🚨Wyoming: A Cryptocurrency Frontrunner🚨
Yes another tremendous stride in the cryptosphere was made yesterday: the Wyoming state legislature passed House Bill 70, which may stand as the most important crypto-related bills in U.S. history. 🇺🇸 The House Bill 70 exempts specific Blockchain tokens from falling under securities regulations and transactions laws concerning money.
An impressive measure to address is how one-sided the passing was. The House Bill 70 passed in the senate at 27-3, which is nothing short of amazing. This figure clearly illustrates Wyoming’s understanding and desire for proper cryptocurrency regulations.
House Bill 70 underlines that open Blockchain tokens provided via an ICO or a different avenue may avoid specific regulations, so long as the token has not been labeled, if you will, as an investment, is solely used for the purpose to buy or sell goods and services, and the developer or issuer is without malevolent intentions to manipulate the token’s value on a secondary market.
It is important to address that Wyoming currently has a string of crypto-related bills in the mix, all of which stand to further promote virtual currencies as well as safeguard crypto enthusiasts, investors, and traders from malicious acts. 🔐
Yes another tremendous stride in the cryptosphere was made yesterday: the Wyoming state legislature passed House Bill 70, which may stand as the most important crypto-related bills in U.S. history. 🇺🇸 The House Bill 70 exempts specific Blockchain tokens from falling under securities regulations and transactions laws concerning money.
An impressive measure to address is how one-sided the passing was. The House Bill 70 passed in the senate at 27-3, which is nothing short of amazing. This figure clearly illustrates Wyoming’s understanding and desire for proper cryptocurrency regulations.
House Bill 70 underlines that open Blockchain tokens provided via an ICO or a different avenue may avoid specific regulations, so long as the token has not been labeled, if you will, as an investment, is solely used for the purpose to buy or sell goods and services, and the developer or issuer is without malevolent intentions to manipulate the token’s value on a secondary market.
It is important to address that Wyoming currently has a string of crypto-related bills in the mix, all of which stand to further promote virtual currencies as well as safeguard crypto enthusiasts, investors, and traders from malicious acts. 🔐
📉MARKET DUMP - WHY?📉
The cryptosphere is, not the least of which, tumultuous, constantly swaying to positive and negative sentiment. Today has been met with a series of unfortunate events, yet we view the following as common developmental features of the space. This stuff comes with the territory of investing in an emerging asset class.
News from Japan 🇯🇵
Today, Japan announced it would take action against cryptocurrency exchanges that currently do not comply with the Financial Service Agency’s customer protection and anti-money laundering measures. There is a chance that the FSA will indefinitely shut several exchanges; this potential punitive action is likely to ensure exchanges are granted time to create the proper procedures to protect consumers. The exchanges that are to be targeted remains unknown; however, it is ostensible this news has shaken investors, contributing to the market’s sharp decline.
Read more here: https://goo.gl/E2MnCr
SEC Press Release 🇺🇸
The SEC just released a statement regarding potentially unlawful online digital currency trading platforms. Since exchanges have become a common place to trade and sell ICO tokens, and other coins that are considered securities under the federal securities laws, then the exchange must comply with the SEC as a national securities exchange to be exempt from registration. This statement falls in line with the remarks the SEC made at the Virtual Currencies Hearing in February. The statement reaffirms that if investors want protection from the asset trading they are partaking in, they must use exchanges that are registered with the SEC. The SEC worries that many consumers believe the exchanges they use are SEC compliant, but, the truth of the matter is, few, if any, virtual currency trading platforms are SEC compliant, thereby subjecting users to potentially unlawful acts.
This clarification is necessary for investors. We believe this is just an edifying reminder from the SEC that aims to create more vigilant, cognizant consumers. The SEC is doing their due diligence by alerting participators in these markets that they may be interacting with entities that are not SEC regulated. They are not saying that these companies have to be regulated to continue operations.
The press release can be found here: https://goo.gl/rCaeT3
🐋Whale sells $400mm in BTC!?📉
Not exactly...Mt. Gox (yes, that Mt. Gox) sold around $405 million worth of Bitcoin and Bitcoin Cash over the course of the past two months. The details of the sale were published today, March 7th, by trustee Nobuaki Kobayshi. This didn't just happen, it's been ongoing, but the details of the sale were just published today: https://goo.gl/8sWjLo
⚠️Binance Hacked!?⚠️
No. However, there were users that had their account compromised and it looks to be due to faulty API integrations that had security volunerabilities. Binance wasn't hacked, but some users were. An important reminder to be very cautious using ANY tools that use API to connect to your exchange accounts, and not to keep the majority of your assets on an exchange at all. The official statement from the Binance telegram is below.
"We are investigating reports of some users having issues with their funds. Our team is aware and investigating the issue as we speak.
As of this moment, the only confirmed victims have registered API keys (to use with trading bots or otherwise). There is no evidence of the Binance platform being compromised."
All of this happening on the same morning has caused a huge stir and a lot of panic. Hopefully we've brought clarity to some of the news.
MANY outlets are misreporting the SEC news and implying that the $400mm sell off happened TODAY as well. This is, as usual, terrible reporting. But we got your back.👊
The cryptosphere is, not the least of which, tumultuous, constantly swaying to positive and negative sentiment. Today has been met with a series of unfortunate events, yet we view the following as common developmental features of the space. This stuff comes with the territory of investing in an emerging asset class.
News from Japan 🇯🇵
Today, Japan announced it would take action against cryptocurrency exchanges that currently do not comply with the Financial Service Agency’s customer protection and anti-money laundering measures. There is a chance that the FSA will indefinitely shut several exchanges; this potential punitive action is likely to ensure exchanges are granted time to create the proper procedures to protect consumers. The exchanges that are to be targeted remains unknown; however, it is ostensible this news has shaken investors, contributing to the market’s sharp decline.
Read more here: https://goo.gl/E2MnCr
SEC Press Release 🇺🇸
The SEC just released a statement regarding potentially unlawful online digital currency trading platforms. Since exchanges have become a common place to trade and sell ICO tokens, and other coins that are considered securities under the federal securities laws, then the exchange must comply with the SEC as a national securities exchange to be exempt from registration. This statement falls in line with the remarks the SEC made at the Virtual Currencies Hearing in February. The statement reaffirms that if investors want protection from the asset trading they are partaking in, they must use exchanges that are registered with the SEC. The SEC worries that many consumers believe the exchanges they use are SEC compliant, but, the truth of the matter is, few, if any, virtual currency trading platforms are SEC compliant, thereby subjecting users to potentially unlawful acts.
This clarification is necessary for investors. We believe this is just an edifying reminder from the SEC that aims to create more vigilant, cognizant consumers. The SEC is doing their due diligence by alerting participators in these markets that they may be interacting with entities that are not SEC regulated. They are not saying that these companies have to be regulated to continue operations.
The press release can be found here: https://goo.gl/rCaeT3
🐋Whale sells $400mm in BTC!?📉
Not exactly...Mt. Gox (yes, that Mt. Gox) sold around $405 million worth of Bitcoin and Bitcoin Cash over the course of the past two months. The details of the sale were published today, March 7th, by trustee Nobuaki Kobayshi. This didn't just happen, it's been ongoing, but the details of the sale were just published today: https://goo.gl/8sWjLo
⚠️Binance Hacked!?⚠️
No. However, there were users that had their account compromised and it looks to be due to faulty API integrations that had security volunerabilities. Binance wasn't hacked, but some users were. An important reminder to be very cautious using ANY tools that use API to connect to your exchange accounts, and not to keep the majority of your assets on an exchange at all. The official statement from the Binance telegram is below.
"We are investigating reports of some users having issues with their funds. Our team is aware and investigating the issue as we speak.
As of this moment, the only confirmed victims have registered API keys (to use with trading bots or otherwise). There is no evidence of the Binance platform being compromised."
All of this happening on the same morning has caused a huge stir and a lot of panic. Hopefully we've brought clarity to some of the news.
MANY outlets are misreporting the SEC news and implying that the $400mm sell off happened TODAY as well. This is, as usual, terrible reporting. But we got your back.👊
www.sec.gov
SEC.gov | Statement on Potentially Unlawful Online Platforms for Trading Digital Assets
Statement on Potentially Unlawful Online Platforms for Trading Digital Assets
Divisions of Enforcement and Trading and Markets
March 7, 2018
Divisions of Enforcement and Trading and Markets
March 7, 2018
📊BTC Misery Index📊
Tom Lee, Managing Partner & head of Research at Fundstrat Advosors, crypto enthusiast, & former Chief Equity Strategist for JP Morgan shares his BTC Misery Index.
The Misery Index is set on a scale of 0-100 and uses economic indicators and a variety of BTC market factors. Think of it as a way of measuring how happy or sad you are owning Bitcoin.
He shares on a Fast Money broadcast, “When the Bitcoin Misery Index is at ‘misery’ (below 27), bitcoin sees the best 12-month performance.”
Currently the “BMI” of BTC is 18.8 - the lowest since 2011.
According to Lee, when the misery index is low, it’s a good time for investors to acquire more BTC.
Check out the BMI chart below, and let us know what you think of this unique evaluation on Twitter and Facebook👍
Tom Lee, Managing Partner & head of Research at Fundstrat Advosors, crypto enthusiast, & former Chief Equity Strategist for JP Morgan shares his BTC Misery Index.
The Misery Index is set on a scale of 0-100 and uses economic indicators and a variety of BTC market factors. Think of it as a way of measuring how happy or sad you are owning Bitcoin.
He shares on a Fast Money broadcast, “When the Bitcoin Misery Index is at ‘misery’ (below 27), bitcoin sees the best 12-month performance.”
Currently the “BMI” of BTC is 18.8 - the lowest since 2011.
According to Lee, when the misery index is low, it’s a good time for investors to acquire more BTC.
Check out the BMI chart below, and let us know what you think of this unique evaluation on Twitter and Facebook👍
🇺🇸Congress Hearing: Examining Cryptocurrencies and ICOs🇺🇸
Often times, consumers interpret regulations as barriers; obstacles that stymie innovation. This stance is entirely unfortunate because a firm, transparent regulatory atmosphere is ideal for innovation. With regulations, investors and inventors alike benefit from the protective constructs resultant of regulations. Therefore, entrepreneurs, venture capitalists, and innovators, for instance, can thrive, fostering the development of new beneficial products and services for business and consumers.
A quandary the crypto market currently faces involves how the United States Congress plans to regulate digital currency. With there being few, if at all, incumbents in government who understand digital currencies, many regulators are uninformed and, therefore, over complicating how to regulate the crypto market, causing many to believe there must be a new scheme to regulate cryptocurrency.
Developing a new system to regulate cryptocurrency is unnecessary. Per Mike Lempres, the Chief Legal and Risk Officer at Coinbase, who spoke at today’s Congress Hearing: Examining Cryptocurrencies and ICOs, digital currencies and spot markets can be properly regulated under present laws. He further digressed by stating that a new regulatory scheme and legal missteps could unintentionally damage the incredible benefits of cryptocurrency. Therefore, regulating the market under current law would be most advantageous, ensuring the longevity of cryptospace.
In addition to the aforementioned, there is much to address from the hearing, particularly news concerning Coinbase. Under the present regulatory system, Coinbase, which is a spot market, operates within legal CFTC standard, solidifying Coinbase as, in our eyes, the most ethically operating exchange in all of crypto. Further, of the four cryptocurrencies exchanged on Coinbase - Bitcoin, Bitcoin Cash, Ethereum, and Litecoin - each, according to several federal court decisions, is viewed as a digital currency, not a security.
This makes us increasingly bullish on those 4 big cap coins for our longer term porfolio positions, as they've stood the test of time.
Often times, consumers interpret regulations as barriers; obstacles that stymie innovation. This stance is entirely unfortunate because a firm, transparent regulatory atmosphere is ideal for innovation. With regulations, investors and inventors alike benefit from the protective constructs resultant of regulations. Therefore, entrepreneurs, venture capitalists, and innovators, for instance, can thrive, fostering the development of new beneficial products and services for business and consumers.
A quandary the crypto market currently faces involves how the United States Congress plans to regulate digital currency. With there being few, if at all, incumbents in government who understand digital currencies, many regulators are uninformed and, therefore, over complicating how to regulate the crypto market, causing many to believe there must be a new scheme to regulate cryptocurrency.
Developing a new system to regulate cryptocurrency is unnecessary. Per Mike Lempres, the Chief Legal and Risk Officer at Coinbase, who spoke at today’s Congress Hearing: Examining Cryptocurrencies and ICOs, digital currencies and spot markets can be properly regulated under present laws. He further digressed by stating that a new regulatory scheme and legal missteps could unintentionally damage the incredible benefits of cryptocurrency. Therefore, regulating the market under current law would be most advantageous, ensuring the longevity of cryptospace.
In addition to the aforementioned, there is much to address from the hearing, particularly news concerning Coinbase. Under the present regulatory system, Coinbase, which is a spot market, operates within legal CFTC standard, solidifying Coinbase as, in our eyes, the most ethically operating exchange in all of crypto. Further, of the four cryptocurrencies exchanged on Coinbase - Bitcoin, Bitcoin Cash, Ethereum, and Litecoin - each, according to several federal court decisions, is viewed as a digital currency, not a security.
This makes us increasingly bullish on those 4 big cap coins for our longer term porfolio positions, as they've stood the test of time.
📊Lowest Volume Since Nov📊
When evaluating the 1 yr log uptrend (the one that broke last week) we were looking at the candle closes - as opposed to the wicks. It's not necessarily right or wrong, it's a matter of preference; as long as you’re consistent. That means you shouldn’t connect wicks to candles and visa versa.
We used the candle close because the wick from hitting the $6k bottom was a capitulation point and the bounce was massive. We figured if we dropped below that trendline it'd be a great short opportunity, and boy were we right. There’s been 13% downside since that trendline broke. Another profitable short.
With all that said, if we use the wicks to draw the uptrend, you'll see that we're now right on it - technically the 1yr uptrend is still intact, though we’ve been in a downtrend the last 91 days...but who’s counting 🤷♂️
Today Bitcoin saw the least amount of volume it’s seen since late November. It’s about half of the volume average of the last 30 days. The last time volume was this low, the BTC price (and therefore marketcap) were almost exactly the same.
If we bounce off this uptrend and find consistency at this level of volume, we could finally be in for some consolidation - some sideways price action.
This is what we need to see before we can expect any major move up👍
When evaluating the 1 yr log uptrend (the one that broke last week) we were looking at the candle closes - as opposed to the wicks. It's not necessarily right or wrong, it's a matter of preference; as long as you’re consistent. That means you shouldn’t connect wicks to candles and visa versa.
We used the candle close because the wick from hitting the $6k bottom was a capitulation point and the bounce was massive. We figured if we dropped below that trendline it'd be a great short opportunity, and boy were we right. There’s been 13% downside since that trendline broke. Another profitable short.
With all that said, if we use the wicks to draw the uptrend, you'll see that we're now right on it - technically the 1yr uptrend is still intact, though we’ve been in a downtrend the last 91 days...but who’s counting 🤷♂️
Today Bitcoin saw the least amount of volume it’s seen since late November. It’s about half of the volume average of the last 30 days. The last time volume was this low, the BTC price (and therefore marketcap) were almost exactly the same.
If we bounce off this uptrend and find consistency at this level of volume, we could finally be in for some consolidation - some sideways price action.
This is what we need to see before we can expect any major move up👍
🗞G20 & The Bitcoin Bounce📈
With market sentiment worsening as prices reached the $7200-$7400 range on Sunday, capitulation to ‘Bitcoin Bears’ was seeming inevitable. We, however, can not help but draw parallels to the bounce we just witnessed to the one that was undergone in early February when Bitcoin prices reached sub $6k levels.
In the past two months, as our current bear market has progressed, there have been two defining moments where positive sentiment has returned to crypto after major governing bodies have made decisive statements against the need to regulate these emerging assets.
On February 6th, as we reported, the CFTC and SEC were represented in a Senate hearing, in which they ultimately expressed that they would not be pursuing further regulation of digital currency exchanges at this time. This news alleviated the slide in prices that had been taking place up until that time.
In a very similar manner, but to a more decisive degree, great news was passed on from the G20 summit yesterday as they announced they are also not interested in pursuing further regulation of cryptocurrency and blockchain.
The G20 is an international forum of governments and central bank leaders from the most financially influential countries around the world. Their aim is to create policy that will provide international financial stability. The letter published by the Bank of England governor, Mark Carney, who is the chair of the Financial Stability Board (FSB), stated that “The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time.”
You can read the full report here: http://www.fsb.org/2018/03/fsb-chairs-letter-to-g20-finance-ministers-and-central-bank-governors/
Financially speaking, the G20 might be one of the single most important entities in the world for deciding direction and policy of world economies.
One can not question the gravitas of this news. With the 20 most powerful nations in terms of economic standing agreeing that no additional regulatory action against cryptocurrency is necessary at this time, as well as it having no risk to global financial stability, one cannot help but remain optimistic for the future of this space.
With market sentiment worsening as prices reached the $7200-$7400 range on Sunday, capitulation to ‘Bitcoin Bears’ was seeming inevitable. We, however, can not help but draw parallels to the bounce we just witnessed to the one that was undergone in early February when Bitcoin prices reached sub $6k levels.
In the past two months, as our current bear market has progressed, there have been two defining moments where positive sentiment has returned to crypto after major governing bodies have made decisive statements against the need to regulate these emerging assets.
On February 6th, as we reported, the CFTC and SEC were represented in a Senate hearing, in which they ultimately expressed that they would not be pursuing further regulation of digital currency exchanges at this time. This news alleviated the slide in prices that had been taking place up until that time.
In a very similar manner, but to a more decisive degree, great news was passed on from the G20 summit yesterday as they announced they are also not interested in pursuing further regulation of cryptocurrency and blockchain.
The G20 is an international forum of governments and central bank leaders from the most financially influential countries around the world. Their aim is to create policy that will provide international financial stability. The letter published by the Bank of England governor, Mark Carney, who is the chair of the Financial Stability Board (FSB), stated that “The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time.”
You can read the full report here: http://www.fsb.org/2018/03/fsb-chairs-letter-to-g20-finance-ministers-and-central-bank-governors/
Financially speaking, the G20 might be one of the single most important entities in the world for deciding direction and policy of world economies.
One can not question the gravitas of this news. With the 20 most powerful nations in terms of economic standing agreeing that no additional regulatory action against cryptocurrency is necessary at this time, as well as it having no risk to global financial stability, one cannot help but remain optimistic for the future of this space.
🗞G20 & The Bitcoin Bounce📈
As you can see, Bitcoin closed within the 1yr uptrend again. The $8800 level that acted as such strong support for so long acted as the first major resistance. We expect to see smaller movements as we continue to move sideways and we’re only trading the larger time frames - smaller time frames are too choppy.
Lessened volatility and consolidation is what will be necessary in order to break through the 4th test of the 97 day downtrend.
As you can see, Bitcoin closed within the 1yr uptrend again. The $8800 level that acted as such strong support for so long acted as the first major resistance. We expect to see smaller movements as we continue to move sideways and we’re only trading the larger time frames - smaller time frames are too choppy.
Lessened volatility and consolidation is what will be necessary in order to break through the 4th test of the 97 day downtrend.
🌳Not out of the Woods 🌳
Yesterday, our post touched upon a few different strategies to hedge portfolios against a potential downturn in the price of Bitcoin. Based on historical data, Bitcoin’s price drives the profitability of the rest of the digital currency sphere. When Bitcoin fails to hold stability or gradually rise with the market, alternative digital currencies have faced difficulty sustaining positive price movements. This is part of the reason why we must reiterate the importance of Bitcoin’s current price levels.
As we discussed yesterday, Bitcoin is hovering above one very crucial support level and just below another. We're above the logarithmic one year uptrend; and just below the 200 day Exponential Moving Average. An Exponential Moving Average is similar to a standard moving average, except it gives for weight to the latest data. The 200 day Exponential Moving Average is an extremely important indicator in the eyes of technical traders, as it provides a market pulse as to whether the price in recent times has remained bullish or bearish in comparison to the past 150 or so days. 📅
These levels are coinciding with the $7500-$7700 range. As of last night, we have seen BTC bounce from the $7700 level back now to above $8000. Although we do like to see this bounce, the volume and and percentage increase in price are not at levels that make us secure in calling this a definitive move off the support regions. For that reason, we are proceeding and hope you all are too, with caution. If these support levels do not hold, Bitcoin’s price will most likely undergo a serious sell off with the rest of the digital currency market.
Until we see healthier levels of volume validated by positive price action, our positions will be limited and members of our team will be ready to secure profits into fiat and tether to have buying power at lower prices.
The key is to watch price action in the $7500-$7700 level and see if any sort of fresh volume wills the price out of this tumultuous zone!
Yesterday, our post touched upon a few different strategies to hedge portfolios against a potential downturn in the price of Bitcoin. Based on historical data, Bitcoin’s price drives the profitability of the rest of the digital currency sphere. When Bitcoin fails to hold stability or gradually rise with the market, alternative digital currencies have faced difficulty sustaining positive price movements. This is part of the reason why we must reiterate the importance of Bitcoin’s current price levels.
As we discussed yesterday, Bitcoin is hovering above one very crucial support level and just below another. We're above the logarithmic one year uptrend; and just below the 200 day Exponential Moving Average. An Exponential Moving Average is similar to a standard moving average, except it gives for weight to the latest data. The 200 day Exponential Moving Average is an extremely important indicator in the eyes of technical traders, as it provides a market pulse as to whether the price in recent times has remained bullish or bearish in comparison to the past 150 or so days. 📅
These levels are coinciding with the $7500-$7700 range. As of last night, we have seen BTC bounce from the $7700 level back now to above $8000. Although we do like to see this bounce, the volume and and percentage increase in price are not at levels that make us secure in calling this a definitive move off the support regions. For that reason, we are proceeding and hope you all are too, with caution. If these support levels do not hold, Bitcoin’s price will most likely undergo a serious sell off with the rest of the digital currency market.
Until we see healthier levels of volume validated by positive price action, our positions will be limited and members of our team will be ready to secure profits into fiat and tether to have buying power at lower prices.
The key is to watch price action in the $7500-$7700 level and see if any sort of fresh volume wills the price out of this tumultuous zone!
📈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👊