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*- Crypto-Markets news and updates.*
*- Open Q & A session.*
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Topic: *DIGITIZATION SHIFT ..... WHERE ARE YOU?*
Time: *Jan 16, 2021 09:55 AM Nairobi*
TODAY on *BITCOIN101* - Let's learn about...
*-#Keep Your Cryptos Safe - Basic Security Precautions.*
*- Crypto-Markets news and updates.*
*- Open Q & A session.*
Join Zoom Meeting
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Meeting ID: 852 9384 9551
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The Federal Reserve chairman Jerome Powell : Fed's work on #stablecoin risks is a 'very high priority' Thoughts on the market on 16.01.2021.
#Bitcoin did not stay above 37K and in the American session returned to its previous trading range of 32000-36000. A few hours ago, #BTC left this range, reached highs above 37,500, and is now trading around 36,200. Total Crypto-Market capitalization is at 1001 billion and BTC dominance index of 67.6%.
Stock markets were falling yesterday. American indices lost 0.57% (Dow Jones) to 0.87% (Nasdaq). S&P 500 down 0.72% to close at 3768.25. Oil shed 2.8%, Brent is below 55, and gold is trading around 1827.
The reasons for the fall in the markets are negative economic statistics, which came out yesterday in the United States, as well as new sanctions against Chinese companies by the United States, which also fell under Xiaomi. By November 11, US citizens must get rid of the shares of companies that have come under sanctions. The dollar index renewed its annual high and closed at 90.78
The growth of the dollar index and the negative on the stock markets did not allow Bitcoin to stay above 37K, so yesterday it worked out the option with a return to the previous trading range of 36K-32K. At the same time, Bitcoin did not fall below 34,478, the correction was quickly redeemed, the price returned above 35K, at night it even went above 36K and began to grow. For further growth, it is necessary to gain a foothold above 37K. There was an attempt last night, but the price was pushed down from 37500.
The Federal Reserve chairman called the Fed's priority to regulate stablecoins. Jerome Powell described the central bank's work on stablecoins as a "very high priority" during a webinar on Thursday. "Clearly there's a need for, and we've been very focused as you know, on better regulatory answers for potential global stablecoins, in particular," Powell said during a segment that focused in part on central bank digital currencies (CBDCs) as well. His comments indicate that the Fed's stablecoin strategy is still in flux and that it sees the need to both chart out potential risks and how to mitigate them. Powell’s comments come nearly a month after the White House released a report recommending to limit multi-currency stablecoins. Federal Reserve governor Lael Brainard also mentioned previously that such stablecoins raise “fundamental questions about legal and regulatory safeguards, financial stability, and the appropriate role of private money.” This is understandable - the Fed wants to reserve the ability to generate money out of thin air exclusively. Source | https://www.theblockcrypto.com/
Back in December 5th 2020 (https://t.me/decryptedge/114) we shared on how Kenya’s CBK was into discussion with global players.
In closing and as I wish you a good weekend ahead: the priority option is Bitcoin in the range of 36000-37800, and the growth of altcoins. In this case, the entire TOP will grow.
An alternative option is to return below 36K. In this case, altcoins can grow selectively, if Bitcoin does not go below 35K, the dominance index approaches 67-66%, where the current market cycle may end.
This is not traditional investment advice and ought not to be deemed as financial recommendation. Must do your own research. #Decryptedge.
Stock markets were falling yesterday. American indices lost 0.57% (Dow Jones) to 0.87% (Nasdaq). S&P 500 down 0.72% to close at 3768.25. Oil shed 2.8%, Brent is below 55, and gold is trading around 1827.
The reasons for the fall in the markets are negative economic statistics, which came out yesterday in the United States, as well as new sanctions against Chinese companies by the United States, which also fell under Xiaomi. By November 11, US citizens must get rid of the shares of companies that have come under sanctions. The dollar index renewed its annual high and closed at 90.78
The growth of the dollar index and the negative on the stock markets did not allow Bitcoin to stay above 37K, so yesterday it worked out the option with a return to the previous trading range of 36K-32K. At the same time, Bitcoin did not fall below 34,478, the correction was quickly redeemed, the price returned above 35K, at night it even went above 36K and began to grow. For further growth, it is necessary to gain a foothold above 37K. There was an attempt last night, but the price was pushed down from 37500.
The Federal Reserve chairman called the Fed's priority to regulate stablecoins. Jerome Powell described the central bank's work on stablecoins as a "very high priority" during a webinar on Thursday. "Clearly there's a need for, and we've been very focused as you know, on better regulatory answers for potential global stablecoins, in particular," Powell said during a segment that focused in part on central bank digital currencies (CBDCs) as well. His comments indicate that the Fed's stablecoin strategy is still in flux and that it sees the need to both chart out potential risks and how to mitigate them. Powell’s comments come nearly a month after the White House released a report recommending to limit multi-currency stablecoins. Federal Reserve governor Lael Brainard also mentioned previously that such stablecoins raise “fundamental questions about legal and regulatory safeguards, financial stability, and the appropriate role of private money.” This is understandable - the Fed wants to reserve the ability to generate money out of thin air exclusively. Source | https://www.theblockcrypto.com/
Back in December 5th 2020 (https://t.me/decryptedge/114) we shared on how Kenya’s CBK was into discussion with global players.
In closing and as I wish you a good weekend ahead: the priority option is Bitcoin in the range of 36000-37800, and the growth of altcoins. In this case, the entire TOP will grow.
An alternative option is to return below 36K. In this case, altcoins can grow selectively, if Bitcoin does not go below 35K, the dominance index approaches 67-66%, where the current market cycle may end.
This is not traditional investment advice and ought not to be deemed as financial recommendation. Must do your own research. #Decryptedge.
The Block
The Block is a crypto news site giving you the latest breaking news about Bitcoin, Ethereum, Solana and other digital assets. Plus live prices & charts for BTC, ETH, SOL and more.
Is Crypto Regulation good or bad?
Part 1:
Quite often, you come across statements that in order for the crypto to be unconditionally accepted and taken in by everyone, it must be regulated. That this is exactly what the crypto lacks for complete and unconditional success.
This is a mistake. Regulation and decentralization are mutually exclusive concepts. If crypto is regulated, then AML / KYC requirements are inevitable, because there can be no regulation and official recognition without identifying the payer. And then it is not far from the blocking of accounts. In Bitcoin itself, of course, this is impossible, but at the exit to fiat, they may well, at least, try.
One of the important reasons why crypto is gaining widespread acceptance is censorship resistance.
Talking recently with one banker on the topic of crypto regulation, I emphasized that many people left Bitcoin precisely because they do not want to be somehow limited in the right to dispose of or liquidate their assets. It is strange to expect that the regulation of the crypt will add to its popularity..
Let's look at examples of a regulator's actions: SEC: as reported by: https://www.wsj.com/articles/secs-settlements-with-some-cryptocurrency-firms-showing-cracks-11573729200
In short: companies held an ICO in 2017, created a product and developed. The SEC charged them with a violation of the securities law and imposed a fine and an obligation to return the money to investors. The money was spent on the product and cannot be returned. In the future, the bankruptcy of companies, their tokens will remain for investors as a souvenir, and the next wave of information slops will be poured onto the crypto industry. As a result, there will be neither a product for which the money was collected, nor money. Normally, this is how investors were protected.
The situation when some obscurantists try to regulate the crypto industry on the basis of the 1933 Central Bank law does not correlate well with logic and common sense. KYC/AML terms tries to bridge the identity gap so lets not exclude the requirement to bind the Bitcoin wallet to a passport or I. We have seen this orchestrated by one of the biggest and oldest US based exchange coinbase. Last year Coinbase provided the IRS documents for any user with at least $20,000 of any one type of transaction: buying, selling, sending, or receiving digital currencies, in any one year between 2013 to 2015.
This means that if you bought $20k worth of crypto in 2013, 2014, or 2015, or if you received at least $20k of crypto to your Coinbase wallet in one of those years, then Coinbase submitted your information to the IRS. The information provided to the IRS is as follows:
👉🏾Taxpayer ID number
👉🏾Name
👉🏾Birth date
👉🏾Address
👉🏾Transaction logs, post-transaction balance, names of parties in the transaction
👉🏾Periodic statements of accounts and invoices.
If you were trading crypto on #Coinbase between 2013 and 2015, then Coinbase may have provided your information to the IRS. Even if you were trading smaller amounts of crypto at a time, your total transaction value could have exceeded the $20k threshold if you had many transactions. I would not be surprised at all if regulation in other countries even Kenya takes such forms. .. Part II is coming up.
Part 1:
Quite often, you come across statements that in order for the crypto to be unconditionally accepted and taken in by everyone, it must be regulated. That this is exactly what the crypto lacks for complete and unconditional success.
This is a mistake. Regulation and decentralization are mutually exclusive concepts. If crypto is regulated, then AML / KYC requirements are inevitable, because there can be no regulation and official recognition without identifying the payer. And then it is not far from the blocking of accounts. In Bitcoin itself, of course, this is impossible, but at the exit to fiat, they may well, at least, try.
One of the important reasons why crypto is gaining widespread acceptance is censorship resistance.
Talking recently with one banker on the topic of crypto regulation, I emphasized that many people left Bitcoin precisely because they do not want to be somehow limited in the right to dispose of or liquidate their assets. It is strange to expect that the regulation of the crypt will add to its popularity..
Let's look at examples of a regulator's actions: SEC: as reported by: https://www.wsj.com/articles/secs-settlements-with-some-cryptocurrency-firms-showing-cracks-11573729200
In short: companies held an ICO in 2017, created a product and developed. The SEC charged them with a violation of the securities law and imposed a fine and an obligation to return the money to investors. The money was spent on the product and cannot be returned. In the future, the bankruptcy of companies, their tokens will remain for investors as a souvenir, and the next wave of information slops will be poured onto the crypto industry. As a result, there will be neither a product for which the money was collected, nor money. Normally, this is how investors were protected.
The situation when some obscurantists try to regulate the crypto industry on the basis of the 1933 Central Bank law does not correlate well with logic and common sense. KYC/AML terms tries to bridge the identity gap so lets not exclude the requirement to bind the Bitcoin wallet to a passport or I. We have seen this orchestrated by one of the biggest and oldest US based exchange coinbase. Last year Coinbase provided the IRS documents for any user with at least $20,000 of any one type of transaction: buying, selling, sending, or receiving digital currencies, in any one year between 2013 to 2015.
This means that if you bought $20k worth of crypto in 2013, 2014, or 2015, or if you received at least $20k of crypto to your Coinbase wallet in one of those years, then Coinbase submitted your information to the IRS. The information provided to the IRS is as follows:
👉🏾Taxpayer ID number
👉🏾Name
👉🏾Birth date
👉🏾Address
👉🏾Transaction logs, post-transaction balance, names of parties in the transaction
👉🏾Periodic statements of accounts and invoices.
If you were trading crypto on #Coinbase between 2013 and 2015, then Coinbase may have provided your information to the IRS. Even if you were trading smaller amounts of crypto at a time, your total transaction value could have exceeded the $20k threshold if you had many transactions. I would not be surprised at all if regulation in other countries even Kenya takes such forms. .. Part II is coming up.
WSJ
SEC’s Settlements With Some Cryptocurrency Firms Showing Cracks
Efforts to push cryptocurrency startups to comply with laws governing fundraising may be faltering, as several firms that agreed to fix past misdeeds missed deadlines to repay investors or provide more transparency.
Part II. Let's talk about "investor protection"
1. When an investor believes that he is protected by a third party (regulator, government, etc.), his brain often turns off. A normal investor should evaluate any investment proposal in terms of profit, risks, as well as the presence of non-market risks (closure of a broker or exchange, the likelihood of fraud, the likelihood of theft and the consequences of such an outcome for his portfolio). Some investors as the norm have a strong belief that if the exchange has a license, if the broker is regulated, if the advertisement was shown on TV, and even some famous person said that, he also invests. Because then everything is ok, checked and reliable.
It is clear that often such an investor will be disappointed. I would say that when judged by such criteria, he will always be disappointed. The correct approach, in my opinion, is to protect low-income people (but they are unlikely to invest in crypto), and banks. Perhaps the stock market, since strategic enterprises are traded there, is the investment attractiveness of the state and its economic security. Everything else (forex, crypto, startups) should be regulated exclusively by the market. Investors in such areas do not go for 10% per annum, they go for excess profits.
Why do they need protection? Those who make the right decisions earn, those who make the wrong ones lose. Those who make the wrong decisions often lose money and leave the market.
Super-profitability cannot and should not go to everyone. This is contrary to logic, common sense and the laws of economics.
What happens if major countries ban Bitcoin?
I'm only talking about countries that really affect the world economy, because the ban on Bitcoin in Egypt or Uzbekistan has no effect on the market. The United States and the United Kingdom have adopted friendly laws on digital assets, and bitcoin is no longer in the legal field.
What will happen?
First - a fall in $ value price due to panic. People will start to sell off in fear that all is falling and collapsing, the popular term used here is the bubble burst. As a ripple effect more and more falls, like a dominos block. I do not exclude a new bottom below $3000 in this case. Highly unlikely but probable.
People who understand the value of #Bitcoin with uncontrolled printing of fiat and the increasing total control by banks and various fiscal authorities will not sell it anyway. Whoever has the opportunity will actively buy, and at some point Bitcoin will stabilize.
I think it will be in the range of at least 2-4K. And maybe 5-6K, if leaders of other countries have a sound mind, forward thinking, courage and character: they may reap big.
Then the fun begins.
Banning Bitcoin means that it will not be on the CME, and crypto derivatives exchanges will close, or switch to trading in real coins.
Crypto derivatives are the only reason why Bitcoin is not yet worth $ 100K, because they allow increasing the supply on the market to any value without actually owning Bitcoin.
How crypto derivatives affect the market we can talk about this later. If you are not subscribed to our channel, first follow this link: https://t.me/decryptedge
Remember how Bitcoin grew back in December 2017. Let's imagine what will happen when, given the current level of awareness of Bitcoin, with current inflationary expectations, with a demand for a financial instrument that allows you to maintain anonymity, derivatives disappear from the market. Within 6-12 months, Bitcoin will take another ATH, and then it will not have reverse gear at all. We are already at $41,940, big names and banks like Chamath and JP Morgan are already saying 200K, 149K for 1 BTC.
#FOMO from the crowd, caused by constant growth, will drive it to unprecedented heights, and the official structures will have nothing to put pressure on the price. An asset that is constantly growing in conditions of inflation will be ready to buy in the gateway.
Moreover, those who criticize it will also want to buy it.
1. When an investor believes that he is protected by a third party (regulator, government, etc.), his brain often turns off. A normal investor should evaluate any investment proposal in terms of profit, risks, as well as the presence of non-market risks (closure of a broker or exchange, the likelihood of fraud, the likelihood of theft and the consequences of such an outcome for his portfolio). Some investors as the norm have a strong belief that if the exchange has a license, if the broker is regulated, if the advertisement was shown on TV, and even some famous person said that, he also invests. Because then everything is ok, checked and reliable.
It is clear that often such an investor will be disappointed. I would say that when judged by such criteria, he will always be disappointed. The correct approach, in my opinion, is to protect low-income people (but they are unlikely to invest in crypto), and banks. Perhaps the stock market, since strategic enterprises are traded there, is the investment attractiveness of the state and its economic security. Everything else (forex, crypto, startups) should be regulated exclusively by the market. Investors in such areas do not go for 10% per annum, they go for excess profits.
Why do they need protection? Those who make the right decisions earn, those who make the wrong ones lose. Those who make the wrong decisions often lose money and leave the market.
Super-profitability cannot and should not go to everyone. This is contrary to logic, common sense and the laws of economics.
What happens if major countries ban Bitcoin?
I'm only talking about countries that really affect the world economy, because the ban on Bitcoin in Egypt or Uzbekistan has no effect on the market. The United States and the United Kingdom have adopted friendly laws on digital assets, and bitcoin is no longer in the legal field.
What will happen?
First - a fall in $ value price due to panic. People will start to sell off in fear that all is falling and collapsing, the popular term used here is the bubble burst. As a ripple effect more and more falls, like a dominos block. I do not exclude a new bottom below $3000 in this case. Highly unlikely but probable.
People who understand the value of #Bitcoin with uncontrolled printing of fiat and the increasing total control by banks and various fiscal authorities will not sell it anyway. Whoever has the opportunity will actively buy, and at some point Bitcoin will stabilize.
I think it will be in the range of at least 2-4K. And maybe 5-6K, if leaders of other countries have a sound mind, forward thinking, courage and character: they may reap big.
Then the fun begins.
Banning Bitcoin means that it will not be on the CME, and crypto derivatives exchanges will close, or switch to trading in real coins.
Crypto derivatives are the only reason why Bitcoin is not yet worth $ 100K, because they allow increasing the supply on the market to any value without actually owning Bitcoin.
How crypto derivatives affect the market we can talk about this later. If you are not subscribed to our channel, first follow this link: https://t.me/decryptedge
Remember how Bitcoin grew back in December 2017. Let's imagine what will happen when, given the current level of awareness of Bitcoin, with current inflationary expectations, with a demand for a financial instrument that allows you to maintain anonymity, derivatives disappear from the market. Within 6-12 months, Bitcoin will take another ATH, and then it will not have reverse gear at all. We are already at $41,940, big names and banks like Chamath and JP Morgan are already saying 200K, 149K for 1 BTC.
#FOMO from the crowd, caused by constant growth, will drive it to unprecedented heights, and the official structures will have nothing to put pressure on the price. An asset that is constantly growing in conditions of inflation will be ready to buy in the gateway.
Moreover, those who criticize it will also want to buy it.
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Daily insights, overview and filter summarized #Crypto global updates.
Admins: @DkryptoL Website: https://decryptedge.com/
Exchanges will remain only in a gray zone, without any AML / KYC, which will make Bitcoin even more attractive for many. Oddly enough, in this scenario, it will reach 100K even faster.
The downside of this scenario is its low probability. The same States are well aware that everything will be the way I described it, therefore they will prefer attempts to regulate and control the market through a series of official exchanges, as well as retain the opportunity to influence prices through CME and regulated exchanges.
Switzerland or Germany are unlikely to agree to ban Bitcoin even under American pressure. China will seize the initiative and become a global crypto leader, as of writing this they are in this path. Taking lead.
The financial future belongs to crypto. Part III loading..
The downside of this scenario is its low probability. The same States are well aware that everything will be the way I described it, therefore they will prefer attempts to regulate and control the market through a series of official exchanges, as well as retain the opportunity to influence prices through CME and regulated exchanges.
Switzerland or Germany are unlikely to agree to ban Bitcoin even under American pressure. China will seize the initiative and become a global crypto leader, as of writing this they are in this path. Taking lead.
The financial future belongs to crypto. Part III loading..
Verified Twitter accounts hacked in $580k ‘Elon Musk’ crypto scam: Thoughts on the market on 18.01.2021.
#Bitcoin on Saturday could not take 37800, despite several unsuccessful attempts to do so. It corrected to a low of 33863, after which buyers joined and for the last 12 hours Bitcoin has been trading in the range of 35600-36800. UPD - while writing this review, we switched to 35000-35200. Market capitalization 1010 billion, dominance index 66%.
On the stock markets, there is no certainty with further movement - the dollar index remains around 90.750, just like at the close on Friday, gold slightly decreased, oil has already lost about 1% since the market opening. There are no trades on the American market today, so it is unlikely that anything significant will happen on the markets. The movement of the dollar index will make it clear how the US markets will open tomorrow.
On the crypto market, the dominance index dropped to 66%. We previously designated the 65-67% zone (https://t.me/decryptedge/193) as an indicator of the possible completion of the market cycle.
What will happen next?
1. Sell off of Bitcoin below 30K, falling market capitalization by 30-40%, and several months of consolidation. It has always been that way, however dynamics have changed, for a number of reasons. This option is not the most likely.
We will not exclude a breakdown of support at 30500-30600 (especially against the background of some kind of FUD about the next ban on Bitcoin), but I think that all those who can reason such a correction is as an opportunity, the price below 30K will not stay long. Weak hands will give away #Bitcoin bought above 35K and will suffer. The development of this option will be similar to the September correction for a couple of weeks. Everyone remembers what happened next.
2. Consolidation of Bitcoin in a wide range of 32600-37800, with possible correction to 30K and attempts to take 40K. The process can take several weeks, or maybe months. Something like it was in June-July 2020 between 9000 and 10500.
3. Bitcoin is fixed above 40K until the end of January, market capitalization is fixed above 1.1 trillion, we go to a floor above.
In terms of likelihood, I would arrange these options as follows: 2-3-1.
The appearance of some significant negative (negative for XRP, for USDT, FUD about the ban on Bitcoin, etc.) can increase the likelihood of option 1
To some news UBS Bank warned clients that investing in Bitcoin could lose all their money. Earlier the British regulator did the same. The only question is that those who hold fiat are already losing money.
Losing money and freebies. Humans love free stuff..yet we know nothing is for free, right? There is nothing new about cryptocurrency scams on Twitter, especially ones pretending to be giveaways from Elon Musk. In 2018, scammers raked in $180,000 using a successful Elon Musk giveaway scam promoted on Twitter. Over the past week, security researcher MalwareHunterTeam has seen an uptick in verified Twitter accounts hacked in a scam promoting another fake Elon Musk cryptocurrency giveaway. The tweets will contain links that redirect to Medium articles promoting the fake giveaway. The articles contain further links to the scam landing pages that state if you send bitcoins to the listed address, they will send you back twice the amount.
While most of these tweets are using Elon Musk as their theme, some of the hacked accounts are also promoting fake giveaways from Tyler Winklevoss of Gemini Exchange. It is essential to understand that Elon Musk, Tesla, Gemini, or the Winklevoss twins will not send you cryptocurrency and that all these giveaways are scams. Source | bleepingcomputer.com/
Best weapon is to arm yourself with information and awareness. #Decryptedge got you covered.
Wishing you a good night and remember to always do your own research. This is not traditional investment advice and ought not to be deemed as financial recommendation. Must do your own research. #Decryptedge
On the stock markets, there is no certainty with further movement - the dollar index remains around 90.750, just like at the close on Friday, gold slightly decreased, oil has already lost about 1% since the market opening. There are no trades on the American market today, so it is unlikely that anything significant will happen on the markets. The movement of the dollar index will make it clear how the US markets will open tomorrow.
On the crypto market, the dominance index dropped to 66%. We previously designated the 65-67% zone (https://t.me/decryptedge/193) as an indicator of the possible completion of the market cycle.
What will happen next?
1. Sell off of Bitcoin below 30K, falling market capitalization by 30-40%, and several months of consolidation. It has always been that way, however dynamics have changed, for a number of reasons. This option is not the most likely.
We will not exclude a breakdown of support at 30500-30600 (especially against the background of some kind of FUD about the next ban on Bitcoin), but I think that all those who can reason such a correction is as an opportunity, the price below 30K will not stay long. Weak hands will give away #Bitcoin bought above 35K and will suffer. The development of this option will be similar to the September correction for a couple of weeks. Everyone remembers what happened next.
2. Consolidation of Bitcoin in a wide range of 32600-37800, with possible correction to 30K and attempts to take 40K. The process can take several weeks, or maybe months. Something like it was in June-July 2020 between 9000 and 10500.
3. Bitcoin is fixed above 40K until the end of January, market capitalization is fixed above 1.1 trillion, we go to a floor above.
In terms of likelihood, I would arrange these options as follows: 2-3-1.
The appearance of some significant negative (negative for XRP, for USDT, FUD about the ban on Bitcoin, etc.) can increase the likelihood of option 1
To some news UBS Bank warned clients that investing in Bitcoin could lose all their money. Earlier the British regulator did the same. The only question is that those who hold fiat are already losing money.
Losing money and freebies. Humans love free stuff..yet we know nothing is for free, right? There is nothing new about cryptocurrency scams on Twitter, especially ones pretending to be giveaways from Elon Musk. In 2018, scammers raked in $180,000 using a successful Elon Musk giveaway scam promoted on Twitter. Over the past week, security researcher MalwareHunterTeam has seen an uptick in verified Twitter accounts hacked in a scam promoting another fake Elon Musk cryptocurrency giveaway. The tweets will contain links that redirect to Medium articles promoting the fake giveaway. The articles contain further links to the scam landing pages that state if you send bitcoins to the listed address, they will send you back twice the amount.
While most of these tweets are using Elon Musk as their theme, some of the hacked accounts are also promoting fake giveaways from Tyler Winklevoss of Gemini Exchange. It is essential to understand that Elon Musk, Tesla, Gemini, or the Winklevoss twins will not send you cryptocurrency and that all these giveaways are scams. Source | bleepingcomputer.com/
Best weapon is to arm yourself with information and awareness. #Decryptedge got you covered.
Wishing you a good night and remember to always do your own research. This is not traditional investment advice and ought not to be deemed as financial recommendation. Must do your own research. #Decryptedge
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Bitcoin once again after renewing its highs at 42125, it dropped to 38700. The correction quickly bought out and for the last 4 hours Bitcoin has been trading in the range of 39600-40600. UPD. While writing the Review, Bitcoin has since dropped to 39200.…
I forgot to hit send button of yesterdays review. My apologies. Doing today's review and send it in a few.
Australian Bitcoin Trader Takes Banks to Tribunal After Sudden Account Closures. Thoughts on the market on 19.01.2021.
Australian Bitcoin Trader Takes Banks to Tribunal After Sudden Account Closures. Thoughts on the market on 19.01.2021.
Bitcoin moved in the range of 34800-37540 during the day. A correction below 35K was quickly bought out, the resistance was then established at 37400-37500. #Bitcoin is currently trading around 36800-36900. Total Crypto-Market capitalization is at $1041 billion and a BTC dominance index of 65.7%.
Equity markets opened positively - oil returned above 55, S&P 500 futures rallied, the dollar index declined slightly and is at 90.66.
On the crypto market, we see stable Bitcoin and the growth of altcoins. #BItcoin tried twice to go above 37500-37400 without success. Corrections to below 35K are also quickly bought out. Price has been bouncing in the range of 37500-35000 for the fourth day now. The BTC market dominance index fell below 66%, altcoins continue to grow, Etherum has returned above 1300, the market capitalization is held above 1 trillion.
The analysis for the movement of Bitcoin yesterday was given here (https://www.facebook.com/decryptedgeKe/posts/765132991084698). Today we will consider how altcoins will behave in the event of working out one or another option.
If option 2, which I think is the most probable, is worked out, the growth of altcoin will continue, and the dominance index may drop to 62-64%.
In the case of working out option 1 (sell of below 30K for a while), the altcoins will be all bad. As always, they will fall much stronger than Bitcoin, and will recover as it rises.
Option 3 - fixing Bitcoin above 40K - will lead to a drop in alts to Bitcoin and an increase to the dollar. The dominance index in this case will grow to 68-70%.
For information, the 100 largest Bitcoin wallets bought Bitcoin for $ 11 billion in the last 30 days. MicroStrategy CEO Michael Sailor said that #Bitcoin has more profit potential than Apple, Facebook, Amazon stocks in the early stages.
He knows what he is talking about, because was an early investor in these companies and made good money on them. His company bought Bitcoin at 11K, and then around 22K (https://t.me/decryptedge/140).
On a sad note: a cryptocurrency trader in Australia is seeking $250,000 AUD ($192,000 USD) in compensation from two banks claiming he was the victim of unlawful discrimination when his accounts were closed with little warning. Allan Flynn has started proceedings against Westpac and ANZ banks at the ACT Civil and Administrative Tribunal, which closed his accounts soon after they had been opened, reports the Australian Financial Review. Flynn had operated a digital currency exchange registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), but said he was unable to continue operating without banking services.
The trader said he purchased bitcoin on behalf of 450 customers via his business, but over three years had around 20 accounts closed by banks, including CBA, NAB, ING and Bendigo Bank. Westpac reportedly told Flynn his account was closed because it was “under investigation for cryptocurrency fraud.” “How am I supposed to run a lawful business if I can’t get a bank account?” Flynn told the Australian Financial Review. According to the report, he also claimed an ANZ employee had informed other banks and his customers that he was involved in fraud. The trader said he is considering raising his compensation request above $250,000 with the recent jump in the price of cryptocurrencies. Source | Coindesk.
The above story takes us back to my recent write up: Is crypto regulation good or bad(https://t.me/decryptedge/225) we are for sure going to see more of this even in Kenya. Without shooting far out wide, currently sorting out a similar issue with my bank and a mobile provider for choking and limiting my transactions.
On a good note: Stephen Harper, an economist and the former prime minister of Canada, said bitcoin could potentially see use as a reserve currency, but it isn’t going to supplant the U.S. dollar’s international role.
Bitcoin moved in the range of 34800-37540 during the day. A correction below 35K was quickly bought out, the resistance was then established at 37400-37500. #Bitcoin is currently trading around 36800-36900. Total Crypto-Market capitalization is at $1041 billion and a BTC dominance index of 65.7%.
Equity markets opened positively - oil returned above 55, S&P 500 futures rallied, the dollar index declined slightly and is at 90.66.
On the crypto market, we see stable Bitcoin and the growth of altcoins. #BItcoin tried twice to go above 37500-37400 without success. Corrections to below 35K are also quickly bought out. Price has been bouncing in the range of 37500-35000 for the fourth day now. The BTC market dominance index fell below 66%, altcoins continue to grow, Etherum has returned above 1300, the market capitalization is held above 1 trillion.
The analysis for the movement of Bitcoin yesterday was given here (https://www.facebook.com/decryptedgeKe/posts/765132991084698). Today we will consider how altcoins will behave in the event of working out one or another option.
If option 2, which I think is the most probable, is worked out, the growth of altcoin will continue, and the dominance index may drop to 62-64%.
In the case of working out option 1 (sell of below 30K for a while), the altcoins will be all bad. As always, they will fall much stronger than Bitcoin, and will recover as it rises.
Option 3 - fixing Bitcoin above 40K - will lead to a drop in alts to Bitcoin and an increase to the dollar. The dominance index in this case will grow to 68-70%.
For information, the 100 largest Bitcoin wallets bought Bitcoin for $ 11 billion in the last 30 days. MicroStrategy CEO Michael Sailor said that #Bitcoin has more profit potential than Apple, Facebook, Amazon stocks in the early stages.
He knows what he is talking about, because was an early investor in these companies and made good money on them. His company bought Bitcoin at 11K, and then around 22K (https://t.me/decryptedge/140).
On a sad note: a cryptocurrency trader in Australia is seeking $250,000 AUD ($192,000 USD) in compensation from two banks claiming he was the victim of unlawful discrimination when his accounts were closed with little warning. Allan Flynn has started proceedings against Westpac and ANZ banks at the ACT Civil and Administrative Tribunal, which closed his accounts soon after they had been opened, reports the Australian Financial Review. Flynn had operated a digital currency exchange registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), but said he was unable to continue operating without banking services.
The trader said he purchased bitcoin on behalf of 450 customers via his business, but over three years had around 20 accounts closed by banks, including CBA, NAB, ING and Bendigo Bank. Westpac reportedly told Flynn his account was closed because it was “under investigation for cryptocurrency fraud.” “How am I supposed to run a lawful business if I can’t get a bank account?” Flynn told the Australian Financial Review. According to the report, he also claimed an ANZ employee had informed other banks and his customers that he was involved in fraud. The trader said he is considering raising his compensation request above $250,000 with the recent jump in the price of cryptocurrencies. Source | Coindesk.
The above story takes us back to my recent write up: Is crypto regulation good or bad(https://t.me/decryptedge/225) we are for sure going to see more of this even in Kenya. Without shooting far out wide, currently sorting out a similar issue with my bank and a mobile provider for choking and limiting my transactions.
On a good note: Stephen Harper, an economist and the former prime minister of Canada, said bitcoin could potentially see use as a reserve currency, but it isn’t going to supplant the U.S. dollar’s international role.
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This is not financial advice, analysis and market thoughts is to give you an idea about Bitcoin price movement (not buy or sell advice) so before following any idea be sure to do your own research, and follow your risk management. The information we share here is an effort and view from where we sit. It is subject to success or failure and we welcome constructive criticism 🙏.
I hadn't planned on posting the market thoughts today, since I am on the road but two ladies kind of forced me into it now.
Christine Lagarde showed once again that she does not have the slightest clue about cryptocurrencies, especially bitcoin. In my view, money laundering and terror financing are the weakest arguments against bitcoin. I can understand, of course, that a head of a central bank (side remark: with a badly functioning currency/monetary system) feels threatened by bitcoin. And I say this as someone who does not believe that bitcoin will replace any large national currency. Source | https://markets.businessinsider.com
And then we have Janet Yellen, (we spoke about her here:https://t.me/decryptedge/103) a former central banker and now President-elect Biden’s pick for Secretary of the Treasury, who also has strong concerns that bitcoin is mainly being used for terrorist financing and money laundering. But reading through her statement, it looks like she is more concerned about a particular feature bitcoin offers: anonymous peer-to-peer payment. Source |
https://decrypt.co
These leaders are basically using the powerful leverage of spreading fear among the citizens by accusing bitcoin of being the currency of criminals, which could harm upstanding citizens. But behind closed doors, I am certain that what they really are afraid of is the power shift away from their national currencies. Also, I think they are trying to buy time due to the fact that their CBDC projects are not ready yet. They would like to be the sole architects of the digital currency future, but with bitcoin and the likes evolving so quickly, they fear that they are losing control.
These are my personal 50 cents on those reports. I'm more than happy to hear your opinions and discuss this further. This is not financial advice, analysis and market thoughts is to give you an idea about Bitcoin price movement (not buy or sell advice) so before following any idea be sure to do your own research, and follow your risk management. The information we share here is an effort and view from where we sit. It is subject to success or failure and we welcome constructive criticism 🙏. Image Courtesy.
Christine Lagarde showed once again that she does not have the slightest clue about cryptocurrencies, especially bitcoin. In my view, money laundering and terror financing are the weakest arguments against bitcoin. I can understand, of course, that a head of a central bank (side remark: with a badly functioning currency/monetary system) feels threatened by bitcoin. And I say this as someone who does not believe that bitcoin will replace any large national currency. Source | https://markets.businessinsider.com
And then we have Janet Yellen, (we spoke about her here:https://t.me/decryptedge/103) a former central banker and now President-elect Biden’s pick for Secretary of the Treasury, who also has strong concerns that bitcoin is mainly being used for terrorist financing and money laundering. But reading through her statement, it looks like she is more concerned about a particular feature bitcoin offers: anonymous peer-to-peer payment. Source |
https://decrypt.co
These leaders are basically using the powerful leverage of spreading fear among the citizens by accusing bitcoin of being the currency of criminals, which could harm upstanding citizens. But behind closed doors, I am certain that what they really are afraid of is the power shift away from their national currencies. Also, I think they are trying to buy time due to the fact that their CBDC projects are not ready yet. They would like to be the sole architects of the digital currency future, but with bitcoin and the likes evolving so quickly, they fear that they are losing control.
These are my personal 50 cents on those reports. I'm more than happy to hear your opinions and discuss this further. This is not financial advice, analysis and market thoughts is to give you an idea about Bitcoin price movement (not buy or sell advice) so before following any idea be sure to do your own research, and follow your risk management. The information we share here is an effort and view from where we sit. It is subject to success or failure and we welcome constructive criticism 🙏. Image Courtesy.
markets.businessinsider.com
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Ex-#RealMadrid #Football Player Joins a Spanish Lower Division Club in Deal Financed With Crypto. Thoughts on the market on 21.01.2021