As many of our readers may already know, there is currently a large-scale campaign underway that aims to see bitcoin “withdrawn its support” from third-party wallets so as to move exclusively towards private wallets. In relation to the matter, it is worth noting that over the course of the past few days many prominent crypto personalities (such as Nick Szabo) have have added the “[Jan/3 ]” logo their their Twitter handles— so as to show support for the above mentioned campaign.
More On The Matter
A few days back, respected altcoin proponent and financial analyst Trace Mayer launched a campaign to celebrate something he refers to as ‘Genesis Block Day’ by withdrawing cryptocurrency to non-custodial wallets.
On the subject, Mayer was noted as saying:
“I want to start a new cultural tradition where we declare and re-declare our monetary sovereignty every Jan. 3 as a celebration of the Genesis Block”.
Lastly, Mayer’s Genesis Block Day in many ways signals a homecoming for BTC— since the movement aims to bring Bitcoin back to its original roots (where users can only store their funds in the noncustodial Bitcoin-qt client, and not on some external wallet service).
What’s Causing All This Hoopla?
As things stand, a large number of cryptocurrency owners do not even realize that they are not really in control of their funds (since many of them still store their digital assets in wallets owned by an exchange or some other third-party entity). Thus, in order for investors to really take charge of their funds, they need to secure their alt-assets in a private wallet.
Proof of Keys Movement Continues To Gain Support
As mentioned earlier, a large number of prominent figures from within the Bitcoin community have recently added the “[Jan/3 ]” icon to their official Twitter profiles as a way of showing support for this grassroots movement. Some notable personalities include:
- Max Keiser
- Caitlin Long
- Giacomo Zucco.
- As a result of all of this, it now appears as though Jan. 3, 2019, is shaping out to be quite a monumental day for the Bitcoin community at large. If successful, the scheme will see a large number of onchain transactions recorded that day. This is because a sizeable upswell in the number of of BTC and BCH transactions can be used as a proof that the aforementioned Genesis Block Day campaign was able to resonate with the BTC/BCH community at large.Whether or not this campaign is able to flourish and spread all over the globe still remains to be seen, however, it now appears as though the PoK (Proof of Keys) protocol will become a regular feature of the Bitcoin calender for many years to come.
More Bitcoin ATMs are being introduced by LibertyX as interest grows
- The company behind first launching Bitcoin ATMs in the United States, LibertyX to introduce more.
- LibertyX have announced they will add another 90 ATMs to its network.
LibertyX, the firm that launched the first Bitcoin (BTC) automated teller machine (ATM), in the United States, will be adding 90 new machines to its network.
The Boston-based firm will be partnering with independent ATM operator DesertATM, as part of the network expansion, as detailed within a report by global ATM market publication ATMmarketplace on July 18.
DesertATM will be uploading LibertyX on 90 of its Genmega ATMs to facilitate Bitcoin operations. In terms of the new Bitcoin ATM locations, these will be placed at; gas stations such as AMPM, ARCO & Chevron, as well as Family Dollar retail stores, as per the press release notes.
Bitcoin not yet banned in India, regulations around the corner
- The Minister of State to the Ministry of Finance told the upper house of the Indian Parliament, cryptos are not banned yet.
- The Minister, Anurag Singh Thakur, also stressed the need of creating a solution that caters to global regulators.
As per Anurag Singh Thakur, the Minister of State to the Ministry of Finance, holding or trading cryptocurrencies is not banned in India. During an address to the upper house of the Indian Parliament, Thakur stated that the Reserve Bank of India and the Ministry of Finance have issued notices regarding the use of Bitcoin and other similar coins:
“Presently, there is no separate law for dealing with issues relating to cryptocurrencies. Hence, all concerned Departments and law enforcement agencies, such as RBI, Enforcement Directorate and Income Tax authorities, etc. take action as per the relevant existing laws.”
The Minister’s response followed a recent report regarding an alleged crypto blanket ban draft which stated that the government would sentence crypto traders with a ten-year imprisonment.
In a separate letter addressed to the Ministry of Corporate Affairs, Thakur stated that an interministerial committee needs to create a solution that caters to global regulators:
“It is difficult to state a specific timeline to come up with clear recommendations. The Inter-Ministerial Committee (IMC) under the Chairmanship of Secretary, Department of Economic Affairs is examining all issues, including the pros and cons of the introduction of an official digital currency in India. No decision on licensing and authorizing any entity or company to operate such schemes or deal with Bitcoins or any virtual currency has been made as yet.”
Bitcoin price prediction: BTC/USD faces two healthy resistance levels on path back to $11,000
- BTC/USD is currently trading around $10,545.
- The two resistance levels are at $10,575 and $10,700.
BTC/USD had a bearish Friday where the price fell from $10,660 to $10,540. Bitcoin managed to have a bullish start to this Saturday and is currently trading for $10,545. The daily confluence detector shows two moderate-strong resistance levels at $10,575 and $10,700. On the downside, there are two support levels of note at $10,500 and $10,375.
BTC/USD daily confluence detector
The $10,575 resistance level has the 1-week Fibonacci 61.8% retracement level, while the $10,700 has the most substantial resistance level but no confluences has been detected. On the downside, the $10,500 support level has the 100-day simple moving average (SMA 100) and the 1-hour previous low. The $10,375 level possesses the 1-day Fibonacci 38.2% retracement level.