🌏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👊
🚨Breaking: World’s Biggest Stock Exchange Operator is Launching a Bitcoin Market🚨
An announcement was made this morning by the Intercontinental Exchange (ICE), the possessor of the New York Stock Exchange (NYSE), stating it will post a Bitcoin futures contract in addition to creating an entity to promote mainstream Bitcoin adoption. This is massive news for the community.🎉
We cannot help but view this as bullish. 🐂 With a financial entity of this magnitude promulgating Bitcoin as a valuable digital asset, who would bet against Bitcoin’s future? Certainly not us. 👌
To further hype this news, it is imperative that you understand the companies involved in the development of the platform through which the Bitcoin futures will be present. The platform is called Bakkt, and it has funding and developmental support from Microsoft, Starbuks, and BCG. This is an Allstar lineup that we are undeniably amazed by. 🙌
To list a physically-settled one-day Bitcoin futures product, replete with tangible storage infrastructure by ICE, Bakkt will work with the ICE’s U.S. futures market and clearinghouse. Bakkt, pending regulatory approval, product will launch in November. 📅
According to Kelly Loeffler, the CEO of Bakkt: “Bakkt is designed to serve as a scalable on-ramp for institutional, merchant and consumer participation in digital assets by promoting greater efficiency, security and utility.” She further stated: “We are collaborating to build an open platform that helps unlock the transformative potential of digital assets across global markets and commerce.”
Additionally, Bakkt is multifaceted, therefore it is more than just a futures exchange as it intends to be a multi-avenue platform that assists in the evolution of digital assets, making them a mainstream financial asset class.🌎
The infrastructure of Bakkt and the entities involved in its creation and promotion aim to generate confidence in this emerging market, subsequently placing digital assets on a worldwide scale. Thus, as mentioned, a star-studded cast is working to make digital assets common amongst the world, resulting in our reasoning to hold strong through the most bearish times because, rest assured, a bull market is only a matter of time. 🚀
An announcement was made this morning by the Intercontinental Exchange (ICE), the possessor of the New York Stock Exchange (NYSE), stating it will post a Bitcoin futures contract in addition to creating an entity to promote mainstream Bitcoin adoption. This is massive news for the community.🎉
We cannot help but view this as bullish. 🐂 With a financial entity of this magnitude promulgating Bitcoin as a valuable digital asset, who would bet against Bitcoin’s future? Certainly not us. 👌
To further hype this news, it is imperative that you understand the companies involved in the development of the platform through which the Bitcoin futures will be present. The platform is called Bakkt, and it has funding and developmental support from Microsoft, Starbuks, and BCG. This is an Allstar lineup that we are undeniably amazed by. 🙌
To list a physically-settled one-day Bitcoin futures product, replete with tangible storage infrastructure by ICE, Bakkt will work with the ICE’s U.S. futures market and clearinghouse. Bakkt, pending regulatory approval, product will launch in November. 📅
According to Kelly Loeffler, the CEO of Bakkt: “Bakkt is designed to serve as a scalable on-ramp for institutional, merchant and consumer participation in digital assets by promoting greater efficiency, security and utility.” She further stated: “We are collaborating to build an open platform that helps unlock the transformative potential of digital assets across global markets and commerce.”
Additionally, Bakkt is multifaceted, therefore it is more than just a futures exchange as it intends to be a multi-avenue platform that assists in the evolution of digital assets, making them a mainstream financial asset class.🌎
The infrastructure of Bakkt and the entities involved in its creation and promotion aim to generate confidence in this emerging market, subsequently placing digital assets on a worldwide scale. Thus, as mentioned, a star-studded cast is working to make digital assets common amongst the world, resulting in our reasoning to hold strong through the most bearish times because, rest assured, a bull market is only a matter of time. 🚀
🚨Bitcoin Breaks Downward after News of ETF Delay🚨
Bitcoin, currently priced at $6467.5, lost nearly 9% in value over the course of the past 24 hours 📉. The immense sell off began at 2pm CST, after news was released that the SEC would delay its decision on the VanEck-SolidX Bitcoin ETF approval.
The ETF is supported by the Chicago Board of Exchange BZX Equities Exchange (CBOE), resulting in mass belief that it would receive approval by the SEC. Thus, once the postponement was announced, little doubt occurred as to why Bitcoin’s price sharply fell - the community was riding on its approval, nothing less. 😪
The SEC addressed that the Securities Exchange Act grants a 45 day latency period from publication if it requires sufficient time to completely comprehend any relevant proposal. Therefore, the SEC believes that the presented materials are important 🙌 and, naturally, demand greater attention before any decision is made.
From a professional outlook, this seems promising, because it expresses that the SEC views the VanEck-SolidX Bitcoin ETF worthy of additional time and consideration. If the SEC had no care for it, an extension would not have been. Otherwise, the ETF would have been denied, in our opinion.
Although the SEC has chosen September 30, 2018, as the date it would make its decision on the ETF, it still has, under its scope of influence, the ability to further delay the ruling should it need additional time. Per the Exchange Act, the SEC can extend its ruling by 240 days from the date published in the Federal Register.
In terms of analyzing the state of crypto markets, our team is taking an entirely bearish mindset into action. Crucial support, of the theorized bull trend, was broken once the $6800 level was cracked. We now expect over the course of the next 2 weeks for $BTC to test 2018 lows between $5700-$5900 📉. Our group is moving into net short or heavily hedged positions as we believe better buying opportunities will arise in the coming weeks.
We think this level may poise more downside, but technical indicators may be pointing to $BTC rallying slightly over the next 48 hours. If that is the case, we will look for the best viable option to re-short the market.
Once again, everyone, Crypto is here to change the world of finance. If we just stare at charts all day, we will miss the most important parts of the picture. When investing in this space, make sure you invest time into understanding how major companies and entities are aligning themselves for the long-term development of this space.
Bitcoin, currently priced at $6467.5, lost nearly 9% in value over the course of the past 24 hours 📉. The immense sell off began at 2pm CST, after news was released that the SEC would delay its decision on the VanEck-SolidX Bitcoin ETF approval.
The ETF is supported by the Chicago Board of Exchange BZX Equities Exchange (CBOE), resulting in mass belief that it would receive approval by the SEC. Thus, once the postponement was announced, little doubt occurred as to why Bitcoin’s price sharply fell - the community was riding on its approval, nothing less. 😪
The SEC addressed that the Securities Exchange Act grants a 45 day latency period from publication if it requires sufficient time to completely comprehend any relevant proposal. Therefore, the SEC believes that the presented materials are important 🙌 and, naturally, demand greater attention before any decision is made.
From a professional outlook, this seems promising, because it expresses that the SEC views the VanEck-SolidX Bitcoin ETF worthy of additional time and consideration. If the SEC had no care for it, an extension would not have been. Otherwise, the ETF would have been denied, in our opinion.
Although the SEC has chosen September 30, 2018, as the date it would make its decision on the ETF, it still has, under its scope of influence, the ability to further delay the ruling should it need additional time. Per the Exchange Act, the SEC can extend its ruling by 240 days from the date published in the Federal Register.
In terms of analyzing the state of crypto markets, our team is taking an entirely bearish mindset into action. Crucial support, of the theorized bull trend, was broken once the $6800 level was cracked. We now expect over the course of the next 2 weeks for $BTC to test 2018 lows between $5700-$5900 📉. Our group is moving into net short or heavily hedged positions as we believe better buying opportunities will arise in the coming weeks.
We think this level may poise more downside, but technical indicators may be pointing to $BTC rallying slightly over the next 48 hours. If that is the case, we will look for the best viable option to re-short the market.
Once again, everyone, Crypto is here to change the world of finance. If we just stare at charts all day, we will miss the most important parts of the picture. When investing in this space, make sure you invest time into understanding how major companies and entities are aligning themselves for the long-term development of this space.
🚨Market Update🚨
Good morning!
Welcome to another week in cryptocurrency. The Bitcoin sell-off has subsided, with $BTC bouncing firmly from $5970 this past Friday. Twenty four hour volume is leveling around 6.6 billion USD, which is a convincing uptick considering it is associated with an increase in price.🙌
We are waiting for the daily close today at 7pm CST to infer the strength of this recovery. Our team maintains our bearish sentiment but believes there could potentially be a movement to the $6800-$7200 range before downside continues.📉
If Bitcoin can continue its bounce, then a potential higher low could be printed against the 2018 low of 5740. The next couple days will be extremely important in determining the overall health of the markets. 🏥
As price action progresses today we will have a better assessment of the current situation. For right now, we are using our common hedging tactics and are still holding our low leverage short signaled on Friday.
Good morning!
Welcome to another week in cryptocurrency. The Bitcoin sell-off has subsided, with $BTC bouncing firmly from $5970 this past Friday. Twenty four hour volume is leveling around 6.6 billion USD, which is a convincing uptick considering it is associated with an increase in price.🙌
We are waiting for the daily close today at 7pm CST to infer the strength of this recovery. Our team maintains our bearish sentiment but believes there could potentially be a movement to the $6800-$7200 range before downside continues.📉
If Bitcoin can continue its bounce, then a potential higher low could be printed against the 2018 low of 5740. The next couple days will be extremely important in determining the overall health of the markets. 🏥
As price action progresses today we will have a better assessment of the current situation. For right now, we are using our common hedging tactics and are still holding our low leverage short signaled on Friday.
🚨Primed for a Massive Move🚨
Good Morning,
The current price of $BTC is $6377, which is nearly 9% above the $5860 local low printed on the 13th. 24 hr volume is leveling around 4.52 billion.
We feel the next 24 hours will showcase an enormous amount of volatility.
Bulls have pushed back sellers from 2018 lows with decent volume but bears are still overwhelmingly present.
The amount of open shorts on Bitfinex have been on a parabolic rise over the course of the past 12 days. The long to short ratio on Bitfinex is currently 0.7 which is the largest advantage shorts have had in terms of open positions since April 12th. Consequently, on April 12th a $1000 green candle was printed resulting in a massive short squeeze.
In addition, there is a hidden buy wall currently operating on Bitfinex’s exchange with excess of 10k $BTC. There have been almost twice as many sells in the past 16 hours as buys which is traditionally bearish but we have to wonder if this whale is accumulating before a move upwards.
Finally, futures expiration is occurring today, August 15th at 4pm, traditionally this has caused positive price action after their expiration.
A volatile move should be incoming, our team will be vigilantly watching over the course of the day but our overall inclination is that a move upwards is likely before any continued downside. Expect resistance around 6800 and 7200
Good Morning,
The current price of $BTC is $6377, which is nearly 9% above the $5860 local low printed on the 13th. 24 hr volume is leveling around 4.52 billion.
We feel the next 24 hours will showcase an enormous amount of volatility.
Bulls have pushed back sellers from 2018 lows with decent volume but bears are still overwhelmingly present.
The amount of open shorts on Bitfinex have been on a parabolic rise over the course of the past 12 days. The long to short ratio on Bitfinex is currently 0.7 which is the largest advantage shorts have had in terms of open positions since April 12th. Consequently, on April 12th a $1000 green candle was printed resulting in a massive short squeeze.
In addition, there is a hidden buy wall currently operating on Bitfinex’s exchange with excess of 10k $BTC. There have been almost twice as many sells in the past 16 hours as buys which is traditionally bearish but we have to wonder if this whale is accumulating before a move upwards.
Finally, futures expiration is occurring today, August 15th at 4pm, traditionally this has caused positive price action after their expiration.
A volatile move should be incoming, our team will be vigilantly watching over the course of the day but our overall inclination is that a move upwards is likely before any continued downside. Expect resistance around 6800 and 7200
🚨Ranging Continues🚨
Bitcoin continues to range between $5800-6600. Its current price $6343, and the 24 hour volume is leveling around 4.6 billion USD.
The choppiness of the market is reminiscent of the lows from early April and late June.
The consolidation could be interpreted as accumulation, or a last stand by bulls before a continued move towards 5k.
We have been range trading over the course of the past week, but our market sentiment is obviously gauged upon a break of the range below $5740, or above $6650, to determine where the market is heading.
Futures expiration yesterday caused little to no volatility in the market - as experts expected.
Short totals on Bitfinex retraced slightly yesterday on the push to $6600 but have continued on their upwards trajectory. What is left to be discerned about the increasing number of short positions, is whether the majority are retail shorters or whales accumulating positions before they drive the market lower. This is a difficult question to answer, but it is important to acknowledge that the increase in shorts may not necessarily result in a short squeeze.
We will continue to monitor price action, but until the range is broken in either direction, we will remain hedged and wait for the market to provide its next course of action before introducing fiat or adding to our low leverage short hedges.
Bitcoin continues to range between $5800-6600. Its current price $6343, and the 24 hour volume is leveling around 4.6 billion USD.
The choppiness of the market is reminiscent of the lows from early April and late June.
The consolidation could be interpreted as accumulation, or a last stand by bulls before a continued move towards 5k.
We have been range trading over the course of the past week, but our market sentiment is obviously gauged upon a break of the range below $5740, or above $6650, to determine where the market is heading.
Futures expiration yesterday caused little to no volatility in the market - as experts expected.
Short totals on Bitfinex retraced slightly yesterday on the push to $6600 but have continued on their upwards trajectory. What is left to be discerned about the increasing number of short positions, is whether the majority are retail shorters or whales accumulating positions before they drive the market lower. This is a difficult question to answer, but it is important to acknowledge that the increase in shorts may not necessarily result in a short squeeze.
We will continue to monitor price action, but until the range is broken in either direction, we will remain hedged and wait for the market to provide its next course of action before introducing fiat or adding to our low leverage short hedges.
🚨ETF Decisions Looming🚨
Good morning, everyone!
Bitcoin is currently priced at $6460, with 24 hour volume leveling around 3.5 billion USD. The ranging at current levels has continued as market sentiment remains indecisive. The lack of clear direction could be attributed to the looming deadlines for SEC approval of ETF’s proposed by ProShares. 💆♂️
ProShares hosts one of the largest assortments of ETF’s in the entire marketplace. They will be considered as a strong candidate in the eyes of the SEC and public alike to host the first Bitcoin ETF. 💪
That being said, many speculators believe these ETF’s may be denied 😫. This is due to the consensus opinion that VanEck money management firm will receive the first nod of approval from the SEC to host a Bitcoin ETF. VanEck, along with crypto startup SolidX, would offer their ETF product with physically backed Bitcoin which differentiates their offering form anyone else currently in the application process. A decision for the VanEck ETF has a deadline of September 30th set in place by the SEC.📅
From pure speculation and analysis of strategic placements of these ETF’s and the companies proposing them, we have come to form the opinion that both Proshares ETFs will be denied this week as the SEC will most likely give the nod to VanEck by the end of September.🎉
We expect major volatility around the announcement on the deadline of the 23rd. With the current ranging of $BTC, we are approaching trading this chop cautiously. In our opinion, ranging will continue until the decision of the ProShares ETF’s are made public.
At that time we will address all of you with our thoughts on the SEC’s decision and what the resulting price action will indicate.
Good morning, everyone!
Bitcoin is currently priced at $6460, with 24 hour volume leveling around 3.5 billion USD. The ranging at current levels has continued as market sentiment remains indecisive. The lack of clear direction could be attributed to the looming deadlines for SEC approval of ETF’s proposed by ProShares. 💆♂️
ProShares hosts one of the largest assortments of ETF’s in the entire marketplace. They will be considered as a strong candidate in the eyes of the SEC and public alike to host the first Bitcoin ETF. 💪
That being said, many speculators believe these ETF’s may be denied 😫. This is due to the consensus opinion that VanEck money management firm will receive the first nod of approval from the SEC to host a Bitcoin ETF. VanEck, along with crypto startup SolidX, would offer their ETF product with physically backed Bitcoin which differentiates their offering form anyone else currently in the application process. A decision for the VanEck ETF has a deadline of September 30th set in place by the SEC.📅
From pure speculation and analysis of strategic placements of these ETF’s and the companies proposing them, we have come to form the opinion that both Proshares ETFs will be denied this week as the SEC will most likely give the nod to VanEck by the end of September.🎉
We expect major volatility around the announcement on the deadline of the 23rd. With the current ranging of $BTC, we are approaching trading this chop cautiously. In our opinion, ranging will continue until the decision of the ProShares ETF’s are made public.
At that time we will address all of you with our thoughts on the SEC’s decision and what the resulting price action will indicate.
🚨ProShares ETF Denied🚨
In a not so surprising move, the SEC has denied the proposed ProShares ETF, as we predicted would happen in our last post.
The ProShares ETF is very different from the VanEck ETF.
The primary reason, and why we think VanEck (due in September) has the best chance of success, is because VanEck intends on settling contracts with “physical” bitcoin (bitcoin actually owned to back the ETF).
ProShares, on the other hand, is playing around with leverage, on an already volatile asset, and is backed by Bitcoin futures (a 9 month old product).
It really never had a shot.
Read more from the SEC here: https://www.sec.gov/rules/sro/nysearca/2018/34-83912.pdf
Bitcoin has been extremely volatile as we suspected, it’s best to wait and see where the dust settles before rushing into any trading decisions.
We’ll keep you posted with any updates👍
In a not so surprising move, the SEC has denied the proposed ProShares ETF, as we predicted would happen in our last post.
The ProShares ETF is very different from the VanEck ETF.
The primary reason, and why we think VanEck (due in September) has the best chance of success, is because VanEck intends on settling contracts with “physical” bitcoin (bitcoin actually owned to back the ETF).
ProShares, on the other hand, is playing around with leverage, on an already volatile asset, and is backed by Bitcoin futures (a 9 month old product).
It really never had a shot.
Read more from the SEC here: https://www.sec.gov/rules/sro/nysearca/2018/34-83912.pdf
Bitcoin has been extremely volatile as we suspected, it’s best to wait and see where the dust settles before rushing into any trading decisions.
We’ll keep you posted with any updates👍
🚨Tether Issuance as BTC Pressures Resistance🚨
Good afternoon,
The price of Bitcoin is currently $6729, with 24 hour volume around 3.56 billion USD. Bitcoin seems to be forming an ascending triangle which is a bullish pattern. Every time a stop run on longs has occurred over the course of the past 72 hours, willing buyers have taken the price back towards the looming resistance at $6800. ❌
Our team believes this resistance will be taken out over the course of the next 24 hours and has entered long positions for $BTC and purchased a variety of alts in preparation for the pump. It is important to set appropriate stop losses as well in order to mitigate downside risk.📈
A 50 million dollar tether issuance has also occurred this morning 💸. This doesn’t necessarily indicate that it will be used to buy spot $BTC or alts but it is a visible indication that a market participant is interested in adding more crypto exposure.
It seems, once again, that $BTC has found rallying support below $6k. Our analysis provides us with a sense that at least $7200 will be achieved once resistance at $6800 is broken. This should bring alts with it as they appear to have found a local bottom.
While we do believe a short squeeze is inevitable, we will begin hedging ourselves and reducing exposure once the euphoria break out occurs at a break of $6800. We will continue to operate under the impression that the bear market will be in play until $BTC can sustain itself above $6800 for longer time frames, ranging from a few weeks to a few months.
Good afternoon,
The price of Bitcoin is currently $6729, with 24 hour volume around 3.56 billion USD. Bitcoin seems to be forming an ascending triangle which is a bullish pattern. Every time a stop run on longs has occurred over the course of the past 72 hours, willing buyers have taken the price back towards the looming resistance at $6800. ❌
Our team believes this resistance will be taken out over the course of the next 24 hours and has entered long positions for $BTC and purchased a variety of alts in preparation for the pump. It is important to set appropriate stop losses as well in order to mitigate downside risk.📈
A 50 million dollar tether issuance has also occurred this morning 💸. This doesn’t necessarily indicate that it will be used to buy spot $BTC or alts but it is a visible indication that a market participant is interested in adding more crypto exposure.
It seems, once again, that $BTC has found rallying support below $6k. Our analysis provides us with a sense that at least $7200 will be achieved once resistance at $6800 is broken. This should bring alts with it as they appear to have found a local bottom.
While we do believe a short squeeze is inevitable, we will begin hedging ourselves and reducing exposure once the euphoria break out occurs at a break of $6800. We will continue to operate under the impression that the bear market will be in play until $BTC can sustain itself above $6800 for longer time frames, ranging from a few weeks to a few months.
🐻Bear Market Continues🐻
Unfortunately, the price of Bitcoin is down nearly 8% over the course of the past 24 hours, reaching a current price of around $6430. Twenty four hour volume has increased significantly, in comparison to totals from the past few weeks, to roughly 6.2 billion USD. We believe the drastic sell-off is the reasoning behind the increased volume. 📉
In our opinion, major players in the space allowed for $BTC to slowly creep towards the 2018 diagonal downtrend resistance at $7400-7500, before launching themselves into massive short positions (see BTCUSD shorts chart on September 1st through today). Obviously those positions have been extremely profitable over the course of the past 36 hours. 💸
At this point, we do not see an end to the bloodshed coming yet. We believe that 2018 lows at $5740 will be swept in the coming days, and that, ultimately, a target of $4800-5200 will be met before another bull market ensues. With this being our current market sentiment, our team has entered net short positions to profit off of the potential continued downturn.
The volatility, as difficult as it may be to stomach, is why we are all here. We had an incredible August in regards to trading and expect that to continue on through the remainder of this bear market. We will update you if we see any changes to our analysis in the coming days.
Unfortunately, the price of Bitcoin is down nearly 8% over the course of the past 24 hours, reaching a current price of around $6430. Twenty four hour volume has increased significantly, in comparison to totals from the past few weeks, to roughly 6.2 billion USD. We believe the drastic sell-off is the reasoning behind the increased volume. 📉
In our opinion, major players in the space allowed for $BTC to slowly creep towards the 2018 diagonal downtrend resistance at $7400-7500, before launching themselves into massive short positions (see BTCUSD shorts chart on September 1st through today). Obviously those positions have been extremely profitable over the course of the past 36 hours. 💸
At this point, we do not see an end to the bloodshed coming yet. We believe that 2018 lows at $5740 will be swept in the coming days, and that, ultimately, a target of $4800-5200 will be met before another bull market ensues. With this being our current market sentiment, our team has entered net short positions to profit off of the potential continued downturn.
The volatility, as difficult as it may be to stomach, is why we are all here. We had an incredible August in regards to trading and expect that to continue on through the remainder of this bear market. We will update you if we see any changes to our analysis in the coming days.
🚨Familiar Territory🚨
Welcome to another week in crypto!
The price of Bitcoin is currently $6294, with 24 hour volume leveling around 3.6 billion USD.
Once again, $BTC has found its way back into the $6000’s. 2018 major support is being tested again. Historically, the more occasions support or resistance is tested, the higher the likelihood of the price barrier breaking down in the direction of whatever price region it is protecting.
The weekly candle for $BTC closed as bearish engulfing, which signals extreme weakness until proven otherwise.
Our consensus is that more downside will ensue for $BTC in the coming days. Like we mentioned last week, our team has entered net short positions since around the $6500 region. We plan on maintaining these positions as our belief is that $BTC will break 2018 lows of $5700 before this bear market comes to a close.
We will look to buy plenty of spot $BTC via dollar cost averaging from below $5700 all the way to $4800. We will make our buying schedule more public if this situation plays out.
If $BTC, however, can close this week with some strength pushing the price back towards $6800, we will reconsider our bearish bias.
As always, we will continue to update as the week continues.
Welcome to another week in crypto!
The price of Bitcoin is currently $6294, with 24 hour volume leveling around 3.6 billion USD.
Once again, $BTC has found its way back into the $6000’s. 2018 major support is being tested again. Historically, the more occasions support or resistance is tested, the higher the likelihood of the price barrier breaking down in the direction of whatever price region it is protecting.
The weekly candle for $BTC closed as bearish engulfing, which signals extreme weakness until proven otherwise.
Our consensus is that more downside will ensue for $BTC in the coming days. Like we mentioned last week, our team has entered net short positions since around the $6500 region. We plan on maintaining these positions as our belief is that $BTC will break 2018 lows of $5700 before this bear market comes to a close.
We will look to buy plenty of spot $BTC via dollar cost averaging from below $5700 all the way to $4800. We will make our buying schedule more public if this situation plays out.
If $BTC, however, can close this week with some strength pushing the price back towards $6800, we will reconsider our bearish bias.
As always, we will continue to update as the week continues.
🚨Winklevoss Twins Make History🚨
Volatility is seen as the largest reason behind why consumers are deterred from using cryptocurrencies as a formal, everyday currency. Various stablecoins have hit the market in an attempt to upend just this, but most, if not all, have not found the support needed for mass-market adoption. Today, however, this may be a thing of the past, because two major players in the business world with immense global popularity have released a stablecoin of their own.
The Gemini Trust Company, owned by the Winklevoss twins, received groundbreaking news from the New York Department of Financial Services: Gemini Trust Company has been approved to issue its first cryptocurrency - the Gemini Dollar.
The Gemini Dollar, which launches later today, is backed by the US dollar and uses the Ethereum Blockchain, making the coin stable while having the many decentralized benefits of a cryptocurrency. Ultimately, the Gemini Dollar will be a true, everyday currency, making it an actual usable tender and not something a consumer would like to store, which is unlike Bitcoin and Ethereum as they are both seen as store of value similar to gold.
Financial juggernaut State Street will secure the US dollars necessary for the Gemini Dollar to operate in an FDIC-backed account. Various other third-party audits will occur before and after the launch. The significance of this is simple, stablecoins, unlike traditional cryptocurrencies, are not mined; instead, they are created whenever a new dollar is allocated to the cause. Therefore, it is crucial for a stablecoin entity to have reputable industry leaders to secure their fiat currency. It is equally important for diligent audits to occur, as this will provide transparency and, thus, eliminate any chances of fraud and manipulation.
Volatility is seen as the largest reason behind why consumers are deterred from using cryptocurrencies as a formal, everyday currency. Various stablecoins have hit the market in an attempt to upend just this, but most, if not all, have not found the support needed for mass-market adoption. Today, however, this may be a thing of the past, because two major players in the business world with immense global popularity have released a stablecoin of their own.
The Gemini Trust Company, owned by the Winklevoss twins, received groundbreaking news from the New York Department of Financial Services: Gemini Trust Company has been approved to issue its first cryptocurrency - the Gemini Dollar.
The Gemini Dollar, which launches later today, is backed by the US dollar and uses the Ethereum Blockchain, making the coin stable while having the many decentralized benefits of a cryptocurrency. Ultimately, the Gemini Dollar will be a true, everyday currency, making it an actual usable tender and not something a consumer would like to store, which is unlike Bitcoin and Ethereum as they are both seen as store of value similar to gold.
Financial juggernaut State Street will secure the US dollars necessary for the Gemini Dollar to operate in an FDIC-backed account. Various other third-party audits will occur before and after the launch. The significance of this is simple, stablecoins, unlike traditional cryptocurrencies, are not mined; instead, they are created whenever a new dollar is allocated to the cause. Therefore, it is crucial for a stablecoin entity to have reputable industry leaders to secure their fiat currency. It is equally important for diligent audits to occur, as this will provide transparency and, thus, eliminate any chances of fraud and manipulation.
🚨Virtual Markets Integrity Initiative🚨
A monumental report, titled Virtual Markets Integrity Initiative, is now available to the public. Conducted by the Office of the Attorney General (OAG), the report itself intends to protect and inform New York residents who trade cryptocurrency, however it is applicable to everyone who trades, as it provides an outline of what specific exchanges are doing to keep traders and investors safe from malicious behavior such as market manipulation and theft.
There are several important discoveries from the Virtual Markets Integrity Initiative, including that Binance, Gate.io, and Kraken, which declined to openly participate in the investigation, are likely in violation of New York’s virtual currency regulations. These entities attest that they do not allow trading from New York, but according to this investigation, such claims are untrue; these exchanges have permitted the exchange of cryptocurrencies in New York.
The OAG also examined the operations of Bitfinex , bitFlyer USA, Inc., Bitstamp, Ltd., Bittrex, Inc., Coinbase, Inc., Gemini Trust Company, itBit, Poloniex, and Tidex. Each of these platforms willingly participated in the investigation. Allowing the OAG to gather a more robust understanding of how these trading venues operate. The results are refreshing yet unnerving, for they expose the world to many of the security breaches present in the crypto trading world. Fortunately, though, as these issues are made public, a belief that these exchanges will have greater public pressure to improve their operations to ensure their consumers are properly secured.
Per the report, the crypto industry, on average, is unsimilar to traditional trading markets due to the absence of serious market surveillance capacities - which are meant to unearth and take action against hazardous trading activities. Since most exchanges have yet to implement such surveillance abilities, they, of course, cannot makes steps to safeguard consumers from market manipulation and other problematic schemes because they have no means to detect them. Nonetheless, a few exchanges in the investigation claim to be making headway by adopting surveillance mechanisms. Gemini Trust Company appears to be the frontrunner. They have openly disclosed dealings with Nasdaq to implement more advanced market surveillance devices.
Additionally, several of the investigated exchanges disclosed their degree of intra-platform trading. Circle, the owner of Poloniex, stated that it makes up less than one percent of its exchanges trading. BitFlyer addressed that it is responsible for roughly ten percent of its exchanges trading volume. Coinbase also informed the OAG that it is responsible for twenty percent of its exchanges trading volume. Consumers should be mindful of the ramifications resultant of platforms comprising a large portion of its own trading volume, in that it is a key factor in the exchange’s liquidity. Exchanges like Coinbase may hold unknown advantages over consumers due to the amount of trading it does on its own platform.
The report itself is holistic and highly detailed, requiring a great deal of time to complete. The aforementioned coverage is, in our opinion, a sizable share of information that should grant readers with a fair understanding of the whole report. That aside, should you wish to understand the many procedures used in the investigation in addition to its many findings, please use the following link: https://virtualmarkets.ag.ny.gov/#section6
A monumental report, titled Virtual Markets Integrity Initiative, is now available to the public. Conducted by the Office of the Attorney General (OAG), the report itself intends to protect and inform New York residents who trade cryptocurrency, however it is applicable to everyone who trades, as it provides an outline of what specific exchanges are doing to keep traders and investors safe from malicious behavior such as market manipulation and theft.
There are several important discoveries from the Virtual Markets Integrity Initiative, including that Binance, Gate.io, and Kraken, which declined to openly participate in the investigation, are likely in violation of New York’s virtual currency regulations. These entities attest that they do not allow trading from New York, but according to this investigation, such claims are untrue; these exchanges have permitted the exchange of cryptocurrencies in New York.
The OAG also examined the operations of Bitfinex , bitFlyer USA, Inc., Bitstamp, Ltd., Bittrex, Inc., Coinbase, Inc., Gemini Trust Company, itBit, Poloniex, and Tidex. Each of these platforms willingly participated in the investigation. Allowing the OAG to gather a more robust understanding of how these trading venues operate. The results are refreshing yet unnerving, for they expose the world to many of the security breaches present in the crypto trading world. Fortunately, though, as these issues are made public, a belief that these exchanges will have greater public pressure to improve their operations to ensure their consumers are properly secured.
Per the report, the crypto industry, on average, is unsimilar to traditional trading markets due to the absence of serious market surveillance capacities - which are meant to unearth and take action against hazardous trading activities. Since most exchanges have yet to implement such surveillance abilities, they, of course, cannot makes steps to safeguard consumers from market manipulation and other problematic schemes because they have no means to detect them. Nonetheless, a few exchanges in the investigation claim to be making headway by adopting surveillance mechanisms. Gemini Trust Company appears to be the frontrunner. They have openly disclosed dealings with Nasdaq to implement more advanced market surveillance devices.
Additionally, several of the investigated exchanges disclosed their degree of intra-platform trading. Circle, the owner of Poloniex, stated that it makes up less than one percent of its exchanges trading. BitFlyer addressed that it is responsible for roughly ten percent of its exchanges trading volume. Coinbase also informed the OAG that it is responsible for twenty percent of its exchanges trading volume. Consumers should be mindful of the ramifications resultant of platforms comprising a large portion of its own trading volume, in that it is a key factor in the exchange’s liquidity. Exchanges like Coinbase may hold unknown advantages over consumers due to the amount of trading it does on its own platform.
The report itself is holistic and highly detailed, requiring a great deal of time to complete. The aforementioned coverage is, in our opinion, a sizable share of information that should grant readers with a fair understanding of the whole report. That aside, should you wish to understand the many procedures used in the investigation in addition to its many findings, please use the following link: https://virtualmarkets.ag.ny.gov/#section6
🚨Mt. Gox Civil-Rehabilitation Process🚨
News concerning Mt. Gox has made headlines across the cryptosphere for almost five years, with the first major news break involving its disastrous hack that resulted in the loss of $460 million dollars, or 840,000 BTC at a value of roughly $547 per BTC.
To refresh the masses of what occurred, a picture must be painted: In 2014, Mt. Gox, a Tokyo-based exchange, was informed by its CEO Mark Karpelès that the exchange had fallen victim to hackers stealing bitcoins from the exchange. The hackers took customers’ holdings of 840,000 BTC, worth nearly $460 million - which was the biggest BTC theft in history. The exchange started bankruptcy proceedings shortly thereafter.
Following the largest heist in crypto history, Karpelès came public with a discovery: he had found a misplaced wallet containing a staggering sum of 200,000 bitcoins. This discovery sparked suspicion that Karpelès may have stolen funds from the exchange. Karpelès was later arrested in 2015 on charges of embezzlement, manipulation of electronic data, and breach of trust. He is currently on trial for these charges.
The Tokyo District Court, earlier this month, stopped Mt. Gox’s bankruptcy hearing to begin a civil-rehabilitation process, a huge win for creditors; this means creditors, the people who are owed money, will soon be repaid in Mt. Gox’s assets such as bitcoin and fiat currency. The catch is, creditors seeking cash will be repaid in the value they lost in 2014; whereas those seeking BTC will receive BTC at a premium since it is worth far more today than in 2014.
The current price of BTC is $6,327, making the 200,00 BTC worth a massive $1,265,400,00 billion dollars. Mt. Gox also holds 200,000 BCH and over $400,000,000 dollars in fiat. Any other cryptocurrencies held by Mt. Gox are expected to be liquidated. Thus, the logical solution is to receive repayment in BTC, as it will result in making significantly more money. This has led to tremendous speculation as to whether eligible creditors will HODL their BTC, or dump it, which brings us to an important question - who are eligible creditors?
Eligible creditors must file an online rehabilitation claim. The filing will allow corporate creditors to plead their case through documenting proof of their shortcomings resultant of the Mt. Gox hack. Nobuaki Kobayashi, attorney-at-law and the rehabilitation trustee for Mt. Gox, stated creditors will have until October 22, 2018, to file their claims. Many creditors have fallen ineligible due to losing their original Mt. Gox login credentials and various other means of documentation. Creditors who are unwilling to present their identity are also ineligible for a refund.
The rehabilitation case is obviously ongoing, requiring careful consideration by the legal entities representing the creditors. In recent reports, the legal representation of the creditors are demanding that the first round of payments start in May or June of 2019. The Mt Gox trustee, however, has until January 2018 to reject claims, which could greatly extend this legal proceeding.
News concerning Mt. Gox has made headlines across the cryptosphere for almost five years, with the first major news break involving its disastrous hack that resulted in the loss of $460 million dollars, or 840,000 BTC at a value of roughly $547 per BTC.
To refresh the masses of what occurred, a picture must be painted: In 2014, Mt. Gox, a Tokyo-based exchange, was informed by its CEO Mark Karpelès that the exchange had fallen victim to hackers stealing bitcoins from the exchange. The hackers took customers’ holdings of 840,000 BTC, worth nearly $460 million - which was the biggest BTC theft in history. The exchange started bankruptcy proceedings shortly thereafter.
Following the largest heist in crypto history, Karpelès came public with a discovery: he had found a misplaced wallet containing a staggering sum of 200,000 bitcoins. This discovery sparked suspicion that Karpelès may have stolen funds from the exchange. Karpelès was later arrested in 2015 on charges of embezzlement, manipulation of electronic data, and breach of trust. He is currently on trial for these charges.
The Tokyo District Court, earlier this month, stopped Mt. Gox’s bankruptcy hearing to begin a civil-rehabilitation process, a huge win for creditors; this means creditors, the people who are owed money, will soon be repaid in Mt. Gox’s assets such as bitcoin and fiat currency. The catch is, creditors seeking cash will be repaid in the value they lost in 2014; whereas those seeking BTC will receive BTC at a premium since it is worth far more today than in 2014.
The current price of BTC is $6,327, making the 200,00 BTC worth a massive $1,265,400,00 billion dollars. Mt. Gox also holds 200,000 BCH and over $400,000,000 dollars in fiat. Any other cryptocurrencies held by Mt. Gox are expected to be liquidated. Thus, the logical solution is to receive repayment in BTC, as it will result in making significantly more money. This has led to tremendous speculation as to whether eligible creditors will HODL their BTC, or dump it, which brings us to an important question - who are eligible creditors?
Eligible creditors must file an online rehabilitation claim. The filing will allow corporate creditors to plead their case through documenting proof of their shortcomings resultant of the Mt. Gox hack. Nobuaki Kobayashi, attorney-at-law and the rehabilitation trustee for Mt. Gox, stated creditors will have until October 22, 2018, to file their claims. Many creditors have fallen ineligible due to losing their original Mt. Gox login credentials and various other means of documentation. Creditors who are unwilling to present their identity are also ineligible for a refund.
The rehabilitation case is obviously ongoing, requiring careful consideration by the legal entities representing the creditors. In recent reports, the legal representation of the creditors are demanding that the first round of payments start in May or June of 2019. The Mt Gox trustee, however, has until January 2018 to reject claims, which could greatly extend this legal proceeding.
📊Crypto Market Bounces on Surge in Volume📊
Hello,
Cryptocurrency has experienced a profitable end to the week by seeing nearly 25 billion USD flow back into the marketplace. The leader of this move, Ripple, has swallowed up an astounding 13 billion of the aforementioned flow of capital. We believe this to be in anticipation of the Swell conference hosted by Ripple in San Francisco on October 1st.
Although we are not fundamentally fans of the XRP project, it is exciting to see a cryptocurrency bounce with significant volume and strength off yearly lows once again.
$BTC has found its footing as well by grinding back to the $6700’s on a significant increase in volume to 6.4 billion USD. Our team is glad that we shifted to a bullish bias at the start of this week as it has proven to be extremely profitable.
We believe that alts and $BTC still have more room to run in the short term. We are looking at the historical diagonal downtrend resistance (see chart below) as the next pivotal intersection. Our team will begin to hedge overall crypto exposure as $BTC approaches this zone.
A few of our analysts will be returning to net short positions at a target level of $6900-7000. This sort of position would be entered with the idea that if $BTC could break the downtrend (daily close above $7150), then said analysts would flip long and buy alts as that should be a strong indication of positive sentiment returning to the market.
We assume that volatility will slow over the weekend but will keep you all updated as price action develops.
Hello,
Cryptocurrency has experienced a profitable end to the week by seeing nearly 25 billion USD flow back into the marketplace. The leader of this move, Ripple, has swallowed up an astounding 13 billion of the aforementioned flow of capital. We believe this to be in anticipation of the Swell conference hosted by Ripple in San Francisco on October 1st.
Although we are not fundamentally fans of the XRP project, it is exciting to see a cryptocurrency bounce with significant volume and strength off yearly lows once again.
$BTC has found its footing as well by grinding back to the $6700’s on a significant increase in volume to 6.4 billion USD. Our team is glad that we shifted to a bullish bias at the start of this week as it has proven to be extremely profitable.
We believe that alts and $BTC still have more room to run in the short term. We are looking at the historical diagonal downtrend resistance (see chart below) as the next pivotal intersection. Our team will begin to hedge overall crypto exposure as $BTC approaches this zone.
A few of our analysts will be returning to net short positions at a target level of $6900-7000. This sort of position would be entered with the idea that if $BTC could break the downtrend (daily close above $7150), then said analysts would flip long and buy alts as that should be a strong indication of positive sentiment returning to the market.
We assume that volatility will slow over the weekend but will keep you all updated as price action develops.
👨⚖️India's Supreme Court Ruling👨⚖️
Governmental regulators, across the globe, are taking varying actions to deal with the emerging world of digital currencies. Some regulators have embraced the innovative means of cryptocurrency, whereas others have barred all use and trade of digital assets. India’s central bank, the Reserve Bank of India (RBI), is one such entity that has banned cryptocurrency dealings in April, although the ban has been official since July 6th, 2018.
The ban of cryptocurrency in India decimated what was formally one of the world’s most prominent figures in the space. From 2012 to 2017, India’s population was heavily involved in the market, particularly after Narendra Modi implemented the country’s demonetization policy - a controversial move that made 86% of the country’s money worthless. Many Indians, following this policy, adopted digital currencies as they were perceived as an outlet of projection from oppressive governmental regimes.
Over the course of 2018 India has seen an emergence of anti-cryptocurrency dialogue that, as expressed above, has set the stage for negative policies. Most of the country’s authoritative bodies have lashed out against cryptocurrencies, with some declaring they are illegal and unsuitable for the country’s payment infrastructure. In turn, the RBI instituted a cryptocurrency ban prohibiting financial institutions from dealing with any crypto-related businesses.
The public support of cryptocurrency has led to numerous appeals and attempts to amend the current ban. Such efforts even discovered that the RBI did not carry out any formal research before establishing the ban, causing public stronger outcry to terminate the ban.
Today, September 25th, India’s Supreme Court will hear out the final stage of regulatory petitions that intend to amend the country’s cryptocurrency ban. Those fighting the ban are in an uphill battle, but there is some optimism due to India’s recent decision to send teams to Japan and Switzerland to judge potential regulatory means for the cryptocurrency market.
Governmental regulators, across the globe, are taking varying actions to deal with the emerging world of digital currencies. Some regulators have embraced the innovative means of cryptocurrency, whereas others have barred all use and trade of digital assets. India’s central bank, the Reserve Bank of India (RBI), is one such entity that has banned cryptocurrency dealings in April, although the ban has been official since July 6th, 2018.
The ban of cryptocurrency in India decimated what was formally one of the world’s most prominent figures in the space. From 2012 to 2017, India’s population was heavily involved in the market, particularly after Narendra Modi implemented the country’s demonetization policy - a controversial move that made 86% of the country’s money worthless. Many Indians, following this policy, adopted digital currencies as they were perceived as an outlet of projection from oppressive governmental regimes.
Over the course of 2018 India has seen an emergence of anti-cryptocurrency dialogue that, as expressed above, has set the stage for negative policies. Most of the country’s authoritative bodies have lashed out against cryptocurrencies, with some declaring they are illegal and unsuitable for the country’s payment infrastructure. In turn, the RBI instituted a cryptocurrency ban prohibiting financial institutions from dealing with any crypto-related businesses.
The public support of cryptocurrency has led to numerous appeals and attempts to amend the current ban. Such efforts even discovered that the RBI did not carry out any formal research before establishing the ban, causing public stronger outcry to terminate the ban.
Today, September 25th, India’s Supreme Court will hear out the final stage of regulatory petitions that intend to amend the country’s cryptocurrency ban. Those fighting the ban are in an uphill battle, but there is some optimism due to India’s recent decision to send teams to Japan and Switzerland to judge potential regulatory means for the cryptocurrency market.