% fiat
• 30% ALT exposure
• 40% Bitcoin
We’re looking for some more ALT exposure at these levels if the market can show some continued sideways movement.
The Crypto Marketcap is currently $259bn - snug between our $250bn and $280bn target range for consolidation. In fact, yesterday the uptrend turned down right at $281bn.
If the sideways movement theory (fair market valuation at $250bn) holds up, the market will bounce again soon. If the market comes down another 10% or so, the targets become a lot more pessimistic. However, since we have a chunk of our portfolio in fiat, and we’re only averaged into a few longer term ALT bags, we feel well prepared for whatever is to come.
📊If the market hits scary new lows in the coming weeks/months (which we think will happen if current levels can’t hold up) we’ll be uniquely positioned to take huge positions across a diversified portfolio.
💰Prices many of you may not have seen since you joined the space, are starting to pop up across board.
As you’ve seen, we’re moving slow. We are confident there will be another record bull-run, but it won’t matter if you can’t preserve enough wealth to take another shot at it.
Current average portfolio breakdown across the team are roughly:
• 30% fiat
• 30% ALT exposure
• 40% Bitcoin
We’re looking for some more ALT exposure at these levels if the market can show some continued sideways movement.
🇮🇳India’s Crypto Crackdown🇮🇳
With negative dispositions towards the digital currency ecosystem surfacing in March, it was not of total surprise to hear about the crackdown on cryptocurrencies in India this morning.
“It has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling virtual currencies. Regulated entities which already provide such services shall exit the relationship within a specified time. A circular in this regard is being issued separately,” the RBI said in a statement.
This statement is a firm declamation from the central bank of India (RBI), indicating that they will inhibit interaction from RBI regulated entities with companies, or individuals, dealing with digital currencies.
This is an extremely aggressive stance from a major player in the world economy. However, India itself makes up fairly negligible trading volumes. This type of crackdown from a governing body hasn’t been replicated by another large nation other than China. With the recent support for the industry by key nations, such as the United States, Japan, and South Korea, it comes as a surprise to us that they would take such drastic measures.
Stifling a budding industry with the traits of digital currency tells us that governing elite in India are either trying to protect their citizens from the potential rampant scam or illegal activities that is often associated with cryptocurrency, or they see the trend developing of a decentralized power structure that may weaken their financial stranglehold of their population.
We side with the latter. Either way, it is our belief that governmental barring entry to this space will only push citizens of India to find alternate methods to participate in the ongoing financial revolution.
Read the official press release here: https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=43574
We haven’t seen this have an effect on the market, and we wouldn’t expect it to with the aforementioned volume that comes from India.
With negative dispositions towards the digital currency ecosystem surfacing in March, it was not of total surprise to hear about the crackdown on cryptocurrencies in India this morning.
“It has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling virtual currencies. Regulated entities which already provide such services shall exit the relationship within a specified time. A circular in this regard is being issued separately,” the RBI said in a statement.
This statement is a firm declamation from the central bank of India (RBI), indicating that they will inhibit interaction from RBI regulated entities with companies, or individuals, dealing with digital currencies.
This is an extremely aggressive stance from a major player in the world economy. However, India itself makes up fairly negligible trading volumes. This type of crackdown from a governing body hasn’t been replicated by another large nation other than China. With the recent support for the industry by key nations, such as the United States, Japan, and South Korea, it comes as a surprise to us that they would take such drastic measures.
Stifling a budding industry with the traits of digital currency tells us that governing elite in India are either trying to protect their citizens from the potential rampant scam or illegal activities that is often associated with cryptocurrency, or they see the trend developing of a decentralized power structure that may weaken their financial stranglehold of their population.
We side with the latter. Either way, it is our belief that governmental barring entry to this space will only push citizens of India to find alternate methods to participate in the ongoing financial revolution.
Read the official press release here: https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=43574
We haven’t seen this have an effect on the market, and we wouldn’t expect it to with the aforementioned volume that comes from India.
🚨Coinbase to Support Forks🚨
Coinbase President Asiff Hirji was interviewed on CNBCs Fast Money today.
Fast Money initially touted a “big announcement” to drive hype. This resulted in some coins like $ZRX seeing small pumps and subsequently dumps📉
The big announcement is certainly a good one. Coinbase shared their intention to allow those holding Bitcoin in Coinbase wallets (also GDAX) the ability to withdraw coins earned from Bitcoin forks.
This means millions of people will likely be given their allocation of Bitcoin Private, Bitcoin Gold, and Bitcoin Diamond forks🎉
This is good news, one might think of it like a tax return. In our opinion people are likely to sell the “free coins” and some fresh capital can enter the market as a result💰
The most important thing to note is that “Adding withdrawal support for a bitcoin fork does not mean the asset will also be added for trading”.
Read more about the fork and how it will work, here: https://blog.coinbase.com/adding-support-for-bitcoin-forks-to-coinbase-c4bee020898c
Coinbase also announced the launch of Coinbase Ventures 🚀
Coinbase Ventures looks to act as an incubator for startups in the blockchain and cryptocurrency space, investing and supporting the growth of new companies.
You can learn more about Coinbase Ventures here: https://blog.coinbase.com/introducing-coinbase-ventures-c67865a1d2fe
Coinbase President Asiff Hirji was interviewed on CNBCs Fast Money today.
Fast Money initially touted a “big announcement” to drive hype. This resulted in some coins like $ZRX seeing small pumps and subsequently dumps📉
The big announcement is certainly a good one. Coinbase shared their intention to allow those holding Bitcoin in Coinbase wallets (also GDAX) the ability to withdraw coins earned from Bitcoin forks.
This means millions of people will likely be given their allocation of Bitcoin Private, Bitcoin Gold, and Bitcoin Diamond forks🎉
This is good news, one might think of it like a tax return. In our opinion people are likely to sell the “free coins” and some fresh capital can enter the market as a result💰
The most important thing to note is that “Adding withdrawal support for a bitcoin fork does not mean the asset will also be added for trading”.
Read more about the fork and how it will work, here: https://blog.coinbase.com/adding-support-for-bitcoin-forks-to-coinbase-c4bee020898c
Coinbase also announced the launch of Coinbase Ventures 🚀
Coinbase Ventures looks to act as an incubator for startups in the blockchain and cryptocurrency space, investing and supporting the growth of new companies.
You can learn more about Coinbase Ventures here: https://blog.coinbase.com/introducing-coinbase-ventures-c67865a1d2fe
🌅The Future is Bright 🌅
The United States Securities and Exchange commission (SEC) has begun proceedings to determine whether a rule change could occur to allow Pro Shares to list two exchange funds through the New York Stock Exchange ARCA. Pro Shares would supply a Bitcoin ETF and a short Bitcoin ETF, which would allow retail investors to wager on the largest cryptocurrency in the space.
Initially, in September, Pro Shares proposed the rule change for ETF’s, but, at that time, the SEC requested they withdraw their applications until more protections for investors become available.
An introduction of a BItcoin ETF has long been touted as a potential major catalyst for more institutional and retail investments to enter the digital currency sphere. ETF’s have become one of the most popular investment vehicles in a little under 25 years of existence. They are often promoted as being cheaper and better than mutual funds.
As of right now, the court proceedings are occurring in the SEC, so there is no definitive time frame as to when an announcement will be made. It is, however, something we will speculate and further research as these proceedings are made public. 📒
In other news, the head of macro investing at George Soros’s family office has declared that they plan to trade cryptocurrencies. George Soros has, at times, been reported to have a net worth exceeding 25 billion dollars and is known to be one of the savviest capital investors of the past 60+ years.💰 The declaration from his camp that states they will begin trading digital currencies is a positive sign for the crypto market as a whole. 📈
We have heard from multiple sources the herd of institutional investors that will propel the digital currency sphere to the next echelon of asset valuation have yet to enter the space. Currently, investors of this magnitude either view cryptocurrency as too volatile or in a bubble.
As prices return to averages common in October of 2017, we believe that many capital investors waiting on the sideline will begin to invest in the market once the volatility of this bear market finds consolidation regions.
The preceding news segments provide us with renewed bullish sentiment on our 6 month outlook. The herd is coming - and we do not plan to miss out.
The United States Securities and Exchange commission (SEC) has begun proceedings to determine whether a rule change could occur to allow Pro Shares to list two exchange funds through the New York Stock Exchange ARCA. Pro Shares would supply a Bitcoin ETF and a short Bitcoin ETF, which would allow retail investors to wager on the largest cryptocurrency in the space.
Initially, in September, Pro Shares proposed the rule change for ETF’s, but, at that time, the SEC requested they withdraw their applications until more protections for investors become available.
An introduction of a BItcoin ETF has long been touted as a potential major catalyst for more institutional and retail investments to enter the digital currency sphere. ETF’s have become one of the most popular investment vehicles in a little under 25 years of existence. They are often promoted as being cheaper and better than mutual funds.
As of right now, the court proceedings are occurring in the SEC, so there is no definitive time frame as to when an announcement will be made. It is, however, something we will speculate and further research as these proceedings are made public. 📒
In other news, the head of macro investing at George Soros’s family office has declared that they plan to trade cryptocurrencies. George Soros has, at times, been reported to have a net worth exceeding 25 billion dollars and is known to be one of the savviest capital investors of the past 60+ years.💰 The declaration from his camp that states they will begin trading digital currencies is a positive sign for the crypto market as a whole. 📈
We have heard from multiple sources the herd of institutional investors that will propel the digital currency sphere to the next echelon of asset valuation have yet to enter the space. Currently, investors of this magnitude either view cryptocurrency as too volatile or in a bubble.
As prices return to averages common in October of 2017, we believe that many capital investors waiting on the sideline will begin to invest in the market once the volatility of this bear market finds consolidation regions.
The preceding news segments provide us with renewed bullish sentiment on our 6 month outlook. The herd is coming - and we do not plan to miss out.
♠️Economic Elite Enter Crypto♠️
Bitcoin is down nearly 7.5% since 9:00 A.M. (UTC), with a trading volume around $4.5 billion. The price action this morning is another confirmation of the falling wedge, which will reach a pivotal price point around $5800-5900 region (See Chart Below), we have been studying for the past few weeks.
Over the weekend, Bitcoin’s volume remained under $4bn for three consecutive days. These are the lowest levels of trading volume for Bitcoin since late November. The declining volume and price action validating the falling wedge has us eyeing the previous bottom for some long positions.
In relation to the Soros news from last week that we shared, a few other powerful families have made motions towards acclimating themselves to the digital currency ecosystem. The venture capital arm of the Rockefeller family has reportedly signed a partnership with Coinfund, a cryptocurrency investment fund. It was also reported back in December that the Rothschilds were scaling into buying Bitcoin via the Grayscale Bitcoin trust. The Rockefeller and Rothschilds are essentially economic royalty in the modern world with ties and power in banking, politics, energy, and industrial business.
These are arguably three of the most powerful families on the international economic stage. The powerful influence they share, along with their public interest and investments into digital currency and blockchain, is promising for the space. Families with this level of influence have historically profited from the major developments and innovations throughout human history.
In our opinion, it is important to have major players publically aligning themselves with the space. It gives new market entrants and institutional investors confidence in the technology and future of the market📈
That being said, while their motions have been made public, that does not mean we will necessarily see positive price action based solely on their intent in the short-term. However, with the economic elite on their way, it shows us that our community is placed in an optimal position to take advantage of the societal and monetary benefits of this financial revolution.
Bitcoin is down nearly 7.5% since 9:00 A.M. (UTC), with a trading volume around $4.5 billion. The price action this morning is another confirmation of the falling wedge, which will reach a pivotal price point around $5800-5900 region (See Chart Below), we have been studying for the past few weeks.
Over the weekend, Bitcoin’s volume remained under $4bn for three consecutive days. These are the lowest levels of trading volume for Bitcoin since late November. The declining volume and price action validating the falling wedge has us eyeing the previous bottom for some long positions.
In relation to the Soros news from last week that we shared, a few other powerful families have made motions towards acclimating themselves to the digital currency ecosystem. The venture capital arm of the Rockefeller family has reportedly signed a partnership with Coinfund, a cryptocurrency investment fund. It was also reported back in December that the Rothschilds were scaling into buying Bitcoin via the Grayscale Bitcoin trust. The Rockefeller and Rothschilds are essentially economic royalty in the modern world with ties and power in banking, politics, energy, and industrial business.
These are arguably three of the most powerful families on the international economic stage. The powerful influence they share, along with their public interest and investments into digital currency and blockchain, is promising for the space. Families with this level of influence have historically profited from the major developments and innovations throughout human history.
In our opinion, it is important to have major players publically aligning themselves with the space. It gives new market entrants and institutional investors confidence in the technology and future of the market📈
That being said, while their motions have been made public, that does not mean we will necessarily see positive price action based solely on their intent in the short-term. However, with the economic elite on their way, it shows us that our community is placed in an optimal position to take advantage of the societal and monetary benefits of this financial revolution.
📈BTC Record Candle 📈
At 11:00 A.M. UTC time, on April 12th, Bitcoin’s price, over the course of one hour, rose over $800 USD (11.5%)🔥
Currently, Bitcoin is trading at $8,100 approaching the log downtrend we’ve been eyeing for months. Currently BTC sits right below the 1yr uptrend resistance we pointed out yesterday here: https://news.1rj.ru/str/BitcoinBravado/1009
Typically the 4th test of resistance for Bitcoin results in a breakthrough. If Bitcoin breaks through the log downtrend, it will bring an end to a 119 day bear run🐻
The timing of this upward movement makes sense from a technical perspective, but from a fundamental view, there hasn’t been a new development that we believe is behind this sudden swing upward. Its important to stay cautious until we get more confirmation and break the downtrend📈
If Bitcoin breaks upward from here, we have our eyes on the .382 FIB retracement level as a price target, right around $11,300.
As you all know, we’ve been accumulating some ALTs as the marketcap rode support at $250bn and all of those entries are doing quite well.
Weekends tend to bring lower volume and with BTC at key resistance right now, a small correction wouldn’t surprise us. This will no doubt hurt ALTs as well. However, it shouldn’t be reason to panic. Over-trading is likely to get you burned; as long as we’re above $250bn marketcap we have nothing but optimism regarding our current positions👍
As positive sentiment flows back into the market, we will capitalize on the momentum created by it, but at the same time, we will still continue to practice risk mitigation and adapt to new trends if they develop.
At 11:00 A.M. UTC time, on April 12th, Bitcoin’s price, over the course of one hour, rose over $800 USD (11.5%)🔥
Currently, Bitcoin is trading at $8,100 approaching the log downtrend we’ve been eyeing for months. Currently BTC sits right below the 1yr uptrend resistance we pointed out yesterday here: https://news.1rj.ru/str/BitcoinBravado/1009
Typically the 4th test of resistance for Bitcoin results in a breakthrough. If Bitcoin breaks through the log downtrend, it will bring an end to a 119 day bear run🐻
The timing of this upward movement makes sense from a technical perspective, but from a fundamental view, there hasn’t been a new development that we believe is behind this sudden swing upward. Its important to stay cautious until we get more confirmation and break the downtrend📈
If Bitcoin breaks upward from here, we have our eyes on the .382 FIB retracement level as a price target, right around $11,300.
As you all know, we’ve been accumulating some ALTs as the marketcap rode support at $250bn and all of those entries are doing quite well.
Weekends tend to bring lower volume and with BTC at key resistance right now, a small correction wouldn’t surprise us. This will no doubt hurt ALTs as well. However, it shouldn’t be reason to panic. Over-trading is likely to get you burned; as long as we’re above $250bn marketcap we have nothing but optimism regarding our current positions👍
As positive sentiment flows back into the market, we will capitalize on the momentum created by it, but at the same time, we will still continue to practice risk mitigation and adapt to new trends if they develop.
📉Market Correction📉
As we anticipated on Friday, the last few days have resulted in a slight market correction after witnessing $70bn pump into the market last week. As you can see, BTC couldn’t break through the previous 1yr uptrend, we haven’t seen a 4th retest of the log 120 day downtrend, yet.
From late last week to today, degrees of interest concerning the catalyst, or catalysts, responsible for positive growth across the cryptosphere remains high. Consumers wish to comprehend the sentiment responsible for the $70 billion dollars that have entered the market.
From a fundamental perspective, the end of tax season is a key catalyst. As investors and traders finally understand their financial situation, an unquestioned desire to reenter the market generally occurs. We also saw the market move sideways for a short while around the important $250bn marketcap level, a necesary consolidation period for positive price action.
We continue to watch the $250bn marketcap level for key support. We’ve been building some solid positions and have really great average entries on all of our recent investments and trades. As long as the market can continue to find some amount of support at these levels, we see no reason to panic👊
As we anticipated on Friday, the last few days have resulted in a slight market correction after witnessing $70bn pump into the market last week. As you can see, BTC couldn’t break through the previous 1yr uptrend, we haven’t seen a 4th retest of the log 120 day downtrend, yet.
From late last week to today, degrees of interest concerning the catalyst, or catalysts, responsible for positive growth across the cryptosphere remains high. Consumers wish to comprehend the sentiment responsible for the $70 billion dollars that have entered the market.
From a fundamental perspective, the end of tax season is a key catalyst. As investors and traders finally understand their financial situation, an unquestioned desire to reenter the market generally occurs. We also saw the market move sideways for a short while around the important $250bn marketcap level, a necesary consolidation period for positive price action.
We continue to watch the $250bn marketcap level for key support. We’ve been building some solid positions and have really great average entries on all of our recent investments and trades. As long as the market can continue to find some amount of support at these levels, we see no reason to panic👊
🚨Pivotal Retest🚨
The price of Bitcoin, at the time of writing, is $8,126, with around $6.8 billion in volume. 💰
Since the impressive run up from the $6,700 region on April 12th, Bitcoin has consolidated in the $7800-$8200 range. Volume has also begun to consolidate over the course of the last five days, but it has found new strength in the past 72 hours. This has allowed alt coins time to recover over the last seven days. 👏
Although positive sentiment has seen a resurgence, we are still waiting for the pivotal log downtrend to be broken in the $8,400-$8,500 range. At this point we will deploy a substantial portion of the remaining fiat we have sidelined throughout this bear trend. It is our opinion that if the log downtrend, on its fourth test, can be successfully broken with healthy levels of volume and an hourly close above the downtrend, then we will change our sentiment to exceedingly bullish. This would be pivotal for the space in general, as it has been an incredibly long, strenuous bear trend. 📈
If you are new to digital currency, it is always helpful to look at historical prices and dive deep into news breaks and partnerships that are released everyday in the space. Taking such steps could prove invaluable to your general understanding of the space, enabling your ability to analyze the past and forecast for the future. 👁
The price of Bitcoin, at the time of writing, is $8,126, with around $6.8 billion in volume. 💰
Since the impressive run up from the $6,700 region on April 12th, Bitcoin has consolidated in the $7800-$8200 range. Volume has also begun to consolidate over the course of the last five days, but it has found new strength in the past 72 hours. This has allowed alt coins time to recover over the last seven days. 👏
Although positive sentiment has seen a resurgence, we are still waiting for the pivotal log downtrend to be broken in the $8,400-$8,500 range. At this point we will deploy a substantial portion of the remaining fiat we have sidelined throughout this bear trend. It is our opinion that if the log downtrend, on its fourth test, can be successfully broken with healthy levels of volume and an hourly close above the downtrend, then we will change our sentiment to exceedingly bullish. This would be pivotal for the space in general, as it has been an incredibly long, strenuous bear trend. 📈
If you are new to digital currency, it is always helpful to look at historical prices and dive deep into news breaks and partnerships that are released everyday in the space. Taking such steps could prove invaluable to your general understanding of the space, enabling your ability to analyze the past and forecast for the future. 👁
📈Alt Gains and BTC Dominance📈
Happy Monday everyone!
The current price of Bitcoin is $8880 with trading volumes around 7.15 billion USD. Although trading volumes began to decrease over the weekend in comparison to the surge on Friday, there has been a nice bounce this morning in terms of volume📊
That can be expected as volume soared to 8.5 billion USD on Friday in response to the breaking of the log downtrend, which at this point Bitcoin is still holding pleasantly above. #Bitcoin has been denied by the 9k levels four times now so we believe on the fifth attempt, as long as volume holds, it should be able to close above.
Bitcoin dominance is a popular and useful way of determining how alt-coins will behave. Currently the BTC dominance is around 37%. We foresee this number falling to the low 30’s before we consider to move more of our portfolio out of alts into BTC as this may be a good signaling of a strong rally from the king of crypto.
☝️Keep in mind, however, that as new coins continue to flood the market, Bitcoin will lose dominance by default even if the price continues to increase.
An undoubted feature of crypto currency is its inherent ability to eliminate fraudulent activity within the financial sector.
Today a grand step was made by the National Bank of Dubai (NBD), a leader of the banking groups within the Middle East. The NBD is, according to sources, the first Middle Eastern bank to integrate Blockchain technology in a check-issuance program. This step intends to prevent fraud. Per Arabian Business, the program operates by ways of encoding a special Quick Response (QR) code on every check and documenting the records on Blockchain.
This news is promising for blockchain usage and acceptance in the region. Dubai is a very progressive and successful city. When the major financial players of a region make decision to incorporate technologies such as blockchain, their competitors must adapt to survive which will only propel the industry as a whole👊
Happy Monday everyone!
The current price of Bitcoin is $8880 with trading volumes around 7.15 billion USD. Although trading volumes began to decrease over the weekend in comparison to the surge on Friday, there has been a nice bounce this morning in terms of volume📊
That can be expected as volume soared to 8.5 billion USD on Friday in response to the breaking of the log downtrend, which at this point Bitcoin is still holding pleasantly above. #Bitcoin has been denied by the 9k levels four times now so we believe on the fifth attempt, as long as volume holds, it should be able to close above.
Bitcoin dominance is a popular and useful way of determining how alt-coins will behave. Currently the BTC dominance is around 37%. We foresee this number falling to the low 30’s before we consider to move more of our portfolio out of alts into BTC as this may be a good signaling of a strong rally from the king of crypto.
☝️Keep in mind, however, that as new coins continue to flood the market, Bitcoin will lose dominance by default even if the price continues to increase.
An undoubted feature of crypto currency is its inherent ability to eliminate fraudulent activity within the financial sector.
Today a grand step was made by the National Bank of Dubai (NBD), a leader of the banking groups within the Middle East. The NBD is, according to sources, the first Middle Eastern bank to integrate Blockchain technology in a check-issuance program. This step intends to prevent fraud. Per Arabian Business, the program operates by ways of encoding a special Quick Response (QR) code on every check and documenting the records on Blockchain.
This news is promising for blockchain usage and acceptance in the region. Dubai is a very progressive and successful city. When the major financial players of a region make decision to incorporate technologies such as blockchain, their competitors must adapt to survive which will only propel the industry as a whole👊
⚠️DO NOT USE MYETHERWALLET ⚠️
We’re working to learn more, but it appears that the MyEtherWallet website has been comprised. People have reported logging in and having their funds auto-withdrawn.
No comment has been made by the MEW team. Remember, MEW doesn’t store your tokens, it’s just a way to access them! So if MEW is compromised your tokens are safe as long as you don’t log in.
https://www.reddit.com/r/MyEtherWallet/comments/8ek0jj/think_i_got_scammedphishedhacked/
We’re working to learn more, but it appears that the MyEtherWallet website has been comprised. People have reported logging in and having their funds auto-withdrawn.
No comment has been made by the MEW team. Remember, MEW doesn’t store your tokens, it’s just a way to access them! So if MEW is compromised your tokens are safe as long as you don’t log in.
https://www.reddit.com/r/MyEtherWallet/comments/8ek0jj/think_i_got_scammedphishedhacked/
Reddit
From the MyEtherWallet community on Reddit: Think I got scammed/phished/hacked
Explore this post and more from the MyEtherWallet community
⚠️MyEtherWallet Update⚠️
The company has responded. Amazon’s DNS servers were hijacked (need we express the growing importance of decentralization?) and for a period of a few hours - starting around 12pm UTC - users were unknowlingly redirected to a phising site, resulting in funds being stolen.
Over $150k worth of ETH was transferred to an address with over $20mm worth of crypto in it. Those behind the attack are very sophisticated.
Read more here: https://tinyurl.com/ybsuw5ur
So what do we do now?
MEW has reported everything is back to normal. They mentioned “affected users likely clicked the "ignore" button on the SSL warning that pops up when visiting a malicious site imitating MEW. MAKE SURE there is a green bar SSL certificate that says ‘MyEtherWallet Inc [US]’”
If you’re not comfortable using MEW, you can use MyCrypto.com (read our post about it from February here: https://news.1rj.ru/str/BitcoinBravado/899 )
🔒We also strongly recommend you pick up a hardware wallet, like the Ledger Nano S ( https://tinyurl.com/y9m855lt ).
If you wish to check your balances without using any third party like MEW or MyCrypto, simply paste your ETH address into Etherscan.io
We hope our message got out in time to prevent anyone else from logging in and being affected. Stay safe out there👊
The company has responded. Amazon’s DNS servers were hijacked (need we express the growing importance of decentralization?) and for a period of a few hours - starting around 12pm UTC - users were unknowlingly redirected to a phising site, resulting in funds being stolen.
Over $150k worth of ETH was transferred to an address with over $20mm worth of crypto in it. Those behind the attack are very sophisticated.
Read more here: https://tinyurl.com/ybsuw5ur
So what do we do now?
MEW has reported everything is back to normal. They mentioned “affected users likely clicked the "ignore" button on the SSL warning that pops up when visiting a malicious site imitating MEW. MAKE SURE there is a green bar SSL certificate that says ‘MyEtherWallet Inc [US]’”
If you’re not comfortable using MEW, you can use MyCrypto.com (read our post about it from February here: https://news.1rj.ru/str/BitcoinBravado/899 )
🔒We also strongly recommend you pick up a hardware wallet, like the Ledger Nano S ( https://tinyurl.com/y9m855lt ).
If you wish to check your balances without using any third party like MEW or MyCrypto, simply paste your ETH address into Etherscan.io
We hope our message got out in time to prevent anyone else from logging in and being affected. Stay safe out there👊
🔐Protect Your Investment🔐
The thought of losing anything grips the soul and uneases the mind. Sadly, within cryptospace, tenacious efforts to hamper the livelihood of community members are particularly common. Hackers tirelessly scour the space to find any vulnerabilities within security features to ruin the lives of millions.
Yesterday, as we reported, the community was hit by a curveball of great proportions: Amazon’s DNS servers were hijacked and users were unknowingly redirected to a phishing site, resulting in funds being stolen, leaving the space at a standstill, paranoid, and subsequently questioning the security features available across the community.
Allow this to stand as an educational reminder for why you must take a multifaceted approach to securing your fortune.
But what should you do?
The answer is simple: traders and investors often understand the importance of not keeping their eggs (money) in one basket. This scheme should be implemented in security.
❗️You should not keep your crypto on one exchange nor in one wallet. Spread everything out. Have multiple wallets, ledgers, email address, passwords, etc. Assume your phone number is already hacked, don’t use SMS (text) authentication. Instead, always use 2-factor. Google Authenticator is the app of choice for most.
✏️WRITE DOWN private keys and passphrases. DO NOT store in your photo album, notes, or anywhere online.
Of course, some may complain of the expenses and time involved with such an approach, but why mind nominal expenses and a few extra minutes of time when each measure intends to protect the portfolio you have tirelessly built?
Additionally, avoid trading from multiple devices. Trading on your phone, multiple computers, what have you, creates tremendous risk, in that you are more likely to be compromised. You should avoid using your phone to access exchages at all cost.
Also, as it pertains to passwords, attempt to make a routine out of changing your passwords every few months, or even take the step of changing everything once a month👍
The thought of losing anything grips the soul and uneases the mind. Sadly, within cryptospace, tenacious efforts to hamper the livelihood of community members are particularly common. Hackers tirelessly scour the space to find any vulnerabilities within security features to ruin the lives of millions.
Yesterday, as we reported, the community was hit by a curveball of great proportions: Amazon’s DNS servers were hijacked and users were unknowingly redirected to a phishing site, resulting in funds being stolen, leaving the space at a standstill, paranoid, and subsequently questioning the security features available across the community.
Allow this to stand as an educational reminder for why you must take a multifaceted approach to securing your fortune.
But what should you do?
The answer is simple: traders and investors often understand the importance of not keeping their eggs (money) in one basket. This scheme should be implemented in security.
❗️You should not keep your crypto on one exchange nor in one wallet. Spread everything out. Have multiple wallets, ledgers, email address, passwords, etc. Assume your phone number is already hacked, don’t use SMS (text) authentication. Instead, always use 2-factor. Google Authenticator is the app of choice for most.
✏️WRITE DOWN private keys and passphrases. DO NOT store in your photo album, notes, or anywhere online.
Of course, some may complain of the expenses and time involved with such an approach, but why mind nominal expenses and a few extra minutes of time when each measure intends to protect the portfolio you have tirelessly built?
Additionally, avoid trading from multiple devices. Trading on your phone, multiple computers, what have you, creates tremendous risk, in that you are more likely to be compromised. You should avoid using your phone to access exchages at all cost.
Also, as it pertains to passwords, attempt to make a routine out of changing your passwords every few months, or even take the step of changing everything once a month👍
🚨Record Volume Futures Trading🚨
Currently the price of Bitcoin is $9295, with volume around 8.04 billion USD at 12:31 PM Eastern U.S. and 5:31 PM UTC. After the surge in volume, on April 20th, responsible for breaking the log downtrend that had been in place since late December, Bitcoin has consolidated nicely above the resistance turned support. The consolidation has taken place right around the $9k USD levels without a retest of the downtrend. Volume remains in a healthy range, although it has been descending on a daily basis since Bitcoin reached the upper $9000’s on Tuesday.
Bitcoin has historically seen lower volume on the weekends and from observation, it is trending that way this week as well. This often leads to large price swings because it is easier to move the price of Bitcoin when less money is flowing through the markets. We are eyeing the $10k price level as a major psychological resistance level that may be in play this weekend, depending on the price action we see before today’s close at 8:00 PM Eastern U.S. ⏳
Bitcoin futures have been trading since December and have, at times, been theorized to be a major indicator as to what the price of Bitcoin will do. It is not difficult to find correlation between the closing date each month of futures contracts as well as the following price action from $BTC. One could even speculate that institutional traders are using futures contracts to manipulate prices to accumulate Bitcoin at their desired targets.
That said, the introduction of futures has brought much more exposure to cryptocurrency from the likes of institutional and retail traders. Yesterday, Bitcoin futures saw a record day in volume, with over 11,000 contracts being traded at the Chicago Mercantile Exchange (CME) and over 19,000 contracts at the Chicago Board of Exchange (CBOE). Bitcoin futures have increased their trading volume month over month since their inception. Even Asia has begun to partake in Bitcoin futures trading at American exchanges as up to 50% of the contracts traded yesterday were done in non-traditional American trading hours. 🙌
This is a positive trend to be aware of as the nature of growing asset classes is directly correlated to its acceptance by the traditional financial trading community. Once this community has more opportunities and options to trade off the volatility of cryptocurrency, it will spark interest throughout their ranks which will eventually spread the message to new money entering the markets. Overall, the more investment vehicles tied to cryptocurrency, the better because it will provide proliferation of the number of people who will hear about Bitcoin and Cryptocurrency in their everyday lives.
We are still holding our bullish sentiment on Bitcoin and overall health of cryptocurrency and are excited to see what the potential volatility of this weekend brings. 🐂
Currently the price of Bitcoin is $9295, with volume around 8.04 billion USD at 12:31 PM Eastern U.S. and 5:31 PM UTC. After the surge in volume, on April 20th, responsible for breaking the log downtrend that had been in place since late December, Bitcoin has consolidated nicely above the resistance turned support. The consolidation has taken place right around the $9k USD levels without a retest of the downtrend. Volume remains in a healthy range, although it has been descending on a daily basis since Bitcoin reached the upper $9000’s on Tuesday.
Bitcoin has historically seen lower volume on the weekends and from observation, it is trending that way this week as well. This often leads to large price swings because it is easier to move the price of Bitcoin when less money is flowing through the markets. We are eyeing the $10k price level as a major psychological resistance level that may be in play this weekend, depending on the price action we see before today’s close at 8:00 PM Eastern U.S. ⏳
Bitcoin futures have been trading since December and have, at times, been theorized to be a major indicator as to what the price of Bitcoin will do. It is not difficult to find correlation between the closing date each month of futures contracts as well as the following price action from $BTC. One could even speculate that institutional traders are using futures contracts to manipulate prices to accumulate Bitcoin at their desired targets.
That said, the introduction of futures has brought much more exposure to cryptocurrency from the likes of institutional and retail traders. Yesterday, Bitcoin futures saw a record day in volume, with over 11,000 contracts being traded at the Chicago Mercantile Exchange (CME) and over 19,000 contracts at the Chicago Board of Exchange (CBOE). Bitcoin futures have increased their trading volume month over month since their inception. Even Asia has begun to partake in Bitcoin futures trading at American exchanges as up to 50% of the contracts traded yesterday were done in non-traditional American trading hours. 🙌
This is a positive trend to be aware of as the nature of growing asset classes is directly correlated to its acceptance by the traditional financial trading community. Once this community has more opportunities and options to trade off the volatility of cryptocurrency, it will spark interest throughout their ranks which will eventually spread the message to new money entering the markets. Overall, the more investment vehicles tied to cryptocurrency, the better because it will provide proliferation of the number of people who will hear about Bitcoin and Cryptocurrency in their everyday lives.
We are still holding our bullish sentiment on Bitcoin and overall health of cryptocurrency and are excited to see what the potential volatility of this weekend brings. 🐂
📉👌Healthy Retracement or Rejection by Bears? 👌📉
Currently the price of Bitcoin is $8980 with volume leveling around $8.4 billion USD. $BTC has fallen 🔻3.7% since this time yesterday. We have also seen trading volumes for $BTC decline day over day since Sunday.
Considering that we have seen fairly consistent growth from Bitcoin since the second week of April, we are not ready to succumb to a bearish mindset that we are seeing reverberated across social media platforms today. There are, however, certain levels of support that we are eyeing as crucial reversal zones.
The $8700-$8800 region was a zone where a great amount of consolidation occurred both before the climb to $9800 and then the resulting bounce point after the market turned fairly euphoric on the 25th of April.
If that level does not hold, then we believe it will complete its wave 2 to the 1.236 fib line around $8400-8450. In layman's terms, if that level holds and we see healthy volume, then we have a target of 11.3k for $BTC.
Japanese financial services giant, SBI group, has been planning to open a ‘virtual currencies exchange’ for months now. To put SBI in perspective, in 2017 their revenue was over 250 billion USD💰
SBI’s process in launching the exchange was delayed for a variety of reasons, but they have just announced they are preparing for a summer launch of their exchange. The platform will offer trading of Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and others. This will be the country’s first wholly backed cryptocurrency exchange: https://tinyurl.com/y8mn97wu
🇯🇵Japan has been an international leader in terms of cryptocurrency and blockchain mainstream adoption. This is yet another example of their prolific support for the cryptocurrency community. This is a massive financial player on the international scale; by aligning themselves with cryptocurrency like this they’re helping to continue to legitmaize this exciting industy👊
Currently the price of Bitcoin is $8980 with volume leveling around $8.4 billion USD. $BTC has fallen 🔻3.7% since this time yesterday. We have also seen trading volumes for $BTC decline day over day since Sunday.
Considering that we have seen fairly consistent growth from Bitcoin since the second week of April, we are not ready to succumb to a bearish mindset that we are seeing reverberated across social media platforms today. There are, however, certain levels of support that we are eyeing as crucial reversal zones.
The $8700-$8800 region was a zone where a great amount of consolidation occurred both before the climb to $9800 and then the resulting bounce point after the market turned fairly euphoric on the 25th of April.
If that level does not hold, then we believe it will complete its wave 2 to the 1.236 fib line around $8400-8450. In layman's terms, if that level holds and we see healthy volume, then we have a target of 11.3k for $BTC.
Japanese financial services giant, SBI group, has been planning to open a ‘virtual currencies exchange’ for months now. To put SBI in perspective, in 2017 their revenue was over 250 billion USD💰
SBI’s process in launching the exchange was delayed for a variety of reasons, but they have just announced they are preparing for a summer launch of their exchange. The platform will offer trading of Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and others. This will be the country’s first wholly backed cryptocurrency exchange: https://tinyurl.com/y8mn97wu
🇯🇵Japan has been an international leader in terms of cryptocurrency and blockchain mainstream adoption. This is yet another example of their prolific support for the cryptocurrency community. This is a massive financial player on the international scale; by aligning themselves with cryptocurrency like this they’re helping to continue to legitmaize this exciting industy👊
📜SEC's Ruling of Ethereum📜
Monday, May 7th, may be engrained in the history books due to the outcomes that may result. You see, tomorrow, the Securities and Exchange Commission will convene to determine whether Ethereum (ETH) is a security. As the situation itself is complex, demanding tremendous thought, we imagine a standstill will occur - i.e. no final decision is likely to happen. Remember, though, this is our opinion. Nothing is certain, just speculative at this time. 🤷♂️
Nevertheless, the meeting itself should be viewed under a microscope, as the end result could send Ethereum to undesired lows, or to unimagined highs. From our subjective stance, if ETH is noscriptd a security by the United States' government, then, obviously, short-term price action may be negative, but as the underlying technology, Ethereum, is borderless and does not depend on the opinion of a regulatory committee from one country, its long-term prospects should be unaffected.
We would also like to inform you, if tomorrow ends in a deadlock - a situation in which no conclusion is made - or ETH is not declared a security, both scenarios, coupled with Etherum’s claims regarding scalability improvements, would bode well for consumers in two respective rights - short-term and long-term. If a deadlock happens, investors will have a short-term sense of relief, which may assist financial gains. Should a conclusion be met in which ETH is not a security, the long-term prospects of the technology and its financial standing within the community would likely prosper.
Within the last week, Joesph Lubin, co-founder of Ethereum, stated: “We spent a tremendous amount of time with lawyers in the US and in other countries, and are extremely comfortable that it is not a security; it never was a security… many regulators that matter understand what Ethereum is.”
Comments of this extent should provide some peace-of-mind, but we cannot objectively state that the SEC, nor any governing body, agree with Lubin's position. We will, as a result, monitor tomorrow's event under the intention of providing you with the most replete understanding of what occurs.
Monday, May 7th, may be engrained in the history books due to the outcomes that may result. You see, tomorrow, the Securities and Exchange Commission will convene to determine whether Ethereum (ETH) is a security. As the situation itself is complex, demanding tremendous thought, we imagine a standstill will occur - i.e. no final decision is likely to happen. Remember, though, this is our opinion. Nothing is certain, just speculative at this time. 🤷♂️
Nevertheless, the meeting itself should be viewed under a microscope, as the end result could send Ethereum to undesired lows, or to unimagined highs. From our subjective stance, if ETH is noscriptd a security by the United States' government, then, obviously, short-term price action may be negative, but as the underlying technology, Ethereum, is borderless and does not depend on the opinion of a regulatory committee from one country, its long-term prospects should be unaffected.
We would also like to inform you, if tomorrow ends in a deadlock - a situation in which no conclusion is made - or ETH is not declared a security, both scenarios, coupled with Etherum’s claims regarding scalability improvements, would bode well for consumers in two respective rights - short-term and long-term. If a deadlock happens, investors will have a short-term sense of relief, which may assist financial gains. Should a conclusion be met in which ETH is not a security, the long-term prospects of the technology and its financial standing within the community would likely prosper.
Within the last week, Joesph Lubin, co-founder of Ethereum, stated: “We spent a tremendous amount of time with lawyers in the US and in other countries, and are extremely comfortable that it is not a security; it never was a security… many regulators that matter understand what Ethereum is.”
Comments of this extent should provide some peace-of-mind, but we cannot objectively state that the SEC, nor any governing body, agree with Lubin's position. We will, as a result, monitor tomorrow's event under the intention of providing you with the most replete understanding of what occurs.
🚨SEC Update🚨
Hello Everyone, welcome to another week in the fast paced world of cryptocurrency. It is Monday morning here, in Chicago, and the time is 10:42 AM; 3:42 PM (UTC).
The price of Bitcoin has fallen 2.2% over the past 24 hours to $9300, with around 6.7 billion (USD) in trading volume. The price of Ethereum fell over 6% in the last 24 hours to $725, with around 3.4 billion USD in trading volume. The intense sell off over the course of the past day was accompanied by a serious reduction in trading volume. Since Thursday, trading volume levels have decreased by 40%.
There are a couple of reasons behind why we believe crypto has shed nearly 40 billion dollars in total market cap in the past 48 hours. One being that as Bitcoin approached the psychological level of 10k over the weekend, it was unable to find the fresh volume needed in order to crack and sustain 10k. This may have signaled indecision and lack of strength for the overall health of the market, which, in turn, provided the fall to current $BTC prices.
The other potential catalyst for the sell off is the looming SEC decision on whether Ethereum will be classified as a security. This decision will reportedly be handed out today before being made public.
Our opinion is that Ethereum is NOT a security. Holding Ethereum does not represent an ownership position in a publicly-traded corporation (via stock), a creditor relationship with a governmental body or a corporation (represented by owning that entity's bond), or rights to ownership as represented by an option, which is the security definition outlined by the SEC. Ethereum is a digital currency that allows one to actively participate in the economy that transacts on its public blockchain and utilize the decentralized applications that run on Ether.
Digital currencies are entirely new asset class that frankly should not be viewed with the same classification system used on prior financial instruments. That being said, the SEC is going to rule on their own interpretations of securities law. We cannot be sure on what the outcome will be as a result.
Once a decision has been made today, we will pass our opinions on the SEC’s ruling to you all.
As of right now, we are practicing risk mitigation as there may be increased volatility surrounding the decision.
Hello Everyone, welcome to another week in the fast paced world of cryptocurrency. It is Monday morning here, in Chicago, and the time is 10:42 AM; 3:42 PM (UTC).
The price of Bitcoin has fallen 2.2% over the past 24 hours to $9300, with around 6.7 billion (USD) in trading volume. The price of Ethereum fell over 6% in the last 24 hours to $725, with around 3.4 billion USD in trading volume. The intense sell off over the course of the past day was accompanied by a serious reduction in trading volume. Since Thursday, trading volume levels have decreased by 40%.
There are a couple of reasons behind why we believe crypto has shed nearly 40 billion dollars in total market cap in the past 48 hours. One being that as Bitcoin approached the psychological level of 10k over the weekend, it was unable to find the fresh volume needed in order to crack and sustain 10k. This may have signaled indecision and lack of strength for the overall health of the market, which, in turn, provided the fall to current $BTC prices.
The other potential catalyst for the sell off is the looming SEC decision on whether Ethereum will be classified as a security. This decision will reportedly be handed out today before being made public.
Our opinion is that Ethereum is NOT a security. Holding Ethereum does not represent an ownership position in a publicly-traded corporation (via stock), a creditor relationship with a governmental body or a corporation (represented by owning that entity's bond), or rights to ownership as represented by an option, which is the security definition outlined by the SEC. Ethereum is a digital currency that allows one to actively participate in the economy that transacts on its public blockchain and utilize the decentralized applications that run on Ether.
Digital currencies are entirely new asset class that frankly should not be viewed with the same classification system used on prior financial instruments. That being said, the SEC is going to rule on their own interpretations of securities law. We cannot be sure on what the outcome will be as a result.
Once a decision has been made today, we will pass our opinions on the SEC’s ruling to you all.
As of right now, we are practicing risk mitigation as there may be increased volatility surrounding the decision.
⌛️Whats The Verdict?⏳
As today has progressed, no further announcement on the SEC Ethereum meeting has been made, but a few notes have come to light on the situation.
News of this ‘closed door meeting’ was initially broken by a reporter from the Wall St. Journal. In a twitter thread today, the reporter stated:
“It's nothing that major. A "working group" meeting, not a public meeting. How'd we find out about it? The way we find out about everything. We, like, talk to people.”
This has us reevaluating the relevance of the closed room discussion that is reportedly taking place today.
To us, it seems that this meeting is more of an informative discussion that is way for them to establish a basis for deciding whether Ethereum is a security moving forward. As stated before, we do not believe they will pass meaningful judgement on Ethereum’s financial classification today. We will still be consistently monitoring the situation with the SEC and will update you if they release any new information.
That being said, Bitcoin bounced nicely this morning off the $9200 range and we think as the day progresses more positive sentiment will return to the market as a lot of the sell off was probably an overreaction due to the impending SEC meeting.
Bitcoin is still respecting the channel that started forming around the 20th of April. As long as the price of Bitcoin can sustain itself above the 9k levels in the coming days, we hold in tact our bullish sentiment👊
As today has progressed, no further announcement on the SEC Ethereum meeting has been made, but a few notes have come to light on the situation.
News of this ‘closed door meeting’ was initially broken by a reporter from the Wall St. Journal. In a twitter thread today, the reporter stated:
“It's nothing that major. A "working group" meeting, not a public meeting. How'd we find out about it? The way we find out about everything. We, like, talk to people.”
This has us reevaluating the relevance of the closed room discussion that is reportedly taking place today.
To us, it seems that this meeting is more of an informative discussion that is way for them to establish a basis for deciding whether Ethereum is a security moving forward. As stated before, we do not believe they will pass meaningful judgement on Ethereum’s financial classification today. We will still be consistently monitoring the situation with the SEC and will update you if they release any new information.
That being said, Bitcoin bounced nicely this morning off the $9200 range and we think as the day progresses more positive sentiment will return to the market as a lot of the sell off was probably an overreaction due to the impending SEC meeting.
Bitcoin is still respecting the channel that started forming around the 20th of April. As long as the price of Bitcoin can sustain itself above the 9k levels in the coming days, we hold in tact our bullish sentiment👊
🚣 Developing Your Sea Legs ⛵
Over the past 24 hours Bitcoin has continued its slide, falling 1.4% further to a current price of $9170. However discouraging the last few days have been in terms of price action, we still believe Bitcoin is flowing naturally in an upward channel that was started around April 20th (see chart below). We expect a bounce in Bitcoin from these levels towards the upper region of the channel, which would ultimately have it breaking the psychological 10k level before a retest of resistance at the top of the channel. We are eyeing the $9050 level as crucial support for current price action. If this bottom support on the channel is broken, then we will for the short term reconsider our bullish bias.
Last week, Goldman Sachs declared it would open a Bitcoin futures trading desk in the coming weeks. This news spun many heads, in part that much skepticism concerning the digital currency spewed from several powerful figures at Goldman Sachs this past year.
Yesterday, an owner of the New York Stock Exchange announced his interest in permitting the exchange of Bitcoin amongst its participants. This is, in addition to the Goldman Sachs’ declaration, promising for investors and traders in a crypto and traditional sense.
We can’t stress enough how important it is to approach these swings with a clear head. It is very easy to become bogged down by the 10-15% gains and losses that this space experiences on a daily or weekly basis. No one on our team is invested in this space for the short term gains, we are however here for the long haul and are excited about the prospects and future of this industry.
To give you all a refresher on how early we all are in this space, please direct your attention to the medium article linked below to get an idea of how current cryptocurrency adoption levels stand in comparison to internet adoption from its conception in the late 1980’s and early 1990’s.
https://medium.com/@mccannatron/12-graphs-that-show-just-how-early-the-cryptocurrency-market-is-653a4b8b2720
Over the past 24 hours Bitcoin has continued its slide, falling 1.4% further to a current price of $9170. However discouraging the last few days have been in terms of price action, we still believe Bitcoin is flowing naturally in an upward channel that was started around April 20th (see chart below). We expect a bounce in Bitcoin from these levels towards the upper region of the channel, which would ultimately have it breaking the psychological 10k level before a retest of resistance at the top of the channel. We are eyeing the $9050 level as crucial support for current price action. If this bottom support on the channel is broken, then we will for the short term reconsider our bullish bias.
Last week, Goldman Sachs declared it would open a Bitcoin futures trading desk in the coming weeks. This news spun many heads, in part that much skepticism concerning the digital currency spewed from several powerful figures at Goldman Sachs this past year.
Yesterday, an owner of the New York Stock Exchange announced his interest in permitting the exchange of Bitcoin amongst its participants. This is, in addition to the Goldman Sachs’ declaration, promising for investors and traders in a crypto and traditional sense.
We can’t stress enough how important it is to approach these swings with a clear head. It is very easy to become bogged down by the 10-15% gains and losses that this space experiences on a daily or weekly basis. No one on our team is invested in this space for the short term gains, we are however here for the long haul and are excited about the prospects and future of this industry.
To give you all a refresher on how early we all are in this space, please direct your attention to the medium article linked below to get an idea of how current cryptocurrency adoption levels stand in comparison to internet adoption from its conception in the late 1980’s and early 1990’s.
https://medium.com/@mccannatron/12-graphs-that-show-just-how-early-the-cryptocurrency-market-is-653a4b8b2720
Medium
12 Graphs That Show Just How Early The Cryptocurrency Market Is
From the time the first website was published in 1991 until today, the internet has profoundly reshaped humanity.
🚨Market Update🚨
Hello everyone, the current price of Bitcoin is $9,303, with around 7.3 billion USD in trading volume at 9:08 AM (Central US) and 2:08 PM (UTC). The price of Ethereum is $750, with trading volume at 2.9 billion USD. 💰
In order for the channel we mentioned yesterday to continue, Bitcoin’s price required a healthy bounce between $8,950-9,050. We saw exactly this with a swing low reversal on the 4hr chart as Bitcoin deviated from a falling wedge that had been developing since $9,900. This essentially means that at the pivotal channel support, which Bitcoin has remained in since April 20th, the price, with healthy doses of volume, rebounded significantly, which indicates that there were many eager buyers in this area hoping to purchase at that price. These events give us confidence that accumulation from the buy side is still continuing, similar to what we saw when Bitcoin was in the mid $6,000’s. 🙌
Occurrences such as those found above, are positive indicators that we will, once again, retest the upper bounds of the channel resistance north of the psychological barrier at 10k.
For those most experienced in the cryptosphere, you likely see why we meticulously analyze Bitcoin’s price movements. To anyone who falls outside this degree of comprehension, our diligence intends to provide an adequate explanation. Feel free to contact us if there is any degree of confusion.
Although, a large percentage of our portfolios are held in alt-coins, especially when bullish momentum floods the market, the profits in this space are determined by the health of $BTC. Bitcoin, as absurd as this may seem, is generally the most stable asset in this space. All other cryptos react with varying degrees of volatility when compared to the movements of Bitcoin.
When the cryptocurrency ecosystem loses momentum, a devastating blow tends to occur to those primarily invested in alt coins. The direction in which $BTC trends, is a herculean indicator on how the rest of our positions will likely perform. This is why we consistently monitor Bitcoin’s price action, to ensure our whole community knows which cryptocurrency indicator is necessary to understand how the rest of the market will perform.
Hello everyone, the current price of Bitcoin is $9,303, with around 7.3 billion USD in trading volume at 9:08 AM (Central US) and 2:08 PM (UTC). The price of Ethereum is $750, with trading volume at 2.9 billion USD. 💰
In order for the channel we mentioned yesterday to continue, Bitcoin’s price required a healthy bounce between $8,950-9,050. We saw exactly this with a swing low reversal on the 4hr chart as Bitcoin deviated from a falling wedge that had been developing since $9,900. This essentially means that at the pivotal channel support, which Bitcoin has remained in since April 20th, the price, with healthy doses of volume, rebounded significantly, which indicates that there were many eager buyers in this area hoping to purchase at that price. These events give us confidence that accumulation from the buy side is still continuing, similar to what we saw when Bitcoin was in the mid $6,000’s. 🙌
Occurrences such as those found above, are positive indicators that we will, once again, retest the upper bounds of the channel resistance north of the psychological barrier at 10k.
For those most experienced in the cryptosphere, you likely see why we meticulously analyze Bitcoin’s price movements. To anyone who falls outside this degree of comprehension, our diligence intends to provide an adequate explanation. Feel free to contact us if there is any degree of confusion.
Although, a large percentage of our portfolios are held in alt-coins, especially when bullish momentum floods the market, the profits in this space are determined by the health of $BTC. Bitcoin, as absurd as this may seem, is generally the most stable asset in this space. All other cryptos react with varying degrees of volatility when compared to the movements of Bitcoin.
When the cryptocurrency ecosystem loses momentum, a devastating blow tends to occur to those primarily invested in alt coins. The direction in which $BTC trends, is a herculean indicator on how the rest of our positions will likely perform. This is why we consistently monitor Bitcoin’s price action, to ensure our whole community knows which cryptocurrency indicator is necessary to understand how the rest of the market will perform.
☝️Fact or FUD? Upbit, Korea, Mt. Gox👌
📉Upbit: Early this morning (U.S. Time) The Chosun Ilbo, one of the major newspapers in South Korea, shared news of Upbit being investigated by Korean authorities which has sent the market into a frenzy of tumultuousness, forcing many community members to panic sell.
In case you have not heard, Upbit, South Korea’s largest cryptocurrency exchange, is alledgedly under investigation for fraud. The market, as one would expect, has reacted poorly to this news. A source we have in Korea close to the matter told us that as a part of an active investigation, Upbit had some records seized. That’s all we know at this time.
It’s important to note, however, that having records seized doesn’t mean Upbit has done anything wrong, it doesn’t mean funds are at risk, and it doesn’t mean that Korea is banning crypto🤦♂️
⛰Mt. Gox: Over the last 24 hours, we’ve seen many claims that Bitcoin’s negative price action is the result of another sell off from the Mt Gox wallet. What’s true, is that the wallet has sent over 8,000 bitcoins over the last day.
What we don’t know, is whether or not those Bitcoin have been sold. However, when one seeks to sell that many Bitcoin, they don’t just log onto GDAX and hit “Market Sell”. There are programs in place (look up Dark Pools) along with OTC buyers that would likely help faciliate the buying of the Bitcoin, likely over an extended period of time.
☝️At this time, its more likely that simply moving the coins has caused more of a market reaction than actually selling them would. Try not to get too caught up in the recurring “Mt Gox FUD.”
Like all accounts of fear, uncertainty, and doubt, we suggest taking a calm approach to what has unfolded, in that news such as this typically blows over in a day or two. The Bitcoin Bravado team feels this is a perfect time to pull from its reserves to cost average into several projects.
Below is a simple look at Bitcoin price action currently. We fully expect a bounce in this area, however with the lower volume typically brough on by the weekends, and the bearish sentiment that has set in after a +45% month, we see many analysts (including ours) eyeing a long target of $7800 USD if current levels falls through.
📉Upbit: Early this morning (U.S. Time) The Chosun Ilbo, one of the major newspapers in South Korea, shared news of Upbit being investigated by Korean authorities which has sent the market into a frenzy of tumultuousness, forcing many community members to panic sell.
In case you have not heard, Upbit, South Korea’s largest cryptocurrency exchange, is alledgedly under investigation for fraud. The market, as one would expect, has reacted poorly to this news. A source we have in Korea close to the matter told us that as a part of an active investigation, Upbit had some records seized. That’s all we know at this time.
It’s important to note, however, that having records seized doesn’t mean Upbit has done anything wrong, it doesn’t mean funds are at risk, and it doesn’t mean that Korea is banning crypto🤦♂️
⛰Mt. Gox: Over the last 24 hours, we’ve seen many claims that Bitcoin’s negative price action is the result of another sell off from the Mt Gox wallet. What’s true, is that the wallet has sent over 8,000 bitcoins over the last day.
What we don’t know, is whether or not those Bitcoin have been sold. However, when one seeks to sell that many Bitcoin, they don’t just log onto GDAX and hit “Market Sell”. There are programs in place (look up Dark Pools) along with OTC buyers that would likely help faciliate the buying of the Bitcoin, likely over an extended period of time.
☝️At this time, its more likely that simply moving the coins has caused more of a market reaction than actually selling them would. Try not to get too caught up in the recurring “Mt Gox FUD.”
Like all accounts of fear, uncertainty, and doubt, we suggest taking a calm approach to what has unfolded, in that news such as this typically blows over in a day or two. The Bitcoin Bravado team feels this is a perfect time to pull from its reserves to cost average into several projects.
Below is a simple look at Bitcoin price action currently. We fully expect a bounce in this area, however with the lower volume typically brough on by the weekends, and the bearish sentiment that has set in after a +45% month, we see many analysts (including ours) eyeing a long target of $7800 USD if current levels falls through.