☝️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.
BTC / Market Update
Good morning!
We're all back from New York; Consensus was a blast. We met hundreds of people, talked to all kinds of projects and companies, and it's extremely hard to be bearish after leaving that event. There is SO MUCH MONEY waiting to enter this space💰. We learned of a few new projects, but for the most part, it was well-established companies we're all familiar with, sharing their progress.
Since Monday, the market has lost $40bn 📉 - down almost 10% this week. When we left, we continued to share our target of $7800. Over the course of the week, that number became more and more popular and eventually everyone on Twitter had that as their target. As a result, we may have seen a bounce $100 sooner than expected as people stacked their orders.
Below you'll find a couple of charts that better outline why that area is important to us.
You've seen that we haven't taken new ALT entries this week, and that's because we generally avoid new trades when BTC is bearish. Bitcoin dominates the market. Do not fight the trend.
Once we get caught up, we'll share updates on entries and look at some entry targets. We also have a few new coins we're very excited to take some positions in that we'll share soon, depending on how the market stabilizes today.
Don’t forget, weekends don’t usually bring great volume, so it may be a boring next few days. The entire market has been in a downtrend since May 5th, and we wouldn’t be surprised to see another 10% drop before some recovery takes place. A total market cap of about $330bn is where we see the most support.
Good morning!
We're all back from New York; Consensus was a blast. We met hundreds of people, talked to all kinds of projects and companies, and it's extremely hard to be bearish after leaving that event. There is SO MUCH MONEY waiting to enter this space💰. We learned of a few new projects, but for the most part, it was well-established companies we're all familiar with, sharing their progress.
Since Monday, the market has lost $40bn 📉 - down almost 10% this week. When we left, we continued to share our target of $7800. Over the course of the week, that number became more and more popular and eventually everyone on Twitter had that as their target. As a result, we may have seen a bounce $100 sooner than expected as people stacked their orders.
Below you'll find a couple of charts that better outline why that area is important to us.
You've seen that we haven't taken new ALT entries this week, and that's because we generally avoid new trades when BTC is bearish. Bitcoin dominates the market. Do not fight the trend.
Once we get caught up, we'll share updates on entries and look at some entry targets. We also have a few new coins we're very excited to take some positions in that we'll share soon, depending on how the market stabilizes today.
Don’t forget, weekends don’t usually bring great volume, so it may be a boring next few days. The entire market has been in a downtrend since May 5th, and we wouldn’t be surprised to see another 10% drop before some recovery takes place. A total market cap of about $330bn is where we see the most support.
📊CME Ethereum Futures📊
After launching Bitcoin futures in December, the CME has stood amid the greatest influencers in making cryptocurrency more accessible to traditional investors. Their actions have made cryptocurrencies more liquid and, therefore, more appealing to investors and traders - which is crucial if we wish to see this space grow to the multi-trillion dollar market that it deserves to be.
To further staple itself as a leader in advancing cryptocurrency adoption, the Chicago Mercantile Exchange announced last week that it will, in partnership with Crypto Facilities, a digital assets trading company based in the United Kingdom, launch an Ethereum Reference Rate and a Real-Time Ether-Dollar Index; these features will be calculated by Crypto Facilities - which, early last week, launched the very first Ethereum futures component within the traditional market.
“The Ether Reference Rate and Real Time Index are designed to meet the evolving needs of this marketplace,” said Tim McCourt, managing director and global head of equity products and alternative investments at CME Group. “Providing price transparency and a credible price reference source is a key development for users of Ethereum.”
The Ether Reference Rate and Real Time-Index will be established on activity and transactions recored on two exchanges: San Francisco-based Kraken and Luxembourg-based Bitstamp.
This strategic move indicates the CME is ready to list ETH futures products on its trading platform - which would give traditional investors greater access to the cryptocurrency market, so long as ETH futures are implemented.
Before making any investment, we always find peace in investigating how the market has historically reacted to news and rumors. To paint a picture of how ETH may react to the futures news, we set our eyes upon Bitcoin’s chart around the time the community first learned of the imminent BTC futures launch.
After launching Bitcoin futures in December, the CME has stood amid the greatest influencers in making cryptocurrency more accessible to traditional investors. Their actions have made cryptocurrencies more liquid and, therefore, more appealing to investors and traders - which is crucial if we wish to see this space grow to the multi-trillion dollar market that it deserves to be.
To further staple itself as a leader in advancing cryptocurrency adoption, the Chicago Mercantile Exchange announced last week that it will, in partnership with Crypto Facilities, a digital assets trading company based in the United Kingdom, launch an Ethereum Reference Rate and a Real-Time Ether-Dollar Index; these features will be calculated by Crypto Facilities - which, early last week, launched the very first Ethereum futures component within the traditional market.
“The Ether Reference Rate and Real Time Index are designed to meet the evolving needs of this marketplace,” said Tim McCourt, managing director and global head of equity products and alternative investments at CME Group. “Providing price transparency and a credible price reference source is a key development for users of Ethereum.”
The Ether Reference Rate and Real Time-Index will be established on activity and transactions recored on two exchanges: San Francisco-based Kraken and Luxembourg-based Bitstamp.
This strategic move indicates the CME is ready to list ETH futures products on its trading platform - which would give traditional investors greater access to the cryptocurrency market, so long as ETH futures are implemented.
Before making any investment, we always find peace in investigating how the market has historically reacted to news and rumors. To paint a picture of how ETH may react to the futures news, we set our eyes upon Bitcoin’s chart around the time the community first learned of the imminent BTC futures launch.
🚨Weekend Update🚨
Despite the usual market trends of the weekend - i.e. low volume and nominal volatility - there are key updates and news breaks the Bitcoin Bravado team feels compelled to share.
With respect to the market, Bitcoin is $8300 USD, with around 4.9 billion USD in trading volume. Volume has been steadily decreasing since the 14th of May falling nearly 30% to its current level. The price of Bitcoin since the start of Consensus on Monday, May 14th, has fallen 4.5% as well. 📉
From a technical perspective, we alluded to the $7800 region as a great opportunity for positive swing in $BTC’s price. Buyers at the $7900 level ended up front running the major support at $7800, which gives us confidence that there is still tremendous demand in the market. If you are an elliott wave theory supporter 🌊, then it looks as if Bitcoin has just completed its wave 2 and will now head to what is traditionally the most aggressive wave, wave 3. Our targets for wave 3 are north of the psychological barrier of 10k.
The bearish trend in the crypto markets over the course of ‘blockchain week’ in NYC may seem confusing to many of you. 🤷♂️ That aside, it is in our opinion that a majority of the attendees of Consensus were not likely to be buying large amounts of cryptocurrency during the conference. If a financial representative of a fund or other institutional investment product attended blockchain week, they would most certainly need to run their findings and opinions by the rest of their investment team once they returned home.
Additionally, within the past 48 hours, news has emerged concerning the potential use of cryptocurrencies in the funding of political campaigns in Colorado. Colorado’s Secretary of State, Wayne Williams, proposed the use of cryptocurrency donations as a funding source for political Campaigns in the state. Should the proposal receive acceptance, political candidates could receive Bitcoin and various other cryptocurrencies to fuel their political scheme for election. All donations would be valued at current time. Should the donation increase in value, the donor would receive that money back.
In context, if you donated $100 worth of BTC to Campaign X, and that donation increased by one dollar, making the total $101 dollars of BTC, you would get the additional dollar back.
Wayne Williams’ proposal comes not far after the Federal Election Commissions decision to accept cryptocurrencies. In 2014, New Hampshire legalized the issuance and acceptance of cryptocurrencies in political campaigns, however it has taken 4 years for other players to enter the space.
Lasltly, a positive development took place yesterday in the form of a 250 million USD Tether issuance. This was the first issuance since late March and 250 million is a substantial sum. This does not mean we believe money will flow immediately into the market, but it would not surprise us if Bitcoin’s price exceeds 10k in the coming weeks. The issuance of Tether almost certainly coincides with Consensus as major institutional financial players were in attendance this week and will use methods such as Tether and OTC markets to enter the space.
Over all, we view these events as comforting. As the proposal makes it way across regulatory boards and the potential effects of more Tether affects the market, we will provide updates.
Despite the usual market trends of the weekend - i.e. low volume and nominal volatility - there are key updates and news breaks the Bitcoin Bravado team feels compelled to share.
With respect to the market, Bitcoin is $8300 USD, with around 4.9 billion USD in trading volume. Volume has been steadily decreasing since the 14th of May falling nearly 30% to its current level. The price of Bitcoin since the start of Consensus on Monday, May 14th, has fallen 4.5% as well. 📉
From a technical perspective, we alluded to the $7800 region as a great opportunity for positive swing in $BTC’s price. Buyers at the $7900 level ended up front running the major support at $7800, which gives us confidence that there is still tremendous demand in the market. If you are an elliott wave theory supporter 🌊, then it looks as if Bitcoin has just completed its wave 2 and will now head to what is traditionally the most aggressive wave, wave 3. Our targets for wave 3 are north of the psychological barrier of 10k.
The bearish trend in the crypto markets over the course of ‘blockchain week’ in NYC may seem confusing to many of you. 🤷♂️ That aside, it is in our opinion that a majority of the attendees of Consensus were not likely to be buying large amounts of cryptocurrency during the conference. If a financial representative of a fund or other institutional investment product attended blockchain week, they would most certainly need to run their findings and opinions by the rest of their investment team once they returned home.
Additionally, within the past 48 hours, news has emerged concerning the potential use of cryptocurrencies in the funding of political campaigns in Colorado. Colorado’s Secretary of State, Wayne Williams, proposed the use of cryptocurrency donations as a funding source for political Campaigns in the state. Should the proposal receive acceptance, political candidates could receive Bitcoin and various other cryptocurrencies to fuel their political scheme for election. All donations would be valued at current time. Should the donation increase in value, the donor would receive that money back.
In context, if you donated $100 worth of BTC to Campaign X, and that donation increased by one dollar, making the total $101 dollars of BTC, you would get the additional dollar back.
Wayne Williams’ proposal comes not far after the Federal Election Commissions decision to accept cryptocurrencies. In 2014, New Hampshire legalized the issuance and acceptance of cryptocurrencies in political campaigns, however it has taken 4 years for other players to enter the space.
Lasltly, a positive development took place yesterday in the form of a 250 million USD Tether issuance. This was the first issuance since late March and 250 million is a substantial sum. This does not mean we believe money will flow immediately into the market, but it would not surprise us if Bitcoin’s price exceeds 10k in the coming weeks. The issuance of Tether almost certainly coincides with Consensus as major institutional financial players were in attendance this week and will use methods such as Tether and OTC markets to enter the space.
Over all, we view these events as comforting. As the proposal makes it way across regulatory boards and the potential effects of more Tether affects the market, we will provide updates.
📊Monday's Movement📊
Hello everyone, Today is Monday, May 21st. The time of writing is 9:27 AM CST and 2:27 PM UTC. The present price of Bitcoin is $8490, with around 5.5 billion USD in 24hr trading volume. The price of Ethereum is currently $710, with around 2.1 billion USD in 24hr trading volume.
Although volume has picked up from the traditional weekend lows, 24hr volume levels are still trending towards 60 day lows. Last time there was a consolidation of volume levels in this region, Bitcoin, on April 12th, had the largest 1hr volume spike in recorded history. We cannot be sure that the same type of intense activity is on the horizon, but it is what we are looking for due to the 250 million USD that entered the digital currency space via tether last week.
We firmly hold our belief that this week could be promising for $BTC on the follow-up from Consensus last week. It is sensical to our team that a dip occurred during the conference, which now provides a better entry point for large institutional players who were sold on the future of cryptospace while attending Consensus.
From a technical perspective, the bullish divergence we had eyed over the weekend played out well. Currently, BTC is holding above the 50 EMA and respecting the small upwards trendline. A hold above 8.4k for the rest of the day is key in order to stay above the 50 EMA and to keep the short-term trendline in tact.
After we broke from the short-term bearish trendline, we have grown more certain that it was, in fact, a wave 2 down trend that occurred. The Elliot Wave structure we have identified has been hypothetically operating since April 11th. We are now looking for the bigger wave 3 (upward) over the upcoming months. First target is 10.8k. A break above 10k will confirm the Elliott Wave pattern, in our opinion.
For now, all eyes are on the king of crypto, $BTC, as it will, in the coming days, likely make a volatile statement that could indicate the overall health of the digital currency marketplace.
Hello everyone, Today is Monday, May 21st. The time of writing is 9:27 AM CST and 2:27 PM UTC. The present price of Bitcoin is $8490, with around 5.5 billion USD in 24hr trading volume. The price of Ethereum is currently $710, with around 2.1 billion USD in 24hr trading volume.
Although volume has picked up from the traditional weekend lows, 24hr volume levels are still trending towards 60 day lows. Last time there was a consolidation of volume levels in this region, Bitcoin, on April 12th, had the largest 1hr volume spike in recorded history. We cannot be sure that the same type of intense activity is on the horizon, but it is what we are looking for due to the 250 million USD that entered the digital currency space via tether last week.
We firmly hold our belief that this week could be promising for $BTC on the follow-up from Consensus last week. It is sensical to our team that a dip occurred during the conference, which now provides a better entry point for large institutional players who were sold on the future of cryptospace while attending Consensus.
From a technical perspective, the bullish divergence we had eyed over the weekend played out well. Currently, BTC is holding above the 50 EMA and respecting the small upwards trendline. A hold above 8.4k for the rest of the day is key in order to stay above the 50 EMA and to keep the short-term trendline in tact.
After we broke from the short-term bearish trendline, we have grown more certain that it was, in fact, a wave 2 down trend that occurred. The Elliot Wave structure we have identified has been hypothetically operating since April 11th. We are now looking for the bigger wave 3 (upward) over the upcoming months. First target is 10.8k. A break above 10k will confirm the Elliott Wave pattern, in our opinion.
For now, all eyes are on the king of crypto, $BTC, as it will, in the coming days, likely make a volatile statement that could indicate the overall health of the digital currency marketplace.
📈Market Approach📈
The market is experiencing yet another unsatisfying day, prompting the question: what should investors and traders do? The answers to these questions are complex, requiring various expounding approaches and strategies.
The Bitcoin Bravado team, represented by traders, investors, and enthusiasts, has reasoned to take multiple approaches to the situation at hand, for each tactic tends to suit the individuals who wish to implement them.
Several team members, comprised of traders and investors, continue to cost average their positions when a dip occurs. This method tends to lesson any burden of loss, so long as the project rebounds - which is never a guarantee.
Our active traders find value in minor swings. When a set of projects lose percentage points, it’s common for team members to invest across the board, and then sell at a recognized increase, usually around 2% to 5%. While this style demands great attention, it tends to bode well for us, in that scalping small percentages adds up, and has proven more effective than waiting for a moon bag.
Of course, there are some hodlers among us, generally classified as long-term investors, who would rather focus on the future, believing there is no chance of complete disaster and that their portfolios will be in fine shape a year from now, particularly those who perceive their initial entries as satisfactory.
Another set of our traders and investors have essentially removed themselves from the market, fearing a prodigious fall is imminent. Much of their portfolio is made of Tether, with a healthy stack of fiat in reserve. Keep in mind, the preceding examples also involve a portion of Tether and Fiat, however the percentages picked are entirely subjective, chosen based on financial capabilities and personal perspective.
There are sundry options for individuals in this space to use. Find one that fits your style, desired stress level, financial standing, and general ability.
Disclaimer
Anything we share should not be considered legal or financial advice. You should consult with a financial advisor to determine what may be best for your individual needs & risk tolerance. Please, always do your own research.
The market is experiencing yet another unsatisfying day, prompting the question: what should investors and traders do? The answers to these questions are complex, requiring various expounding approaches and strategies.
The Bitcoin Bravado team, represented by traders, investors, and enthusiasts, has reasoned to take multiple approaches to the situation at hand, for each tactic tends to suit the individuals who wish to implement them.
Several team members, comprised of traders and investors, continue to cost average their positions when a dip occurs. This method tends to lesson any burden of loss, so long as the project rebounds - which is never a guarantee.
Our active traders find value in minor swings. When a set of projects lose percentage points, it’s common for team members to invest across the board, and then sell at a recognized increase, usually around 2% to 5%. While this style demands great attention, it tends to bode well for us, in that scalping small percentages adds up, and has proven more effective than waiting for a moon bag.
Of course, there are some hodlers among us, generally classified as long-term investors, who would rather focus on the future, believing there is no chance of complete disaster and that their portfolios will be in fine shape a year from now, particularly those who perceive their initial entries as satisfactory.
Another set of our traders and investors have essentially removed themselves from the market, fearing a prodigious fall is imminent. Much of their portfolio is made of Tether, with a healthy stack of fiat in reserve. Keep in mind, the preceding examples also involve a portion of Tether and Fiat, however the percentages picked are entirely subjective, chosen based on financial capabilities and personal perspective.
There are sundry options for individuals in this space to use. Find one that fits your style, desired stress level, financial standing, and general ability.
Disclaimer
Anything we share should not be considered legal or financial advice. You should consult with a financial advisor to determine what may be best for your individual needs & risk tolerance. Please, always do your own research.
Revolutionizing the Cryptosphere: Shift
As mentioned in our March Newsletter, we are aligned with Shift’s mission to institute decentralized web services via blockchain technology, by mitigating the threat of censorship and oppression that is rampantly visible while using centralized web services. In addition to being released on a top 25 exchange in the coming weeks, Shift is now ready to unveil that they have transcended their stalwart endeavor by introducing another groundbreaking, decentralized service. 👏
Shift is proud to announce they have successfully tested its blockchain as an Enterprise Data decentralized storage mechanism that can significantly alleviate the current data storage congestion found on many of the most popular existing blockchains.
Their testing took place roughly a month ago for a fairly complex ERC20 role-playing game that will remain anonymous, for now. A developer from the game itself reached out to Shift because they desired a completely decentralized game. Shift was able to successfully use their Phantom storage layer to run the game, which means, hypothetically, they could provide the same service to any other game or decentralized application that wanted to institute blockchain technology into their processes. This mission was not publicized by the Shift team until now as a result of uncertainty regarding whether they would be capable of performing this data storage service for other blockchains.
To stress the importance of decongesting blockchains, which Shift has now proven attainable, it is important for us to remember times of congestion for popular blockchains and the result of the stagnation. As humorous and popular as CryptoKitties were when introduced on the Ethereum blockchain, the immediate outcome on the network’s speed was debilitating. For nearly three days, Ethereum transactions were at a near standstill, rendering the platform useless.
Are we to expect that every time a blockchain actually institutes a popular feature of decentralized application, that it will bring the network to a halt? Shift will now be able to act as a pressure valve for various blockchains to store the data from immense amounts of activity when popular usage arrives. In our opinion, Shift should be a considered leader in the adoption of Blockchain with their working API, which now allows ERC20 blockchains and other cryptocurrencies to use their decentralized storage system.
The storage layer of Shift has been built on the InterPlanetary File System labeled as “Phantom”. Phantom is simple data storage application that will provide users a drag and drop interface for uploading and managing files on Shift’s blockchain. Data that is stored can be then pinned and unpinned at user’s discretion. This is comparable to how someone may manage their phone’s storage by utilizing the ‘cloud’ as a way to free up storage on their actual cell phone while also retaining other relevant information.
We are consistently made aware, in the digital currency ecosystem, of the congestion of blockchains and the problems therein. Shift will be able to act as a pressure valve for the data storage of blockchains that are currently overrun by the surplus of data and transactions that already exist on-chain.
As mentioned in our March Newsletter, we are aligned with Shift’s mission to institute decentralized web services via blockchain technology, by mitigating the threat of censorship and oppression that is rampantly visible while using centralized web services. In addition to being released on a top 25 exchange in the coming weeks, Shift is now ready to unveil that they have transcended their stalwart endeavor by introducing another groundbreaking, decentralized service. 👏
Shift is proud to announce they have successfully tested its blockchain as an Enterprise Data decentralized storage mechanism that can significantly alleviate the current data storage congestion found on many of the most popular existing blockchains.
Their testing took place roughly a month ago for a fairly complex ERC20 role-playing game that will remain anonymous, for now. A developer from the game itself reached out to Shift because they desired a completely decentralized game. Shift was able to successfully use their Phantom storage layer to run the game, which means, hypothetically, they could provide the same service to any other game or decentralized application that wanted to institute blockchain technology into their processes. This mission was not publicized by the Shift team until now as a result of uncertainty regarding whether they would be capable of performing this data storage service for other blockchains.
To stress the importance of decongesting blockchains, which Shift has now proven attainable, it is important for us to remember times of congestion for popular blockchains and the result of the stagnation. As humorous and popular as CryptoKitties were when introduced on the Ethereum blockchain, the immediate outcome on the network’s speed was debilitating. For nearly three days, Ethereum transactions were at a near standstill, rendering the platform useless.
Are we to expect that every time a blockchain actually institutes a popular feature of decentralized application, that it will bring the network to a halt? Shift will now be able to act as a pressure valve for various blockchains to store the data from immense amounts of activity when popular usage arrives. In our opinion, Shift should be a considered leader in the adoption of Blockchain with their working API, which now allows ERC20 blockchains and other cryptocurrencies to use their decentralized storage system.
The storage layer of Shift has been built on the InterPlanetary File System labeled as “Phantom”. Phantom is simple data storage application that will provide users a drag and drop interface for uploading and managing files on Shift’s blockchain. Data that is stored can be then pinned and unpinned at user’s discretion. This is comparable to how someone may manage their phone’s storage by utilizing the ‘cloud’ as a way to free up storage on their actual cell phone while also retaining other relevant information.
We are consistently made aware, in the digital currency ecosystem, of the congestion of blockchains and the problems therein. Shift will be able to act as a pressure valve for the data storage of blockchains that are currently overrun by the surplus of data and transactions that already exist on-chain.
🇨🇳 China's President Endorses Blockchain 🇨🇳
Currently the price of Bitcoin is $7340. Trading volume retraced over the past 24 hours by around 9% to 5.1 billion USD.
In other news, the Chinese President, Xi Jinping, spoke to an audience at an annual academic conference hosted by the Chinese Academy of Sciences on Monday. Xi had high praise and foresight when addressing emerging blockchain technologies and how this will revolutionize the current economic structure of the world (See direct quote below).
Xi's comments are a reaffirmation of our opinions on how the Republic of China will proceed in terms of their acceptance of blockchain and crypto moving forward. Historically, the Chinese have permitted disrupting technology to operate within their borders but have always done their best to provide 'home-grown' services to utilize the tech at hand.
We believe this will be the case moving forward as they will start to posture certain cryptos and blockchain companies as the ones that their government supports and then in turn receives the national media attention needed to grow and foster the strength of the industry within Chinese borders.
Despite the certain level of control that China will continue to enforce upon this emerging asset class, the clear sign of approval from their president has us excited for the future of this space, as it is transparent that the world is rallying behind crypto and blockchain, each in their own unique ways👍
Currently the price of Bitcoin is $7340. Trading volume retraced over the past 24 hours by around 9% to 5.1 billion USD.
In other news, the Chinese President, Xi Jinping, spoke to an audience at an annual academic conference hosted by the Chinese Academy of Sciences on Monday. Xi had high praise and foresight when addressing emerging blockchain technologies and how this will revolutionize the current economic structure of the world (See direct quote below).
Xi's comments are a reaffirmation of our opinions on how the Republic of China will proceed in terms of their acceptance of blockchain and crypto moving forward. Historically, the Chinese have permitted disrupting technology to operate within their borders but have always done their best to provide 'home-grown' services to utilize the tech at hand.
We believe this will be the case moving forward as they will start to posture certain cryptos and blockchain companies as the ones that their government supports and then in turn receives the national media attention needed to grow and foster the strength of the industry within Chinese borders.
Despite the certain level of control that China will continue to enforce upon this emerging asset class, the clear sign of approval from their president has us excited for the future of this space, as it is transparent that the world is rallying behind crypto and blockchain, each in their own unique ways👍
🚨Breaking: Bittrex to Accept Fiat Trading🚨
The Seattle-based cryptocurrency exchange Bittrex Inc. announced today that it has structured banking deals that will provide select customers the ability to trade in U.S. dollars – a step that may help the exchange increase its user engagement and enhance the entire space.🙌🏻
The agreements will allow corporate clients in Washington, New York, and Montana buy virtual currencies in U.S. dollars.
Bittrex is networking with Signature Bank, a full-service New York-based bank, and other financial firms. Signature Bank will possess the dollar-denominated funds.
Bill Sharia, CEO of Bittrex, proclaimed: “It has been a long path; It is not just about bank being able to trust Bittrex, but also about banks being able to trust crypto in general, and I think it is really showing that crypto is turning the corner in terms of mainstream acceptance.”
Bittrex will launch fiat trading today for Bitcoin, Tether, and TrueUSD. The corporate customers within the aforementioned states (Washington, New York, and Montana) will only have access to the fiat trading due to regulations.
This news demonstrates the growing acceptance of crypto currency. With banks slowly, but surely, accepting digital currencies, as made apparent with CoinBase and now Bittrex, we cannot help but stand optimistic for the future. 🐳
To learn more of this news, read Bloomberg’s coverage here: https://www.bloomberg.com/news/articles/2018-05-31/bittrex-gets-bank-agreement-to-help-you-buy-bitcoin-with-dollars
The Seattle-based cryptocurrency exchange Bittrex Inc. announced today that it has structured banking deals that will provide select customers the ability to trade in U.S. dollars – a step that may help the exchange increase its user engagement and enhance the entire space.🙌🏻
The agreements will allow corporate clients in Washington, New York, and Montana buy virtual currencies in U.S. dollars.
Bittrex is networking with Signature Bank, a full-service New York-based bank, and other financial firms. Signature Bank will possess the dollar-denominated funds.
Bill Sharia, CEO of Bittrex, proclaimed: “It has been a long path; It is not just about bank being able to trust Bittrex, but also about banks being able to trust crypto in general, and I think it is really showing that crypto is turning the corner in terms of mainstream acceptance.”
Bittrex will launch fiat trading today for Bitcoin, Tether, and TrueUSD. The corporate customers within the aforementioned states (Washington, New York, and Montana) will only have access to the fiat trading due to regulations.
This news demonstrates the growing acceptance of crypto currency. With banks slowly, but surely, accepting digital currencies, as made apparent with CoinBase and now Bittrex, we cannot help but stand optimistic for the future. 🐳
To learn more of this news, read Bloomberg’s coverage here: https://www.bloomberg.com/news/articles/2018-05-31/bittrex-gets-bank-agreement-to-help-you-buy-bitcoin-with-dollars
Bloomberg.com
Bittrex Gets Bank Agreement to Help You Buy Bitcoin With Dollars
Bittrex Inc., a Seattle-based cryptocurrency exchange that lets users swap nearly 200 different digital coins, said it forged banking agreements that will allow some customers to trade in U.S. dollars.
🌎Global Adoption of Blockchain Technology 🌏
For global adoption to occur, world leaders must drop their fears of the technological revolution we are experiencing and embrace the powers of Blockchain technology. A technological revolution, in case you are curious, is when one technology is replaced by another technology, generally one that is more superior. In this case, Blockchain technology is gradually replacing Information Technologies and data storage devices, but from a grand scale, Blockchain technology is likely to replace far more technologies going forward.
On April 20th of this year, the European Union (EU) Blockchain Partnership, comprised of 24 EU member states, was established with plans to improve dialogue across Europe for creating Blockchain technology. A partnership to this degree clearly illustrates the growing important, and demand for, Blockchain technology, but sadly this news has essentially gone unnoticed - which is a complete shame.
However, today, to bring light on this magnificent accomplishment, Denmark has declared that it has also joined the EU Blockchain Partnership. Brian Mikkelsen, the Danish Minister for Industry, Business and Financial Affairs, said: “Denmark will be the first country in the world [to] use blockchain technology to register ships in the Danish ship registers.” Therefore, currently in effect, Denmark plans to integrate the various features of Blockchain into all its commercial ships, which is likely a means to improve its supply chain logistics and much more.
Today’s announcement, and the development of the EU Blockchain Partnership, express the unwavering support much of the global powers have for Blockchain technology integration. Soon enough, all major powers in the world, such as the United States and China, will adopt similar schemes to ensure further integration of the tech occurs, and when they do, you can rest assured, we will be ready.
For global adoption to occur, world leaders must drop their fears of the technological revolution we are experiencing and embrace the powers of Blockchain technology. A technological revolution, in case you are curious, is when one technology is replaced by another technology, generally one that is more superior. In this case, Blockchain technology is gradually replacing Information Technologies and data storage devices, but from a grand scale, Blockchain technology is likely to replace far more technologies going forward.
On April 20th of this year, the European Union (EU) Blockchain Partnership, comprised of 24 EU member states, was established with plans to improve dialogue across Europe for creating Blockchain technology. A partnership to this degree clearly illustrates the growing important, and demand for, Blockchain technology, but sadly this news has essentially gone unnoticed - which is a complete shame.
However, today, to bring light on this magnificent accomplishment, Denmark has declared that it has also joined the EU Blockchain Partnership. Brian Mikkelsen, the Danish Minister for Industry, Business and Financial Affairs, said: “Denmark will be the first country in the world [to] use blockchain technology to register ships in the Danish ship registers.” Therefore, currently in effect, Denmark plans to integrate the various features of Blockchain into all its commercial ships, which is likely a means to improve its supply chain logistics and much more.
Today’s announcement, and the development of the EU Blockchain Partnership, express the unwavering support much of the global powers have for Blockchain technology integration. Soon enough, all major powers in the world, such as the United States and China, will adopt similar schemes to ensure further integration of the tech occurs, and when they do, you can rest assured, we will be ready.
📊Going Green📊
For the second straight day, the market is flush with an ever-pleasing color: green. Bitcoin, at the time of writing, is $7,634, a 2.07% increase over the past 24 hours. Ethereum is sitting comfortably at $609.21, a 2.51% increase from its value 24 hours ago. 📈
Stablitiy in the market, should it continue, will fortify the positive sentiment and prepare the community for more grand days, but let’s not get ahead of ourselves, because any bad news could spark a firestorm, thereby regressing us to the darkest days of 2018. 🌑
But what could be the key reasons for the limited volatility and apparent consolidation over the last few days, or even week? There must be news providing reason for this, correct? In fact, there are. 🙌
Sometime this week, Steve Wozniak, Apple co-founder, expressed his views on Bitcoin at the Money 20/20 conference in Amsterdam, stating: “Only Bitcoin is pure digital gold.” His remarks are nearly identical to that of Jack Dorsey, the CEO of Twitter. Dorsey, who is an unquestioned supporter of digital currency, has said: “Bitcoin will become a global currency in the next ten years.” 🚀
Profound mentions of Bitcoin by two of the world’s most well-known figures could be responsible for much of what we are seeing this week. This is entirely subjective, of course, but it allows us to generate reasoning, which we will happily take. 👌
What else, though, could be the impetus behind the market’s state? Clearly more positive sentiment is in the news, but which is most impactful, strong enough to drive confidence in the market? Frankly, a strong foundation is derived from the basis of more European nations entering the EU Blockchain Partnership, China’s president expressing his good-will towards digital currencies and Blockchain, Visa being down, and authorities in Upstate New York officially allowing Bitcoin mining. 👏
Compounding all the factors from the last week create an ideal situation for the market, therefore we cannot definitively say one situation is responsible, but, instead, we state that an aggregate weight of each occurrence, within this short period of time, is likely the fortifying reason behind this period of stability.
For the second straight day, the market is flush with an ever-pleasing color: green. Bitcoin, at the time of writing, is $7,634, a 2.07% increase over the past 24 hours. Ethereum is sitting comfortably at $609.21, a 2.51% increase from its value 24 hours ago. 📈
Stablitiy in the market, should it continue, will fortify the positive sentiment and prepare the community for more grand days, but let’s not get ahead of ourselves, because any bad news could spark a firestorm, thereby regressing us to the darkest days of 2018. 🌑
But what could be the key reasons for the limited volatility and apparent consolidation over the last few days, or even week? There must be news providing reason for this, correct? In fact, there are. 🙌
Sometime this week, Steve Wozniak, Apple co-founder, expressed his views on Bitcoin at the Money 20/20 conference in Amsterdam, stating: “Only Bitcoin is pure digital gold.” His remarks are nearly identical to that of Jack Dorsey, the CEO of Twitter. Dorsey, who is an unquestioned supporter of digital currency, has said: “Bitcoin will become a global currency in the next ten years.” 🚀
Profound mentions of Bitcoin by two of the world’s most well-known figures could be responsible for much of what we are seeing this week. This is entirely subjective, of course, but it allows us to generate reasoning, which we will happily take. 👌
What else, though, could be the impetus behind the market’s state? Clearly more positive sentiment is in the news, but which is most impactful, strong enough to drive confidence in the market? Frankly, a strong foundation is derived from the basis of more European nations entering the EU Blockchain Partnership, China’s president expressing his good-will towards digital currencies and Blockchain, Visa being down, and authorities in Upstate New York officially allowing Bitcoin mining. 👏
Compounding all the factors from the last week create an ideal situation for the market, therefore we cannot definitively say one situation is responsible, but, instead, we state that an aggregate weight of each occurrence, within this short period of time, is likely the fortifying reason behind this period of stability.
⛏ 🌳 The Chop Continues 🌳 ⛏
We hope your weekend is off to a great start!
The current price of Bitcoin is $7615 with 24 hour trading volumes around 4.3 billion USD. It seems that trading volumes are declining into the weekend, as usual, but the price is holding consistently around the $7600 level. Pure consolidation is still occurring as the price for the past 7 days hasn't strayed outside of +/- 200 from $7600.
⏳
It is easy to be caught in the chop and become discouraged. We understand that the current state of the market hasn't been extremely profitable for investors and has even become extremely difficult for day traders to operate effectively as well. Our underlying hypothesis on crypto markets is that the consolidation and chop we are seeing is, once again, large investors accumulating the coins they want at optimal prices. Bots are clearly in control of $BTC's price action which for us tends to show accumulation rather than dispersion.
On smaller time frames, our team is studying a recent uptrend channel that has provided support 5-6 times since May 25th (see chart below). We believe it is showing that the 'accumulator's are catching their bids at higher-lows. This may suggest that their accumulation phase is winding down and will then introduce the fresh volume needed to vault $BTC's price over the $7800 mark.
📈
We hope your weekend is off to a great start!
The current price of Bitcoin is $7615 with 24 hour trading volumes around 4.3 billion USD. It seems that trading volumes are declining into the weekend, as usual, but the price is holding consistently around the $7600 level. Pure consolidation is still occurring as the price for the past 7 days hasn't strayed outside of +/- 200 from $7600.
⏳
It is easy to be caught in the chop and become discouraged. We understand that the current state of the market hasn't been extremely profitable for investors and has even become extremely difficult for day traders to operate effectively as well. Our underlying hypothesis on crypto markets is that the consolidation and chop we are seeing is, once again, large investors accumulating the coins they want at optimal prices. Bots are clearly in control of $BTC's price action which for us tends to show accumulation rather than dispersion.
On smaller time frames, our team is studying a recent uptrend channel that has provided support 5-6 times since May 25th (see chart below). We believe it is showing that the 'accumulator's are catching their bids at higher-lows. This may suggest that their accumulation phase is winding down and will then introduce the fresh volume needed to vault $BTC's price over the $7800 mark.
📈
📉A Life in Crypto📈
Hello everyone,
The price of Bitcoin is currently $6735, with 24 hour trading volumes around 5.7 billion USD. Over the weekend $BTC’s price dropped by nearly 12%. Volume has picked up, but this is mostly derived from many investors/traders attempting to liquidate their holdings as the market has plunged.
In the past few weeks, we have been as deliberate as possible while sharing our strategy with you all. We liked the consolidation that was occuring in the mid-$7000’s and decided to take some entries and reallocate our exposure. That being said, we continually highlighted the disapringly low levels of volume and discussed what our exit points would be in case the market continued to turn south. Many of our analysts signaled $7200 as their point of reducing exposure or turning net short, while others highlighted $6800 which has also been broken.
An aggregated estimate of our analysts exposure has us, on average, represented with 70% fiat and 30% crypto. While common technical analysis tools are indicating that Bitcoin is due for a bounce, it is hard to rely on those currently as sentiment across the cryptocurrency ecosystem is overwhelmingly bearish due to recent developments.
The explanation of the mass capitulation witnessed in the market this weekend cannot be, as we always suggest, linked to one specific event, although some occurrences hold more weight than others - such as when China cracked down on cryptocurrency trading last year. Active members in the space during that time understand the gravitas, or seriousness, of China’s involvement in the cryptosphere prior to its exit, which is why its departure was felt far and wide. 🌏
Nonetheless, the prodigious fall in the market this weekend was not a fault of a nation abandoning the market; instead, it fell due to media coverage of Coinrail being hacked and fears of potential market manipulation by four exchanges.
With respect to the media coverage, let us paint a picture for you: Coinrail, a small exchange literally ranked 100th in trading volume was hacked. The hack itself is unsettling, but the heist itself resulted in a total loss of $40 to $46 million. Yes, the fact of losing around $40 million dollars is hard to swallow, but much larger hacks have occurred and, therefore, the theft of $40 million dollars from an exchange used by less than a percent of the community would not send the market into a frenzy of mass panic. It certainly does not provide peace-of-mind, though.
A more pressing issue within the space is that U.S. regulators launched a probe into four United States-based exchanges this weekend: Coinbase, BitStamp, itBIT, and Kraken. The investigation is to unearth as to whether any market manipulation has occurred within the preceding exchanges, which are used by the Chicago Mercantile Exchange to derive its value for Bitcoin futures. An investigation of this extent is, hands down, the leading case behind the capitulation of this past weekend.
With the probe ongoing, we will continue to gather intel to successfully maintain a grasp on what unfolds. Rest assured, any updates in this investigation will likely send the market rapidly up, or down. Stay tuned.
Hello everyone,
The price of Bitcoin is currently $6735, with 24 hour trading volumes around 5.7 billion USD. Over the weekend $BTC’s price dropped by nearly 12%. Volume has picked up, but this is mostly derived from many investors/traders attempting to liquidate their holdings as the market has plunged.
In the past few weeks, we have been as deliberate as possible while sharing our strategy with you all. We liked the consolidation that was occuring in the mid-$7000’s and decided to take some entries and reallocate our exposure. That being said, we continually highlighted the disapringly low levels of volume and discussed what our exit points would be in case the market continued to turn south. Many of our analysts signaled $7200 as their point of reducing exposure or turning net short, while others highlighted $6800 which has also been broken.
An aggregated estimate of our analysts exposure has us, on average, represented with 70% fiat and 30% crypto. While common technical analysis tools are indicating that Bitcoin is due for a bounce, it is hard to rely on those currently as sentiment across the cryptocurrency ecosystem is overwhelmingly bearish due to recent developments.
The explanation of the mass capitulation witnessed in the market this weekend cannot be, as we always suggest, linked to one specific event, although some occurrences hold more weight than others - such as when China cracked down on cryptocurrency trading last year. Active members in the space during that time understand the gravitas, or seriousness, of China’s involvement in the cryptosphere prior to its exit, which is why its departure was felt far and wide. 🌏
Nonetheless, the prodigious fall in the market this weekend was not a fault of a nation abandoning the market; instead, it fell due to media coverage of Coinrail being hacked and fears of potential market manipulation by four exchanges.
With respect to the media coverage, let us paint a picture for you: Coinrail, a small exchange literally ranked 100th in trading volume was hacked. The hack itself is unsettling, but the heist itself resulted in a total loss of $40 to $46 million. Yes, the fact of losing around $40 million dollars is hard to swallow, but much larger hacks have occurred and, therefore, the theft of $40 million dollars from an exchange used by less than a percent of the community would not send the market into a frenzy of mass panic. It certainly does not provide peace-of-mind, though.
A more pressing issue within the space is that U.S. regulators launched a probe into four United States-based exchanges this weekend: Coinbase, BitStamp, itBIT, and Kraken. The investigation is to unearth as to whether any market manipulation has occurred within the preceding exchanges, which are used by the Chicago Mercantile Exchange to derive its value for Bitcoin futures. An investigation of this extent is, hands down, the leading case behind the capitulation of this past weekend.
With the probe ongoing, we will continue to gather intel to successfully maintain a grasp on what unfolds. Rest assured, any updates in this investigation will likely send the market rapidly up, or down. Stay tuned.
🌏Steps Towards Global Adoption 🌏
The promotion of global success begins with a foundational instrument: education. 📒Your ability to read this text and communicate with those around you are, unequivocally, resultant of your years of education, through whichever format you were granted.
There is little doubt encompassing the importance of educating the world, which is made evident in the perpetual demand for educational reform and ensuring all global citizens, rich and poor, receive an education. Stemming off this comes the monumental push by the United Kingdom, which has delivered instructions (education) to banks on how to manage problems common with trading and investing in cryptocurrencies, or crypto assets. The UK’s Financial Conduct Authority (FCA) is orchestrating the initiative. ✍️
The FCA suggests banks implement a series of approaches, penned as “good practices”, to circumvent the negative effects often endured by crypto traders and investors. The suggestion also hopes to deter criminal activity. Furthermore, coupled with the previous information comes the FCA’s encouraging of banks to educate their employees on the cryptosphere. The idea, and a good one at that, is to create an environment in which bank employees can identify risks in crypto assets and converse with clients involved in crypto-related business. This structure would prove invaluable to the promotion of this space, as consumers would have trusted members to speak with, in-person, about their dealings in the space in addition to receiving well-designed steps to maintain safe practices while dealing with cryptocurrencies - an unquestioned demand across the space.
In addition to the United Kingdom’s announcement comes Ireland’s plan to become a global Blockchain hub. 🇮🇪 The plan, led by IDA Ireland, a governmental entity accountable for acquiring foreign direct investment (FDI), is to promulgate Blockchain investment and development across the country. The project itself is “Blockchain Ireland”, and it hopes to attract international Blockchain companies to Ireland by several promotional advertisements that, if successful, illustrate Ireland as an ideal location for all Blockchain-related dealings.
The announcements of the European Union Blockchain Partnership and the United Kingdom’s steps to achieve a more Blockchain savvy and cryptocurrency educated population are profound. 💪These partnerships and strategies are exactly what we have demanded for years, for when large governing bodies such as the EU and UK proclaim their faith in the cryptosphere, we take another step towards mass-market-adoption - a goal we fervently await for. 🙌
The promotion of global success begins with a foundational instrument: education. 📒Your ability to read this text and communicate with those around you are, unequivocally, resultant of your years of education, through whichever format you were granted.
There is little doubt encompassing the importance of educating the world, which is made evident in the perpetual demand for educational reform and ensuring all global citizens, rich and poor, receive an education. Stemming off this comes the monumental push by the United Kingdom, which has delivered instructions (education) to banks on how to manage problems common with trading and investing in cryptocurrencies, or crypto assets. The UK’s Financial Conduct Authority (FCA) is orchestrating the initiative. ✍️
The FCA suggests banks implement a series of approaches, penned as “good practices”, to circumvent the negative effects often endured by crypto traders and investors. The suggestion also hopes to deter criminal activity. Furthermore, coupled with the previous information comes the FCA’s encouraging of banks to educate their employees on the cryptosphere. The idea, and a good one at that, is to create an environment in which bank employees can identify risks in crypto assets and converse with clients involved in crypto-related business. This structure would prove invaluable to the promotion of this space, as consumers would have trusted members to speak with, in-person, about their dealings in the space in addition to receiving well-designed steps to maintain safe practices while dealing with cryptocurrencies - an unquestioned demand across the space.
In addition to the United Kingdom’s announcement comes Ireland’s plan to become a global Blockchain hub. 🇮🇪 The plan, led by IDA Ireland, a governmental entity accountable for acquiring foreign direct investment (FDI), is to promulgate Blockchain investment and development across the country. The project itself is “Blockchain Ireland”, and it hopes to attract international Blockchain companies to Ireland by several promotional advertisements that, if successful, illustrate Ireland as an ideal location for all Blockchain-related dealings.
The announcements of the European Union Blockchain Partnership and the United Kingdom’s steps to achieve a more Blockchain savvy and cryptocurrency educated population are profound. 💪These partnerships and strategies are exactly what we have demanded for years, for when large governing bodies such as the EU and UK proclaim their faith in the cryptosphere, we take another step towards mass-market-adoption - a goal we fervently await for. 🙌
🚨Tether Investigation and More🚨
What is to be said aside from the obvious: Fear, Uncertainty, and Doubt (FUD) have sparked one of the largest mass capitulations of 2018 and, arguably, ever. Prices continue to fall, and investors and traders alike are not sure how to handle this. Buying the dip has clearly resulted in catching falling knives, figuratively disfiguring the hands of the purchasers. HODLers are bleeding out, with every passing minute causing greater strife. These obvious situations further exacerbate the already unsettling issue, forcing more consumers to sell their positions. 📉
Within the past 24 hours, coins across the market have fallen anywhere from 10 percent to over 20 percent. Nearly every top ten coin is down by 10 to 15 percent, and no buffer appears in sight. Since June 1st, Bitcoin is down an astounding 25%, with its current price at $6,488. Ethereum, the highest market cap alternative coin, is down over 30% this month, as it is now trading at around $474.
Twenty four hour volume is around 4.7 billion USD, which is approaching the lows from the past 60 days. The price of Bitcoin wicked down to the mid $6300’s which is a new 90 day low. Prices haven’t reached that level since the violent move down in early February where we bottomed at $5900.
The majority of our team has sidelined their crypto for the time being into fiat and Tether. The rest of our crypto we are hedging via shorts on $BTC and $ETH. This is purely an investing decision. We, of course, believe in the long-term prospects of this industry and technology, but we want to preserve our capital to accumulate cryptos at lower prices.
Although $BTC is holding for the meantime in the $6400 range, we see further downside and, at this point, are eyeing a re-entry over the course of the next 30-60 days in the $3600-$5000. If those levels are reached, the retrace will extend to the same region as the crypto collapse of 2014 following the Mt. Gox hack. After those price levels are reached, we expect major consolidation.
A recent study done by two men from the university of Texas indicates that Tether is the reason that Bitcoin was able to reach such high prices and sustain minor dips in the Fall. This is, frankly, beating a dead horse with a stick, in our opinion. Using circumstantial evidence to propagate claims is something we are unaccustomed to witnessing in traditional markets and now crypto as well.
Of course Tether was spent during the bull run in the Fall - the only purpose of Tether in a bull run is to buy more crypto at opportune prices. We do not believe fraudulent behavior was being conducted by Tether or Bitfinex, rather no-coiners are still trying to explain to themselves the reasoning behind the 2017 crypto surge in the first place.
The signal we are now looking for in terms of sentiment, is no longer the fear of prices continuing to go down, but the apathy towards a slow moving market that should consolidate for months on end.
We will be here throughout this entire process and will continue to give you our opinion as the market provides us with more clues as to where we are headed next.
What is to be said aside from the obvious: Fear, Uncertainty, and Doubt (FUD) have sparked one of the largest mass capitulations of 2018 and, arguably, ever. Prices continue to fall, and investors and traders alike are not sure how to handle this. Buying the dip has clearly resulted in catching falling knives, figuratively disfiguring the hands of the purchasers. HODLers are bleeding out, with every passing minute causing greater strife. These obvious situations further exacerbate the already unsettling issue, forcing more consumers to sell their positions. 📉
Within the past 24 hours, coins across the market have fallen anywhere from 10 percent to over 20 percent. Nearly every top ten coin is down by 10 to 15 percent, and no buffer appears in sight. Since June 1st, Bitcoin is down an astounding 25%, with its current price at $6,488. Ethereum, the highest market cap alternative coin, is down over 30% this month, as it is now trading at around $474.
Twenty four hour volume is around 4.7 billion USD, which is approaching the lows from the past 60 days. The price of Bitcoin wicked down to the mid $6300’s which is a new 90 day low. Prices haven’t reached that level since the violent move down in early February where we bottomed at $5900.
The majority of our team has sidelined their crypto for the time being into fiat and Tether. The rest of our crypto we are hedging via shorts on $BTC and $ETH. This is purely an investing decision. We, of course, believe in the long-term prospects of this industry and technology, but we want to preserve our capital to accumulate cryptos at lower prices.
Although $BTC is holding for the meantime in the $6400 range, we see further downside and, at this point, are eyeing a re-entry over the course of the next 30-60 days in the $3600-$5000. If those levels are reached, the retrace will extend to the same region as the crypto collapse of 2014 following the Mt. Gox hack. After those price levels are reached, we expect major consolidation.
A recent study done by two men from the university of Texas indicates that Tether is the reason that Bitcoin was able to reach such high prices and sustain minor dips in the Fall. This is, frankly, beating a dead horse with a stick, in our opinion. Using circumstantial evidence to propagate claims is something we are unaccustomed to witnessing in traditional markets and now crypto as well.
Of course Tether was spent during the bull run in the Fall - the only purpose of Tether in a bull run is to buy more crypto at opportune prices. We do not believe fraudulent behavior was being conducted by Tether or Bitfinex, rather no-coiners are still trying to explain to themselves the reasoning behind the 2017 crypto surge in the first place.
The signal we are now looking for in terms of sentiment, is no longer the fear of prices continuing to go down, but the apathy towards a slow moving market that should consolidate for months on end.
We will be here throughout this entire process and will continue to give you our opinion as the market provides us with more clues as to where we are headed next.
🚨 Ethereum deemed not a security by the SEC 🚨
A top official at the SEC has officially stated that they do not define Ethereum, in its current structure, as a security. This is obviously huge news for the space especially in the current market context. Once again, the United States sentiment on crypto has flashed overwhelmingly supportive which gives us, and the digital currency ecosystem as a whole, renewed vigor in these markets.
📈
We exercise caution as most cryptos have bounced exceptionally well since the news broke. That being said, the market was due for at least a partial recovery at these levels. Combining the technical support in this price region with the recent statement from the SEC and crypto is primed to recover over the course of the next few days.
If you enter positions based on this news, make sure you set appropriate stop losses (5% or so) to make sure if the bear market continues that you are not overly exposed.
https://www.ccn.com/newsflash-sec-director-says-ether-is-not-a-security/
A top official at the SEC has officially stated that they do not define Ethereum, in its current structure, as a security. This is obviously huge news for the space especially in the current market context. Once again, the United States sentiment on crypto has flashed overwhelmingly supportive which gives us, and the digital currency ecosystem as a whole, renewed vigor in these markets.
📈
We exercise caution as most cryptos have bounced exceptionally well since the news broke. That being said, the market was due for at least a partial recovery at these levels. Combining the technical support in this price region with the recent statement from the SEC and crypto is primed to recover over the course of the next few days.
If you enter positions based on this news, make sure you set appropriate stop losses (5% or so) to make sure if the bear market continues that you are not overly exposed.
https://www.ccn.com/newsflash-sec-director-says-ether-is-not-a-security/
CCN.com
Newsflash: SEC Director Says Ether Is Not a Security
The SEC will not regulate ether -- the native asset of the Ethereum network -- as a security, a top official said on Thursday.
🚨Ethereum Futures🚨
The air appears to have cleared with respect to the SEC’s stance on Ethereum. Yesterday, we covered William Hinman’s, the SEC’s director of corporate finance, announcement concerning Ethereum. Based on his comprehension of the technology and how it operates, he declaimed that the current offers and sales of Ethereum are not securities transactions. While this is not an official statement from the SEC itself, it is a huge breakthrough in what the community is trying to understand. We now have clarity on one of the most pressing issues this space has experienced.
Today, as a result of yesterday’s discussion, Chris Concannon, the president and COO of the CBOE, said: “The CBOE is pleased with the SEC’s decision to provide clarity around the issue [whether ETH is a security].” He went further by saying: "This announcement clears a key stumbling block for ether futures, the case for which we've been considering since we launched the first bitcoin futures in December 2017."
Overall, with less ambiguity present regarding the digital asset [Ethereum], it appears we have inched closer to the CBOE offering Ethereum futures. As more information is uncovered on this topic, we will ensure to inform you all. In the meantime, please have a safe and enjoyable weekend.
The air appears to have cleared with respect to the SEC’s stance on Ethereum. Yesterday, we covered William Hinman’s, the SEC’s director of corporate finance, announcement concerning Ethereum. Based on his comprehension of the technology and how it operates, he declaimed that the current offers and sales of Ethereum are not securities transactions. While this is not an official statement from the SEC itself, it is a huge breakthrough in what the community is trying to understand. We now have clarity on one of the most pressing issues this space has experienced.
Today, as a result of yesterday’s discussion, Chris Concannon, the president and COO of the CBOE, said: “The CBOE is pleased with the SEC’s decision to provide clarity around the issue [whether ETH is a security].” He went further by saying: "This announcement clears a key stumbling block for ether futures, the case for which we've been considering since we launched the first bitcoin futures in December 2017."
Overall, with less ambiguity present regarding the digital asset [Ethereum], it appears we have inched closer to the CBOE offering Ethereum futures. As more information is uncovered on this topic, we will ensure to inform you all. In the meantime, please have a safe and enjoyable weekend.
📆SEC Delays ETF Decision📆
…Kind of...
The U.S. Securities and Exchange Commission (SEC) has decided to delay making a decision on whether to approve an ETF proposed by Direxion until September (see link below).
*Direxion’s ETF is the one effected. However, the ETF proposed by the CBOE is still on track for mid-August. It’s important to note, there are multiple ETF’s being proposed.
It reads, in part, “the Commission, ... designates September 21, 2018, as the date by which the Commission shall either approve or disapprove the proposed rule change.”
https://www.gpo.gov/fdsys/pkg/FR-2018-07-24/html/2018-15768.htm
What does this mean for Bitcoin and the market?🧐
There’s no doubt that sentiment surrounding $BTC is bullish, much of that had to do with the impending ETF announcement.
BTC is due for a pullback, likely to $7800 previous resistance. We don’t think the current trend has as much to do with the ETF as people think, so we doubt this delay will have much of a direct effect.
ALTs on the other hand have been sold off the last few days at an especially high rate as people FOMO into BTC.
This is opening the door for some exciting buy opportunities across the board, but we still encourage you to proceed cautiously⚠️
…Kind of...
The U.S. Securities and Exchange Commission (SEC) has decided to delay making a decision on whether to approve an ETF proposed by Direxion until September (see link below).
*Direxion’s ETF is the one effected. However, the ETF proposed by the CBOE is still on track for mid-August. It’s important to note, there are multiple ETF’s being proposed.
It reads, in part, “the Commission, ... designates September 21, 2018, as the date by which the Commission shall either approve or disapprove the proposed rule change.”
https://www.gpo.gov/fdsys/pkg/FR-2018-07-24/html/2018-15768.htm
What does this mean for Bitcoin and the market?🧐
There’s no doubt that sentiment surrounding $BTC is bullish, much of that had to do with the impending ETF announcement.
BTC is due for a pullback, likely to $7800 previous resistance. We don’t think the current trend has as much to do with the ETF as people think, so we doubt this delay will have much of a direct effect.
ALTs on the other hand have been sold off the last few days at an especially high rate as people FOMO into BTC.
This is opening the door for some exciting buy opportunities across the board, but we still encourage you to proceed cautiously⚠️
❗️ETF FUD: Really Denied?❗️
As most of you know, yesterday CNBC reported on the U.S. Securities and Exchange Commission’s decision to block an exchange-traded fund (ETF) that would have followed bitcoin.
The ETF was proposed by the Winklesvoss twins, who early last year were barred from establishing a Bitcoin ETF. Thus, today’s account is the second time the twins were denied to establish an ETF🛑
☝️Their "application" was actually an appeal from last year's decision. The SEC's main concern? Manipulation.
According to the SEC, Cameron and Tyler Winklevoss, the founders of the crypto currency exchange Gemini, were unable to establish adequate protocols to safeguard against potential Bitcoin ETF manipulation.This comes as a massive concern to members across the crypto sphere, resulting in a near-four percent decline in the price of Bitcoin.
However, the news should not be of major concern. We all saw what happened the last time a Winklevoss ETF was denied...the price of Bitcoin dipped and then pumped to $20k in less than 6 months📈
Consumers, therefore, should be most concerned with the pending CBOE $BTC ETF, in that experts perceive it as the most legitimate BTC ETF being analyzed.
The CBOE has infastructure in place, and a history of institutional trading, to thwart manipulation; they claim.
Stay tuned for updates👊
As most of you know, yesterday CNBC reported on the U.S. Securities and Exchange Commission’s decision to block an exchange-traded fund (ETF) that would have followed bitcoin.
The ETF was proposed by the Winklesvoss twins, who early last year were barred from establishing a Bitcoin ETF. Thus, today’s account is the second time the twins were denied to establish an ETF🛑
☝️Their "application" was actually an appeal from last year's decision. The SEC's main concern? Manipulation.
According to the SEC, Cameron and Tyler Winklevoss, the founders of the crypto currency exchange Gemini, were unable to establish adequate protocols to safeguard against potential Bitcoin ETF manipulation.This comes as a massive concern to members across the crypto sphere, resulting in a near-four percent decline in the price of Bitcoin.
However, the news should not be of major concern. We all saw what happened the last time a Winklevoss ETF was denied...the price of Bitcoin dipped and then pumped to $20k in less than 6 months📈
Consumers, therefore, should be most concerned with the pending CBOE $BTC ETF, in that experts perceive it as the most legitimate BTC ETF being analyzed.
The CBOE has infastructure in place, and a history of institutional trading, to thwart manipulation; they claim.
Stay tuned for updates👊