Institutional support for bitcoin growing, progressive regulations drafted

A bevy of incoming news from the past weeks includes more data legislation from the European Union, more negative bitcoin comments and updates on Fidelity’s upcoming bitcoin trading.

New data law for the European Union

According to a post from Fortune, the European Union will dish out a sequel to its “payment services directive,” called PSD2. Targeting financial firms, the law looks to “[b]oost competition and innovation within the industry by making banking and payments safer and more open through stronger security and data portability provisions,” Fortune explained. PSD2 comes into play on September 14, 2019.

The fresh law includes bank enforcement of “strong customer authentication,” which involves necessitating 2-factor authentication (2FA), Fortune explained.

Charlie Munger Bashes Bitcoin

At Berkshire Hathaway’s yearly shareholder meeting on May 4 this year, its vice chairman Charlie Munger took a verbal swing at bitcoin, Fortune detailed. “I wondered what [Bitcoin investors] have been doing in their happy hour, and I finally figured it out. They celebrate the life and work of Judas Iscariot,” Munger said. Both Munger and Berkshire Hathaway CEO Warren Buffett have spoken negatively about bitcoin previously.

Earlier this year in February, Crypto Insider reported on Buffett’s opinion that bitcoin lacks uniqueness.

In response to whether or not he had changed his opinion on bitcoin, Buffett told Becky Quick in a CNBC interview:

No. I mean It’s too bad, but bitcoin, it’s ingenious, and blockchain is important, but bitcoin has no unique value at all. It doesn’t produce anything. You can stare at it all day and no little bitcoins come out or anything like that. It’s a delusion basically.”

Crypto trading coming to Fidelity soon

Mainstream giant Fidelity will commence institutional bitcoin trading “within a few weeks,” Bloomberg reported, “according to a person familiar with the matter,” who wished to remain unnamed.

The product will be aimed at institutional participants, Bloomberg said, adding, “A study released by Fidelity on May 2 found that 47 percent of institutional investors think digital assets are worth investing in.”

As reported by Bloomberg, Fidelity Investments VP of external communications Arlene Roberts said in an email, “We will continue to roll out our services over the coming weeks and months based on our clients’ needs, jurisdictions, and other factors. Currently, our service offering is focused on Bitcoin.”

Prior to this news, back on March 27, BlockTower Capital CIO Ari Paul posted a seemingly positive tweet about the strong situation over at Fidelity.

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Weekly roundup May 6 – May 10

This week bitcoin’s price carried on toward new yearly highs as price interest increased. Other headlines from the week include a Binance hack, Fidelity BTC trading, a Bitfinex IEO and more. Catch up on this week!

Fidelity goes all in crypto, Bitfinex to launch an IEO, how to Win 1 BTC

In fall of 2018, mainstream giant Fidelity Investments unveiled plans to start up digital asset trading and custody, via its new endeavor – Fidelity Digital Assets.

March 8 saw Fidelity launch custody services for bitcoin. The company also plans to provide institutional bitcoin trading in the coming weeks, according to a Bloomberg post.

In other news, information reached the public on Bitfinex’s initial exchange offering (IEO). Bitfinex looks to raise as much as $1 billion in funds, according to a tweet from shareholder Zhao Dong. The exchange’s token sale has now been officially confirmed through the release of a whitepaper by IFinex, Inc., Bitfinex’s parent company.

The embattled exchange reportedly plans to sell an asset named LEO, a utility token used to lower fees on the exchange.

Additionally, a headline came in this week revealing the Gemini exchange’s plans to give away one BTC to the person who can capture the best picture of the Gemini Crypto Bus, which can be found roaming the streets of San Francisco, Chicago and Washington D.C. This contest appears to be part of an initiative supported by the Gemini Trust Co., which involves developing progressive regulations for cryptoassets.

Read on Crypto Insider 

Binance no longer #safu: Hackers steal 7000 BTC

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Weekly roundup April 29 – May 3

Overall, this week was another positive one for bitcoin in terms of price. The asset fluctuated through the low to mid-$5,000 range as headlines surfaced regarding Bitfinex, IOTA, HTC and a host of other topics. Catch up on this week’s news!

Crypto influencers are confident the bottom is in, $350 premium on BTC at Bitfinex, Ethereum’s ProgPow update

Additionally, regarding Ethereum news, “Hudson Jameson, the Ethereum communication coordinator and blockchain developer, announced that funding for the third party audit of programmatic proof-of-work (ProgPow), an ASIC-resistant blockchain consensus algorithm, has been secured,” Crypto Insider reported.

Bitfinex reportedly planning an IEO, IOTA partners transportation body of Austin, HTC to release new blockchain phone

In the cellular world, HTC revealed it intends to bring another blockchain phone to market, with an expected release for the product prior to 2019’s end.

Kraken user reports losing 1.6 BTC, new BitPay partnership introduces bitcoin tax solution, CoinJoins increasingly used for anonymity

One Reddit member named u/Fu_Man_Chu said he deposited 1.6 BTC into his Kraken account, only to find the account barren just 24 hours later. Adding to the mystery, the user said he found 37 pages of suspicious trading activity recorded on his account. “Interestingly, there were no withdrawals, transfers or notifications,” Crypto Insider reported, showing the users account screenshots.

BitPay also revealed news this week. “BitPay, the largest global blockchain payments provider, today announced Refundo, a leading provider of tax related financial products, is making federal and state tax refunds available in Bitcoin directly to taxpayers through BitPay’s Payouts,” a press release from BusinessWire detailed.

Additionally, Longhash pointed out a boost in CoinJoins transactions over the past year. CoinJoins are a method of batching bitcoin transactions to increase anonymity.

Read on Crypto Insider

BOLT migrates to Binance Chain

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Bitcoin (BTC) price might decline further: crypto analysts

After last week’s Bitfinex and Tether news, bitcoin currently sits in consolidation around the $5,150 zone. Numbers from the Relative Strength Index (RSI) may show the asset has further to fall.

Bearish divergence

An April 29 article from ChepiCap pointed toward multiple technical analysts on Twitter who are speculating on a possible drop in bitcoin’s price.

HornHairs, one of the mentioned Twitter users, made an observation on April 26 regarding bitcoin’s RSI levels, comparative to historical data. The analyst noted recent RSI divergence on the two-day chart, similar to those in history which led to subsequent moves downward in price. Comparing the current bear market to past bear trends is fairly common practice in the crypto space.

On the daily chart, crypto’s largest asset also posted seemingly bearish price divergence in relation to the RSI, prior to the most recent substantial price drop. The price, however, likely also saw impact from last week’s Bitfinex and Tether news.

Image Courtesy: TradingView.com

The Chepicap article also included Nick Cote’s thoughts on scenarios leading bitcoin toward either $4,300, or $6,400 levels.

Tone Vays bearish on altcoins

As bitcoin sits undecided on its route, some individuals have an overall bearish view on altcoins in general. Popular technical analyst Tone Vays has stated many times that he thinks many altcoins should be headed toward a price of zero.

At a recent Mexico City bitcoin meetup, Vays answered questions from the audience and posted the video on his YouTube channel on April 27.

Regarding altcoins in general, Vays said, “I take the position that none of the altcoins are going to survive.” Continuing, he explained, “Now I know I will probably be wrong, and a few of them will survive, but it’s irresponsible for me to guess which ones they’re going to be.” Vays has expressed this sentiment many times in the past in various videos he has posted, in one form or another.

The dot-com bubble of the 90s and early 00s saw a situation similar to what Vays is describing. Many companies failed from that era, but a few of them eventually rose from the ashes, turning into powerhouses seen today. Examples of such include Amazon and eBay.

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Weekly roundup April 22 – April 26

Another week has passed in the cryptosphere as 2019 is now almost four months old. Bitcoin mostly ranged in the $5,000s this week. Meanwhile, headlines hosted Tether (USDT) negativity, Ledger malware and more. Catch up on the news from the past several days!

TD Ameritrade shows bitcoin paper trading

The trading turned out only to be simulated trading via TD Ameritrade’s paper trading platform, the Twitter user stated in a second tweet. TD Ameritrade support could not provide information on the bitcoin trading, according to correspondence posted in the tweet.
TD Ameritrade’s paper trading platform ordinarily takes live trading data and applies it to the paper trading account, Cryptopolis pointed out to TD support. In this case, it is odd not to have live bitcoin trading to pull data from, unless TD was testing bitcoin trading behind the scenes.

Kyber Network plans to interconnect all blockchains

This endeavor looks to add liquidity across different blockchains, furthering the Ethereum network in the process.

NY Attorney General: Bitfinex and Tether lost $850 million to payment processor

One top Bitfinex brass reportedly has been attempting to get money back from Crypto Capital since April 2018, leading to asset withdrawal difficulties for customers. The payment processor reportedly could not return said funds due to regulatory difficulties in multiple countries.
Attempting to help the liquidity issue, Tether sent $625 million over to Bitfinex back in November 2018. (Tether and Bitfinex share ownership.) In turn, a “’line of credit’ has been created on Tether’s reserves,” Crypto Insider noted, via the government file. Customers did not see public disclosure of these actions.
“Attorney General Letitia James has filed a lawsuit against iFinex inc, BFXNA inc, Tether Holdings Limited, Tether Operations Limited, Tether Limited, and Tether International Limited, as all organizations have been proven to be operated under the same umbrella,” Crypto Insider reported.

Latest News: Chinese Crypto Scammers Arrested, Ledger Issues Warning on Desktop Application Malware

HEC started up the endeavor in January of 2018, gathering 40,000 ether via investments. Of the 21 people suspected to have taken part in the project, 15 have been taken into custody, with six participants still on the loose, authorities said.
News from popular hardware wallet provider Ledger also hit the headlines. The company warned customers of Ledger Live malware in a tweet.
“WARNING: we’ve detected a malware that locally replaces the Ledger Live desktop application by a malicious one. Users of infected computers are asked to enter their 24-word recovery phrase after a fake update. Please refer to our security best practices,” the tweet said.
(Ledger listed its best practices on a Medium post.)
Also from this week, take a look at Crypto Insider’s interview with David Chaum, as well as its other articles on the Bitfinex situation, and data that implies Craig Wright may not be Satoshi Nakamoto.

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Ripple leaders weigh in on XRP, blockchains and growth

Bear markets take a toll on companies. However, over the course of the current crypto negative price action, multiple businesses have risen to the occasion by building and further strengthening their protocols. One such company is Ripple. The company’s CTO and its Director of Business Operations provide insights on blockchain, XRP and the Ripple company.

A few insights from Ripple brass

CTO David Schwartz talks about future potential for blockchain

Using blockchain in the area of payment and store of value is the most relevant application for the technology at the moment, according to a Quora response from Ripple CTO David Schwartz on April 1, 2019. The technology officer also mentioned a few other applications, such as lending, which still involve payment functionality at some level.

Branching out from transactions, speaking on blockchain utilization as a whole, Schwartz referenced the technology’s potential usage in tracking products.

Schwartz also talked about blockchain security: “Ultimately, the advantages a blockchain brings center primarily around security and reliability,” he said. “Blockchains don’t have to worry about ‘bad data’ getting into the system at a weak link because all data can be verified by all participants,” he added later.

Nonetheless, speculation can be difficult as the future is an unpredictable animal. The Future might be entirely different from what people estimate right now, Schwartz explained.

It’s very early though and most of our guesses will probably be wrong. If we tried to speculate what the Internet would be used for back in the 90′s, we probably wouldn’t have guessed that streaming videos of cats would be up at the top.

Schwartz on Coil

Regarding use cases for Ripple’s XRP, Schwartz mentioned the token’s micropayment integration with a company named Coil. Essentially, Coil is a way for content creators to receive monetization for their media across multiple websites and platforms, according to a post on the XRP community blog.

“Coil is using XRP and the Interledger protocol to make hundreds of millions of tiny payments to content providers, streaming money at the providers as the providers supply content to Coil’s customers,” Schwartz explained on Quora. “[T]he important thing is that the content providers don’t have to have any formal relationship with Coil,” he included. “They just specify in the content where they want to receive payment and Coil, or any other web monetization provider using ILP, can pay them.”

Ripple looking to grow globally

In an interview posted on Ripple’s Twitter account, Ripple Director of Business Operations Jinal Surti spoke on the company’s worldwide activity. Surti said that Ripple is expanding to set up shops in numerous locations worldwide. The company began in New York, San Francisco, London and Mumbai, and is now extending its operation further, Surti said.

Regarding reasoning, he said,

We are a cross-border payments company. By definition, we have to be global because our customers are global, and so even though we have a global strategy of enabling cross-border payments, the regions behave slightly differently, and we have to be very careful about working within those nuances.

Ripple versus XRP

The XRP asset holds a firm position as CoinMarketCap’s third highest market cap asset. It’s remarkable and worth mentioning that the market cap of Ripple’s coin is more than two and a half times larger that of bitcoin cash (BCH), which sits in the fourth place.

Buying XRP does not represent purchasing shares of Ripple as a company. Ripple’s official website states the XRP coin is independent of the Ripple company. However, the Ripple company statedly owns 60 billion XRP coins. Additionally, Ripple utilizes the XRP asset in its xRapid product.

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TD Ameritrade shows bitcoin paper trading

The puzzle pieces appear to be falling into place for the start of a new bull run. Popular mainstream traditional asset trading platform TD Ameritrade reportedly shows simulated bitcoin trading, via its paper trading functionality. This has been reported by Twitter user Cryptopolis, and then further legitimized by Litecoin creator Charlie Lee. 

TD trading oddity

On April 22, Twitter user Cryptopolis posted an exuberant tweet, claiming the occurrence of bitcoin trading on the NASDAQ stock exchange, through the popular traditional asset broker and online trading platform TD Ameritrade. The asset chart showed trading began on April 10, as presented by the enthusiastic user.

In a follow-up tweet, after speaking with the support team at TD Ameritrade, Cryptopolis explained the BTC trade was only a simulated event on TD Ameritrade’s “Paper Trading Platform.”

Customers commonly use paper trading to carry out trading processes with fake money, test various theories, and gain familiarity with markets. In the crypto space, BitMEX’s testnet has similar functionality.

Additionally, Cryptopolis said the TD staff could not give any details on the bitcoin paper trading, and had no information of clarity on CXERX – the exchange listed on the chart up by the BTC ticker.

In the posted conversation, Cryptopolis noted paper trading data often stems from real trading data. Therefore, it is odd to see BTC functioning on the paper trading platform, if no live trading data exists for correlation. TD support staff agreed on a possible guess that the product could be in a testing phase. However, he also mentioned the ticker possibly might be an index or Forex ticker. Another observation was the chart shows prices similar to those seen in bitcoin.

Possible explanation

In the tweet’s comments, The Rythmatician speculated on a plausible explanation for the event. The user said Cryptopolis might have utilized ErisX.

TD Ameritrade previously invested into ErisX, “a regulated exchange for cryptocurrency trading,” TD’s official website states. TD also notes customers cannot, at the time of this writing, use TD for ErisX trading quite yet, due to regulation and development. “Crypto trading will be dependent on when ErisX completes its product development and obtains regulatory approval,” the site explains.

The Rythmatician also speculated that ErisX might have joined forces with Seed CX. Seed CX is “the only digital asset exchange built exclusively for institutional investors,” according to a press release from February 2019.

Litecoin creator Charlie Lee enthusiastically tweets about LTC also being available

Upon further inspection, Litecoin creator Charlie Lee has discovered that a LTC/USD pair is also available within the same paper trading interface of TD Ameritrade. The reactions have been extremely positive, as many Twitter users have anticipated the coming of another bull market which is triggered by this wave of institutional adoption.

Integrating cryptocurrencies into traditional financial trading is a way of legitimizing the cryptographically-secured digital assets and a way of helping more people trust in these investments. Integrating BTC and LTC into TD Ameritrade makes a lot of sense, as the coins are technically similar and represent the most decentralized and trusted assets for quick exchanges and value storage.

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Tuur Demeester sees Bitcoin entering ‘heavy accumulation’ phase

Bitcoin fund Adamant Capital recently released a report stating that Bitcoin (BTC) is in an accumulation phase. Rangebound activity is expected as part of this phase.

Accumulation for BTC

Adamant Capital founding partner Tuur Demeester, along with cofounder Michiel Lescrauwaet, created an in-depth report on Bitcoin’s current price action and status, titled “Bitcoin In Heavy Accumulation.”

The report noted that Adamant Capital’s past Bitcoin evaluations, in 2012 and 2015, had determined that Bitcoin as notably undervalued at the time of those reports. With bitcoin down 75% from its all-time price high, the fund also sees the current situation as “an exceptional opportunity for value investors.”

The report also sees Bitcoin ranging in price, stating, “During this accumulation phase, we expect for Bitcoin to trade in a range of $3,000 to $6,500, until the new bull market permanently cements the denarian cryptocurrency as a multi-trillion dollar asset class.”

Ecosystem activity

Adamant Capital highlighted many different interesting research conclusions in a bullet point summary of its report. “Blockchain analysis suggests Bitcoin whales are now accumulating,” the report said.

The report mentioned considerable correlations to the previous bear market of 2014 – 2015, as well as stating, “HODLers almost break-even, with est. aggregate losses of $3 billion.”

The fund observed the overall recent lack of volatility in the market, which alludes to “retail apathy” and “market bottoming.”

Additionally, crypto exchange break-ins and capitulation from Bitcoin miners might cause “demand shocks.” The report also mentioned that “Bitcoin’s secular bull market is supported by strong fundamentals.”

Other interesting aspects

The extensive report included a plethora of details and analyses as reasoning for its statements.

Regarding rationale for capitulation in 2018, the fund explained that blockchain data indicated a large number of Bitcoins were sold back in November 2018 – Bitcoins that did not often see much movement otherwise, indicating Bitcoin holder selling. The fund noted, however, that 2019 has shown improvement and the accumulation period has begun for crypto’s largest asset.

In the report’s conclusion, the authors stated the belief that bitcoin currently is undergoing accumulation, which indicates that this could be the final bear market phase. Positive investor sentiment is reportedly higher than Bitcoin’s capitulation back in November 2018, and “Bitcoin HODlers are committing for the long term again,” the report said, citing blockchain data.

The report also mentioned that Bitcoin may still see lower price action, but the asset’s fundamentals are building steam.

“We assert that the long term risk-reward ratio for Bitcoin is currently the most favorable of any liquid investment in the world,” the fund states in its conclusion.

Adamant Capital’s report contains significantly more data than covered in this article. Read the full report here.

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Bitcoin SV price plummets, after multiple exchange delistings

Surrounding multiple exchange delistings, Bitcoin Satoshi’s Vision (BSV) has fallen noticeably in price. Kraken also has decided to remove BSV.

Over the past several days, the crypto space has seen significant events regarding Craig Wright, his alleged status as Bitcoin creator Satoshi Nakamoto and his crypto asset project Bitcoin Satoshi’s Vision (BSV).

Binance, one of the largest crypto exchanges in terms of trading volume, posted a tweet on April 15, 2019, explaining why it delisted BSV. The tweet garnered a significant response on Twitter from the crypto community.

On the same day Binance sent out its tweet, BSV dropped from about $75, down to around $59, seen on the BSV Bitfinex USD chart.

Image Courtesy: TradingView.com

After Binance’s bold move, other exchanges seemed to follow suit in delisting the asset. ShapeShift, and recently Kraken exchange, both also have decided to remove the asset. Prior to its decision to remove BSV, Kraken’s Twitter account ran a poll, asking the public’s opinion on the matter, receiving the most votes in favor of a removal.

Kraken sent out an email to customers on April 17 describing the delisting, as confirmed by some of the Crypto Insider staff who received the email. In the email, Kraken said it warned customers about aspects of the asset, via a blog post, when the coin originally was listed on the exchange.

“WARNING: Bitcoin SV does NOT meet Kraken’s usual listing requirements. It should be seen as an extremely high risk investment,” Kraken stated as part of its blog post announcement from November 2018. The warning also included multiple “red flags” for traders to take note of.

In the April 17 email to customers, Kraken went on to say,

Over the last few months, the team behind Bitcoin SV have engaged in behaviour completely antithetical to everything we at Kraken and the wider crypto community stands for. So alongside other upstanding members of the community, and in consultation with the more than 70,000 members of the community, we have decided to delist Bitcoin SV.”

Additionally, the email included the disabling of BSV deposits on April 22, with a stoppage of trading for the asset on April 29. The exchange noted, however, that customers will be able to withdraw BSV until May 31.

In contrast to the mentioned delistings, Crypto Insider also reported on OKEx’s decision not to remove the asset. “BSV currently does not meet our delisting criteria. As such, OKEx has no intention to delist BSV for the time being,” OKEx said in an April 16 statement.

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McAfee says he knows who Satoshi is – here’s what we know so far

The identity of Bitcoin creator Satoshi Nakamoto has eluded public knowledge. Tech expert and influencer John McAfee says he knows who Nakamoto is, and will reveal that identity, via clues over time. Here’s what we know so far, assuming McAfee is correct in his statements and knowledge. 

Nakamoto is not the CIA or any global government agency

Surrounding all the recent news on Craig Wright, his self-proclaimed status as Bitcoin creator Satoshi Nakamoto and his project Bitcoin Satoshi’s Vision (BSV), McAfee sent out a tweet claiming he knows Nakamoto’s true identity, and that the public also should know.

Many theories on Satoshi’s identity have surfaced over time, including that Bitcoin’s creator is a group of people, rather than a single person. This theory seems correct, according to McAfee’s tweet. The eccentric crypto enthusiast also mentioned that one male U.S. resident authored the Bitcoin whitepaper.

In his next tweet in the Nakamoto series, McAfee revealed he has been protecting Nakamoto’s identity but now has decided to reveal the information, bit by bit, until the secret is out.

“It’s not a nice story”

The story is not a pleasant one, according to McAfee in the comments section of the second tweet. He also, however, described the story as “incredible.”

McAfee said he thinks keeping Nakamoto’s identity under wraps is problematic, which is why he has chosen his current course of action.

McAfee posted yet another tweet, seemingly in response to those questioning how he knows Nakamoto’s identity. McAfee referenced his extensive work in the tech space, saying:

Yes, I drink, use drugs, chase women, run from the law – which I have done since I was 19. But it does not obviate the fact that I created a great company whose focus was stopping hackers. I had to know hacking. I am still John ******* McAfee.”

(*Profanity edited with asterisks)

McAfee does indeed have extensive expertise in the technology space, founding McAfee Associates in the 1980s, and working on numerous endeavors since then.

In the comments, Mcafee described using social engineering to find the identities behind bitcoin’s creation.

Nakamoto does not follow McAfee on Twitter

Satoshi does not have brown hair

McAfee himself is not Satoshi

It’s not Elon Musk

Nakamoto is not Nick Szabo

Nick Szabo had a hand in developing a type of digital asset named “bit gold,” back in 1998, according to his Wikipedia page. Szabo is one of the individuals which the public has speculated to possibly be Nakamoto.

The team behind the name Satoshi Nakamoto are all of Indian (India) ethnicity

McAfee dropped a big clue on Nakamoto’s ethnicity, via a response to emails he has received on the subject, regarding people claiming to be Bitcoin’s creator. In the email correspondence McAfee posted, he said the team is of Indian nationality.

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BitMEX CEO mentions future plans to Venture Coinist Luke Martin

Popular platform BitMEX has risen to the top of the crypto exchange world over the past couple of years. Luke Martin, a.k.a. Venture Coinist, interviewed BitMex CEO Arthur Hayes on a myriad of topics, including what’s coming up for the big exchange.

In an April 11 YouTube interview with Hayes, Martin asked the BitMEX CEO a bevy of questions on the exchange, as well as other topics.

Future potential

Martin pointed toward Hayes’ comment about BitMEX’s goal to be one of the largest global financial institutions, referencing his statement on one of Laura Shin’s podcasts in 2018. In response, Hayes mentioned a changing of the tides in terms of technology usage in the younger generations, leading to a new type of trend in dealing with finance and money. He added that crypto exchanges fit this new direction well.

BitMEX primarily is known for its trading functionality. However, Hayes also mentioned exploring other types of investment products that he sees might be applicable. The CEO said he has been looking into the aspect of generating “income natively,” for bitcoin holders. “If I hold some bitcoin, and I want to generate some income from it, it’s extremely difficult,” he explained. “It means I have to lend it to somebody unsecure,” he said.

Circling back to the scene in traditional markets, Hayes said:

One of the underpinnings of the fixed income markets and traditional space is that high quality corporates that everybody knows and trusts and have a reputation on the line, issue commercial paper, short term paper, in usually U.S. dollars for their funding needs for their company. Now usually they don’t need this money. It’s more that its operationally and financially efficient for them to borrow money instead of using their retained earnings, so that should happen in crypto as well.”

Hayes said he desires to build a future in which top miners and exchanges “issue short-term bitcoin bonds to the ecosystem.” He mentioned the reputation of these top entities as an incentive to uphold their ends of the deals. This activity and ecosystem might bring more activity and participation into the crypto space.

The entrepreneur included that he potentially looks toward the upcoming months to evaluate market interest for such an ecosystem. This ecosystem might also lead to a host of new trading activities on BitMEX, the CEO included, aiding in further success for the exchange. “That’s really going to take our platform to the next level and help us achieve our goal of becoming the largest exchange.”

S&P 500 and Nasdaq investment

Hayes also spoke any many other topics in the interview, such as upcoming traditional investment options, via bitcoin. He hopes that by summer 2019, users, via an entity separate from BitMEX’s current platform, will have the option to invest in S&P 500 and Nasdaq Q indexes using bitcoin.

The BitMEX overload

Additionally, Hayes mentioned the famed BitMEX overload problem, in which traders sometimes are unable touse the platform during peak activity. He said his team expanded the exchange’s capacity, improving the problem in 2018. When BitMEX released its ethereum/USD perpetual swap product in August of 2018, however, the platform’s performance took a hit again, seeing overload problems due to popularity and an overabundance of demand on the overall system.

The CEO noted BitMEX has held off on releasing new products since last August, working to fix the overload issue. “Company-wide, we’ve been on a moratorium for new products while we work on rearchitecting our entire trading engine, which is going along and we hope to have that finished in the third quarter or fourth quarter of this year [2019].”

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Bollinger Band indicator: what is %b?

A vast number of technical analysis (TA) indicators exist. One interesting choice in possible relation to the crypto space is John Bollinger’s %b indicator.

In a previous article, Crypto Insider detailed Bollinger Bands® (B.B.), a charting indicator overlay developed by finance expert John Bollinger. Essentially, the three bands show where an asset’s price is located in relation to relatively high or low ranges. These bands also indicate times of increased or decreased market volatility.

As stated on his website, after creating the bands that bear his name, John Bollinger created the %b indicator as an additional tool.

%b

According to the official Bollinger Bands website, “%b tells us where we are in relation to the Bollinger Bands. The position within the bands is calculated using an adaptation of the formula for Stochastics.”

The website states %b can serve many purposes, such as spotting divergences and formations, as well as “the coding of trading systems using Bollinger Bands.”

Additionally, “Indicators can be normalized with %b, eliminating fixed thresholds in the process. To do this plot 50-period or longer Bollinger Bands on an indicator and then calculate %b of the indicator,” the website added.

Indicator levels

On TradingView.com, %b has dotted lines at levels of zero and one. In a video lecture on the MetaStock YouTube channel, Bollinger noted the indicator can move up past the dotted line at the one level when price is outside the upper Bollinger Band, and down below the zero line when market valuation is outside the lower band.

Image Courtesy: TradingView.com

Visible in the chart above, the dotted lines correlate with the Bollinger Band levels on the chart. Price hits the upper band as the indicator also tags the upper dotted line at a level of one. When price moves above the upper band, %b also can be seen above the higher dotted line. The same applies to the lower band and its relation to the dotted line at zero.

Divergence

Described above, one of the interesting possible use cases for %b can come in the form of divergences. At times, the indicator can appear to diverge in comparison to price action, leading to a possible change in price direction, similar to how some traders use the Relative Strength Index (RSI).

Image Courtesy: TradingView.com

It is important to note, however, that higher time frames can carry more significance in terms of price action. Additionally, it can be important to take multiple factors and indicators into consideration, instead of a single observation. Fakeouts and false signals also do occur as no indicator is correct all the time.

Patterns

In the MetaStock YouTube lecture, Bollinger showed the use of formations with %b. He pointed out a “w-bottom” on %b as it correlated with a similar structure in price, with price tagging the bottom Bollinger Band. Additionally, the financial expert pointed out divergence in the w-bottom seen on %b.

Bollinger also noted the occurrence of an uptrend after the w-bottom formation, with %b not traveling below its zero line on the indicator during the uptrend after said W formation.

Image Courtesy: YouTube.com (MetaStock) *Black circles added for clarity

Speaking on the many additional use cases for %b, Bollinger said the indicator “is very useful in pattern recognition,” as well as “in systems trading, and such like that.” Although he added that he did not have enough time in the lecture to dive into all the details.

*Further research may be required by readers regarding %b, due to the indicator’s uses and complexity.

*This article is based on the author’s interpretation of the data, and includes opinions, speculations from the author and others, and is not in any way financial advice. Writing about price levels, charts, etc., is purely speculation, subject to speculatory bias. Nothing written is any kind of advice whatsoever. Proceed only at your own risk.

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Weekly roundup April 8 – April 12

Another wild week in crypto has passed, with bitcoin providing much of the entertainment. Headlines also included news on Facebook’s crypto asset, Peter Brandt’s BTC prediction and more. Catch up on the details!

Bitcoin price dumps in correction

Bitcoin remained exciting this week, as the asset jumped all the way up to near $5,500 before falling back to the $5,000 area at the time of Crypto Insider’s article.

Price seemed to face resistance at the 300-day smoothed moving average (SMMA) close to the $5,500 level before its downfall. The asset also had not yet backtested the 200-day moving average (MA) for support as of press time.

The asset’s market valuation popped up out of a triangle type of formation this week, only to head back down swiftly as part of a fakeout. Popular analyst Tone Vays predicted such a possible fakeout in an April 10 video, one day before the occurrence.

Read on Crypto Insider

Nathaniel Popper: Facebook crypto asset looks to VC firms for investment

On April 8, crypto influencer and New York Times writer Nathaniel Popper tweeted fresh intel on Facebook’s crypto asset. The social media company is reportedly looking for venture capital (VC) investment in its digital coin project, Popper tweeted referencing unnamed sources.

The New York Times journalist mentioned Facebook might use the invested funds as collateral for its currency-pegged crypto asset, according to a source.

Popper said the outside investment could make the project appear as less centralized.

Read on Crypto Insider

Are Coinbase Pumps a Thing of The Past? EOS, Maker and Augur All Dump After Listing

This week, Coinbase announced the listing of EOS (EOS), Maker (MAKR) and Augur (REP). As one of the most prominent exchanges in crypto, the company has listed numerous additional assets since the first half of 2018.

2017 contained much speculation on which cryptocurrency Coinbase would add next, as the platform only housed a few coins at that time. Coins and tokens would sometimes get massive pumps based on a speculatory Coinbase addition.

After the listing of many assets since 2017, it appears as though the effects of Coinbase asset listings have faded. Crypto Insider detailed that EOS only rose roughly 3% around the news and fell in price shortly after. MAKR and REP reportedly faced similar results.

Read on Crypto Insider

Peter Brandt: Bitcoin is going to $50,000

Brandt also notably called for a sub-$4,000 bitcoin price near the top of the last crypto market bull run in January of 2018.

However, an April 6 tweet revealed the analyst had not yet counted out a bottom price retest for the asset.

Read on Crypto Insider

Bitfinex Opens Doors to Everyone

This week, Crypto Insider also interviewed Pierre Rochard on the Node Launcher, Lightning Network and bitcoin, as well as provided coverage on David Chaum, XYO and more.

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Bitcoin price dumps in correction

After more than a week of bullish sentiment and positive price action, bitcoin has dropped noticeably in price. Let’s check out where we are on the charts!

1-Week chart

Image Courtesy: TradingView.com

Bitcoin, on the weekly chart, showed strength early in the week. The asset, however, did not quite reach the red zone of potential resistance lying above. Price spent considerable time in that area previously, making the range a possible formidable opponent in the days ahead. This market valuation also did not quite reach the 50-week moving average (MA).

BTC has not yet backtested the previous red zone of resistance, roughly between $4,061 and $4,400. Price could possibly head down to that level and test it as support.

Crypto’s largest asset did breach the 50-week smoothed moving average (SMMA) during the past two weekly candles, but has been unable to capture a candle close above it.

After a stark drop in price, bitcoin found 20-week SMMA. The coming days will show whether or not the indicator holds as support.

1-Day chart

Image Courtesy: TradingView.com

Regarding daily candle data, the 300-day SMMA stood as resistance, blocking bitcoin’s advances. The asset tapped the level multiple times and even wicked through it before descending boldly back downward.

The 200-day MA has not yet seen a backtest as support, as of press time. Furthermore, the 50-day Moving Average still looks toward a possible golden cross with the 200-day MA in the coming days as well. This kind of golden cross is known as a historically bullish event.

4-Hour chart

Image Courtesy: TradingView.com

Price on the 4-hour chart appeared to show slight divergence with the Relative Strength Indicator (RSI), possibly pointing to decreased momentum. A fall in market valuation followed the divergence.

This phenomenon also seemingly appeared after bitcoin’s first strong push upward, as noted on the left side of the chart.

The asset broke down through the McGinley Dynamic, as well as the middle and lower Bollinger Bands. During the uptrend, price held the middle band nicely as support. After this recent bearish action, bitcoin could possibly now find the middle band as resistance during some type of downward trend, if any such movement were to occur.

Image Courtesy: TradingView.com

BTC also posted a significant fakeout past the top of an ascending triangle of sorts.

Popular crypto analyst and influencer Tone Vays predicted the possibility of such an occurrence in an April 10 video. The analyst explained the triangle structure did not feel right, and indicators pointed toward decreased momentum. He also went over the results in a video on April 11.

Image Courtesy: YouTube.com (Tone Vays)

 

*This article is based on opinions, speculations and interpretations from the author and others, and is not in any way financial advice. Writing about price levels, charts, etc., is purely speculation, subject to speculatory bias. Nothing written is any kind of advice whatsoever. Proceed only at your own risk.

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Crypto OG explains interesting “little old lady” trading strategy

Crypto veteran Davicij15 recently explained his trading strategy, which includes buying many different crypto assets and taking profit after 100% gains.

A long time in the business

Publicized for his comments on bitcoin back in 2011, Davincij15 has been in the crypto game for a long time, comparable to how young the industry is.

The veteran crypto aficionado sat down for an interview with popular crypto YouTuber Ivan on Tech on April 9, talking about various topics in the space.

Near the beginning of the interview, Davincij15 mentioned he did not really start trading crypto assets until roughly 2015, after taking a class to hone his skills. He described taking trades prior to 2015, but with a lack of success.

Little old lady style

Davincij15 said he learned his craft in trading from The Rational Investor. “One of the things he taught me was ‘the little old lady’ style of trading,” Davincij15 explained. “I really gravitated to that because I spent less time actually doing trades, and more time doing other things that I really like to do,” he added.

This trading strategy requires less attention to charts and prices on a daily basis, and looking at larger price movements on the whole. Essentially, Davincij15 explained this style of trading suited him well because it did not require him to be glued to the computer screen at all hours of the day watching price.

The trader said his “little old lady” trading strategy led him to build quite a large stack of crypto assets. “At one point, I had over 350 different cryptocurrencies,” he said.

The trader admitted he held many of those assets on various exchanges, which became somewhat of a liability when bitcoin soared in price. In response, the influencer set out to build a software project that protected his funds, while still letting him trade his strategy effectively – which he also desires to share with the public.

A specific approach to profits

Davincij15 described his “little old lady” style of trading as being simple. Trading can be extensively complex, but it can also be made simple, depending on the approach. For his method, Davincij15 explained scanning for low crypto asset prices, using Fibonacci levels, and buying those low priced assets. “Then, all you have to do is sell half on a double,” he explained, referring to selling half of the asset amount when price jumps up 100% from the buy-in price.

With this particular trading style, “It’s double or nothing basically,” said Davincij15. “Either you buy this currency and it doubles on you, or you get nothing,” he added.  “That’s why you only put in a very tiny tiny amount.”

The trader mentioned an example of someone he knows who currently is only allocating 0.1% to 0.25% of his capital to each asset bought. Davincij15 said even around $10 per trade will add up over time, with patience and discipline.

Davincij15 included that more details on his trading strategy are available on his website. He and Ivan on Tech also discussed several other points and topics throughout the rest of the interview.

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Alessio Rastani: Bitcoin currently is testing 200-day MA on this one chart

According to charts provided by TradingView, bitcoin clearly surged through the 200-day moving average (MA) during its April 2 price pump. One crypto influencer, however, has recently presented a chart with much different data.

Looking at a different chart

Well-known trader Alessio Rastani posted an April 10 video showing that bitcoin is currently facing resistance at the 200-day MA. It’s an odd observation, in the sense that BTC has clearly already pumped right through the 200-day MA, as seen in the chart below.

Image Courtesy: TradingView.com

Rastani, however, used an “MT4” chart. He said this particular chart “excludes weekend data.” Since crypto markets are open 24/7, TradingView charts run data on these assets constantly. Cryptocurrency traders also make use of TradingView charts frequently, as seen on Twitter and YouTube.

Image Courtesy: YouTube.com (Alessio Rastani)

In regards to his reasoning behind excluding weekend data, Rastani said, “The charts that exclude weekend data can be more reliable.” He added, “A lot of weekend activity can be driven by algorithmic bot activity, which of course, tend to corrupt the actual picture on bitcoin.” He said it might be a good idea to reference both types of charts.

Rastani also pointed out an MT4 chart from 2018, showing bitcoin’s price dropping significantly down to the 200-day MA and bouncing off it as support.

Image Courtesy: YouTube.com (Alessio Rastani)

Weekly and monthly charts face similar resistance

Rastani showed the weekly and monthly MT4 charts for BTC, which also showed bitcoin fighting resistance.

On the weekly chart, the trader revealed bitcoin tapping both the 55-week MA and the 100-week MA as resistance.

Image Courtesy: YouTube.com (Alessio Rastani)

On the monthly chart, he indicated that bitcoin is battling the 21-month MA.

Image Courtesy: YouTube.com (Alessio Rastani)

Based on price action and a few other indicators, Rastani still remains bullish on price action for the asset. “For the moment, this [bitcoin] momentum has probably a bit more juice left in it,” he said.

The analyst also noted he does not think this current move is the beginning of a new bull market trend. He thinks the current upswing eventually will fail and price will head back down to previous support, as stated in the video.

Impact from traditional market traders

One interesting aspect to consider might be the effect of traditional market traders and investors who also are now trading bitcoin or its futures. Traditional market traders typically operate during daily trading hours when the market is open. It would make sense for these professionals to stick to their schedule, by using charts that focus on such hours.

Additionally, unlike the general crypto market dynamics, bitcoin futures on the Chicago Mercantile Exchange (CME) are not 24/7 either. Although this product is only cash-settled, traders might look to hedge their positions with actual bitcoin, possibly during weekly operating hours, in line with their other trading activity.

 

*This article is based on opinions, speculations and interpretations from the author and others, and is not in any way financial advice. Writing about price levels, charts, etc., is purely speculation, subject to speculatory bias. Nothing written is any kind of advice whatsoever. Proceed only at your own risk.

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TrueUSD proves solvent according to March 31 examination

TrustToken ended the first quarter of 2019 on a positive note for its TrueUSD (TUSD) stablecoin. As of a March 31 examination, the token touts sufficient backing.

Funds confirmed

Accounting firm Cohen & Company took a deep dive into TUSD and its backed funds on March 31, publishing a report on its findings – as mentioned in an April 8 blog post from TrustToken, the company behind TrueUSD.

The report revealed 198,982,291 TUSD available, backed by $199,063,885 USD. According to these numbers, TUSD has ample USD funds behind it.

Regarding the parameters used in the audit, Cohen & Company wrote in the report, “Our examination was conducted with attestation standards established by the American Institute of Certified Public Accountants.”

TrustToken made sure to note in its blog post that Cohen & Company is “an independent third-party U.S. certified public accounting (CPA) firm.” TrustToken said the accounting outfit will continue to conduct such auditing activities going forward.

TUSD has undergone an audit nearly every month since March of 2018, with a list of 22 audits since then, as listed by the stablecoin provider in a separate blog post. Many of the months also hosted multiple examinations.

TrueUSD’s activity

CoinMarketCap data shows TUSD is available via 161 different trading pairs on numerous exchanges, including big players such as Binance and Bittrex.

In March of 2019, Crypto Insider reported on TrustToken’s announced partnership with accounting firm Armanino to provide real-time confirmation of backed TUSD funds for customers, via the accounting firm’s platform.

Additionally, just a few days ago on its blog, TrustToken announced a British pound-backed stablecoin called TrueGBP. The company said the asset “is the first of several currencies TrustToken is planning to launch in the coming months to open up new opportunities for payments, international remittances, and foreign exchange.”

TrueGBP holds its value pegged to the British Pound Sterling, which equates to $1.30 USD each at press time.

Tether’s USDT

The internet is filled with rumors, comments and articles on Tether and its stablecoin USDT. USDT was a big player during 2017 and part of 2018, being one of the few well-known stablecoin options on the block.

Suspicions arose at many points due to the lack of clarity around the asset’s solvency. However, a Bloomberg report from December of 2019 indicated the asset might actually have sufficient backing.

Many other stablecoins have come into play over the last year in a seemingly new fad of sorts, such as USDC, Pax and GUSD to name a few. Exchange giant Coinbase even has embraced USDC on its platform, seen in the headlines last fall.

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Nathaniel Popper: Facebook crypto asset looks to VC firms for investment

Facebook reportedly is on the hunt to involve venture capital firms in its new crypto asset endeavor. It’s estimated that the amount of money expected to be raised is up to $1 billion.

Fresh Twitter intel

As part of a series of tweets on April 8, New York Times journalist and crypto influencer Nathaniel Popper said:

Update on Facebook’s cryptocurrency: Sources tell me that Facebook is now looking to get VC firms to invest in the Facebook cryptocurrency project we reported on earlier this year. I hear they are targeting big sums — as much as $1b.”

The New York Times reported on the rumblings of a Facebook crypto asset in late February of 2019, noting the social media giant has reportedly already spoken to exchanges on the listing of such an asset.

In his series of April 8 tweets on the fresh Facebook asset news, Popper noted the Facebook project might be seeking such investment in order to appear less centralized.

According to one source Popper talked to, the social media company might utilize the invested funds as collateral for the new digital asset. Popper also noted Facebook’s focus on a pegged cryptocurrency.

Popper tweeted on April 8:

The New York Times mentioned such a pegged asset in its article back in February. The journalistic piece stated, “Facebook is looking at pegging the value of its coin to a basket of different foreign currencies, rather than just the dollar, three people briefed on the plans said.”

Additionally, Popper noted it interesting that a giant company like Facebook would go about seeking external investment.

Responses on Twitter

As usual, users commented on Popper’s tweets with their thoughts on the matter.

Someone implied that Facebook’s asset might not get a pass from the U.S. Security and Exchange Commission (SEC), likely referencing the government agency’s recently publicized acceptance of the TurnKey Jet Inc. token sale.

Bitcoiner Udi Wertheimer jokingly posited that putting money into a dollar-pegged asset would not be considered an investment.

An additional Twitter comment hosted an alternative idea for the social media giant’s cryptocurrency project.

At press time, Facebook’s stock itself is selling for roughly $175 per share, down from around $210 in July of 2018.

Read more:


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Bitcoin deciding on a move?

Bitcoin’s price has remained exciting, fluttering in the low $5,000 range. However, the asset still faces possible tough resistance above. Let’s go to the charts!

1-Week chart

Image Courtesy: TradingView.com

Bitcoin appears to show strength on the weekly chart, holding gains from last week’s big green candle.

The 20-week moving average (MA) shows a noticeable turn upward, following price action, indicating a potential level of support in the event of a downturn. The 200-week MA also could prove to be a valuable level if price revisits those lower numbers.

Bitcoin has not yet tested the 50-week MA, or the $5,775 to $6,900 range of tough resistance. Market valuation also has not yet backtested the lower $4,000 range to check it as support after providing months of resistance.

1-Day chart

Image Courtesy: TradingView.com

Bitcoin’s daily chart appears to indicate resistance around the 300-day MA. The coin has not yet dropped back to the 200-day MA to test it as support, which may or may not happen any time soon.

The 50-day MA also looks to be curling upward, which could lead to a golden cross with the 200-day MA in the coming days. Earlier in 2019, Crypto Insider reported on Crypto Crew University’s video regarding a possible golden cross coming for bitcoin. Crypto Crew noted the occurrence of a golden cross for the asset back in 2015, and the subsequent bull run that ensued.

4-Hour chart

Image Courtesy: TradingView.com

Bitcoin’s 4-hour chart shows interesting possible short-term trend action, interacting with the middle Bollinger Band as uptrend support. The bands have narrowed in comparison, potentially gearing up for increased volatility in the coming days.

Price also seems to have held close to the VWAP, currently displaying it as resistance.

Volume, in general, also looks to be lower than last week’s exuberant action.

Image Courtesy: TradingView.com

Additionally, the asset seems to be forming some type of possible rising wedge in price, although the wedge is not shaping up as cleanly as would be preferable. Alternatively, the pattern could be shaping up as an ascending triangle with the white line of possible resistance above.

(*The current pattern shaping up is open to interpretation and easily influenced by bias.)

Price downturn or bearish action has been known to follow this type of rising wedge formation. Investopedia, in relation to a rising wedge, stated, “When a security’s price has been rising over time, trendlines drawn above and below the price chart pattern can converge to show a potential reversal point at a peak.”

The 50-day MA is following price, providing a potential level of support in the event of a drop.

1-Hour chart

Image Courtesy: TradingView.com

The asset’s hourly chart shows the VWAP currently acting as resistance. Bitcoin also recently broke down through the middle Bollinger Band, seeing it as resistance for the time being.

*This article is based on opinions, speculations and interpretations from the author and others, and is not in any way financial advice. Writing about price levels, charts, etc., is purely speculation, subject to speculatory bias. Nothing written is any kind of advice whatsoever. Proceed only at your own risk.

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Weekly roundup April 1 – April 5

It has been an electric week in the crypto space as bitcoin surged to show a bit of renewed interest. Multiple headlines followed BTC’s lead, giving the days that followed a bullish tone overall. Get the details on this week’s news!

Bitcoin breaks through huge resistance

Early in the week, bitcoin powered through a previous level of difficulty seen in the lower $4,000 region. Crypto’s key asset even soared up to the low $5,000 level, holding strong above the lower $4,000s.

During its rise to $5,000, BTC even ripped right through the 200-day moving average (MA).

The asset still, however, faces a potentially difficult region above, roughly between $5,775 and $6,900.

*This article was posted on April 2. Prices, analysis and variables may have changed since the article’s writing, based on more recent price action.

Read on Crypto Insider

Bitcoin Technical Analysis: To the Moon? Not just yet…

Amid the exuberance in price, Crypto Insider also published further analysis on bitcoin on April 3 and noted to proceed with caution.

The article stated the possibility that current price action possibly could be a bull trap before heading back down to the 200-week MA, comparable to what happened back in 2015.

However, at the time of writing, the article also stated there might be some room for prices to push a bit higher first. It’s recommended to proceed with caution.

*This article was posted on April 3. Prices, analysis and variables may have changed since the article’s writing, based on more recent price action.

Read on Crypto Insider

XMR.to suspends service to US customers

Private bitcoin payment service XMR.to announced suspension of U.S. customers “for the time being”, according to a March 30 Reddit post that the “XMR Core Team” has shared on r/Monero.” The sad announcement added that XMR.to is “working with [their] legal team to understand the best way forward.”

XMR.to is a service in which users can make bitcoin payments indirectly, via a third party (XMR.to), utilizing Monero.

Read on Crypto Insider

PayPal throws its hat into the blockchain ring

PayPal announced its involvement in blockchain via investment in a company called Cambridge Blockchain. As noted in an April 1 press release, PayPal has invested in the company’s “Series A funding round.”

Cambridge Blockchain is working to utilize blockchain in areas of data and digital identity security.

According to Forbes’ reporting on the topic, a spokesperson from PayPal told the media outlet, “We made an investment in Cambridge Blockchain because it is applying blockchain for digital identity in a way that we believe could benefit financial services companies including PayPal.”

Read on Crypto Insider

Jamaica Stock Exchange signs deal to host crypto trading

The Jamaica Stock Exchange (JSE) signed an agreement with Blockstation, which will allow JSE to offer crypto and security token trading, according to an April 3 press release. The two entities signed a “Master Agreement,” the statement said.

Working with JSE, Blockstation is a Canadian startup “offering compliant listing, trading, clearing and settlement of digital assets and security tokens to the entire ecosystem of broker-dealers, investors, depositories and regulators,” the release noted.

Read on Crypto Insider

SEC gives token sale green light with interesting stipulations

In an April 2 statement, the U.S. Securities and Exchange Commission’s (SEC) chief legal advisor, Jonathan Ingram, gave a statement on a new token sale by the name of TurnKey Jet Inc (TKJ). Essentially, he green-lighted the sale, while pending a few stipulations.

Some of the terms included, among others, offering the tokens at a valuation that is pegged with USD, customer utilization of the asset for its intended use with TKJ only, and limiting transactions to TKJ platform wallets.

Read on Crypto Insider

World Economic Forum’s project lead compares stablecoins with CBDC

Central banks are some of those leading the charge in blockchain and distributed ledger (DLT) usage, as revealed by the World Economic Forum’s (WEF) Amanda Russo in a press release.

Roughly 40 central banks globally are toying with different blockchain utilizations, “including issuing a central bank digital currency (CBDC),” Crypto Insider reported.

The article also contains comments from WEF blockchain and DLT project lead Ashley Lannquist on the situation.

Read on Crypto Insider

This week also included an interview with Steve Jain with Bisq Network, as well as insights from Elastos founder Rong Chen and Paxful CEO Ray Youssef.

*This article is based on opinions, speculations and interpretations from the author and others, and is not in any way financial advice. Writing about price levels, charts, etc., is purely speculation, subject to speculatory bias. Nothing written is any kind of advice whatsoever. Proceed only at your own risk

The post Weekly roundup April 1 – April 5 appeared first on Crypto Insider.

Checking in on bitcoin’s price charts

This week has been an exciting one for bitcoin. Crypto’s largest asset finally broke through a difficult zone and held above it. Let’s see what the charts say now that the dust has settled a bit!

1-Week chart

Image Courtesy: TradingView.com

Bitcoin’s weekly chart shows the 200-week moving average (MA) as a possible support area, well-below price. The 20-week MA also still appears relevant as a possible support level, should BTC head back down to retest that zone.

The asset still does not appear to have backtested the formerly difficult red zone of resistance in the lower $4,000 zone. Price might possibly drop down and test that area to see if it holds as support.

Another possible tough zone of resistance still lies above, roughly between $5,775 and $6,900.

This week’s large green candle seems to have halted near a lower wick from autumn of 2017, indicated by the yellow circles.

1-Day chart

Image Courtesy: TradingView.com

Bitcoin’s daily chart shows price does not appear to have backtested the 200-day MA as support yet. The coin also appears to have stopped right at the 300-day MA, not quite reaching the red zone of possible resistance above.

The McGinely Dynamic sits below as a potential support and is starting to curl upward following bitcoin’s move.

Volume this week has been significantly stronger than what we saw during the past months.

4-Hour chart

Image Courtesy: TradingView.com

Bitcoin’s last surge upward seems to have tagged the upper Bollinger Band, finding resistance there. The coin could possibly be loading up inside the upper band, above the middle band, for another push higher.

The McGinley Dynamic is slowly following price upward, waiting as a potential support level below.

1-Hour chart

Image Courtesy: TradingView.com

On the 1-hour chart, price has fallen to the McGinley Dynamic, seemingly holding it as support for the time being.

In a tweet yesterday, Chonis Trading pointed out the significance of the 12-hour exponential moving average (EMA), noting price has held it as support during this run-up. The asset now, however, appears to be finding the 12-hour EMA as resistance, failing to power through it and regain it as support, for the time being.

Image Courtesy: TradingView.com

Bitcoin also dropped below the middle Bollinger Band and appears to be fighting it as resistance currently.

The bands also are narrowing slightly into a more steady range than seen during the breakout.

The hourly chart reveals bitcoin did not quite hit the line drawn on the weekly chart (about $5,375), which seemed to line up with the wick from autumn of 2017.

*This article is based on opinions, speculations and interpretations from the author and others, and is not in any way financial advice. Writing about price levels, charts, etc., is purely speculation, subject to speculatory bias. Nothing written is any kind of advice whatsoever. Proceed only at your own risk.

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SEC gives token sale green light with interesting stipulations

The U.S. Securities and Exchange Commission (SEC) has decided not to advocate for action against the TurnKey Jet Inc. (TKJ) token sale, but included a few interesting requirements.

The SEC’s move, or lack thereof

In an April 2 statement from the commission, chief legal advisor Jonathan Ingram wrote to TurnKey Jet Inc.:

Based on the facts presented, the Division will not recommend enforcement action to the Commission if, in reliance on your opinion as counsel that the Tokens are not securities, TKJ offers and sells the Tokens without registration under the Securities Act and the Exchange Act. Capitalized terms have the same meanings as defined in your letter.”

Ingram, however, clarified that TurnKey Jet must adhere to several parameters going forward. The startup is not allowed to utilize capital raised via token sales to develop its “Platform, Network, or App, and each of these will be fully developed and operational at the time any Tokens are sold,” Ingram wrote.

Ingram noted the tokens must be ready for usage at the point of sale for their designed purpose and the startup must limit token transactions to TKJ wallets on its platform. He also specified token pricing of “one USD per Token throughout the life of the Program,” and the tokens will be used in exchange for the startup’s services, consistent with the asset’s dollar pegging.

Additionally, the SEC advisor included:

If TKJ offers to repurchase Tokens, it will only do so at a discount to the face value of the Tokens (one USD per Token) that the holder seeks to resell to TKJ, unless a court within the United States orders TKJ to liquidate the Tokens; and [t]he Token is marketed in a manner that emphasizes the functionality of the Token, and not the potential for the increase in the market value of the Token.”

These requirements appear to remove any speculatory nature that might otherwise have been associated with the asset mentioned.  

The ICO game

The SEC has slammed the regulatory hammer on initial coin offerings (ICO) over the past several months, enforcing regulation on the space. In mid to late 2017, many projects began banning U.S. participants, likely due to such regulatory complications in the U.S.

Many of such ICOs achieved meteoric rises in price, likely due to speculation. These startups often raised incredible amounts of funds, even without products. In May of 2018, CNBC reported on EOS, which raised around $4 billion even before its scheduled full product launch in June of 2018.

A large number of projects even turned out to be scams. CoinTelegraph reported on a study from Stratis Group which found that over 80% of 2017’s ICOs turned out to be in the scam category. Although, with all the rules and regulations present, investment-style token sales now often only allow accredited investor participation.

The situation is tough for knowledgeable investors without the money for such accreditation. One cannot help but think there must be a solution which would allow regular citizens to invest freely while regulators enforced a few guidelines against pure scams.


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Jamaica Stock Exchange signs deal to host crypto trading

The Jamaica Stock Exchange, JSE for short, has inked a deal with Blockstation, allowing the exchange to host crypto and security token trading.

A “Master Agreement”

An April 3 press release revealed the two entities put a “Master Agreement” into play with an arrangement approved by JSE and Blockstation. Due to the agreement, the Jamaican institution will be able to host active and regulated cryptocurrency and tokenized security trading.

Canadian financial technology startup Blockstation brings to the table a complete crypto trading solution for JSE, “offering compliant listing, trading, clearing and settlement of digital assets and security tokens to the entire ecosystem of broker-dealers, investors, depositories and regulators,” the statement said.

The duo conducted a successful initial trading run before signing the “Master Agreement,” the statement included.

JSE has worked with Blockstation over the course of the last 12 months to confirm that the partner firm’s product meets expectations, JSE managing director Marlene Street Forrest explained in the statement.

She added,

This is an unprecedented opportunity for the JSE to diversify its product offerings and attract new listings and inbound investments. We welcome retail investors and companies both locally and around the globe to trade digital assets under a safe, efficient and transparent regulatory framework.”

Blockstation cofounder and chief enterprise architect Jai Waterman sees the endeavor as a gateway for traditional market players to enter the growing digital asset industry, as he explained in the statement.

Digital assets are the future of capital markets, and our turn-key solution paves the way for traditional financial institutions to easily adopt this new, game-changing asset class. We look forward to being part of the evolution of finance going forward.”

The fresh deal between the pair will enable JSE to help offer security token offering (STO) solutions to specified interested entities, develop a regulated operation open to institutions and retail investors, as well as multiple other initiatives.

Jamaica’s interest

Financial assets are a big deal in Jamaica. October of 2018 brought news from Bloomberg on Jamaica’s stock market exuberance. The country’s main index has pumped 233% since 2013, Bloomberg noted, which is significantly higher than the S&P 500’s impressive 73% rise during the same time period.

According to the 2018 Bloomberg piece, the country’s government looks for its economy to increase by 5% per year by the time 2020 rolls around, while the country sees billions in funds from China for its infrastructure.

The media outlet noted Jamaica has suffered from intense debt over the years but has cut back on its borrowing, as part of its action plan.

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PayPal throws its hat into the blockchain ring

Payment giant PayPal joins a growing list of mainstream entities delving into blockchain in one form or the other. The payment company has invested in Cambridge Blockchain.  

According to an April 1 press release, PayPal has jumped into Cambridge Blockchain’s “Series A funding round.” The statement mentioned, “With this investment, the two companies will explore potential collaborations to leverage blockchain technology.”

Cambridge Blockchain works in the digital identity space, giving people authority over their information, “while delivering the benefits of trusted, distributed identity to consumers and organizations,” as the official website explains.

With all the stories of breached and leaked personal information, multiple companies are currently looking into blockchain as a method of securing personal data, while still being able to use it.

Cambridge Blockchain is exploring this area of blockchain application, as its CEO Matthew Commons explained in the press release, “Our service helps streamline digital identity compliance while giving customers control over their identity data.”

Forbes’ coverage on the subject revealed the popular payment solution PayPal could see advancement from the investment. A spokesperson from the internet payments company said to Forbes, “We made an investment in Cambridge Blockchain because it is applying blockchain for digital identity in a way that we believe could benefit financial services companies including PayPal.”

A report from CoinDesk on the subject noted this is the first time PayPal has put money into a blockchain company. Commons noted that the American payments company and Cambridge actually have been interacting over the last 12 months roughly, in various capacities, as reported by CoinDesk.

Self-sovereign identity

Blockchain technology could hold the keys to revolutionizing people’s data security and information verification. The ability to validate information without actually disclosing it, would provide groundbreaking convenience and security.

Other crypto projects working in the blockchain identity space include Civic and SelfKey.

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Crypto’s ‘calm before the storm’: DataDash

The crypto markets could be setting up for a sizable breakout in price, according to recent analysis from DataDash on YouTube.

Crypto headed for a move

On March 29, DataDash YouTube channel host Nicholas Merten jumped online to share his thoughts on upcoming crypto price action. The analyst called crypto’s current state “the twilight zone,” as price volatility has been down and the market is “narrowing in on some major indicators,” he said.

Merten mentioned that he thinks the market will see a sizeable price move for bitcoin, as well as other assets such as ETH and XRP. He noted the total crypto market cap saw a 2019 high in February, with current levels around the same high.

Pointing toward a separate chart, the trading analyst also noted that BTC dominance could drop, leading to possible continued altcoin price action.

Bitcoin’s chart, according to DataDash

Going to bitcoin’s main price chart, Merten continued, analyzing crypto’s leading asset. The McGinely Dynamic has held as support for BTC since February, with price making contact multiple times with the indicator.

Referring to price levels, a close above the $4,200 level for bitcoin would get Merten excited, he said. He also pointed toward the 200-day moving average (MA) above that, with a bit of distance in price between the $4,200 level, and the MA.

Crypto Insider has mentioned a similar (but slightly larger) range several times in analysis, as bitcoin has tested the $4,000 to $4,400 range numerous times since the December price bottom, failing to close convincingly above.

Merten said he thinks price may not make a move up to the 200-day MA quite yet, and could have a “fakeout” above $4,200, but end up closing back below again.

The trader has a trend line of support drawn around $3,600, which he thinks price will retest coming up. “I think we’re going to come back to this line of support here at around $3,600 over the next week,” he said.

Image Courtesy: YouTube (DataDash)

The influencer gave a bearish scenario as well, indicating that if BTC does not close above $4,200, he will “start to turn quite bearish in the short term,” stating price could revisit the mentioned $3,600 support, and possibly break down through it if it does not hold.

Merten indicated if price breaks through the mentioned $3,600 support, it could form a double bottom with the previous December bottom. “I think that’s the lowest you’ll see bitcoin go, in my opinion,” he said.

The DataDash host thinks this bearish scenario of a $3,600 retest is likely, due to bitcoin’s low volume. Pointing back in time, he referenced previous uptrends which saw increasing volume over multiple months.

However, the analyst said if bitcoin can close and hold “for a day or two” above the mentioned $4,200 range, he would be optimistic. “I’ll get very very excited,” he said.

Analyzing alts

The technician also analyzed ether, stating his opinion that the asset could post higher lows moving forward over the coming months.

Taking a peek at XRP, Merten pointed out a narrowing of price in a range. He said if price closes above $0.335, he will be bullish, and if price travels below $0.29, he will be bearish on altcoins.

*This article is based on opinions, speculations and interpretations from the author and others, and is not in any way financial advice. Writing about price levels, charts, etc., is purely speculation, subject to speculatory bias. Nothing written is any kind of advice whatsoever. Proceed only at your own risk.

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Bitcoin breaks through huge resistance

After months of inability to break the $4,000 to $4,400 price zone of resistance, bitcoin finally has surged through it. Lets check out the charts for further data!

1-Week chart

Image Courtesy: TradingView.com

Bitcoin’s weekly candle chart shows some fascinating data. As mentioned last week, price appeared to backtest the 20-week moving average (MA) and hold it as support.

From there, price surged up through the thick red zone of resistance with conviction, something BTC has failed to do since its December bottom.

Another heavy zone of resistance seems to lie above in the $5,800 to $6,900 range, where price spent considerable time in the fall of 2018 before breaking down.

From here, market valuation also could possibly drop back down to the $4,000 to $4,400 range to test it as support.

1-Day chart

Image Courtesy: TradingView.com

Bitcoin’s daily chart appears to show great strength for crypto’s largest asset. Price surged straight through the 200-day MA, a significant indicator. Market valuation also could possibly drop back down to the 200-day MA to test it as support going forward.

The asset broke into the red resistance zone several days ago, and then appeared to backtest the entry line as support before surging straight through the whole threshold entirely.

Volume also broke above common levels seen over the past several weeks. However, it currently appears to be below late 2018 levels, and today still has many hours left before a candle close. There is still time to see higher volume levels.

4-Hour chart

Image Courtesy: TradingView.com

Bitcoin’s 4-hour chart showed the asset pumped to almost $5,130 before backing down a few hundred dollars.

At the time of this writing, bitcoin is still outside the upper Bollinger Band limit. The bands still post wide expanse, indicating potentially substantial volatility.

1-Hour chart

Image Courtesy: TradingView.com

BTC’s hourly chart shows price inside a range for the time being.

Market valuation also is back inside the Bollinger Bands. The bottom band can be seen curling upward.

In a 2009 YouTube video, Renegadetrader mentioned curling of the bottom band up toward price tends to slow down upward momentum. “We see the lower band start to move in the same direction as price, which is just an indication that that lower band following price with the upper band is going to slow the move down,” he noted.

Image Courtesy: YouTube.com (Renegadetrader)

*This article is based on opinions, speculations and interpretations from the author and others, and is not in any way financial advice. Writing about price levels, charts, etc., is purely speculation, subject to speculatory bias. Nothing written is any kind of advice whatsoever. Proceed only at your own risk.

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XMR.to suspends service to US customers

At least for the time being, private bitcoin payment service XMR.to has decided to discontinue allowing customers in the United States to use the service.

US customers no more, for now

“XMR Core Team” presented the news in a March 30 Reddit post on r/Monero.

The announcement stated:

XMR.to will for the time being not be serving customers in the US.
We are working with our legal team to understand the best way forward. This policy will come into force tomorrow.
Thank you for your understanding.”


Image Courtesy: XMR.to

What is XMR.to?

XMR.to is a private bitcoin payment service which utilizes Monero (XMR) as processing currency in order to secure the users’ privacy, as described on its official website.

Users type in the address they want to send bitcoin to, as well as the quantity. XMR.to then informs users on the amount of XMR needed to make the corresponding payment. Users then send the required XMR to the service. XMR.to, in turn, then proceeds to pay the BTC transaction for the users.

Essentially, the service allows customers to make bitcoin transactions indirectly with Monero, via a third party (XMR.to).

The crowd’s response

The Reddit post received numerous comments, several of which contained comedic remarks about the use of a virtual private network (VPN) as a solution to the issue.

One commenter, rs410ga, wrote, “Good thing I live in Veepeeyennistan,” jokingly referring to VPN usage.

Another commenter named “ProgressiveArchitect” questioned how XMR.to might enforce such a rule. “Would they just be blocking all US IP addresses?” the person noted. “This would be pointless since most people utilizing xmr.to are using at minimum a VPN, if not tor and other proxied systems.”

The same user also questioned the occurrence of such a move at this specific point in time, wondering if the U.S. conducted any regulatory alterations leading to the website’s move away from U.S. customers.

Not the first to ban US

XMR.to is not the first crypto service to ban U.S. customers. There are numerous examples that set this precedent. BitMEX has been known for its U.S. customer ban, with many users turning to VPNs as a solution.

The exchange, however, appears to be cracking down on such activity. Popular crypto influencer and trader Tone Vays saw his BitMEX account suspended due to his U.S. residency, as reported by The Block in December of 2018.

Bitfinex also notably placed limitations on U.S. customers back in an announcement in August of 2017. The exchange then proceeded to discontinue all services to U.S. “individual and corporate customers,” as clarified on Bitfinex’s frequently asked questions (FAQ) page on the matter, “[a]s of August 15, 2018.”

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Weekly roundup March 25 – March 29

This week, bitcoin showed relentless effort in its attempt to crack the $4,000 resistance zone. Crypto exchanges also posted numerous global developments, as crypto space responded to Apple’s credit card release. Catch up on the details!

Bitcoin knocking on the door of key level

Bitcoin showed persistence this week in its efforts to break through the lower $4,000s. The past two weeks have seen similar efforts from crypto’s chief asset.

Price notably broke through the 20-week moving average (MA) last week on the weekly chart. Since Monday, price backtested the MA, showing it as support for the time being.

The asset also bounced off the McGinley dynamic again on the daily chart, showing it as continued support.

In a recent video, Crypto Crew University noted the importance of the 20-week MA as support in a bull market, as well as resistance in a bear market.

Read on Crypto Insider

Crypto exchanges continue development through bear market

Yahoo Japan’s subsidiary Z Corporation is behind a new crypto exchange named TaoTao. The operation reportedly plans to launch in May of 2019, according to a CoinTelegraph Japan report.

“Yahoo announced last April that it [would] acquire a 40% stake in the Bit Argo Exchange Tokyo through its subsidiary Z Corporation,” CoinTelegraph explained. In February of 2019, Bit Argo turned into TaoTao via a rebranding.

In a separate report, CoinTelegraph also noted eToro’s listing of TRON (TRX).

Read on Crypto Insider

Apple just released a credit card – and the crypto-world responds

Apple unveiled a credit card this week, which does not host the usual numbers and security code on the card, Business Insider reported.

Plans for the card include a summer 2019 release and a rewards program for its users. The adopters will gain “2% cash back when using Apple Pay and 3% on purchases made via the App Store or iTunes, or other direct-from-Apple buys,” Business Insider detailed.

Nye on crypto Twitter saw the news as positive for the financial space in general, asking what the crypto space thought of the news.

PabloPicasso on Twitter saw Apple’s venture as a sign that the company’s alternative payment methods (Apple Pay) could not compete with consumers’ preferences for credit cards. He related the situation to crypto, saying that the adoption of these digital cryptographic assets might not come in the near future unless associated with card usage.

Read on Crypto Insider

Binance eyes enhanced security, KYC and AML in new partnership

In a blog post announcement, Binance announced a partnership with IdentityMind of the regulatory technology space.

This partnership will provide Binance with stronger global compliance ability and tighter security, furthering the exchange’s operations.

Read on Crypto Insider

Kraken beefs up security with new updates

Kraken’s chief security officer Nick Percoco posted a letter on the exchange’s blog this week about updated security initiatives.

Kraken already boasts strength in terms of its data security. Percoco, however, desires to continue pushing the limits of the operation’s safety measures. He and his team have come up with a detailed roadmap for security advancements at the exchange.

Percoco said many updates already have occurred on the back-end, and front-end updates will be announced to customers as they are released.

The letter also announced the implementation of mandatory two-factor authentication (2FA) for customers using Kraken. The exchange has offered 2FA since 2013, but has not required its usage by customers until now.

Read on Crypto Insider

Japan shows strong interest from crypto exchanges

More exchange news from this week saw interest from Japan in the area of crypto exchange openings.

According to news.Bitcoin.com’s correspondence with the Japanese Financial Services Agency (FSA), 140 different players showed interest in setting up a crypto exchange over the last 12 months.

The FSA told news.Bitcoin.com they received documents from 23 separate parties looking to open up operations. Seven of the 23 “entities are under the main evaluation process as of this March,” the governmental institution said to news.Bitcoin.com.

Two of the seven, Rakuten Wallet and Decurret, have seen approval so far.

Read on Crypto Insider

Crypto Insider also had an interview with HodlHodl’s Max Keidun and Roman Snitko on running a non-KYC/AML Bitcoin service, and dove into the Binance Launchpad, as well as the “Bolt-A-Thon Conference.”

The post Weekly roundup March 25 – March 29 appeared first on Crypto Insider.

Bitcoin knocking on the door of key level

Bitcoin appears to be at a vital level once again, looking to either break up through former levels of resistance or face rejection down for yet another time, possibly leading to new bear market lows. Let’s check out the charts!

1-Week chart

Image Courtesy: TradingView.com

Bitcoin’s weekly candle chart still shows the zone of resistance in the low $4,000 range that the cryptocurrency has struggled with, especially over the past few weeks in particular. Price has approached that level multiple times, but has failed to break through with conviction and close above it.

The 20-week moving average (MA) shows some very interesting data. Last week’s candle broke up through the MA, and this week’s candle backtested it, revealing it as a potential new level of support going forward.

In a recent YouTube video, Crypto Crew University pointed out the significance of the 20-week MA for bitcoin. The 20-week MA serves as a level of support during bull runs, and as a level of resistance during bear markets, he explained.

The fact that BTC has crossed the 20-week MA, and even looks to have backtested it as support, could be positive for the coin going forward.

The 200-week (MA) still lies as a possible support level, should price head back down.

1-Day chart

Image Courtesy: TradingView.com

Bitcoin’s daily chart shows a more detailed look at the zone of resistance in the low $4,000 range. This week, price made yet another surge upward toward that level, but did not power through it.

Price still sits above the 50-day MA and the 128-day MA. The 50-day MA also shows a firm cross of the 128-day MA.

Additionally, the McGinley Dynamic appears to have acted as support again earlier this week when market valuation dipped down to test it and bounced back up in response. DataDash YouTube host Nicholas Merten pointed out the significance of the McGinley Dynamic in a few of his videos.

4-Hour chart

The 4-hour chart for bitcoin shows a bold move up through the middle Bollinger Band on the most recent hard push upward in price.

Market valuation could possibly make another push higher now that it has consolidated for a bit between the middle and upper band. However, the lower $4,000 range, as mentioned above, has given crypto’s largest asset a difficult time.

*This article is based on opinions, speculations and interpretations from the author and others, and is not in any way financial advice. Writing about price levels, charts, etc., is purely speculation, subject to speculatory bias. Nothing written is any kind of advice whatsoever. Proceed only at your own risk.

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Japan shows strong interest from crypto exchanges

As bitcoin is still caught between two opposite price directions, interest in the crypto space comes out of Japan in the form of crypto exchanges.

The scene in Japan

Over the last 12 months, Japan has seen interest from over 140 different exchange players looking to set up shop in the crypto space, according to statements received from the Japanese Financial Services Agency (FSA).

The FSA stated to the outlet that it has received documents from 23 different parties. Of the 23, “seven entities are under the main evaluation process as of this March,” the FSA told Bitcoin.com.

The regulating body notably has approved two of the mentioned seven exchanges: Rakuten Wallet (formerly Everybody’s Bitcoin Inc), and Decurret. Including the additional two, Japan currently touts “19 approved crypto exchanges,” news.bitcoin.com added.

The process reportedly takes significant time, as the FSA told the outlet, “[I]t took us about six months to complete the required procedure from the main valuation process to the registration as crypto-asset broker dealer.”

Vietnam exchange

Vietnam also is reportedly looking to set up its “first authorized cryptocurrency exchange,” according to a March 22 press release.

Vietnam’s most sizeable distribution company, Linh Thanh Group, penned an agreement with Switzerland’s KRONN Ventures AG blockchain business “for the production of cryptocurrency and the establishment of cryptocurrency exchange in Vietnam,” the press release said.

Interest still exists

The news from Japan shows the crypto space is still seeing new interest and approvals coming in, even after a difficult 2018.

Another commonly referenced indicator for public interest in crypto comes in the form of Google trends data. Although numbers from Google Trends for bitcoin currently are seeing lows, businesses and companies are still building in the background.

Image Courtesy: Google Trends

Binance, with its Launchpad activities, has sparked significant interest in crypto token offerings again. Jack Dorsey announced a search to hire several bitcoin developers. Coinbase has continued to list new assets. Additionally, Facebook reportedly has plans for a crypto asset.

U.S. Securities and Exchange Commission (SEC) chairman Jay Clayton also listed several initiatives the agency is working on regarding the crypto space in a letter of clarity on Ethereum, sent to Coin Center.

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