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Market Update Report August.21

Despite the green flashes here and there, the Halt market continues to absorb blows and bleeds investors’ money. The mother of all the alternative coins, Ethereum, which already reached a peak that kissed $1,500, fell to a dollar value of $280. Arthur Hayes, one of the founders of BitMEX, predicted another drop aiming his prediction at under $100. Another currency that raised its head during the hype was Ripple, who has also been hit hard and from a record of almost $4, its dropped and now trades around 30 cents. Uncertainty in the market of alternative coins brings with it fear and doubt that distances new investors and even smuggles the old ones who do not see the floor in sight. After sharp corrections that have reached 90% in some cases, think twice before entering another FOMO round.

Nevertheless, Bitcoin had a relatively calm week where we saw a return to the support areas. The sharp declines of the alternative coins against the dollar are also true as to Bitcoin, which maintains its relative value. This strengthens its position in the cryptocurrency landscape and gives us another reminder as to who controls the market. However, here as well one must remember that volatility is an inseparable part and that homework must be done before choosing to invest in Bitcoin. At the time of writing, the size of the Crypto market is $211 Billion, and Bitcoin’s dominance is 52.6% over the Altcoins

In conclusion, it can be said that the hype fell and the excitement of the new investors was replaced by the taste of bitter loss. However, despite the bear market, the number of companies in the sector continues to grow. Their gates are open to all who are concerned, injecting innovation and creativity into the old and mangy financial world. We therefore expect that the last word has not yet been uttered and that the gates of the Old World will finally burst before Bitcoin and the developing economy. Evidence of this can be seen in the statements made by senior executives in the financial world who are already undergoing the process of the decentralized mindshift that Bitcoin brings with it. Thus beginning regulatory moves that are looking for ways to implement Bitcoin. As part of the power struggle between these two worlds, the market carries its eyes and waits for the approval of Bitcoin’s ETFs. Even if rejected again by the SEC, it will eventually be approved. This will allow exposure to new types of investors. Whether we like the developments in Bitcoin not with rate will rising or falling, the bull has already left the cage and it is unstoppable.

Crypto Worldwide News

If Bitcoin is Rat Poison, the Banks Are the Rats: Pantera Capital CEO. Despite the recent bear crypto markets, Dan Morehead, CEO of Pantera Capital is optimistic about the crypto industry. The CEO, in an ICO and digital asset funds conference, said cryptocurrencies are more superior than fiat while BTC is the biggest disruption in this era.

Bitcoin Can Stabilise Britain After Brexit. Cryptocurrencies were adopted during periods when fiat currencies failed in some countries, such as Turkey and Venezuela. Now, there are talks of how BTC could rescue great Britain when GBP crashes. Experts believe that if more Britain citizens adopt the use of BTC during a financial crisis in the country, then BTC will eventually stabilize.

Saudi Arabia: Bitcoin Trading is “Illegal in the Kingdom” Saudi Arabian authorities still hold a strong negative opinion about digital assets claiming they are beyond government control and supervision. The authorities have issued a warning to its citizens that trading cryptocurrencies, including BTC across the country, remains illegal.

Korea’s Largest Cities Want to Become Crypto Capitals, Market Optimistic. Major Korean cities are inspired by the success rate in crypto-friendly countries like Malta and Switzerland and are looking forward to becoming the next crypto valleys. This plan comes after the release of a new regulatory framework for crypto-related companies in the country.

Crypto Skeptic Paul Krugman Says Bitcoin (BTC) Has More Utility Than Gold. Despite being a crypto skeptic, Paul Krugman has publicly admitted that he knows very little about cryptocurrencies and only understands bitcoin halfway, saying that Gold is dead and BTC could be more valuable in the future because it has more utility than Gold.

Bitcoin ETF from Cboe Will Not Be Approved, Says Licensed Digital Asset Investment Firm. As the crypto space look forward to the SEC’s final decision of the CBOE Bitcoin ETF application, scheduled for next month, Bryan Courchesne, the managing director of Digital Asset Investment Management, believes that the ETF will be rejected again because of some reasons which he gave during an interview.

Head of BitConnect Asia Arrested in Delhi. On the issue of crypto scam, a report says that Divyesh Darji, head of operations of the popular crypto Ponzi scheme “BitConnect” has been apprehended by immigration officials in Delhi. Darji was known to be a vocal promoter of BitConnect launched in December 2016.

All Australians Can Now Pay Their Bills With Bitcoin. Good news for crypto enthusiasts in Australia as a new partnership between Cointree, a crypto exchange and Gobbill, a billing platform has made it possible for citizens in the country to pay their bills from their crypto wallets.

Charts

Bitcoin

Against the dollar, it traded around $6,430. This week the rate moves within the range of $6,000 – $6,500 with resistance at $6,500. The support is a bit fragile around $6,000 while trading is taking place in the most stressful areas, especially when you approach the floor of this range.

BTCUSD

Ethereum

Against the dollar, the weekly graph shows decreases to the $250 area, where the floor is in this range. It traded around $280 with resistance being built at $300.

ETHUSD

Against Bitcoin, its crept slowly back to last Decembers support areas where the floor was around 0.023 BTC. It traded around 0.043 BTC, supporting this range at 0.042 BTC with resistance at 0.05 BTC.

ETHBTC

Bitcoin Cash

Against the dollar, it traded around $532 with support around $470 in this range. Previous support was around $570 and turned into resistance.

BCHUSD

Against Bitcoin in a descending trend, all support areas were broken down at 0.08 BTC. Support in this range traded around 0.083 BTC with resistance at 0.09 BTC.

BCHBTC

Monero

Against the dollar, we returned to the rates of October – November 2017 which is around $94. The floor reached $76 last week and the resistance around $100 in that range.

XMRUSD

Against Bitcoin, it traded around 0.0145 BTC. Also here we are approaching the same support from November when the floor in this range and support are around 0.0013 BTC with resistance at 0.0155 BTC.

XMRBTC

Vechain

Trading against the dollar, it began at the end of June with enthusiasm, around $2 – $3. Then the decline came along with the Bitcoin correction. The floor is around $1.5 while we have seen a respectable rise in trading volume since the declines. It traded around $1.83 with resistance at $2.

VeChainUSD

Against Bitcoin, the story looked a bit different  as well as in the correction. Regardless we did not return to January’s floor levels with this range being around 0.00021 BTC. It traded around 0.00024 BTC while resistance is at 0.0003 BTC.

VeChainBTC

Cryptocurrency charts by TradingView  

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Interview With Mr. Song, XMAX Tech Team Leader

The Head of XMAX’s R&D Team Mr. Song (宋琦) Provides his First Media Update and says, “Progress is Steady, and Game Side Chains will soon Launch on a Test Network”… Continue reading “Interview With Mr. Song, XMAX Tech Team Leader”

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eToro CEO Says BTC Demand Not Declining Despite Bear Market

It seems that demand for Bitcoin has not declined, even with the cryptocurrency market in a bearish trend. According to Yoni Assia, CEO of the trading platform eToro, the current… Continue reading “eToro CEO Says BTC Demand Not Declining Despite Bear Market”

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Microsoft and Lufthansa see future in Unibright framework for blockchain business integration

While giants like Microsoft and Lufthansa see the future in decentralization and drive blockchain based use cases within corporations, most enterprises struggle to use the new technology, states Marten Jung, CEO at Unibright.  German-based Unibright…

Microsoft and Lufthansa see future in Unibright framework for blockchain business integration

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Turbulent times ahead for Bitcoin facing ETF decisions?

It looks like the crypto prices are going to experience an even wilder roller coaster ride in the coming months. According to the SEC, as much as 9 ETF proposals will be decided on in the next 2 months.

So far, only 2 major ETF proposals have been made, one by the Winklevoss twins who operate the crypto exchange, Gemini, and another by the CBOE BZX Exchange. The Winklevoss twins had their proposal rejected on the grounds that there were still insufficient protections that would prevent price manipulation in the Bitcoin trading markets. The CBEO BZX Exchange ETF proposal was delayed until September 30th 2018.

In both cases, these decisions had a significantly negative impact on the price of Bitcoin and cryptocurrencies as a whole. On July 26th, news of The Winklevoss ETF rejection sent BTC price falling from $8,310 to $7,825:

BTC Chart

On August 7th, news of the CBOE ETF delay sent the price down from $7,100 to $6,230:

BTC_chart 2

And if we go back in time to January 2017, the previous time when the Winklevoss ETF was rejected by the SEC, the daily candle was horrible with a severe drop in value:

BTC chart

Many people are clinging on to an ETF approval because they view it as a pivotal movement in which the floodgates will be open for institutional investors to finally buy Bitcoin. The surge in demand will lead to a price hike that could see Bitcoin returning to its all time high of $20,000 and even possibly going beyond that.

However, not everyone views ETFs with the same level of excitement or optimism. Ethereum founder Vitalik Buterin shared his concerns about the extreme focus on Bitcoin ETFs and lack of focus on reducing the barriers to entry that make it easier for people to buy cryptocurrencies in small quantities.

Vitalik Tweet

Other crypto influencers like Andreas Antonopoulos actually believe that a Bitcoin ETF would open the crypto space to even more price manipulation:

“Everybody’s so excited about ETFs because what we’ve seen in other markets is that when an ETF becomes available—as we saw in gold—the price really increases dramatically as suddenly that commodity becomes available to a lot more investors and these investors pile on. But the other side of it is that there’s always these claims that the commodities markets are heavily manipulated and opening up these exchange-traded instruments only increases the ability of institutional investors to manipulate—especially [in the case of] large market makers—the prices of commodities, not just in the markets where it’s traded as an ETF but more broadly”.

– Andreas.

ETF Upcoming Schedule

The following ETF schedule shows a handful of applications from Granite Shares and Direxion Daily Bitcoin busy awaiting approval in the middle and end of September. It’s also interesting to note that many more applications (from ProShares and Rex Bitcoin strategy) were withdrawn, possibly due to the recent decisions by the SEC to reject the Winklevoss twin’s application, and delay the CBOE application.

SEC ETF list

Source

Conclusion

ETF approval provides a great opportunity for Bitcoin speculators, but whether this will lead us in a positive direction towards real adoption is still uncertain. One could argue that more money pouring into the space is always a good thing, regardless of whether the immediate intentions are to help progress the technology.

Ultimately, what’s more important is that the general public is able to decouple whatever decision comes from these ETF applications from the actual value of Bitcoin as a currency and technology. Although the SEC serves an important function for safeguarding retail and institutional investors, they are not (and should never be seen as) having any form of authority to dictate the value of Bitcoin and the crypto market. As a global currency built on decentralized technology, Bitcoins value is and should always be determined by its current and potential utility, serving people who seek financial independence and a refuge from centralized, restrictive banking systems.

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