JPMorgan Says They Have “Diamond Hands” as Oil-Crypto Alliances Form in North America To Power Bitcoin Miners. Thoughts on the market on 24.05. 2021
#Bitcoin was again looking for a bottom, reaching lows of 31,111 on Binance exchange, the correction was nonetheless bought out and price went up. At the time of this writing, Bitcoin is trading at 36,240. Total Crypto Market capitalization is at $1.4 Trillion with BTC dominance index of 45.0%
Equity markets opened slightly higher. At the moment, futures for the S&P 500 are in positive territory and added 0.14%. Asian indices are trading in different directions. Gold, silver and oil are on the rise.
With Bitcoin spending the weekend quite stormy: on Saturday it traded above 38K, yesterday it was looking for a bottom just above 31K, with the opening of the markets it went up from 35,100 to now trading at 36k. Ethereum and most of the main altcoins followed Bitcoin, continuing a ten-day sale, capitalization the entire market fell below $1.5 trillion and dominance index rising to 46%.
China is to blame again with a new portion of FUD in the direction of crypto mining operations, which, by the way, Iran is already ready to accept mining officially regulated by law. Citing the regulatory crackdown, BTC.TOP, one of the biggest crypto mining pools, announced the suspension of its China business. Founder Jiang Zhuoer, said that they are planning to move the operations to North America, reported by Reuters. As we know, China alone accounts for 70% of the total crypto mining market worldwide. Thus, if the Chinese miners decide to turn off their rigs, even for a short time, the effects of the same can be far-reaching.
Plan for today. If bitcoin fails to gain a foothold at 35K, there is a risk of a new decline to the 34K levels where the initial support is located, a departure below this level will open the way to 32-30K. But I still expect a breakthrough towards 37K and higher, which will be the priority forecast option (again, if there is no FUD).
In North America, oil and crypto alliances are being formed to support bitcoin miners. Source. Bitcoin miners in North America are teaming up with oil drillers to utilize excess natural gas and mine the leading crypto asset. Reuters reports that Bitcoin miners are sending mobile mining rigs on trailers out to oil drilling sites in North Dakota to harness the excess energy produced and efficiently convert it into crypto. The alliance between crypto miners and American oil companies could potentially take BTC out of the hands of miners in China who primarily use non-renewable energy sources, says Mark Le Dain, vice president of oil and gas data intelligence firm Validere Technologies.
“It helps cut emissions at (an oil) producer level, but also globally by reducing mining in parts of the world where coal is likely the power source.”
Lastly JPMorgan says they have diamond hands too. With the crypto market looking pretty bloody yesterday, prices dropping like crazy, this volatility hasn’t changed JPMorgan’s optimistic view on shares of Signature Bank, a leader in the digital asset sphere. “The regional bank’s digital asset banking strategy and its real-time, blockchain-based payments platform “Signet” has attracted increased investor interest as cryptocurrency has gained attention,” CNBC noted. The JPMorgan note comes on the tail of a roller-coaster week for cryptos. Crypto prices fell as Chinese authorities reiterated calls for tighter regulation on crypto mining and trading, while the U.S. Treasury announced it would require stricter crypto compliance with the IRS.
Tesla also has diamond hands Speaking of diamond hands, Tesla seems to have these as well. As you probably know by now, Elon Musk has been manipulating the crypto market and this led to the weak hands selling Bitcoin these past days. The other day, BTC hit a dip of $30k and thirsty investors bought this dip, of course. Musk dropped another relevant tweet on social media, implying that Tesla is not selling any BTC.
#Bitcoin was again looking for a bottom, reaching lows of 31,111 on Binance exchange, the correction was nonetheless bought out and price went up. At the time of this writing, Bitcoin is trading at 36,240. Total Crypto Market capitalization is at $1.4 Trillion with BTC dominance index of 45.0%
Equity markets opened slightly higher. At the moment, futures for the S&P 500 are in positive territory and added 0.14%. Asian indices are trading in different directions. Gold, silver and oil are on the rise.
With Bitcoin spending the weekend quite stormy: on Saturday it traded above 38K, yesterday it was looking for a bottom just above 31K, with the opening of the markets it went up from 35,100 to now trading at 36k. Ethereum and most of the main altcoins followed Bitcoin, continuing a ten-day sale, capitalization the entire market fell below $1.5 trillion and dominance index rising to 46%.
China is to blame again with a new portion of FUD in the direction of crypto mining operations, which, by the way, Iran is already ready to accept mining officially regulated by law. Citing the regulatory crackdown, BTC.TOP, one of the biggest crypto mining pools, announced the suspension of its China business. Founder Jiang Zhuoer, said that they are planning to move the operations to North America, reported by Reuters. As we know, China alone accounts for 70% of the total crypto mining market worldwide. Thus, if the Chinese miners decide to turn off their rigs, even for a short time, the effects of the same can be far-reaching.
Plan for today. If bitcoin fails to gain a foothold at 35K, there is a risk of a new decline to the 34K levels where the initial support is located, a departure below this level will open the way to 32-30K. But I still expect a breakthrough towards 37K and higher, which will be the priority forecast option (again, if there is no FUD).
In North America, oil and crypto alliances are being formed to support bitcoin miners. Source. Bitcoin miners in North America are teaming up with oil drillers to utilize excess natural gas and mine the leading crypto asset. Reuters reports that Bitcoin miners are sending mobile mining rigs on trailers out to oil drilling sites in North Dakota to harness the excess energy produced and efficiently convert it into crypto. The alliance between crypto miners and American oil companies could potentially take BTC out of the hands of miners in China who primarily use non-renewable energy sources, says Mark Le Dain, vice president of oil and gas data intelligence firm Validere Technologies.
“It helps cut emissions at (an oil) producer level, but also globally by reducing mining in parts of the world where coal is likely the power source.”
Lastly JPMorgan says they have diamond hands too. With the crypto market looking pretty bloody yesterday, prices dropping like crazy, this volatility hasn’t changed JPMorgan’s optimistic view on shares of Signature Bank, a leader in the digital asset sphere. “The regional bank’s digital asset banking strategy and its real-time, blockchain-based payments platform “Signet” has attracted increased investor interest as cryptocurrency has gained attention,” CNBC noted. The JPMorgan note comes on the tail of a roller-coaster week for cryptos. Crypto prices fell as Chinese authorities reiterated calls for tighter regulation on crypto mining and trading, while the U.S. Treasury announced it would require stricter crypto compliance with the IRS.
Tesla also has diamond hands Speaking of diamond hands, Tesla seems to have these as well. As you probably know by now, Elon Musk has been manipulating the crypto market and this led to the weak hands selling Bitcoin these past days. The other day, BTC hit a dip of $30k and thirsty investors bought this dip, of course. Musk dropped another relevant tweet on social media, implying that Tesla is not selling any BTC.
That concludes our day's market thoughts. Remember, you must always do your own research. This is not traditional investment or financial advice. #Decryptedge.
#Coinbase Recruits a Former White House Adviser to a New Policy Role, as Elon Musk talks to ‘North American Bitcoin miners,’ Potentially promising.” Thoughts on the market on 25.05.2021
#Bitcoin has been moving in the range of $39900-34000 during the last 24hrs, with several attempts to break through the resistance at 40K without any success. As at the time of writing the review, #Bitcoin is trading around $38,949. Total Crypto Market capitalization of $1.6 Trillion and BTC dominance index of 44.0%.
The stock market ended Monday trading with growth. The Dow Jones climbed 0.54%, the S&P 500 rose 0.99%, and the NASDAQ rose 1.41%. Gold and silver fell in price. The dollar index dropped 0.09% to 89.76.
For Bitcoin, the priority version of yesterday's forecast worked out. #Bitcoin was able to break through the resistance at 37K and moved to growth, to a high of 39920 on the #Binance exchange. We are now trying to stay at 38K. Altcoins have returned to life, some have shown growth of 50%, the dominance index continues to fall, the total market capitalization has returned above $ 1.5 trillion.
Yesterday Elon Musk brought a positive bump to the market, who tweeted that he talked with North American miners and they pledged to publish the current and planned use of renewable energy sources. We talked about it here too yesterday. A meeting was organized by Michael Sailor, who has 111,000 BTC. I am sure that everything is going according to plan and there will soon be a logical outcome.
The priority option for today is (in the absence of negative) Bitcoin in the range of 36,000-40,000. If we go below 36K, then again we can test 35,500-35,000.
#Coinbase is hiring former White House adviser Faryar Shirzad to lobby for the company's interests. With expansion comes a greater focus on policy and regulatory issues. Coinbase’s hire comes with decades of experience in the public and private sectors. #Coinabse said: “[...] Faryar will engage with lawmakers, regulators and other policy experts to realize crypto’s full potential to fuel a more equitable financial system along with job creation, GDP growth, and innovation.” Source | cointelegraph.com
On the same, #Coinbase stock could soar another 36% from its Friday close price. This comes from Goldman analysts who believe Coinbase is "the best way to gain exposure to the expansion of the crypto-native ecosystem," the analysts wrote in the Monday report. "If meaningful parts of the economy can transition to blockchain and crypto-native technology over time," the analysts wrote, "we see significant opportunity for [Coinbase] to benefit from its status as a critical element of the financial infrastructure for the ecosystem." Coinbase's security and regulatory compliance helps bolster that case judging from the update above by reaching out to a former white house advisor. Apart from Coinbase's role in the blockchain ecosystem, Goldman sees strong growth in the firm's transaction revenues, far and away Coinbase's biggest slice of sales, predicting that near term, "continued strong growth in users [will be] driving solid organic growth for the business."
Much like other analysts, the Goldman team note that investors may be "too focused" on the price of stalwart coins traded on Coinbase, like Bitcoin and Ethereum, instead of on the fact that volatility itself is a boon for the firm's business, just like at traditional stock or securities brokerages.
Wishing you a great day ahead, remember, you must always do your own research. This is not traditional investment or financial advice. #Decryptedge.
#Bitcoin has been moving in the range of $39900-34000 during the last 24hrs, with several attempts to break through the resistance at 40K without any success. As at the time of writing the review, #Bitcoin is trading around $38,949. Total Crypto Market capitalization of $1.6 Trillion and BTC dominance index of 44.0%.
The stock market ended Monday trading with growth. The Dow Jones climbed 0.54%, the S&P 500 rose 0.99%, and the NASDAQ rose 1.41%. Gold and silver fell in price. The dollar index dropped 0.09% to 89.76.
For Bitcoin, the priority version of yesterday's forecast worked out. #Bitcoin was able to break through the resistance at 37K and moved to growth, to a high of 39920 on the #Binance exchange. We are now trying to stay at 38K. Altcoins have returned to life, some have shown growth of 50%, the dominance index continues to fall, the total market capitalization has returned above $ 1.5 trillion.
Yesterday Elon Musk brought a positive bump to the market, who tweeted that he talked with North American miners and they pledged to publish the current and planned use of renewable energy sources. We talked about it here too yesterday. A meeting was organized by Michael Sailor, who has 111,000 BTC. I am sure that everything is going according to plan and there will soon be a logical outcome.
The priority option for today is (in the absence of negative) Bitcoin in the range of 36,000-40,000. If we go below 36K, then again we can test 35,500-35,000.
#Coinbase is hiring former White House adviser Faryar Shirzad to lobby for the company's interests. With expansion comes a greater focus on policy and regulatory issues. Coinbase’s hire comes with decades of experience in the public and private sectors. #Coinabse said: “[...] Faryar will engage with lawmakers, regulators and other policy experts to realize crypto’s full potential to fuel a more equitable financial system along with job creation, GDP growth, and innovation.” Source | cointelegraph.com
On the same, #Coinbase stock could soar another 36% from its Friday close price. This comes from Goldman analysts who believe Coinbase is "the best way to gain exposure to the expansion of the crypto-native ecosystem," the analysts wrote in the Monday report. "If meaningful parts of the economy can transition to blockchain and crypto-native technology over time," the analysts wrote, "we see significant opportunity for [Coinbase] to benefit from its status as a critical element of the financial infrastructure for the ecosystem." Coinbase's security and regulatory compliance helps bolster that case judging from the update above by reaching out to a former white house advisor. Apart from Coinbase's role in the blockchain ecosystem, Goldman sees strong growth in the firm's transaction revenues, far and away Coinbase's biggest slice of sales, predicting that near term, "continued strong growth in users [will be] driving solid organic growth for the business."
Much like other analysts, the Goldman team note that investors may be "too focused" on the price of stalwart coins traded on Coinbase, like Bitcoin and Ethereum, instead of on the fact that volatility itself is a boon for the firm's business, just like at traditional stock or securities brokerages.
Wishing you a great day ahead, remember, you must always do your own research. This is not traditional investment or financial advice. #Decryptedge.
White House reviews ‘gaps’ in Cryptocurrency rules as Bitcoin Swings Wildly. Thoughts on the market on 26.05. 2021
Bitcoin continued its growth during the day, reaching a high of $39791 on Binance exchange. It was not possible to gain a foothold above 40K and Bitcoin went down. At the time of writing this review, the main cryptocurrency is trading at around 39,100 with a total crypto market capitalization of $1.7 Trillion, btc dominance index of 42.9%
The stock market ended Tuesday trading with a fall. The Dow Jones fell 0.24%, the S&P 500 fell 0.21%, and the NASDAQ lost 0.03%. The dollar index rose 0.01% to 89.625. Gold and silver are on the rise.
For Bitcoin, the priority version of yesterday's forecast worked out. Bitcoin remained in the indicated range, there were several attempts to break through the resistance at 40K, but so far not been successful.
Altcoins are showing steady growth, market capitalization is above 1.7 trillion, dominance index is 42.9% and continues to fall. Ether is growing steadily, a daily high of $2850 was attained. A recent poll showed that more Americans have heard about Dogecoin than about Ethereum. According to the survey, 29% of respondents said they were familiar with Dogecoin, compared to 21% who were familiar with Ethereum. This means that we still have room to grow.
Plan for today. If we cannot break through the resistance at 40K, then we can go to 37000-35000. Departure above 40K will open the road to 42 and higher, which will be the priority forecast option. Major support levels are 38200-37000, major resistance levels are 39500-40000.
To some news, President Joe Biden's administration is considering imposing restrictions on cryptocurrencies due to strong fluctuations. Discussion around cryptocurrency guardrails that still allow investors to ‘dogecoin to their heart’s content’ White House officials were briefed by career staff members at the Treasury Department about the risks posed by cryptocurrency earlier this month, said two people familiar with the matter. The issue has also been raised in conversations with federal regulators involving the department’s Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau (CFPB), although those discussions did not involve principal-level officials such as Treasury Secretary Janet Yellen. The Treasury Department announced a plan last week to require cryptocurrency companies to provide the Internal Revenue Service with more financial information. The reporting requirements would hit firms receiving cryptocurrency with a fair market value of more than $10,000. That measure is tied up with the Biden administration’s broader tax and spending proposals, complicating its path toward passage.
“If you increase third-party reporting for currency transactions, it will help significantly with tax compliance and that’s what the Treasury is proposing,” said John Koskinen, who served as IRS commissioner in the past two administrations. “It would make a difference. The statistics are clear: The more third-party information the IRS has, the higher the rate of compliance.” Source
JPMorgan says the cryptocurrency market remains healthy despite a massive correction. Source.
Game retailer GameStop is building an NFT platform on Ethereum. Source.
Indonesia joins the global digital currency promotion and will release a national digital currency. Source.
As always, wishing you a great day ahead 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.
Bitcoin continued its growth during the day, reaching a high of $39791 on Binance exchange. It was not possible to gain a foothold above 40K and Bitcoin went down. At the time of writing this review, the main cryptocurrency is trading at around 39,100 with a total crypto market capitalization of $1.7 Trillion, btc dominance index of 42.9%
The stock market ended Tuesday trading with a fall. The Dow Jones fell 0.24%, the S&P 500 fell 0.21%, and the NASDAQ lost 0.03%. The dollar index rose 0.01% to 89.625. Gold and silver are on the rise.
For Bitcoin, the priority version of yesterday's forecast worked out. Bitcoin remained in the indicated range, there were several attempts to break through the resistance at 40K, but so far not been successful.
Altcoins are showing steady growth, market capitalization is above 1.7 trillion, dominance index is 42.9% and continues to fall. Ether is growing steadily, a daily high of $2850 was attained. A recent poll showed that more Americans have heard about Dogecoin than about Ethereum. According to the survey, 29% of respondents said they were familiar with Dogecoin, compared to 21% who were familiar with Ethereum. This means that we still have room to grow.
Plan for today. If we cannot break through the resistance at 40K, then we can go to 37000-35000. Departure above 40K will open the road to 42 and higher, which will be the priority forecast option. Major support levels are 38200-37000, major resistance levels are 39500-40000.
To some news, President Joe Biden's administration is considering imposing restrictions on cryptocurrencies due to strong fluctuations. Discussion around cryptocurrency guardrails that still allow investors to ‘dogecoin to their heart’s content’ White House officials were briefed by career staff members at the Treasury Department about the risks posed by cryptocurrency earlier this month, said two people familiar with the matter. The issue has also been raised in conversations with federal regulators involving the department’s Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau (CFPB), although those discussions did not involve principal-level officials such as Treasury Secretary Janet Yellen. The Treasury Department announced a plan last week to require cryptocurrency companies to provide the Internal Revenue Service with more financial information. The reporting requirements would hit firms receiving cryptocurrency with a fair market value of more than $10,000. That measure is tied up with the Biden administration’s broader tax and spending proposals, complicating its path toward passage.
“If you increase third-party reporting for currency transactions, it will help significantly with tax compliance and that’s what the Treasury is proposing,” said John Koskinen, who served as IRS commissioner in the past two administrations. “It would make a difference. The statistics are clear: The more third-party information the IRS has, the higher the rate of compliance.” Source
JPMorgan says the cryptocurrency market remains healthy despite a massive correction. Source.
Game retailer GameStop is building an NFT platform on Ethereum. Source.
Indonesia joins the global digital currency promotion and will release a national digital currency. Source.
As always, wishing you a great day ahead 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.
#Apple Seeks to Hire 'alternative payments' Manager with #Crypto Experience, as #PayPal works to enable #Crypto Withdrawal to External Wallets. Thoughts on the market as of 27.05. 20021
Yesterday, #Bitcoin tried several times to gain a foothold above 40K, but did not succeed and moved to a decline. A low price of $37180 which the price reached a few minutes ago on Binance exchange. At the time of this writing, Bitcoin is trading at around 37300. Total crypto market capitalization of $1.6 Trillion, with a BTC dominance index of 42.7%
The stock market ended Wednesday trading with growth. The Dow Jones climbed 0.03%, the S&P 500 gained 0.19%, and the NASDAQ rose 0.59%. Gold and oil are falling. The dollar index climbed 0.06% to 90.080.
An alternative analysis worked out yesterday on the crypto market. Everything went according to the priority scenario. Bitcoin broke through the resistance at 40K and began to move higher to a high price of 40841, but then a sell off began and we went to 37K where we are trading at that moment.
Plan for today is if we cannot stay at 37K, this may give rise to a new sell off and there may be a chance to test 36 and even 34K. A break of resistance at 39500 will open the way for us at 40K and above.
PayPal users will be able to withdraw cryptocurrency to external wallets. The news was reported by Reuters Wednesday afternoon, comes just seven months after PayPal first enabled crypto purchases on its platform. Lest we forget, back in October 2020. (https://t.me/decryptedge/35) At the time, the decision was heralded as a major milestone in mainstream recognition of digital assets. PayPal’s embrace of crypto appears to be rooted in a clearly defined strategy that sees digital-asset use cases growing rapidly over time. Cointelegraph previously reported, CEO Dan Schulman believes we will see a “tremendous decline in the use of cash” over the next decade, adding: “All form factors of payment will collapse into the mobile phone. Credit cards as a form factor will go away, and you will use your phone because a phone can add much more value than just tapping your credit card.”
Apple is seeking a business professional with more than 10 years of experience, including a five-year track record “with alternative payment providers, such as digital wallets, BNPL, Fast Payments, cryptocurrency” and others. Back in February this year we spoke about this (https://t.me/decryptedge/299) not a self prophecy but just connecting the dots. The job posting is compelling, Apple remains largely on the sidelines of the cryptocurrency industry and has yet to signal definitive plans for expanding into this market. Interestingly, cryptocurrency exchange Coinbase recently overtook TikTok as the most downloaded app on Apple's App Store.
Wishing you a blessed week ahead and remember this is not traditional investment advice. Must do your own research. D.Y.O.R. #Decryptedge
Yesterday, #Bitcoin tried several times to gain a foothold above 40K, but did not succeed and moved to a decline. A low price of $37180 which the price reached a few minutes ago on Binance exchange. At the time of this writing, Bitcoin is trading at around 37300. Total crypto market capitalization of $1.6 Trillion, with a BTC dominance index of 42.7%
The stock market ended Wednesday trading with growth. The Dow Jones climbed 0.03%, the S&P 500 gained 0.19%, and the NASDAQ rose 0.59%. Gold and oil are falling. The dollar index climbed 0.06% to 90.080.
An alternative analysis worked out yesterday on the crypto market. Everything went according to the priority scenario. Bitcoin broke through the resistance at 40K and began to move higher to a high price of 40841, but then a sell off began and we went to 37K where we are trading at that moment.
Plan for today is if we cannot stay at 37K, this may give rise to a new sell off and there may be a chance to test 36 and even 34K. A break of resistance at 39500 will open the way for us at 40K and above.
PayPal users will be able to withdraw cryptocurrency to external wallets. The news was reported by Reuters Wednesday afternoon, comes just seven months after PayPal first enabled crypto purchases on its platform. Lest we forget, back in October 2020. (https://t.me/decryptedge/35) At the time, the decision was heralded as a major milestone in mainstream recognition of digital assets. PayPal’s embrace of crypto appears to be rooted in a clearly defined strategy that sees digital-asset use cases growing rapidly over time. Cointelegraph previously reported, CEO Dan Schulman believes we will see a “tremendous decline in the use of cash” over the next decade, adding: “All form factors of payment will collapse into the mobile phone. Credit cards as a form factor will go away, and you will use your phone because a phone can add much more value than just tapping your credit card.”
Apple is seeking a business professional with more than 10 years of experience, including a five-year track record “with alternative payment providers, such as digital wallets, BNPL, Fast Payments, cryptocurrency” and others. Back in February this year we spoke about this (https://t.me/decryptedge/299) not a self prophecy but just connecting the dots. The job posting is compelling, Apple remains largely on the sidelines of the cryptocurrency industry and has yet to signal definitive plans for expanding into this market. Interestingly, cryptocurrency exchange Coinbase recently overtook TikTok as the most downloaded app on Apple's App Store.
Wishing you a blessed week ahead and remember this is not traditional investment advice. Must do your own research. D.Y.O.R. #Decryptedge
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#decryptedge Thoughts on the market on 22.10.2020: #PayPal Embraces #Crypto, Igniting Market as Mainstream Adoption Inches Closer. ⚠️
#Bitcoin exceeded expectations from yesterday's review, not only consolidated above 12K, but also updated annual highs above…
#Bitcoin exceeded expectations from yesterday's review, not only consolidated above 12K, but also updated annual highs above…
Would you believe this Guy! JPMorgan CEO Says Stay Away from Bitcoin!, As SEC Attorney Moves to Withdraw from Ripple Case. Thoughts on the market on 28.05. 2021
Bitcoin yesterday again could not stay at the 40K level and moved to a decline, a low of 37219 was registered on Binance exchange, where it is currently being traded. Current total Crypto Market capitalization is $1.6 Trillion with BTC dominance index of 42.4%.
This worked out as per our yesterday’s analysis with a departure above 40K, but we could not hold out there and again returned to 37K, now we are trying to gain a foothold above 37500.
Joe Biden is set to announce a massive fiscal change today, the largest since World War II, to secure investment in major infrastructure, education and health projects. The project calls for $ 6 trillion in spending in 2022. The printing press is back in business, and this is the ideal scenario for Bitcoin's growth, with just a little wait.
The priority option for today is Bitcoin in the range of 36,000-40,000. An alternative option is a spillage below 36K and a possible test of 35-34K in case of a negative external background.
JPMorgan CEO says to stay away from Bitcoin, again. He said this when he was asked by Republican Congressman Warren Davidson about how his views on Bitcoin have changed during a May 27 House Financial Services Committee hearing, JPMorgan CEO Jamie Dimon said that they, in fact, hadn’t changed much: “My own personal advice to people is stay away from it. That does not mean the clients don't want it. This goes back to how you have to run a business. I don't smoke marijuana, but if you make it nationally legal, I'm not going to stop our people from banking it. I don't tell people how to spend their money. My own personal view is it's nothing like a fiat currency, it's nothing like gold. Buyer beware.” However, he seems to hold a favorable view of fiat-backed stablecoins and blockchain in general.
Lastly a SEC prosecutor withdraws from the Ripple case, most likely he understands the denouement and does not want to write down such a failure in his track record. Dugan Bliss, senior trial counsel at the U.S. Securities and Exchange Commission, is seeking the court's permission to withdraw from the Ripple case. The Ripple case is still in its pre-trial discovery phase. As reported by U.Today, the SEC is now seeking to expand the number of depositions. During an Apr. 9 conference, Bliss said that the agency had not taken an official position on Ethereum despite a comment made by Bill Hinman, the former director of the SEC's Division of Corporation Finance, about Ether not being a security:
So I want to make clear that this is my understanding of the current situation and I don't want to be overly technical, but the SEC, itself, my understanding, it has not taken an official position. There is no action that it took to say Bitcoin is not a security, Ether is not a security.
Do not forget that on the thin weekend market, movements by a couple of thousand points in any direction are possible. The only reason by the way why #Bitcoin is dumping is shorting pressure from derivative markets. #Bitcoin keeps struggling because derivative markets keep shorting. $BTC futures price is more expensive than its spot price. This market has not been spot-driven since mid-May. After the dumping, the market usually turned into derivative-driven, making weird price movements due to long/short squeeze.
The constant downwards pressure is not caused by people selling The sharps downwards moves are caused by liquidated long positions triggering other long position liquidations
The ferocity of these dumps is not caused by people selling though, it is caused by cascading liquidations. When liquidated on a long position your long gets market dumped, liquidations trigger more liquidations.
That concludes our day's market thoughts. Remember, you must always do your own research. This is not traditional investment or financial advice. #Decryptedge
Bitcoin yesterday again could not stay at the 40K level and moved to a decline, a low of 37219 was registered on Binance exchange, where it is currently being traded. Current total Crypto Market capitalization is $1.6 Trillion with BTC dominance index of 42.4%.
This worked out as per our yesterday’s analysis with a departure above 40K, but we could not hold out there and again returned to 37K, now we are trying to gain a foothold above 37500.
Joe Biden is set to announce a massive fiscal change today, the largest since World War II, to secure investment in major infrastructure, education and health projects. The project calls for $ 6 trillion in spending in 2022. The printing press is back in business, and this is the ideal scenario for Bitcoin's growth, with just a little wait.
The priority option for today is Bitcoin in the range of 36,000-40,000. An alternative option is a spillage below 36K and a possible test of 35-34K in case of a negative external background.
JPMorgan CEO says to stay away from Bitcoin, again. He said this when he was asked by Republican Congressman Warren Davidson about how his views on Bitcoin have changed during a May 27 House Financial Services Committee hearing, JPMorgan CEO Jamie Dimon said that they, in fact, hadn’t changed much: “My own personal advice to people is stay away from it. That does not mean the clients don't want it. This goes back to how you have to run a business. I don't smoke marijuana, but if you make it nationally legal, I'm not going to stop our people from banking it. I don't tell people how to spend their money. My own personal view is it's nothing like a fiat currency, it's nothing like gold. Buyer beware.” However, he seems to hold a favorable view of fiat-backed stablecoins and blockchain in general.
Lastly a SEC prosecutor withdraws from the Ripple case, most likely he understands the denouement and does not want to write down such a failure in his track record. Dugan Bliss, senior trial counsel at the U.S. Securities and Exchange Commission, is seeking the court's permission to withdraw from the Ripple case. The Ripple case is still in its pre-trial discovery phase. As reported by U.Today, the SEC is now seeking to expand the number of depositions. During an Apr. 9 conference, Bliss said that the agency had not taken an official position on Ethereum despite a comment made by Bill Hinman, the former director of the SEC's Division of Corporation Finance, about Ether not being a security:
So I want to make clear that this is my understanding of the current situation and I don't want to be overly technical, but the SEC, itself, my understanding, it has not taken an official position. There is no action that it took to say Bitcoin is not a security, Ether is not a security.
Do not forget that on the thin weekend market, movements by a couple of thousand points in any direction are possible. The only reason by the way why #Bitcoin is dumping is shorting pressure from derivative markets. #Bitcoin keeps struggling because derivative markets keep shorting. $BTC futures price is more expensive than its spot price. This market has not been spot-driven since mid-May. After the dumping, the market usually turned into derivative-driven, making weird price movements due to long/short squeeze.
The constant downwards pressure is not caused by people selling The sharps downwards moves are caused by liquidated long positions triggering other long position liquidations
The ferocity of these dumps is not caused by people selling though, it is caused by cascading liquidations. When liquidated on a long position your long gets market dumped, liquidations trigger more liquidations.
That concludes our day's market thoughts. Remember, you must always do your own research. This is not traditional investment or financial advice. #Decryptedge
End of the Run of Nigeria’s biggest Crypto Ponzi Schemes and Kenyan version too Amazon Web Worker. Market thoughts as of 31. 05. 2021
Bitcoin traditionally spent the weekend quite stormy. On Saturday, it traded above 36K, reaching a high of 36500 on Binance Exchange, yesterday evening it began to fall and fell to 34250. Currently Bitcoin is trading at $34600 as at time of writing this review. Total Crypto Market capitalization is at $1.4 Trillion and a BTC dominance index 43.2%
Stock markets opened higher. At the moment, futures for the S&P 500 are slightly positive, Asian indices are trading in different directions, gold and silver have risen in price.
For Bitcoin, an alternative version of the Friday forecast worked out. We were unable to stay above 37K and went down to a decline. Then there were several attempts to gain a foothold above 36K, but did not work, now we are trying to stay above 34500. The capitalization of the entire market dropped below 1.5 trillion, altcoins follow Bitoin, there is no positive yet.
Today it is very important to show growth in order to close the month on the positive. If we cannot gain a foothold above 36K, or better than 37K, then we will start the decline again, the first strong support is at 34K, moving below will return the price to 32-30K. A close above 36-37K will provide an opportunity for sustained growth to 40K and above.
To some interesting news, Indian banks are advising clients to follow RBI guidelines and refrain from cryptocurrency transactions. Although crypto trading isn’t illegal in India, big banking institutions in the country are sending their customers advisories to refrain from indulging in crypto transactions. As reported by a local news publication The Hindu, many banks are sending formal warnings to their customers for digital currency transactions.
The banks are citing the 2018-rule from the Reserve Bank of India (RBI) that doesn’t permit banks to indulge in crypto exchanges. A number of users have reported the same on Twitter. Account-holders in India’s largest banking institution – HDFC Bank – tweeted that they have received cautionary emails referring to crypto transactions from their account.
This same bank released a report stating that cryptocurrencies might soon get legal status in the country. The banking giant also said that Bitcoin (BTC) could emerge as a potential asset class just like Gold. Other banking institutions also initiated similar actions to the extent of suspending or cancelling the credit cards if users use them for transacting on crypto trading platforms. Some banks have asked customers to fill a self-declaration form stating that they won’t be involved in crypto transactions. Last year, the Supreme Court of India lifted the ban on crypto transactions put by the RBI in 2018. Since then, there’s been no formal announcement from the RBI. The Finance Ministry of India is reportedly working on crypto laws for the country. Quite a similar phenomenon with Kenya. Source
The lynchpin of Inksnation, one of Nigeria’s biggest crypto Ponzi Schemes, Omotade-Sparks Amos Sewanu, has been captured. According to Nigeria’s Economic and Financial Crime Commission (EFCC). The alleged mastermind of a huge pyramid investment scheme through which many citizens were defrauded of monies to the tune of over Thirty Two Million Naira, thats about US$78,045. He had floated a phony online digital currency called "Pinkoin" which lured many Nigerians to invest between One Thousand Naira to One Hundred Thousand Naira with a promise of unrealistic returns and went ahead to distribute a payment card called "Pink Card'' to further confuse his victims. Omotade-Sparks equally made false claims that he was in partnership with the EFCC to persuade people to invest in his devious scheme. The scammer was not licensed to operate a financial institution. He will be arraigned in Court at the conclusion of investigation. Source.
Bitcoin traditionally spent the weekend quite stormy. On Saturday, it traded above 36K, reaching a high of 36500 on Binance Exchange, yesterday evening it began to fall and fell to 34250. Currently Bitcoin is trading at $34600 as at time of writing this review. Total Crypto Market capitalization is at $1.4 Trillion and a BTC dominance index 43.2%
Stock markets opened higher. At the moment, futures for the S&P 500 are slightly positive, Asian indices are trading in different directions, gold and silver have risen in price.
For Bitcoin, an alternative version of the Friday forecast worked out. We were unable to stay above 37K and went down to a decline. Then there were several attempts to gain a foothold above 36K, but did not work, now we are trying to stay above 34500. The capitalization of the entire market dropped below 1.5 trillion, altcoins follow Bitoin, there is no positive yet.
Today it is very important to show growth in order to close the month on the positive. If we cannot gain a foothold above 36K, or better than 37K, then we will start the decline again, the first strong support is at 34K, moving below will return the price to 32-30K. A close above 36-37K will provide an opportunity for sustained growth to 40K and above.
To some interesting news, Indian banks are advising clients to follow RBI guidelines and refrain from cryptocurrency transactions. Although crypto trading isn’t illegal in India, big banking institutions in the country are sending their customers advisories to refrain from indulging in crypto transactions. As reported by a local news publication The Hindu, many banks are sending formal warnings to their customers for digital currency transactions.
The banks are citing the 2018-rule from the Reserve Bank of India (RBI) that doesn’t permit banks to indulge in crypto exchanges. A number of users have reported the same on Twitter. Account-holders in India’s largest banking institution – HDFC Bank – tweeted that they have received cautionary emails referring to crypto transactions from their account.
This same bank released a report stating that cryptocurrencies might soon get legal status in the country. The banking giant also said that Bitcoin (BTC) could emerge as a potential asset class just like Gold. Other banking institutions also initiated similar actions to the extent of suspending or cancelling the credit cards if users use them for transacting on crypto trading platforms. Some banks have asked customers to fill a self-declaration form stating that they won’t be involved in crypto transactions. Last year, the Supreme Court of India lifted the ban on crypto transactions put by the RBI in 2018. Since then, there’s been no formal announcement from the RBI. The Finance Ministry of India is reportedly working on crypto laws for the country. Quite a similar phenomenon with Kenya. Source
The lynchpin of Inksnation, one of Nigeria’s biggest crypto Ponzi Schemes, Omotade-Sparks Amos Sewanu, has been captured. According to Nigeria’s Economic and Financial Crime Commission (EFCC). The alleged mastermind of a huge pyramid investment scheme through which many citizens were defrauded of monies to the tune of over Thirty Two Million Naira, thats about US$78,045. He had floated a phony online digital currency called "Pinkoin" which lured many Nigerians to invest between One Thousand Naira to One Hundred Thousand Naira with a promise of unrealistic returns and went ahead to distribute a payment card called "Pink Card'' to further confuse his victims. Omotade-Sparks equally made false claims that he was in partnership with the EFCC to persuade people to invest in his devious scheme. The scammer was not licensed to operate a financial institution. He will be arraigned in Court at the conclusion of investigation. Source.
Just yesterday a Kenyan version of a ponzi scheme AWS not related in any way to American company Amazon was out to a halt after the perpetrator was nabbed at JKIA. From a dubious app named Amazon Web Worker. Scrolling through social media, you will come across heartbreaking stories where people invested their hard earned money including rent, school fees and life savings all in the hope of reaping heavily from the app. “Some of the crestfallen investors trooped to DCI headquarters to seek assistance from our detectives, who immediately swung into action,” the statement added.
“Detectives managed to link Stacey to the syndicate after painstaking investigations revealed that she had pay-bill accounts in her name, that had a balance of Ksh50 million, believed to be deposits made by the unsuspecting victims.” Serious Crimes Detectives are currently pursuing other suspects, believed to be part of the syndicate. Meanwhile, Stacey is in Police custody pending arraignment in court, on charges of money laundering, computer fraud among other charges. Source.
Stay safe out there, one has to work to get gains..nothing comes for free. The only way to safeguard yourself is self education and follow believable people on a venture you are interested in. Remember, you must always do your own research. This is not traditional investment or financial advice. #Decryptedge
“Detectives managed to link Stacey to the syndicate after painstaking investigations revealed that she had pay-bill accounts in her name, that had a balance of Ksh50 million, believed to be deposits made by the unsuspecting victims.” Serious Crimes Detectives are currently pursuing other suspects, believed to be part of the syndicate. Meanwhile, Stacey is in Police custody pending arraignment in court, on charges of money laundering, computer fraud among other charges. Source.
Stay safe out there, one has to work to get gains..nothing comes for free. The only way to safeguard yourself is self education and follow believable people on a venture you are interested in. Remember, you must always do your own research. This is not traditional investment or financial advice. #Decryptedge
New historic record for bitcoin trading on PayPal as a 4th US Stimulus payment Maybe Underway. Effects? Thoughts on the market on 1st June 2021
Bitcoin continued its growth during the day, a high of 37, 894 was registered on Binance Exchange.. It was not possible to gain a foothold above 37K and Bitcoin went down. At the time of writing this review, the main cryptocurrency is trading around 36850. Total Current Crypto Market capitalization of $1.6 Trillion, with BTC dominance index of 42.1%.
The stock market ended Monday trading with growth. The Dow Jones climbed 0.19%, the S&P 500 remained flat, the NASDAQ climbed 0.09%. Gold and silver are also on the rise. The dollar index dropped 0.24%.
On the cryptomarket, the option with fixing above 36K worked, the price even broke through the resistance zone at 37K and reached 37894 on Binance from where a sell off began. We are now trying to hold at 36500. Market capitalization returned above 1.5 trillion, some altcoins showed a 20% growth.
The market situation resembles the calm before the storm, when the price can shoot in any direction at any moment. There is no particular negative news background, the problems with China have already been digested, the US is firing up the printing press, the fourth stimulus cheque is in the offing. Most institutions who bought bitcoin are not selling any, but only accumulate on the corrections and dips, weak hands are going away. All this should give impetus to new short term highs, or better put dead cat bounce.
FYI: Based on the past Stimulus Cheques issuance in the US, drilling down a survey done by Mizuho Securities, found around 20% of check recipients expected to allocate as much as 20% of their checks to bitcoin and/or stocks, while 13% expected to allocate 20% to 80%, and 2% expected to put 80% or more into the markets. And between bitcoin and equities, cryptocurrency was by far the more popular choice.
Plan for today. If Bitcoin cannot overcome the 38K resistance, then we can go back to 35-34K. The breakout of 38K will give us the pace for further growth. The main support levels are 36-35K, the main resistance levels are 37500-38000.
Bitcoin trading volumes on PayPal hit a new all-time high. In just one day, over $ 300 million worth of BTC were sold on the app.. This is happening on the backdrop of the US Treasury proposing expanding the reporting requirements for brokers in relation to cryptocurrencies. This is stated in the explanations to the draft budget for 2022.
According to the department, with the development of the digital asset market, taxpayers were able to avoid paying taxes. "Tax evasion using cryptoassets is a rapidly growing problem," the Finance Ministry said. Such regulations shall oblige crypto companies to transfer customer data to the IRS.
On a positive note the Reserve Bank of India reminded banks that cryptocurrencies are not illegal. Source.
Remember, you must always do your own research. This is not traditional investment or financial advice. #Decryptedge
Bitcoin continued its growth during the day, a high of 37, 894 was registered on Binance Exchange.. It was not possible to gain a foothold above 37K and Bitcoin went down. At the time of writing this review, the main cryptocurrency is trading around 36850. Total Current Crypto Market capitalization of $1.6 Trillion, with BTC dominance index of 42.1%.
The stock market ended Monday trading with growth. The Dow Jones climbed 0.19%, the S&P 500 remained flat, the NASDAQ climbed 0.09%. Gold and silver are also on the rise. The dollar index dropped 0.24%.
On the cryptomarket, the option with fixing above 36K worked, the price even broke through the resistance zone at 37K and reached 37894 on Binance from where a sell off began. We are now trying to hold at 36500. Market capitalization returned above 1.5 trillion, some altcoins showed a 20% growth.
The market situation resembles the calm before the storm, when the price can shoot in any direction at any moment. There is no particular negative news background, the problems with China have already been digested, the US is firing up the printing press, the fourth stimulus cheque is in the offing. Most institutions who bought bitcoin are not selling any, but only accumulate on the corrections and dips, weak hands are going away. All this should give impetus to new short term highs, or better put dead cat bounce.
FYI: Based on the past Stimulus Cheques issuance in the US, drilling down a survey done by Mizuho Securities, found around 20% of check recipients expected to allocate as much as 20% of their checks to bitcoin and/or stocks, while 13% expected to allocate 20% to 80%, and 2% expected to put 80% or more into the markets. And between bitcoin and equities, cryptocurrency was by far the more popular choice.
Plan for today. If Bitcoin cannot overcome the 38K resistance, then we can go back to 35-34K. The breakout of 38K will give us the pace for further growth. The main support levels are 36-35K, the main resistance levels are 37500-38000.
Bitcoin trading volumes on PayPal hit a new all-time high. In just one day, over $ 300 million worth of BTC were sold on the app.. This is happening on the backdrop of the US Treasury proposing expanding the reporting requirements for brokers in relation to cryptocurrencies. This is stated in the explanations to the draft budget for 2022.
According to the department, with the development of the digital asset market, taxpayers were able to avoid paying taxes. "Tax evasion using cryptoassets is a rapidly growing problem," the Finance Ministry said. Such regulations shall oblige crypto companies to transfer customer data to the IRS.
On a positive note the Reserve Bank of India reminded banks that cryptocurrencies are not illegal. Source.
Remember, you must always do your own research. This is not traditional investment or financial advice. #Decryptedge
Good morning, Point Of CAUTION! lets be careful with any strange tokens you receive strangely into your wallet that you know nothing about. This is on the likes Trustwallet, and Metamask.
If you interact with the token contract by selling the tokens you have opened your wallets for scammers. You will lose ALL your funds soon. Once you sell you have granted the contract unlimited access to your wallet.
What to do?
Simply go to your trust wallet, search for the token and disable it from showing in your token list. Stay safe👍
Ensure you always do your own research and adhere to your risk managment strategies. 🙏.
If you interact with the token contract by selling the tokens you have opened your wallets for scammers. You will lose ALL your funds soon. Once you sell you have granted the contract unlimited access to your wallet.
What to do?
Simply go to your trust wallet, search for the token and disable it from showing in your token list. Stay safe👍
Ensure you always do your own research and adhere to your risk managment strategies. 🙏.