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Bitcoin Today: Vitalik ignited an argumentPrice Yesterday BTCUSD found a support around 6200 and to the end of the day showed 2.5% growth, breaking above the weekly trend line and closing the day around 6400. It is already seven days, the price moving in a narrow channel after a massive fall (almost 16%) which has whipped out almost all August gains. Overall picture stays the same, the price is low enough for buyers, but there are no fundamental reasons for the growth, so the market waits. News background turned into polemics about long-term bitcoin future, meanwhile, SEC taking destructive actions against several crypto projects, which often appears to be fraud. It seems that the market could be moved from these positions by some fresh news about bitcoin ETFs, which could be released closer to the end of the September. From the technical point: 6250 and 6600 stays the main boundaries for now. Today forecast Trading in the 6250 - 6600 zone. Fall below 5750 – strong bearish signal. Latest news Vitalik has a point, but many are more optimistic A recent statement by the founder of Ethereum, Vitalik Buterin, about the completion of the period of a 1000x rally for the market of block-assets led to heated debates in the crypto community. In particular, controversial opinions were expressed by the head of Binance Changpeng Zhao, CEO of Tron Justin San and also the head of ConsenSys Joseph Lubin who stood at the origins of Ethereum. After a pause in a few days, Buterin decided to clarify his words, noting that the potential for market growth is still there. “To be clear, I never said that there is "no room for growth" in the crypto ecosystem. I said there is no room for *1000x price increases*. A 1000x price increase from today means $200T in crypto, or ~an entire 70% of today's global wealth being in crypto.” - @VitalikButerin In comments to the tweet Binance Exchange CEO Changpeng Zhao said that he still disagrees with Vitalik. As Zhao is convinced, the crypto-currencies will continue to grow by 1000 or more times. “I still disagree with this. I will say "crypto will absolutely grow 1000x and more!" Just reaching USD market cap will give it close to 1000x, (that's just one currency with severely restricted use case), and the derivatives market is so much bigger.” - @cz_binance In an interview to CNN, one of the co-founders of Ethereum Joseph Lubin also opposed Buterin. He noted that the technology of blocking in the coming decades will affect the economy, public and political systems. Lubin added that now the blockchain community is at an early stage of evolution and there are significant changes waiting ahead. The founder of TRON Foundation, Justin San, also joined the controversy. According to him, "time will tell" how much the blockchain technologies will affect the world economy. “I do believe the entire world wealth will turn into cryptocurrencies like blackhole and grow much bigger in the future. Cryptocurrency will hit 10 trillion USD market cap before @Apple and @amazon do. We will see. Time will tell.” - @justinsuntron As Vitalik Buterin said in his previous interview, most educated people are already familiar with crypto-world and DLT technologies. Later, he added that at this stage the growth of the industry depends on the growth of the scope of application of block-assets in the real world.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: SEC taking actionsPrice The movement proceeds along the upper border of the supportive zone 5750 – 6250. Thin volatility and leaning towards 6250 level shows the lack of support so the price will be moving downwards, looking for support. Levels 6150, 6100 and 6000 all have a chance to be tested today. From the upside, weekly bearish trend line, which pushes the price closer to 6250 should be pierced in a first place to consider any chances of an upward movement, 6400 and 6600 after. Overall review stays bearish until the comeback above 7000 mark. Today forecast Trading in the 6000 - 6600 zone. Fall below 5750 – strong bearish signal. Latest news REcoin and Diamond will be treated as securities The campaign for the initial placement of coins (ICO) falls under the legislation in the field of securities, at least in the criminal aspect. Such a verdict was made on Tuesday, September 11, Brooklyn district Judge Raymond Dearie, Reuters reports. In particular, the judge recognized as lawful the criminal prosecution of US citizen Maxim Zaslavsky, who was arrested last November on charges of deceiving cryptocurrency investors and conducting two fraudulent ICOs. Zaslavsky collected at least $300 thousand. He was selling REcoin tokens, which, he said, were secured by real estate, as well as Diamond coins allegedly secured by a real diamond business. Prosecutors, however, disagree with him and stress that the tokens were not released at all. In March, the lawyers of the accused filed a petition asking them to drop the charges, since the case is connected with currencies, not with securities, and does not fall under the securities law. However, on Tuesday, September 11, Dearie rejected the petition and stressed that the application of the federal law on securities should be "flexible." He noted that the Securities and Exchange Commission (SEC) also considers some crypto-currencies as securities. SEC’s Action Against Crypto Asset Management (CAM) Tuesday SEC “announced its first-ever enforcement action finding an investment company registration violation by a hedge fund manager based on its investments in digital assets.” According to the order against CAM and its sole principal, Timothy Enneking, the firm raised more than $3.6 million over a four-month period in late 2017 “while falsely claiming that the fund was regulated by the SEC and had filed a registration statement with the agency.” The Commission clarified: “By engaging in an unregistered non-exempt public offering and investing more than 40 percent of the fund’s assets in digital asset securities, CAM caused the fund to operate as an unregistered investment company.” The firm “ceased its public offering and offered buy backs to affected investors” after being contacted by the Commission. “CAM and Enneking agreed to the SEC’s cease-and-desist order and censure without admitting or denying the findings against them, and agreed to pay a penalty of $200,000,” the agency concluded.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: SEC says no to ETNsPrice During the weekends BTCUSD tested the 5750 – 6250 support zone, the price found support on the Bearish Trend Line and managed to come back in the lateral channel, above 6250. Still, medium price lean closer to 6250 with each day, making the movement further down more probable. Fundamental support stays shallow, so there are not many factors that could contribute to the growth right now. For today: overall state is bearish, support is 5750 - 6250, 6600 is the closest resistance. To change the bearish state, we will need to see the price going above 7000. Today forecast Trading in the 6000 - 6600 zone. Fall below 6250 – bearish signal. Latest news SEC suspended trading of USD-linked ETNs from XBT Provider “The Securities and Exchange Commission announced the temporary suspension of trading in the securities Bitcoin Tracker One (“CXBTF”) and Ether Tracker One (“CETHF”) commencing at 5:30 pm EDT Sept. 9, 2018, and terminating at 11:59 pm EDT Sept. 20, 2018.”- @SEC_News The US Securities and Exchange Commission (SEC) has ordered the suspension of trading of dollar-tied exchange note (ETN) Bitcoin Tracker One ("CXBTF") and Ether Tracker One ("CETHF") from XBT Provider AB in the US market. The stated reason for this decision is the alleged confusion of market participants about the nature of these instruments. SEC stated that some broker-dealers who applied for opening trades in crypto-currency ETNs called them crypto-currency ETFs. At the same time, the issuer of instruments characterizes them as "certificates without equity participation". The restraining order will last until September 20. Recall, that CXBTF and CETHF were listed at the Nasdaq Stockholm stock exchange in August 2018. And the first bitcoin-based security from the XBT Provider called Bitcoin Tracker One (BTO) was released in April 2015. Which gave markets additional hope about institutional future. With the above SEC decision, the picture will add negativity.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: Goldman Sach CFO claims a fake newsPrice On Thursday the fall stopped at the Bearish Trend Line, near to the major support zone 6250 - 5750. After the stop, the price went sideways in a narrow corridor. For now, the bulls will wait while the price confirms whether the zone 5750 – 6250 still have enough support, so the probable forecast is further sideways movement with testings of the 6250 support. For the bulls, until the price will not come back above the 100-days EMA, there is no reason to plan any bullish strategies. The main concern of the traders now is for the support zone to hold on. Today forecast Trading in the 6250 - 6600 zone. Fall below 6250 - 5750 – bearish sign. Latest news Goldman CFO: the story about us dropping Bitcoin trading was ‘fake news’ Earlier this week the news that Goldman Sachs was planning to drop a plan to build a Bitcoin trading platform, was named one of the reasons for the recent bitcoin crash. But today, at TechCrunch Disrupt, the CFO of Goldman Sachs described the story as “fake news,” and said that in fact, the bank is still considering how to offer services that involved physical Bitcoin, but that it has not yet set a timeline for it. “I was in New York yesterday and I was co-chairing our risk committee, and I saw the news article,” said CFO Marty Chavez, referring to the report yesterday. “It wasn’t like we announced anything or that anything had changed for us… I never thought I’d hear myself actually use this term, but I’d really have to describe that as fake news.” As Chavez described it, Goldman Sachs had been building a Bitcoin trading platform modeled on the commodities futures trading platform, where there is never any Bitcoin traded, but more the promise of how the currency might move. Though, the CFO specified that the company has no timeline for when its own offering might be ready. SEC new member – a well-known supporter of ETFs According to some experts, the chances for the appearance of bitcoin-ETF will significantly increase due to the appointment of a new member of the Securities and Exchange Commission (SEC), Elad Roizman, a well-known supporter of exchange investment funds. - Bitcoinist writes. “The effect it will have on the perceived legitimacy of the market, on bringing in institutional money, and ultimately on the price of Bitcoin will be staggering. Time will tell, but it just may begin today with the confirmation of Elad Roisman as SEC Commissioner.” – from the Medium article by John Galt. However, Galt noted that for the further development of the cryptocurrency the creation of ETFs is not necessarily. This is confirmed by the fact that even without institutional money, the capitalization of the digital assets market has grown to hundreds of billions of dollars. Note that according to the head of Abra Bill Barhydt, the launch of Bitcoin-ETF should take place next year.
BITFINEX:BTCUSD
by DestinationMoonCrypto
2
Bitcoin Today: anticipated fallPrice Yesterday Bitcoin showed an anticipated fall, losing 13%, slicing through almost all gained levels and reaching the Bearish Trend Line and 6250 level, which coincides with the 61,8 Fibonacci of the August uptrend. Comeback below Bearish Trend Line will return the overall view to bearish state and open the way to the 2018 low at 5750. Sharp fall which did not met any resistance will scare away buyers for sure, so a quick return to the uptrend looks impossible right now. The first positive sign that we could see now is lateral movement above 6250. Today important support – 6250, the fall below 6250 could ignite further sell-off, maybe even below 5750. Return above 6800 would be a positive sign, but it looks unlikely right now. Today forecast Trading in the 6000 - 6600 zone. Fall below 6250 – bearish sign. The most claimed reasons of the fall Among the factors that could affect such a rapid decline in the market, analysts and commentators in social networks often call yesterday's news (yet not officially confirmed) about Goldman Sachs is ditching its near-term plans to open bitcoin trading desk. Another common version is the general negative mood caused by the decision of the popular crypto-currency wallet and exchange platform ShapeShift to introduce mandatory registration of users and to start collecting personal data. Despite the fact that the Swiss company's statement does not explicitly state this, it can be assumed that this decision was at least a consequence of today's general situation with the regulation of the crypto-currency industry, and it is not excluded that it is the result of pressure from law enforcement bodies. The news has become one of the most discussed in the community over the past 24 hours, and not all comments on ShapeShift turned out to be warm and friendly. Many directly blame the company and personally Eric Vorges for "betraying" the ideals and philosophy of bitcoin and the actual implementation of AML / KYC procedures. Goldman Sachs will not be building Bitcoin trading desk in near future The financial conglomerate Goldman Sachs will not in the foreseeable future create a trading department specializing in cryptocurrency. This was reported by Business Insider with reference to sources familiar with the situation. The main reason for this is regulatory uncertainty. However, according to representatives of Goldman Sachs, in time this decision can be revised. Nevertheless, at present, the bank is still considering the possibility of launching custodial services focused on large funds. The company also provides customers with the opportunity to trade bitcoin futures and CFD contracts. Which allow the investor to gain on the bitcoin price volatility without having to own the underlying asset.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: Low volatility and possible dumpPrice Bullish tendency continues, bringing the price above 7300 level to the latest peak 7430, breakthrough above this level will be a bullish signal and probably send the price even higher. Nonetheless, more and more traders are waiting for the correction to such unusually calm growth (bitcoin market shows the lowest volatility in 2018). Due to an absence of the strong fundamental supporters for the bullish rally, traders should be extremely cautious about bullish signals. Overall picture stays the same: breakthrough above 7430 will be a bullish signal; 7000 – 100-days EMA zone should support the bullish tendency. “I can’t look away from the broader trend. We are seeing these intermittent rallies, but the broader movement is extremely consistent like the move to $8,500 , which didn’t last long,” said senior market analyst at Oanda Craig Erlam. Today forecast Trading in the 7000 - 7430 zone. Breakthrough above 7430 – bullish signal. Latest news and rumors $800 million dump from the Silk Road Recently, the community drew attention to the fact that associated with the now-defunct dark market Silk Road and Ross Ulbricht, crypto-currency wallets "woke up" and started moving funds. The fact that $ 800 million in bitcoins and Bitcoin Cash (BCH) were probably withdrawn, indicates a possible large-scale dump on the bitcoin market. The movement of 111 111 bitcoins and BCH was noticed by participants of the crypto-exchange community on August 30. The funds were distributed by smaller parts among 80 wallets, and a common opinion leans that there is a threat that they can be dropped on the market. Such a large volume of bitcoins can have a significant impact on the rate of the main cryptocurrency, as it was at the beginning of the year with 16,000 bitcoins from MtGox wallets, which caused a drop in the rate on $ 1000 per week. So far, however, not a single transaction has been performed at the addresses of the well-known crypto-exchanges.
BITFINEX:BTCUSD
by DestinationMoonCrypto
4
Bitcoin Today: Shorts stack up Price Monday went into a lateral manner, slightly above 100-days EMA and below 7300 level. The longer the price will hold above EMA, the more chances to gain enough support for the next upward rally. 7430 level stays a resistance, which needs to be pierced to confirm completion of the August bottom pattern and beginning of the next growth cycle. From opposite point of view, inability to break above 7300 during the Monday, talks in favor of strong selling pressure of the 7300 – 7430 zone. So, to reach the next resistance at 8000, Bitcoin will need to gain some fundamental support. From the below, 100-days EMA and 7000 level should play a supportive role in the bullish scenario. Today forecast Trading in the 7000 - 7430 zone. Breakthrough above 7430 – bullish signal. Latest news Shorts stack up In the light of a rather strange manner of recent bitcoin growth, slow without high volume and momentum, market players start to look for the hints when such growth could come to an end. One of the interesting observations is the rising number of short contracts on future BTC markets. Briefly from bitcoin.com article by Jamie Redman: Cryptocurrency markets have shown some strength over the last seven days as many digital assets are up between 3 to 40 percent. At the time of writing, the entire digital currency market capitalization of all 1600+ cryptocurrencies is around $239B USD. The markets look far more optimistic than a few weeks ago but short contracts on Bitfinex order books for BTCUSD future markets, in particular, is nearing its all-time high once again. Cryptocurrency proponents seem optimistic the bearish trend will end soon, based on the sentiment to be observed on social media, Telegram trading chat groups, and forums. However, looking at future markets on Bitfinex, Bitmex and others show people are betting heavily against BTC’s price going up. BTCUSD short contracts on Bitfinex are slowly approaching the all-time high (ATH) that took place on August 21. Right now there are 33,408 shorts on the exchange and only 25,974 long positions. Again, either two things could happen: either the shorts bring the price down and bears get their way or lots of short positions will be squeezed which is what happened last April.
BITFINEX:BTCUSD
by DestinationMoonCrypto
1
Bitcoin Today: Bitfinex, not too many coincidences?Price Bullish Tendency continued to develop during the weekend, bringing the price to the 100-days EMA during the Saturday and testing 7300 resistance during the Sunday, peaking at the 7430. The week opened above the 100-days EMA, leaving only 7300 above to finish the turnaround pattern and turn into a bullish state. Many connect bullish state of BTCUSD with the recent emission of Tethers, which usually precedes to volatility jumps and bullish movements (read lower in details). For today: 100-days EMA and 7000 – support levels; breakthrough above 7430 (previous peak) – a bullish signal. Today forecast Trading in the 7000 - 7300 zone. Breakthrough above 7430 – bullish signal. Latest news Bitfinex connectivity issues just before the BTC growth On Friday, August 31, Bitfinex issued a series of tweets about the forced suspension of trade due to technical problems. “The platform is encountering connectivity issues with one of the servers. As a precaution, we had to suspend trading temporarily. We are working hard to have the platform return to normal operations as soon as possible.” - @bitfinex Soon a tweet was published stating that the main server with the exchange engine was restarted by the hosting provider without prior notification and that the recovery process will take at least 30 minutes. “Our matching engine server was restarted by our hosting provider without notice. We are in the process of restarting the server and returning the platform to normal operations. We expect this process to take at least 30 more minutes. Apologies for any inconvenience.” - @bitfinex Later, Bitfinex published the blog post, which says that in total the downtime was about an hour. Representatives of the exchange assured the users that all funds are safe and the situation is under control. Also, Bitfinex assured that all transactions are recorded and will be executed in the order of the queue. Many users of social networks were worried by the fact that the technical failure coincided in time with the expiration of the bitcoin futures on the CME exchange. "I will never believe that you have only one server that is responsible for the operation of trading services," wrote one of the users. One of the popular opinions is the connection between the hosting provider and CME, as this shutdown could be very beneficial for CME. Others were unhappy that the restart of the operations occurred without prior notice. Another 100 mln Tethers were transferred to Bitfinex The next portion of "freshly printed" tokenized dollars Tether (USDT) entered the Bitfinex wallet, one of the largest crypto-exchanges. “Just sent $100,000,000 USDT from the tether reserve to Bitfinex!” - @eurtprinter It is noteworthy that the previous similar transaction for the same amount was made less than two weeks ago, on August 21. Then it led to a short-term revival in the market, which was interrupted literally the next day. However, soon the uptrend continued and the price overcame the 7000 mark. Currently, the price is testing 7300-7400 zone, a breakthrough above which will be interpreted as a strong bullish signal. More and more users see new Tether emissions as something of a very accurate growth indicator. “Does anyone else feel like this Tether transfer thing is a bit too obvious now? I mean it seems to have become a leading indicator for the next move for a lot of people lol. Could it really be that easy? Usually isn't but who knows “- @CredibleCrypto “$100 MILL Tether incoming. 8,000 BTC on the horizon for the upcoming week.” - @bullishgentlemn
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: Ether futuresPrice Yesterday Bitcoin didn’t manage to withhold the 7000 level and went down into a correction. Later BTCUSD lowering was stopped by 6800 support, the price even showed a rapid comeback to the 7000 but did not manage to gain enough power to break above it. For now, local view of the price is a correction to the recent uptrend movement, from the wider view – recent growth looks like a correction to bearish trend and to change this overview the price needs to get above 7300 level. The main upward target stays 7000 – 7300 zone, breakthrough above this zone will be read as an upward signal. From the downside, a break below 6800 will be enough to eliminate all positive mood that market gained during the recent growth. Today forecast Trading in the 6800 – 7000 zone. Breakthrough above 7300 – bullish signal. Latest news [* ]Ethereum futures will be a sign of crypto-markets maturity Chicago Board Options Exchange (CBOE) intends to launch futures trading on Ethereum by the end of this year, reported by Business Insider with reference to its own sources. Sources report that CBOE futures on Ethereum will be based on the market data of the Gemini Exchange, the same solution the Chicago Options Exchange used during the launch of Bitcoin futures in December of the last year. At the moment, CBOE is awaiting the approval of the US Futures Trading Commission (CFTC) and will launch Ethereum-futures trading after the corresponding decision. According to Danny Kim, SFOX's development director, the CBOE proposal will allow traders to use both long and short positions on ETH, which will be the next step towards adopting this asset class. “With this, I think the new investment opportunity will take crypto out of the bearish market and reverse to a new bull." - adds Danny Kim. Earlier, Chicago Options Exchange president Chris Concannon said that SEC had finally removed barriers to the potential launch of Ethereum futures. Nevertheless, the head of the rival CME Group, Terry Duffy, in July made it clear that he was not in a hurry with the launch of Ethereum futures and other altcoins because of their volatility, taking a wait-and-see position.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: Bithumb is the reason of recent growthPrice As we expected 7000 – 7300 zone showed its resistive manner and pushed the price downwards, sending it into a lateral movement along the 7000 level. If bitcoin won't gain support in nearest time the recent trend will go into a correction and reach at least to the 6800 level. Let’s not forget, that until price will be holding firmly above 7300 the overall pattern looks like a correction of the downward trend, so it is logical that traders are afraid to bay at the cornerstone levels. From the fundamental point, the markets still rely on the SEC vs Bitcoin ETF funds relationships, which is crucial for institutional investors, so it is highly possible that BTCUSD will continue to drow a sideways pattern until next SEC announcements, or at least meeting of European Finance Ministers on Bitcoin regulation scheduled for September 7. For today: 6800 – local supportive level; 100-days EMA will serve as a resistance in case of upward impulses. Today forecast Trading in the 6800 – 7300 zone. Breakthrough above 7300 – bullish signal. Latest news Bithumb could be a reason for resent growth The market is dominated by the idea the recent bullish trend, that in view of the absence of serious fundamental indicators, was provoked by the inflow of funds from the recently closed to new users the largest Korean exchange Bithumb. Seoul-based Bithumb was forced to shut registration by its banking partner Nonghyup Bank after losing the equivalent of $30 million in a June hack. The world's fifth largest exchange reopened account registrations again this week, according to Korean local media outlet Yonhap News. "All of this buying is coming from Asia," said Brian Kelly, founder and CEO of BKCM. "The biggest news in the market right now is that South Korea exchanges are coming back online." Bithumb's daily trading volume had dropped to around $72 million at one point in August after the NH Bank news. By Tuesday, its 24-hour volume had recovered to $362 million, according to data from CoinMarketCap.com. South Korea is the fourth largest market for bitcoin despite some tightening by regulators earlier this year. The country's top financial watchdog said in June it would require domestic banks to monitor all exchange accounts in compliance with Korean anti-money laundering laws. South Korea's justice minister said in January that the government was considering a shutdown of cryptocurrency exchanges but got major pushback from retail investors. A petition asking the government to hold back on "unreasonable" regulation got 280,000 signatures following that announcement.
BITFINEX:BTCUSD
by DestinationMoonCrypto
2
Bitcoin Today: weak dollar and Morgan Creek Digital Price One more day presented us with one more breakthrough, continuing the local bullish trend. It is worth noticing, that due to rather low volumes and relatively low momentum this uptrend looks more like a correction to the oversold market, as like there were no one willing to sell on these levels so the market went upwards to gain more volume. Nonetheless, now we are in the last resistive zone 7000 – 7300 and crossing of these levels which also coincides with 100-days EMA will give a buy signal to many by finishing the turnaround pattern. So, if BTCUSD is willing to continue the current tendency and breach above 7300 at the end of the day, that will definitely provoke a much powerful reaction. It is also highly probable that we will see some selling at the 7200 level before the upward rally, as it will be a 20% profit point for those who bought 6000 (good place to fix profits and then re-enter the market). In such case, the price will have the space for maneuver until the 6800 level, which should stay strong to support the bullish tendency. And of course, a clean and strong breakthrough above 7300 will be a bullish signal, especially if supported by positive fundamental background. Today forecast Trading in the 6800 – 7300 zone. Breakthrough above 7300 – bullish signal. Latest news Weak Dollar and Morgan Creek Digital launch are possible reasons for bullish BTC In the evening of August 28, activity on digital platforms declined slightly, which led to a weakening of bitcoin, but the coin kept its position above 7,000. The main reason for strengthening bitcoin was the weakening of the U.S. dollar, which has caught the eye of analysts: “This kind of behavior is typical of commodities. As the buck falls, it takes more dollars to buy a barrel of oil or an ounce of gold and vice versa,” said Mati Greenspan - senior market analyst at eToro. “My suspicion here is that as the dollar dominates the markets, people are placing more faith in it over bitcoin and of course, vice versa, when the dollar falls.” Asian investors have reduced the volume of investment in the traditional currency and switched to alternative assets. At the time of writing, bitcoin is trading at 7057 USD. Almost all coins from the top-10 CoinMarketCap also shows growth on Wednesday. A leader of growers was the EOS cryptocurrency, which went up by 9.67%, to 5.85 USD price point. The second and third digital currencies in terms of capitalization were Ethereum and Ripple, increased by 2.3%, to 292 USD and 0.34 USD respectively. The total market capitalization of the digital market exceeded 230.06 billion dollars, and the bitcoin dominance index reached 52.9%. Cryptocurrency Dash Coin rapidly adds, receiving support from Venezuela. The digital currency is in high demand in this country, recently the coin jumped by more than 20%. Support for the cryptocurrency market was also provided by the launch of the Morgan Creek Digital investment fund, which trades the most liquid digital currencies, according to MarketWatch. Morgan Creek Digital, an operating subsidiary of Morgan Creek Capital Management, announced the launch of a digital asset index fund. The fund, which is in partnership with San Francisco-based Bitwise Asset Management, is a market-cap-weighted basket of the top 10 largest digital assets, excluding Ripple and Stellar as they have a central supply of more than 30%. “Increasingly, institutional investors are coming to us asking for exposure to the space,” said Mark Yusko, chief investment officer of Morgan Creek Asset Management.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: Baidu blocks cryptocurrencies themesPrice Monday went much better than expected and the price broke above Bearish Trend Line at the end of the day. Then BTCUSD went above 6800 resistance and now trading on the 22 August high – 6900. One of the possible drivers for such unexpected bullish behavior is CFTC report about low levels of short positions in the bitcoin futures market (reached historic low at the 1266 contracts point). Now on the way the most important zone for now 7000 – 7300 which also supported by 100-days EMA. A breakthrough above this zone will identify a completion of the turnaround pattern and take-off for the further highs with the main target on the 10000. Still, as the higher part of the turnaround zone, these levels will be holding a lot of selling pressure, at least those, who bought on the bottom now can fix up to 20% (6000 – 7200). For today, 6800 turns into a supporting level and should be strong for the upward scenario, from the above the price will meet a strong resistance during the whole 7000 – 7300 zone. Today forecast Trading in the 6800 – 7300 zone. Latest news Chinese Search Giant Baidu Joins Tencent and Alibaba in Cryptocurrency Blockade The Chinese search giant Baidu, following Tencent, decided to distance itself from the crypto-currency topic by starting to censor and ban the crypto-currencies related topics on the Baidu Tieba platform, China Times reports. "At the moment the company has toughened the attitude to digital currencies and does not allow creating sub-forums on this topic, relying on existing laws and regulations," the source, who wished to remain anonymous, notes. Currently, the sub-forums "Digital currencies" and "Virtual currencies" are not available and a search for these keywords leads to the message "This forum is temporarily closed due to non-compliance with existing regulations." "The company will manage its business in accordance with Chinese laws," the representative of the search giant said. He also noted that these sub-forums were blocked due to the dissemination of information on ICO and speculation by crypto-currencies. It is noteworthy that many other sub-forums about crypto-currencies such as Bitcoin, Ethereum and others remain available. The Baidu Tieba platform was launched in 2003 and, according to the company, at the moment its monthly audience reaches 300 million active users. Latest opinions on bitcoin ETF future Last week SEC announced that it would be denying nine Bitcoin-backed ETF proposals from ProShares, Direxion, and GraniteShares. In three individual documents elaborating on the verdict, SEC commissioners outlined the fact that Bitcoin markets lack “significant size” and are still subject to widespread fraud and manipulation. While the U.S. regulatory body has since sought to stay and “review” the denial verdict, the SEC’s concerns regarding such a vehicle stay the main concern of many. Wall Street Journal crypto-reporter Paul Vigna recently appeared on CNBC to discuss his opinion regarding the regulatory state of Bitcoin/Crypto-backed ETFs Vigna revealed that unless the SEC can determine how much manipulation is going on and from where it will be neigh-impossible for an ETF to hit retail markets: “The SEC’s concerns are very valid… for a currency that makes a big deal out of having a public transaction ledger, there is not a lot of transparency with exchanges — what’s going on behind the scenes. You can see the price, the transaction but you don’t really know who is doing the exchanges.” CNBC host Mellisa Lee then acutely brought up the idea of a Bitcoin ETF being a catalyst for markets but noted that such a product goes against the very ethos of decentralization and self-custody. Alluding to the fact that custody isn’t proper ownership of the private keys, Lee added: “The passage or the approval of an ETF has been looked at by many in the crypto world as the next big catalyst… But there are some in the cryptocurrency industry who look at this and think that this isn’t right, so unless you own the Bitcoin, you don’t own the Bitcoin.” Drawing his segment to a close, WSJ reporter Paul Vigna provided some insight on the SEC’s role in the cryptocurrency industry, adding that the regulatory body is doing its best to bring cryptocurrencies to the mainstream. He stated: “I think we’re at the point that good governments aren’t looking at this (crypto) as something they need to clamp down on, outlaw it, or drive it out of existence. They see that there is potential here and we have something that might be able to benefit people… They are trying to figure out ways where they can regulate it, make it mainstream enough so that we can use in our daily lives.”
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: Bearish Trend Line on the wayPrice Friday pleased us with a bullish breakthrough above 6600 resistance, and even more, the price managed to hold out at new levels throughout the weekend. Until BTC price will reach above 7000 level we cant identify a turnaround pattern, so the breakthrough doesn’t change much of the wider view, but still it lefts more levels as a support below the price, which is a positive sign. For now, we have a supportive zone 6300 – 6600 below, and from above a highly resistive zone 6800 – 7000, a breakthrough of this zone will add much to the bullish overview of the chart. There is also a latest Bearish Trend Line arise on the way (trend line from the overall heights and 8500-peak on July 25) the clash with this trend line without any significant fundamental support could send the price down, testing 6600 support. Today forecast Trading in the 6600 – 7000 zone. Latest news Fourth Chinese cryptocurrencies rating list China Electronic Information Industry Development (CCID) published the fourth in this year's rating of 33 crypto-currencies, adding new projects to the list: NULS and Tezos (21st and 28th). For the third consecutive time, EOS took the lead. Bitcoin, compared with the previous month, rose from 16 lines to 10. The second position is held by Ethereum, and the third place this time was Komodo, replacing the line below Nebulas. NEO closes the TOP-5 crypto-currency. 10 leaders: 1. EOS – the most popular in China infrastructure for decentralized applications 2. Ethereum – the most popular in the world blockchain app platform (decentralized applications) 3. Komodo – privacy-oriented cryptocurrency, a fork of ZCash, official cryptocurrency of SuperNet 4. Nebulas – from the founder and developers of NEO, promising smart contracts without scaling worries, the second layer of blockchain protocols that incorporate a massive range of tools and options along with search engine functionality. 5. NEO – smart contracts development platform (EOS and Ethereum competitor) 6. Stellar - distributed blockchain based ledger and database that facilitates cross-asset transfers of value, including payments. 7. Lisk - a decentralized app (DAPP) and sidechain development platform. Lisk APP SDK uses JavaScript. 8. GXChain - blockchain-based decentralized data exchange designed to set up a bridge between data sources released on different platforms and realize peer-to-peer data trading and sharing between all kinds of organizations or agencies 9. Steem - is a cryptocurrency used to power the platform Steemit - an incentivized blockchain social media platform (reward-for-content platform) 10. Bitcoin – digital cryptocurrency In terms of the "innovation" parameter, the top five projects of the month included EOS, Bitcoin, Bitcoin Cash, Hcash, and Stratis. Bitcoin received the highest score in this category - 40.3, due to the high activity of working on the code of the first cryptocurrency. Previously, CCID researchers stated that when evaluating a rating, they assess the technological capabilities, the usefulness of applications, and the level of innovative development of projects. This month, analysts have revised some data accounting techniques. The researchers do not report what exact changes to the evaluation techniques where made.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: SEC bamboozlingPrice Though yesterday closed with a slight growth, the pattern stays as a lateral stagnation accompanied by a decrease in volumes. Recent comments from the SEC officials, that they will reconsider the disapproval orders for nine bitcoin ETFs issued on Wednesday, caused even more confusion on the markets, leaving the price in its comfortable boundaries 6250 – 6600. Wider technical view stays bearish and without a sufficient positive fundamental news the price will eventually lose grab on this levels and start to go lower to the 6000 support. From above we have 6600 resistance and the whole strong resistive zone up to 7000. Today forecast Trading in the 6000 – 6600 zone. Possible bearish rally. Latest news SEC intends to review the refusals As was reported by CoinDesk, the US Securities and Exchange Commission (SEC) announced its intention to reconsider its previous decision to deny the launch of nine bitcoin-oriented ETFs. In a letter to by SEC secretary Brent Fields addressed to the senior advisor of the NYSE Group, David De Gregorio, says: "This letter is to notify you that, pursuant to Rule 43 I of the Commission's Rules of Practice, 17 CFR 20 I .43 1, the Commission will review the delegated action. In accordance with Rule 431 (e), the August 22 order is stayed until the Commission orders otherwise." The time frame during which the Commission intends to take final decisions on the proposed ETF is not specified. A copy of the letter was also received by Cboe Global Markets. The news of the SEC's intention to reconsider its decision was first reported by Commissioner Hester Pearce, who earlier criticized the refusal to launch the bitcoin-ETF of the Winklevoss brothers. “In English: the Commission (Chairman and Commissioners) delegates some tasks to its staff. When the staff acts in such cases, it acts on behalf of the Commission. The Commission may review the staff's action, as will now happen here.”, @HesterPeirce.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: SEC says NOPrice As we expected yesterday, the price went back below the 6600 level, into the 6250 – 6600 channel. 6000 – 6250 zone is still showing its resistive manner as we see how the fall stopped on the 6300, but the overall market looks bearish right now. The yesterday false breakthrough along with negative SEC answer on ProShares ETF Application will definitely send the price testing 6250 – 6000 zone, for now, this is the main scenario. Today's market will probably be driven by comments and opinions of market leaders about ETFs future, as the picture of Bitcoin ETF that should ignite the next growth leap of bitcoin prices fades away with every new rejection. Today forecast Trading in the 6000 – 6600 zone. Possible bearish rally. Latest news Another one SEC rejection The US Securities and Exchange Commission (SEC) rejected the application for the opening of ProShares Bitcoin ETF and ProShares Short Bitcoin ETF - Bitcoin-oriented exchange-traded funds. At the same time, a similar fate awaited several more applications for bitcoin ETF, filed by Direxion and GraniteShares. The application of ProShares Bitcoin ETF and ProShares Short Bitcoin ETF was in partnership with NYSE Arca, but SEC answer was that the proposed changes in the rules of the exchange cannot be accepted. As noted in the Commission's official response, the exchange was not able to demonstrate that its offer meets the requirements of Section 6 (b) (5) of the Exchange Act, in particular with regard to the requirements for preventing manipulation on the market. Separately, the SEC drew attention to the fact that its decision does not depend on an assessment of whether bitcoin has value as an innovation or an investment. Almost the same arguments were brought by the Commission regarding its decision to refuse the launch of five bitcoins-ETF, the applications for the launch of which were previously filed by Direxion, and two GraniteShares funds. The applications describe tools that are directly tied to the rate of bitcoin and other crypto-currencies. ProShares filed its first application in September 2017 but later withdrew it. The new application was filed in December of the same year, and in the spring of this year, it became known that the SEC began their consideration. It is worth noting that by now the American financial controller has only rejected or postponed bids for the launch of Bitcoin-ETF. For example, in July, the application of the twins Cameron and Tyler Winklevoss for the opening of the BITS Global Exchange (BZX) - exchange investment fund was rejected for the second time. In early August, the SEC extended until September 30 the deadline for the decision on the applications for the launch of Bitcoin-ETF, filed jointly by New York companies VanEck and SolidX.
BITFINEX:BTCUSDShort
by DestinationMoonCrypto
Bitcoin Today: BitMex sneaky shutdownPrice Bitcoin price jumped by as much as 7% almost instantly at around 1:00 UTC today. Many connect the movement to BitMex shutdown, as it was giving a huge arbitrage opportunity to traders. Nonetheless, the movement led the price out from the 6250 – 6600 channel. 6900 level appeared to strong and stopped the growth, eventually pushing the price down to the 6600 level, which transformed into a support after the breakthrough. For now, traders are digesting the news about BitMex, which eventually could lead to the conclusions that there are no reasons to buy now and send the price back in 6250 – 6600 zones. And don’t forget that everyone is waiting for SEC decision on ProShares Bitcoin ETF, which will be the major driver. Today forecast Trading in the 6600 – 6900 zone. Possible comeback to the 6250. Latest news BitMex shutdown was a wild trading opportunity Yesterday Bitcoin price jumped, breaking above 6600 level and almost reaching 7000 high. The move coincided with scheduled maintenance on BitMEX, a derivatives trading platform for bitcoin and other cryptos. And insiders say the move precipitated some wild trading. The platform went down at 1 a.m. UTC today — which was the exact moment that Bitcoin spiked. Prices peaked at 6899 before easing back to the 6600. Industry insiders indicated the spike appeared to be directly related to the BitMEX shutdown. Hunter Horsely, the CEO of Bitwise, told Business Insider that the shutdown sparked a widespread trade to buy. "It is a silly short term trade," he said. "Buy when maintenance starts. Sell when ends." In addition, as soon as BitMEX went down a big arbitrage opportunity opened up for traders, according to Dave Weisberger, chief executive officer of CoinRoutes. "Bitfinex led it up to 6800+, but when GDAX caught up, their clients were paying over $100 too much when the other exchanges all fell back to 6700," he said. "There was a real arbitrage for a while when this all happened." Such price variations were common at the end of 2017 during the major rally towards 20000, but have since dried up. In such situations, a trader can buy up coins where they are priced lower to sell on venues on which they are priced higher. In three hours after shutdown BitMex announced the completion of work, but stated the difficulties with access to the site, confirming that the reason is a large DDos-attack, which is why many users had difficulties with logging into accounts.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: SEC answer until 23thPrice The price continues to fluctuate inside the 6250 – 6600 channel, high selling volume at the end of the day brought BTCUSD to the 6250 level but quickly found a support and all selling volumes were closed near the 6250. Today we see a continuation of the lateral movement which gradually lowering bulls appetite for the current price levels and eventually could push the price lower, at least to 6000 support. Overall, the rule of thumb is simple – the longer we stay lateral – the more probable to go lower looking for buyers. Given that this week the market expects to hear the SEC response to the next ETF request (Thursday, August 23 - ProShares Bitcoin ETF), we will probably see a breakthrough out of this channel soon, the direction will depend from the SEC answer of course. Boundaries for today stays the same as yesterday: 6600 from above and 6250 from below. Today forecast Trading in the 6250 – 6600 zone. Latest news Next SEC decision until August 23 Less than a month after delaying a decision date on Cboe's VanEck/SolidX bitcoin ETF, the U.S. Securities, and Exchange Commission (SEC) is poised to approve or disapprove another pair of proposed ETFs. Officials at the U.S. securities regulator are set to make a decision on the ProShares Bitcoin ETF and the ProShares Short Bitcoin ETF by Thursday, August 23. Unlike Cboe's VanEck/SolidX bitcoin ETF request, this rule change proposal – filed by ProShares in conjunction with NYSE Arca – cannot be delayed any further. The ProShares ETF proposals – initially submitted to the SEC last December – are underpinned by bitcoin futures contracts, rather than any physical holdings of bitcoin itself. In other words, the ETF's value will be determined by the bitcoin futures contracts trading on CME or the Cboe Futures Exchange, according to the original filing. ProShares originally proposed the futures-based ETFs in September 2017 but noted at the time that the futures market was young and "there can be no assurance that an active trading market for bitcoin futures contracts will develop or be maintained," according to the filing. To date, the regulator has only denied or delayed bitcoin ETF proposals, with the latest denial coming last month when it rejected a proposal filed by Gemini founders and long-time bitcoin investors Cameron and Tyler Winklevoss. The Winklevoss proposal had already been rejected in the spring of 2017, but the Bats BZX Exchange, which submitted the proposal, filed an appeal that was later heard by SEC commissioners.
BITFINEX:BTCUSD
by DestinationMoonCrypto
2
Bitcoin Today: The calm is bad for bullsPrice Weekends passed in a lateral manner, the price was fluctuating between 6250 and 6000 levels. Prolonged lateral movement after the 6000 rebound speaks of uncertainty in the market and makes the emergence of a reverse Head and Shoulder the less likely (the figure needed a fast price movement above 7000). For now, the price fluctuates around pivotal point 6500, which could be a start of one-more testing of 6600 level, a breakthrough at the beginning of the week could be a good base for further bullish developments, though such breakthrough should be supported by positive fundamental feedback. 6000 – 6250 zone stays the major support for now. Today forecast Trading in the 6250 – 6600 zone. Latest news Binance Launches Fiat-to-Crypto in Liechtenstein Binance LCX, a joint venture between Binance and Liechtenstein Cryptoassets Exchange (LCX), has announced the launch of a fiat-to-crypto exchange, according to a press release published August 16. Using a joint venture with LCX, they plans to build up a team of up to 15 professionals for the Liechtenstein office that will manage customer support, legal requirements, due diligence, KYC, AML and government communication, while the team at Binance will provide and maintain the platform. The new exchange will offer trading for Swiss francs (CHF) and Euros (EUR) against major cryptocurrencies and promised to add more trading pairs in the future. Adrian Hasler, Prime Minister of Liechtenstein, welcomed the joint venture and said: “We are confident that Liechtenstein’s existing and future legal framework and practice provide a robust foundation for the Binance LCX and other blockchain companies to provide exceptional services here in Liechtenstein.” Andreas Antonopoulos says that BTC ETF could impact the market in a bad way Recently, in a Q&A YouTube video, well respected cryptocurrency researcher and security expert Andreas Antonopoulos disclosed his stance on Bitcoin ETFs, firmly stating that he is against the introduction of ETFs in regulated markets. Antonopoulos said that while ETFs have the ability to open the Bitcoin market to a group of institutional investors and retail traders that have not been able to trade the dominant cryptocurrencies due to issues pertaining to regulation, they also provide a platform for large investors to manipulate the price of BTC. “Everybody is so excited about ETFs. What we have seen in other markets is that when an ETF becomes available, the price really increases dramatically, as suddenly that commodity becomes available to a lot more investors and these investors pile on. But, the other side of it, is that there are always these claims that the commodities markets are heavily manipulated and opening up these ETFs only increase the ability of institutional investors to manipulate the prices of commodities.”
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: Bitcoin Note?Price Bitcoin price refuses to form any kind of an uptrend and proceeds in a lateral manner, nevertheless, the peak of volumes trades a little higher each day is a positive sign. 6250 level was tested once more today but again showed itself like a strong support. Yesterday BTCUSD tested a 6600 resistant and also confirmed it’s power for now. So, for today, the boundaries stays the same: 6250 – 6600. Below 6250 we will get a whole supportive zone 6000 – 6250 and 5750 (2018 low) afterward. From the above, to consider any bullish developments we need to see the price going above 7000, so 6600 will be just the first checkpoint on the way up to the bullish take-off. Some traders identify movement in 6000 – 6600 channel as Reverse Head and Shoulders pattern (head on the 6000 and shoulders on 6600), which confirms 6600 resistive power. Nonetheless, from the wider view, we still will need a fast growth above 7000 to consider reversal, beware of false pierces of 6600. Today forecast Trading in the 6250 – 6600 zone. Latest news Tyler Winklevoss talks about cryptocurrencies future on the Wall Street Tyler Winklevoss, Gemini Exchange CEO, is convinced that institutional investors from Wall Street will need some time to enter the cryptocurrency market. In his Bloomberg interview, Tyler states: “Wall Street is taking cryptocurrencies seriously, however, the vast majority of Wall Street firms are still not participating in the cryptocurrency market, which remains primarily a retail-driven market… This will change over time, but it will take time.” The main reason for the delay in the entrance of institutional investors to the crypto-currency market is called the fuzzy position of regulators in relation to the industry. According to a widely held opinion, after approval by the US Securities and Exchange Commission (SEC) of Bitcoin-ETF, the crypto-currency market will be open for institutional investors. Tyler Winklevoss noted that at the moment Gemini is focused on expanding the retail business. Over the past six months, the staff of the stock exchange has doubled and will be further increased by the end of the year. Also, Gemini planning to list new crypto-currencies. Recall that at the end of July, SEC for the second time rejected the application of Cameron and Tyler Winklswes to create a stock exchange investment fund tied to Bitcoin. Nasdaq Stockholm launched an Exchange-Traded Bitcoin Note That American Investors Can Buy US investors, tired of waiting for the launch of the regulated bitcoin-ETF, now have access to another no less significant instrument in the form of exchange notes (ETN) for bitcoins on the Nasdaq Stockholm (NASDAQ OMX Nordic) exchange, the value of which is displayed in the US dollar. Reported by Bloomberg. The new product is provided by XBT Provider and is traded under the ticker CXBTF within the Bitcoin Tracker One, which was launched in May 2015, but has so far only been displayed in euros and Swedish krona. “Everyone that’s investing in dollars can now get exposure to these products, whereas before, they were only available in euros or Swedish krona,” said Ryan Radloff, the chief executive officer of CoinShares Holdings Ltd., the parent of the company that offers the ETN. “Given the current climate on the regulatory front in the U.S., this is a big win for Bitcoin.” Unlike exchange-traded funds, ETNs are debt instruments that are backed by their issuers - often a bank - rather than a pool of assets and often focus on esoteric strategies that don’t easily fit in a fund. Bitcoin Tracker One may give investors an alternative to Grayscale’s Bitcoin Investment Trust, which also offers exposure to Bitcoin. The Grayscale product trades at a significant premium to the underlying asset.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: correction to bearish trend?Price Yesterday went in an expected manner, fluctuating between 6250 and 6600. For now, BTCUSD is holding above 6250 which is important for an upward overview. Nonetheless, until the price reaches 7000 – 8000 zone this upward movements could be considered as a correction of the bearish trend. As the negative news background, has changed to neutral we expect a continuation of lateral movement for today, maybe with testing of 6600 during the US trading session. Boundaries: 6000 – 6250 zone as a support and 6600 – 6800 as a resistance. Today forecast Trading in the 6000 – 6800 zone. Latest news Chris Concannon, CBOE president and CEO optimistic about ETF approval The moment when the Securities and Exchange Commission (SEC) will improve their attitude regarding bitcoin-ETF is not far off. This view was expressed by the president of the Chicago Option Exchange (CBOE), Chris Concannon. CBOE president also said that the launch of bitcoin futures, which took place at the CBOE in December, indicates the maturity of cryptomarkets. Concerning ETF on the basis of futures, Concannon noted that since no one has yet tested this product, one important task is to determine the correct level of liquidity. SEC also concerned about volume issue. The trading volume of bitcoin futures is relatively low in comparison with contracts for such commodities as oil or gold. ETF is designed to solve this problem. However, the SEC is unlikely to approve crypto-currency ETF-products without sufficient liquidity of bitcoin futures themselves. As Concannon noted, in the crypto industry, ETF can offer huge dividends to pioneers. Recall, on August 7, the SEC extended the term of consideration of the joint application for the creation of bitcoin-ETF from the companies VanEck and SolidX. Nevertheless, representatives of CBOE and the above-mentioned firms are still convinced of the positive outcome of the case.
BITFINEX:BTCUSD
by DestinationMoonCrypto
3
Bitcoin Today: 18000 transaction on BitMEX walletsPrice From yesterday BTCUSD showed a sustainable growth, with a hike in volume after reaching the Bearish Trend Line and 6250 level. This growth showed a supportive power of the 6000 – 6250 zone, which gives a hope to bulls, but still consideration of any reversal will need more confirmations. The most important requirements to change outlook from bearish to correction/reversal is to stay above 6250 level. From the above, 6600 level will be the next resistance. A comeback below 6250 and Bearish Trend Line will send the price to test the next support at 5750 (2018 low). Also, it is worth remembering that the SEC is now scheduled to decide on the Bitcoin ETF ruling by September 30, so, presumably, we will not see any significant developments until this date (or premature SEC statements), rather it will be a lateral volatile trading ruled by rumors. Today forecast Trading in the 6250 – 6600 zone. Latest news Comments from Nick Szabo on ETF A well-known cryptographer and pioneer in the field of smart contracts, Nick Szabo on Twitter expressed his fears about the approval of bitcoin-ETF. In his opinion, there will be more cons than pros from crypto-exchange-traded funds approval. “I for one am not lobbying for an ETF or for Wall Street-managed money in general. It might cause more problems than it's worth. The recent sell-off by dumb money has or soon will deprecate many opinionated know-nothings in this space. We don't need new ones to take their place.” - @NickSzabo4 Big whale transaction on BitMEX wallet detected Yesterday at 8:50 UTC time, a transaction involving 10 BTC went to a BitMEX-associated wallet. It didn’t seem like much, but less than half an hour later, another 16 wallets sent 17,990 BTC, bringing the suspected BitMEX wallet’s balance to a grand total of just a hair over 18,000 coins, this was a few hours before BTCUSD showed a recovery movement from the 6000 level. Such noticeable transactions sparked conversations and fears across the community in multiple social networks: whether that will be a short or a long position... Here is the synopsis of the most meaningful opinions: “They have to make sure the price stays below $6150 until futures close tomorrow.” “Shorts are stacked a mile high. Expect volatility.” “Aside from the possibility that the exchange is consolidating coins to a cold storage wallet, it could also be providing liquidity for its trading platform. Either of these conclusions could be likely, considering that it just recently posted another record-breaking trading volume of over 1 million BTC.” Anyway, one thing stays clear, we should expect a high volatility soon, and a fall further down stays in a high probability for now.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: heading to 2018 lowPrice After a short run upwards BTCUSD turned sharply and began the fall, not managing to hold on the 6250 on the way to 6000. For now, the price fluctuates slightly below 6000 (5950), the fact that the most volumes were traded on the 6000 or lower adds to the bearish scenario. We do not consider the 6000 level broken yet, but all looks like the price could go lower and start testing 5750 (2018 low). To consider a rebound or takeoff from this level we have to see the price at least going back above 6250 during the 24 hours, otherwise, the bearish scenario with testing of 5750 is more probable. Today forecast Trading in the 5750 – 6250 zone. Latest news Opinion on Fall of Bitcoin from Forbes journalist Why is the bitcoin and cryptocurrency sell-off happening now? The sell-off currently sweeping through the world of cryptocurrency has been blamed on investors, who last year piled into initial coin offerings (ICOs), often using the ethereum blockchain, bailing out. As many hundreds of ICOs launched on the ethereum blockchain, it pushed up ether’s price and with it many other major cryptocurrencies. Highlighting this drop off for investors, a report from analysts at ICORating found the return on investment (ROI) on ICOs in the second quarter of this year was –55.38%, down from an ROI of 49.32% in the first quarter. This is despite an increase in both the number of ICOs and the total amount raised over the quarter. Meanwhile, bitcoin and other cryptocurrencies rallied in July on hopes that a bitcoin-backed exchange-traded fund (ETF) would be approved in August by the U.S. Securities and Exchange Commission, a delay on the decision until September has taken the wind from investor's sails. - @billybambrough Winklevoss Twins comment about SEC decision and future plans In a recent interview with Bloomberg, the Winklevoss Twins, the founders of crypto exchange Gemini, opened up about the fallout following the ETF rejection that kickstarted a sell-off in the larger crypto market, which recently accelerated after the SEC postponed its decision on whether to allow the listing of the Cboe VanEck/SolidX ETF. Tyler Winklevoss, who serves as chief executive of Gemini, shared that while waiting for Wall Street and the SEC to get on board with crypto, the company will focus on expanding its product offering focused on retail investors. Wall Street is taking cryptocurrencies seriously, however, majority of Wall Street firms are still avoiding cryptocurrency market, which remains primarily a retail driven market. This will change over time, brothers state. Retail investors can currently purchase Bitcoin (BTC), Ethereum (ETH), and Zcash (ZEC) through Gemini, with each digital asset fully approved for trading and custody services via the NY State Department of Financial Services (NYSDFS). While the Winklevoss Twins wait for full-scale Wall Street adoption, cryptocurrency hedge funds and venture capital funds are currently launching at a record pace. Most of the new funds have been launched in the United States, with only one-third being officially registered with the SEC.
BITFINEX:BTCUSDShort
by DestinationMoonCrypto
Bitcoin Today: Withheld the 6000 for nowPrice The last three days went as it was expected, lateral in the 6000 – 6600 zone. Though, Saturday was marked by high volatility and dive below the local support 6250. The fact that the price was brought back above 6250 adds to the supportive nature of 6000 level. So, the Bearish Trend Line is violated already and BTCUSD spent Sunday above 6250 in a lateral pattern. If the price will be picked up from here the nearest resistances will be 6600 and 6800 afterwards; from below we still have 6000 - 6250 zone as a support. Nonetheless, for now, we do not see any fundamental reasons that could push the price upward with enough power to hold it above 7000, so we expect a continuation of the lateral movement in 6000 – 6600 zone. Today forecast Trading in the 6000 – 6600 zone. Latest news More and more Indian exchanges use to stablecoins, the government looking into digital currencies too. A growing number of cryptocurrency exchanges in India are adding stablecoins such as trueusd (TUSD) and tether (USDT) to their platforms. Such solution came up in order to minimize the impact of the crypto banking ban imposed by the RBI. The Indian government has become infamous in the cryptocurrency world due to its hardcore “against” stance on the technology. However, reports have emerged that the government is considering launching crypto-tokens in the country. These are different from cryptocurrencies, as they are representations of money and not currencies themselves. The tokens will be utilized for financial transactions, with the ban still “likely to continue”. A committee has been formed, under the Department of Economic Affairs, to study how these cryptocurrencies and digital assets can be regulated and to form a roadmap for the future of digital assets in India. The draft of the regulations will be tabled before the Indian Parliament when they are “ready and legally vetted”, stated sources to Indian news reporting platform DNA. The head of the committee and DEA secretary Subhash Chandra Garg stated: “The committee is studying the possibility of using cryptocurrencies or the crypto technology (distributed ledger technology) for financial transactions and also what kind of regulations are needed for that. the currency is totally banned, the committee is discussing its other usage and how it can be mainstreamed in India,” Garg seems to be of the opinion that cryptocurrencies are a “Ponzi kind of scheme”, stating that the Reserve Bank of India has released advisories for this specific reason. This is also the reason the regulator has debarred banks from dealing with any aspect of the technology, with Garg referring to this move as “regulations”. However, cryptocurrencies might see new life as crypto tokens. A senior official in the Indian government stated to DNA: “One will need to pay physical money to buy a token which could be stored as a code in any basic mobile feature phone. It can even be used for remittances. So, it is easy to implement from technology as well as a regulatory point of view.” The implementation of these tokens might also be as a test of sorts to see whether crypto-technology can be utilized in the country. Many speculate that the reasons cryptocurrencies haven’t been legalized completely yet are because it interferes with the supply of money in the country. The President of Digital Lenders’ Association of India, Alok Mittal, stated: “Crypto token operates in a closed system and doesn’t impact the country’s monetary policy unlike cryptocurrency, which interferes with the money supply situation.”
BITFINEX:BTCUSD
by DestinationMoonCrypto