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Crypto Market Update: Another Bitcoin ETF Rejection, Bitcoin Facing $10,000

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After particularly tumultuous and volatile few months, this week we saw Bitcoin stabilizing slightly as the trading volume dipped. The SEC rejected yet another pile of Bitcoin ETF requests. Regardless of the small price drop, Bitcoin seems to be keeping its positive trend.

The US-China trade war continues and in the face of the declining capital markets, the price of gold and silver continues to rise. However, unlike major economic crises in the past, this time Bitcoin is also in the picture and if we look at domestic crises in recent years, Bitcoin has responded with a sharp price rise. It is only logical to assume that it may behave the same in a significant international crisis.

Meanwhile, traded Bitcoin volume on popular P2P exchange LocalBitcoin has reached new highs, in response to the downfall of the local peso and the collapse of the country’s stock exchange.

coin-dance-localbitcoins-ARS-volume-9-min
Source: coindance

In the Alts arena, the declines were somewhat halted and after Bitcoin’s dominance almost reached70% Alts has started an upward correction. However, the floor bottom is hard to establish just yet and Bitcoin’s dominance may continue to climb. The correction of the Alts market comes as a result of the ICOS trend that has inflated the market.

However, after regulators clarified their position on the ICO format, the IEO trend that has gained momentum has failed to reach those scales. It is important to remember that against the dollar, not all Alts are in their lows, but against Bitcoin, a lot of them have been bleeding and it takes serious imagination to see how they can get back.

Meanwhile it should be noted that the market is continuing its maturation process and it is no longer a tiny niche of enthusiasts in the wild virtual West, as in recent years large players have entered the market along with regulators who are still trying to understand what is crypto.

In summary, we saw a relatively calm week in the market and it seems the quiet will not last for long. The price of bitcoin is in a critical area and past experience indicates that stability in the market is only the calm before the next storm.

Market Data

Market Cap: $293,4 B24h Vol: $44,9 BBTC Dominance: 68.6% BTC: $11,250 5.4% ETH: $209,9 9.2% XRP: $0.29 6.8%BTC Shorts (BFX): 8.5 K BTC

BTC Longs (BFX): 25.8 K BTC

Crypto News

Market-Update-41-9-min

Bitcoin Mainstream Media Adoption: CNBC.com Replaces CAD Tracker With Bitcoin. Prominent media mogul CNBC has evidently put a Bitcoin price tracker on its website. According to users, the new tracker replaced that of the Canadian Dollar (CAD), signaling greater publicity and adoption for the largest cryptocurrency.

Bitcoin’s Scarcity: Can It Eventually Catch up With Gold and Silver? Charting a comprehensive Stock-to-Flow model accounting for Bitcoin’s scarcity, popular analyst PlanB thinks that the cryptocurrency will eventually line up with Gold and Silver. The model also puts the price per Bitcoin at $55,000 following its halving event.

New Zealand to Legalize and Tax Bitcoin Salary Payments Starting in September. According to a new ruling, New Zealand is set to allow Bitcoin and cryptocurrencies to be used for salary payments starting from September. The ruling also stipulates that they will be taxed as per the existing PAYE regulations.

Binance Is Investigating a Telegram Group That Might Contain Your KYC. A large number of KYC pictures have been leaked through a Telegram group. Binance stated that the company is already working on the issue and they’ve also announced a bounty of up to 25BTC for everyone who is able to provide them with valuable information on the matter.

Coinbase Sets Out How It Foiled a ‘Sophisticated’ Hacking Attack. US-based cryptocurrency exchange Coinbase described how it was targeted by a sophisticated and targeted hacking attack. It aimed to access their systems and to claim some of the billions it has in holdings.

Goldman Sachs Gets Bullish on Bitcoin With a Price Target of $13,971. International financial giant Goldman Sachs gave a rather bullish forecast on Bitcoin’s price. In a note to customers, the corporation suggested a short-term target of $13,971 which could be the completion of a V wave count from July.

US Federal Reserve Launching Payment System, Crypto Bulls Nonplussed. The US Federal Reserve Board plans to release a system for real-time payments and settlements. The goal is to further boost the payments infrastructure within the country. Dubbed ‘FedNow’, it aims to modernize the existing payment infrastructure and to allow for around the clock payments which could also be done on weekends.

.Source: .cryptopotato:

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BBC Journalist Warns Crypto Traders After Losing $30K in Critical Mistake

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A BBC journalist is sharing his story on how he lost $30,000 in Ethereum (ETH) in an effort to try and educate crypto newbies.

Business reporter Monty Munford says he decided to buy the second-largest cryptocurrency by market cap in mid-2017.

“I chose it not for any other reason than it was second to Bitcoin by valuation and looked like it could emulate that 100,000% rise. So in the middle of 2017, I made some investments, figuring that it was a long-term plan and might even become a nest egg for a pension.”

Munford says the experience was “utterly terrifying” and after buying his Ethereum, he read about the frequency of crypto exchange hacks and decided to move his crypto to a wallet for safekeeping.

He chose MyEtherWallet and obtained the private key to his holdings – the string of letters and numbers he needed to access his crypto.

But then came the crucial mistake. Munford says he wrote the private key on a piece of paper and stored it in his Gmail drafts folder, so that he could access his crypto with ease. When the price of Ethereum shot up in late 2017, he decided to check his holdings, only to discover that all of his crypto had been moved to another address.

Munford contacted the US-based blockchain forensics company CipherBlade, and sent the results to Binance.

“The following morning I was contacted by Sussex’s cybercrime unit, my local force, and within a week they had received useful information from Binance. The unit tracked IP addresses to a telecoms company in the Netherlands, but there weren’t any personal identification details to be had – perhaps unsurprisingly.

The investigations continue, and my money remains stolen.”

Crypto thieves likely used a phishing scam to access Munford’s email or used malware to gain access to his computer, monitor his keystrokes and copy/paste his activities. Either way, Munford says he’s telling his story to let others know how careful they need to be with their private keys.

“So I’m left with my fingers burned, feeling like I wandered into a savage bazaar where criminals can pick your pocket at will. And get away with it. Please learn from my mistakes.”

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What Caused the Abrupt Dissolving of Barclays’ 15 Month Relationship with Coinbase Crypto Exchange?

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Latest reports confirm Barclays has ended its relationship with Coinbase, ending one of the crypto’s most fascinating partnerships, in mysterious circumstances.

The exchange replaced the household bank’s withdrawal and deposit functionalities by opening an account with a rising prodigy in U.K’s banking industry, Clearbank. While no official reports have sufficed we look at possible explanations why the two ended their relationship.

BEG reported in March 2018, a highly publicized partnership between Barclays and top crypto exchange, Coinbase, to connect the latter to the U.K. Faster Payments Scheme (FPS). This allowed U.K customers an instant platform to buy and sell cryptocurrencies on the exchange using the British Pound.

Following the dissolved partnership, U.K customers are witnessing slower transactions using the GBP. As at time of writing, neither company has commented on the matter.

Barclays low risk appetite or a mutual goodbye?

While the cause of dissolving the partnership still remains unclear, one insider familiar with the matter claims the bank’s “low risk appetite” for the crypto industry in general caused the split. He said,

“It is my understanding that Barclays’ risk appetite has contracted a little – I’m not sure exactly why or what’s been driving that, maybe there has been some activity they are not happy with.”

The CEO of a crypto company in the U.K further claims the bank does not have the stomach for any crypto company – at least at the moment. He said,

“But it’s about Barclays’ comfort level with crypto as a whole.”

A mutual goodbye…

However, different reports from Coindesk confirms that the two companies came to a mutual agreement to end the partnership citing the partnership had completed its work. This aligns with the recent developments– such as the addition of several cryptocurrencies – seen at Coinbase in the past few months.

Given the strict regulations that Barclays placed on the listing requirements of cryptos, the exchange is now adding quite a number of tokens on its platform following the split with Barclays. However, Clearbank, is not giving the exchange a freepass as it already sanctioned the removal of privacy coin, ZCash (ZEC) from the platform.

Barclays however have been showing signs of leaving the crypto sector with the bank temporarily closing the cryptocurrency trading desk in late October 2018.

Source. bitcoinexchangeguide.

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IAMAI Makes Headway in Indian Crypto Ban Hearing

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Looks like, the tide may turn in favour of cryptocurrency exchanges in India soon. The hearing for the Reserve Bank of India (RBI), Internet and Mobile Association of India (IAMAI) and exchanges started an hour back in the Supreme Court.

Ashim Sood, who is representing the IAMAI explained why banking support was necessary. The court asked, “Can’t you change your bank such as those which aint governed by RBI?” In answer to that, the counsel responded that only foreign banks are there and exchanges use that and there would be a problem with the outward remittance which is hit by FEMA regulation.

The counsel further added that the legality of the RBI circular was in question, since there was no study done by the institution, regarding cryptocurrencies. It further said, “Banking regulation Act prescribes the exercise of power by RBI only for the inner working of the Banks and for the interest of the depositors specifically in their capacity as depositors and not otherwise. RBI taking actions for general consumer interest is beyond legality.”

The judgement summarised by the counsel stated, “RBI cant step out of its powers as set out in Banking regulation Act. Therefore its action against private buisinesses in the form of 6th april circular is illegal.”

Sood further argued that the RBI itself had admitted that it does not have the jurisdiction to speak on the legality of Crypto as it is neither coins nor currency and RBI Act and Payment Settlements Act are not applicable on Cryptos. He added that banning or regulating something must be a legislative action and that the directive to do so, should have come under the legislature and not the RBI.

The judge countered that Section 45 J conferred power on the RBI to formulate policies, but the counsel argued that this was especially for Non Banking Financial Company (NBFC) whereas the case pertained only to banks.

The judge said that there is certain speculation involved when an exchange facilitates two people to buy and sell. The counsel for the IAMAI agreed and said it was similar to commodity trade, share market etc. People have consensus on its value. Currently, the judges are being shown how cryptocurrency regulations are being formulated in other countries such as European Union, China, France, Japan, Mexico, United States of America among others.

The counsel ended his arguments by saying that he knows there are detrimental effects to cryptocurrencies, but so does every technology. The hearing ended at this point and will resume on August 20.

.Source: .cryptopotato

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