- The head of SEC wants to regulate all digital assets.
- Bitcoin bulls are nowhere to be seen so far.
BTC/USD recovered from Tuesday losses to trade at $6,559, mostly unchanged since the start of the day. The digital coin No.1 lost over 4% on daily basis and touched the lowest level since the end of March ($6,450)
Speaking at WSJ CFO conference that took place in Washington on June 11-12, SEC Chairman Jay Clayton effectively declared that he wants to get all digital tokens under its regulatory oversight. He believes that changing a name from security to token doesn’t mean that the asset can be exempt from financial regulation. On the contrary, it should be scrutinized quite significantly.
“It made me unhappy that people thought that by calling it a #token it was somehow exempt from regulation. Let me be clear it does not,” he said.
While the regulation per se is not necessarily a bad thing, authorities are yet to come to grips with new realities and stop treating all digital assets in an indiscriminate way.
Bitcoin’s technical picture
From the intraday perspective, recovery attempts are likely to be capped by $6,700 and $6,740, which is 50 and 100-SMA (30-min chart) respectively. If this level is successfully passed, the upside may be extended towards the next local goal at $6,900 and to $7,000. The support is created by Tuesday low registered at $6,450. That’s where fresh buying interest is likely to appear. However, a sustainable movement lower may trigger panic selling.
Bitcoin (BTC) Reddit: Bitcoin Symbol, ₿ now available in Google Keyboard
This week in the r/bitcoin subreddit, memes take the top position with Jamie Dimon as the celebrity. As the Bitcoin bearish market continues, many are calling it a bullish run as Google introduces the BTC symbol, ₿ in its keyboard. Bitcoin themed cafes and other eateries accepting BTC as payment are also seen in the r/bitcoin spotlight.
Here is a small overview.
Find the ₿ symbol on your Google Keyboard
Google has made available the use of the Bitcoin symbol, ‘₿’ in its keyboard. This however, has only been available for iOS users. By long pressing the ‘$’ sign on the board, a long list of several notable currencies appear, one of which is the BTC symbol, ₿.
Dimon gains Popularity in Memes
One of the most significant news of this week has been the adoption of a crypto coin by one of the largest banks of America, JP Morgan Chase. Jamie Dimon, the chairman of the bank has been long considered as a severe critic of Bitcoin calling it as a “fraud”; as the events unfolded this week leading to the coming of the stable coin, JPM by the bank, reddit users around the globe have not been going easy on Dimon as they make and share memes.
Memes taking over
This week in r/bitcoin, memes have rather gained popularity. Here is another trending one:
Bicoin Themed Cafes Popping up Across the Globe
Kenya is one of the few African countries that have a more friendly policy towards cryptocurrencies thank others. However, along with the popularity for Bitcoin as a way of investment, people are also enjoying having meals in a cafe themed on Bitcoin called, The Bitcoin Lounge. The cafe accepts payments in BTC along with cash.
Meanwhile, another reddit user spots a bar in Thailand that accepts payments in BTC.
Bitcoin as the declaration of Independence
A tweet saying “Bitcoin’s whitepaper is the the tech Declaration of Independence for finance and data!” has apparently gained more popularity on reddit than on twitter. Among the reddit users, many agree to the statement.
Bitcoin [BTC]: Twitterati claims he is Satoshi Nakamoto; brands Craig Wright a liar, unveils PGP Keys with important dates
ince the inception of cryptocurrencies and Bitcoin, many have come forward to claim that they were the anonymous creator of the digital gold, and till date, all the claims have more or less been proven wrong. Now, yet another person claiming to be Satoshi Nakamoto with no substantial proof whatsoever has surfaced in the cryptosphere.
The Twitterati, going by the name of the founder of Bitcoin [BTC], Satoshi Nakamoto, called Craig Wright, the self-proclaimed Satoshi, a liar on his blog post and further claimed to be the Bitcoin creator.
The latest claimant took to Twitter to make the accusation and commented on a post where Wright had said that he was ready to testify under oath claiming that he was the real Satoshi. The claimant said:
“I love it, if he does. Then I only need to use the #genesis #block to put him where he does belong, for all to see. #satoshin.”
Arguing that Craig Wright could not transact even one Bitcoin [BTC] from his whale wallet, he made another staunching claim that the chief executive of nChain tried to contact him multiple times. Earlier, the same person had also tweeted:“Again. I am the #real #satoshi #nakamoto. Do not look to me as an #idol or #santa #claus. I am only the #initiator of the #project. Many did much more work in the #project then me. Do not look up to people, not down. But in the eyes. You are #special, #create with #joy. #satoshin”
At a time when the entire community echoes the same sentiment for all Satoshi impersonators to sign Nakamoto’s early keys, the new Satoshi in the block went one step ahead to solidify his claim. The individual had disclosed the PGP Key 0x5EC948A1 on his Twitter handle apart from asserting that he owns the digital key and will reveal the contents of the genesis block. Accessing the PGP key, revealed many interesting details.
The date October 30, 2008, on the key, was the day before the Bitcoin whitepaper was published and January 3, 2009, was when the genesis block was created. Additionally, a record called ‘revok’ dated May 2, 2016, under the name of the developer Wladimir J van der Laan, was also listed. This was exactly the same day when Gavin Anderson’s keys were revoked by Wladimir.
Another Twitter user called, Mr. B XRP, commented on the claimant’s comment:“All he has to do is move a specific amount of BTC out of Satoshi’s 1 M BTC wallet to another if he wants to prove it!
Bitcoin Price Crosses Key Long-Term Hurdle For First Time in 4 Months
Correction (14:45 UTC, Feb. 19, 2019): This article previously incorrectly stated that the 100-day MA was last crossed last May. The article has been correct with the correct date, Oct. 15.
- Bitcoin has passed through the 100-day moving average for the first time in 127 days.
- The primary lower-high trend is yet to be challenged, but the move indicates a willingness by the bulls to test the upper range of the ascending triangle.
- Total growing (bullish) volume on the 4-hour chart is at its highest point in over 10 days.
- However, price action has stalled Tuesday, as indecision brings the possibility of a pullback.
Bitcoin (BTC) has shot through established resistances for a second time this month, passing a key long-term moving average before finally hitting a point of exhaustion on the new daily open.
Price action crossed over the 100-day moving average (MA) at around $3,850 late Monday night (UTC), backed by a larger-than-average increase in total growing volume, a welcome sign for the bulls. The night’s action also saw the cryptocurrency pass $3,950 briefly before pulling back slightly.
The last time bitcoin was above the 100-day MA was back on Oct. 15, 2018, around four months ago.
Still, there is a long way to go before converting the trend from bearish to bullish, as can be seen by the lower-high structure on the daily chart.
At press time, BTC is trading at $3,860, according to CoinDesk’s Bitcoin Price Index. That’s up 4.36 percent on the day.
The upward move on Monday and early Tuesday marked a good attempt at transitioning from the 13-month long bear market.
However, bullish momentum has wavered since crossing the 100-day MA and price action has all but stalled as indecision took over post breakout.
Yet the move also represents greater conviction on the bullish front to test the upper trendline of the ascending triangle where the $4,075 resistance level has presented an issue since Dec. 20, according to Coinbase data.
Interestingly, the volume bars and their respective peaks are beginning to even up, creating a parabolic curve that could provide the bulls with encouragement to push to greater heights, as per volume analysis theory.
The 4-hour chart shows significant bullish momentum as BTC passed through prior support-turned-resistance at $3,483 on Feb. 8 and then shot through another established area of resistance at $3,700 on Feb. 18 – briefly bucking the downward trend to create an intra-month higher-high market structure.
However, as can be seen on BTC’s previous topside wick, there is significant drawdown potential, as exhaustion marks an opportunity for the bears to regain control and trigger a sell-off similar to what happened back in November 2018.
It’s worth watching the total growing volume on the 4-hour chart, as that is at its highest levels since Feb. 8 and could set scope for a move toward the $5,000 psychological level, that’s provided it can continue at the levels needed (current or greater) to sustain any further moves higher.
Disclosure: The author holds no cryptocurrency assets at the time of writing.