Category: Financial News

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Steve Wozniak will join a cryptocurrency startup called Equi Capital

1 min read

Apple Inc. (AAPL) co-founder Steve Wozniak, according to some media, will join a cryptocurrency startup called Equi Capital, concentrated on investments in the digital token collection. Coindesk, www.coindesk.com, reported: ”Speaking to Null Transaction, the bitcoin proponent said this is the first time he has worked with a blockchain company in his career, adding that he ‘was amazed at the technology behind [cryptocurrency]’.”

Equi aims to act as an investment firm, Wozniak said.

According to the startup’s Twitter page, it hopes to help both retail and professional investors purchase equity in companies in an effort to replace traditional investing firms.

Steve Wozniak said:

“Our approach is not like a new currency, or something phony where an event will make it go up in value. It’s a share of stock, in a company. This company is doing investment by investors with huge track records in good investments in things like apartment buildings in Dubai. We have one person in our group who has listed out a whole apartment building for bitcoin.”

Wozniak did not provide details on what his role would be at the startup but he did indicate that the company may register in Malta. Malta is a well-known area which has been working to develop a friendly regulatory environment aimed to attract firms in the blockchain and cryptocurrency space.

Continuing to promote the potential use cases for blockchain technology, Steve Wozniak said, “I’ve encountered people working in real estate avenues, types of Uber systems, everything we’ve got in our life, especially involving transactions – retail sales, car sales, manufacturing of goods … working on bitcoin applications … and they all have value.”

The tech guru’s choice of first crypto project is a bit surprising.

As reported by The Next Web, Equi has had a pretty rough path so far. At first, they were launching its token via ICO. But because of lack of interest, the sale was canceled and pre-sale investors were refunded.

A follow-up bounty scheme to reward users with tokens for publicizing the project also saw major issues when a partner marketing company soon walked away, indicates the news source. Going the bounty route also raises the thorny issue, according to CoinDesk, that the U.S. Securities and Exchange Commission has indicated that even giving away tokens may break securities rules.

Note: During the weekend, Bitcoin, a cryptocurrency leader, was trading above $6,700 at the time of this writing. The most popular and largest cryptocurrency in the world, the past week showed signs of upward impulse and return to the stability at this price point. Other digital currencies were trading laterally.

Ethereum reached $280, Litecoin was a trading bit under $58 per token.

Risk Disclosure (read carefully!)

26th August 2018
Apple is charging their batteries with Tesla’s employees

2 min read

The personnel flow has been going from Tesla Inc to Apple Inc, the iPhone maker has poached at least 46 employees from Tesla in 2018!

Elon Musk called Apple ”Tesla graveyard”, as his employees are being poached by Apple.

Dozens of current and former Tesla employees have left for Apple since late 2017, according to research conducted by CNBC.

Back in 2015, Tesla CEO Elon Musk said that Apple serves as the “Tesla graveyard” for staff that left or was no longer needed. “if you don’t make it at Tesla, you go work at Apple.”

But Apple Inc seems to have decided to show him that it is a furious playground.

According to several current and former Tesla employees and LinkedIn data, manufacturing, security and software engineers, and, more recently, supply chain experts, are now at Apple.

The Tesla employees that have left Tesla have joined various departments at Apple, not only Project Titan, Apple car development endeavor. And, they are reportedly working on “display, optics, and battery-tech” for the myriad of mobile devices that Apple makes. Apple seems to have employed no less than 46 people that used to work for Tesla since the beginning of 2018.

According to a current Tesla employee who kept in touch with former colleagues, Apple appears to be placing renewed emphasis on manufacturing processes and equipment, the report said.

The company outsources production to firms like Foxconn, but still offers input on new processes and techniques, as well as other areas of manufacture.

Apple is paying bigger salaries than Tesla

Apple can afford to pay 150% of the salaries that Tesla doles out. Multiple sources told CNBC that Apple pays about one-and-a-half times the salary for technicians, software, and manufacturing engineers compared to Tesla. That might be one of the reasons that high-profile talent like Tesla’s VP of engineering Doug Field is now back at Apple, after a few years at the electric car-maker. Apple has hired former Tesla Autopilot, QA, Powertrain, mechanical design and firmware engineers, and several global supply chain managers too. Some employees joined directly from Tesla, while others had been dismissed or laid off before joining Apple.

One Tesla engineer, as their spokesperson, commented on Apple’s poaching that Tesla must be comparatively poor, but work is more meaningful:

”We wish them well. Tesla is the hard path. We have 100 times less money than Apple, so of course they can afford to pay more. We are in extremely difficult battles against entrenched auto companies that make 100 times more cars than we did last year, so of course this is very hard work. We don’t even have money for advertising or endorsements or discounts, so must survive on the quality of our products alone. Nonetheless, we believe in our mission and that it is worth the sacrifice of time and the never-ending barrage of negativity by those who wish us ill. So it goes.”

Runaways from Tesla to Apple

And CNBC reports that the company from Cupertino is on a hiring spree, poaching “scores” of ex-Tesla employees for a variety of projects, citing better pay at the iPhone giant.

All sources come from LinkedIn profiles. Doug Field, a high profile executive who oversaw engineering for the Tesla Model 3 hasn’t updated his profile at that time. The Wall Street Journal reported earlier this year he planned to take a “six-week sabbatical.” But this month it came out that he took a job at Apple. That means he is returning to the company he had worked for before Tesla. How things look now, Field is working on Project Titan, Apple’s car project. Apple has a team of at least a few hundreds working on autonomous vehicles, with test vehicles driving on streets of California these days.

Tesla’s employees say that, even before Field left, they saw more colleagues voluntarily leaving than they had in prior years at Tesla.

Tesla disputes that more people are leaving than in recent years and says the data does not back it up. The company told CNBC that voluntary attrition has decreased by one-third over the last twelve months, and noted that it has recently added talent from Apple and other companies.

But the truth seems to be somewhere else.

A former Tesla vehicle engineer who was laid off by the company in June said that stock options at Apple would probably be more attractive than they are at Tesla during a rocky time. Many employees at Tesla already sell their options as soon as they are able to in order to make up for the relatively average salaries and the high cost of living around Silicon Valley, he said.

Maybe the panic caused by a large number of employees leaving Tesla and going to Apple has caused Musk to tweet on August 7th that he is considering taking Tesla company private at $420 per share buyout and that he has secured the funding needed to do so.

Tesla has had a turbulent year, with controversies on daily bases, and the stock options that Tesla employees receive may be less desirable given the stock’s volatile price. Compared to Apple, which became the first company to be valued over $1 trillion earlier this month, Tesla is not giant.

Risk Disclosure (read carefully!)

24th August 2018
Is Elon Musk In Trouble?

1 min read

Short of it would be that Elon Musk is in trouble. Long, that he’s really really in trouble.

It all started on August 7th when he tweeted that he is considering taking Tesla company private at $420 per share buyout and that he has secured the funding needed to do so. From there the things just snowballed. First, the price of Tesla stocks sharply raised to $379 from $341, then short-sellers started voicing their concern that Musk has attempted to manipulate the price of stocks of his company in an effort to hurt them financially and the USA Security and Exchange Commission has started an inquiry into his tweets.

Elon Musk – The naughty guy in the world of white collars

But the Musk’s troubles do not end here. In a bit longer Instagram story, of which post is now deleted, rapper Azealia Banks claimed that she witnessed over the weekend after 7th August, while visiting her Canadian colleague and Musk’s girlfriend Grimes, entrepreneur’s meltdown and him being scolded by Grimes for tweeting about the buyout while under the influence of LSD. That tale continued with a bizarre string of posts made by Banks in which she demands from Musk to return her phone so she could retrieve her “quality nudes” and go home. A phone which allegedly Musk’s lawyer blackmailed her and paid off her lawyer into handing over to “delete evidence”.

The tweet is a trick?

Elon Musk is known for taunting short-sellers on Twitter, and many of them observe the situation with that knowledge in mind. In the light of that fact they are seeing the tweet about taking Tesla private, and some have decided to file a class action suit against Musk as they see this tweet as a securities fraud. Such also may be the conclusion of the SEC investigation, but with the regulators being customarily tight-lipped about their investigations we may wait up to a couple of years before finding out whether they will take any legal actions against Musk or not. For now, the only thing which can be concluded about it is that SEC is under great public pressure to take legal action against Musk.

Whole this time Musk did not sit idle. He has already given a lengthy interview to the New York Times defending his actions. Going as far as to claim that he just added customarily 20% premium on top of the then current price and that he just rounded it up and came up with $420 per share. And that it has nothing to do with marihuana and drugs sub-culture iconography. He self-effacingly lambasted own over-reliance of automatization of production as the reason for not meeting the production goals. Also in recent days, there was a deluge of articles and op-eds written in big financial media glorifying Musk’s work ethics and lamenting about his pains of having to work on his own birthday. Alas, Musk might be an entrepreneurial genius but the math is not his stronger suit as 120% of $341 is not $419 as he claims.

What will happen with Elon Musk and Tesla we will find out in the future, for now, one can only see this tale as a cautionary one.

Kids do not do drugs, and if you do them do not mix them with social networks.

Risk Disclosure (read carefully!)

23rd August 2018
Are we witnesses of the historical period on the stock market?

1 min read

Is this really the historical period on the stock market?

Longest Bull Market in History?

Media reports that the US stock market broke the record for longevity on August 22, 2018. And some portals were ecstatic with this information and published articles about this ”historical record”.

This would be quite a success if it is true. But, many experts claim it is not.

The true fact is that the longest run belongs to the 12 1/2-year periods running from October 1987 through March 2000. The present bull market started in 2009, will need to wait till 2021 to beat that record.

According to some media and experts, bull markets are rallies that go beyond 20 percent and are never interrupted by a 20 percent fall. By the rules of Wall Street, that means the S&P 500 rally that began in March 2009 will surpass all that went before it on Wednesday.

Historical period on the stock market?

”It may be peaking”, said Jim Paulsen, chief investment strategist at Leuthold Group.

Here’s the problem: the rules aren’t made from stone. They’re not laws and even they are, people make them. So, that means the rules are not perfect and they are changeable. The 20 percent threshold people understand as arbitrary, false, an creation, fake. Experts disagree on everything and that’s good.

“If you round the data, you’re going to get a certain number of bull markets. If you don’t round, you’re going to get a different number,” Justin Walters, co-founder of Bespoke Investment Group LLC, said by phone. “If you want to do that, that’s fine, but it’s not using the standard 20 percent definition.”

If you want to start a fight on Wall Street just ask how old the current bull market will be on Wednesday.

“Hold the champagne! This is not the longest bull market on record or since WWII as the current buzz on the Street would have you believe,” wrote Jeff Hirsch, editor of the Stock Trader’s Almanac, in his blog post.
As Hirsch’s post shows, that calculation doesn’t sit well with some analysts, though not always for the same cause.

For instance, Sam Stovall, chief investment strategist at CFRA, noted objections that argue the current bull would have to run until April 3, 2021, to claim the crown. In this case, the rub doesn’t have to do with dating the start of the bull market back to March 2009. Instead, it hinges on the contention that the 1990s bull market actually ran longer than it is widely credited.

What is historical here?

”Using Ned Davis rules the longest bull began on October 11, 1990, and ran for 2836 calendar days until July 17, 1998. The current bull that began on February 11, 2016, would have to run until November 17, 2023, to beat it.” wrote Hirsch.

So what conclusion we can have if this bull may be younger than we think?

What we should focus on is performance. If we take this is indeed the longest bull market in history, let’s focus on returns. Through that point of view, the current bull market has returned just over 320 percent, while the bull market of the 1990s gained nearly 420 percent. To break that record would really be an achievement worth celebrating.

It is impossible to prevent anyone from celebrating or drink champagne, but do it when you have the real reason based on irrefutable facts.

Till then: Markets go up, markets go down.

Risk Disclosure (read carefully!)

22nd August 2018
Facebook seems to be pushing forward with its blockchain plans

2 min read

The head of its cryptocurrency team David Marcus revealed he was leaving his role at Coinbase to focus on the social network’s strategy. Marcus announced Friday that he would step down from his seat on the board of cryptocurrency trading platform Coinbase.

Marcus gave a statement to TechCrunch explaining his stepping down “because of the new group I’m setting up at Facebook around blockchain,” pointing that “Getting to know Brian (Armstrong, CEO of Coinbase), who’s become a friend, and the whole Coinbase leadership team and board has been an immense privilege. I’ve been thoroughly impressed by the talent and execution the team has demonstrated during my tenure, and I wish the team all the success it deserves going forward.”

According to Facebook, this move was made to “avoid the appearance of conflict” between Marcus’ two roles.

Facebook and blockchain plans

It’s not absolutely clear what exactly is going on in Facebook’s developing cryptocurrency division. But according to several reports, something is in progress.

There are speculations about what this might be. Maybe Facebook and blockchain plans are not so unimaginable.

Facebook could build a cryptocurrency wallet.

They could create their own token that could be used for paying things with partnered businesses or through Facebook ads. Blockchain makes transactions free or cheap, so Facebook and its partners could offer users “3% off for buying made with FacebookCoin” or something like that.

Possible Facebook’s cryptocurrency feature could be well-positioned to run such an idea. They have extensive connections with more than six million advertisers and 65 million businesses that have Facebook Pages. The social network could offer less costs of running the program, the transaction fee savings on to the users, and promote partnership with Facebook Crypto as a way to boost sales for businesses. That could get clients to spend more money on Facebook ads because the discounts would increase conversion rates and discounts like this could bring users into.

That could swiftly make Facebook a power player in the global payments ecosystem; or acquiring major blockchain startups, perhaps even Coinbase itself.

Previously, Facebook announced that it won’t be building on the Stellar protocol.

Facebook already lets sending money through Messenger for free, but only with a connected debit card or PayPal account. In the future, they could offer cryptocurrency based payments between friends to let a wider range of users through Messenger. If Facebook Crypto wallet could be fund once with a payment, and with a one-time transaction fee, and then they could send and receive the tokens for free. Blockchain could further increase engagement with Messenger for its 1.3 billion users.

Facebook offered to major banks to integrate financial data into its social platform. That step signaled Facebook’s ambitions to expand its role in finance and e-commerce. But in light of the site’s recent spate of controversies over privacy also raised red flags for many. That incident suggests several potential benefits of applying the technology, as well as some pitfalls. Facebook CEO Mark Zuckerberg said that technology like blockchain could give users more control, including over financial and other personal data. That could be helpful to moderate future consequences against the platform, which recently reported discouraging user growth.

Why this is so important?

A top problem of decentralized blockchain apps is how you bring your identity with you. Securely connecting your wallet, blockchain-based goods and biographical info to new apps can be a difficult process. Usually, users have to type in long, complex keys that are heavy and annoying to remember. Users of social apps like Facebook Connect, which uses an OAuth single sign-on which provides instantly join apps without creating a new username and password, or filling out a profile and uploading a photo, want this social network because of its simplicity too.

Zuckerberg acknowledged that blockchain systems, which run on distributed swarms of servers, are “harder to control.”

In theory, the first cryptocurrency launched by Facebook would be usable outside of Facebook’s platform, because blockchain-based identity systems could obstruct Facebook’s efforts to gather user data. Even after many years of scandals about privacy, all data continue to exist on Facebook’s core asset. That suggests that any blockchain product have to be very delicate to simultaneously cater to users and shareholders. But Facebook has a strong record of not being traditionally hacked. It wasn’t a massive user data debacle like LinkedIn, Twitter and similar social networks. An openly centralized identity system to connect with decentralized apps might bring the UX comfort necessary to unlock a new wave of blockchain benefits.

Anyway, it seems there are several reasons why David Marcus stepped down from Coinbase board.

And we may guess about Facebook and blockchain plans.

For instance, FB plans to launch exchange or to launch their own payment platform or, which is more possible, to launch its own crypto wallet.

The conflict of interest narrative makes each of these assumptions seems real. Speculations about buying Coinbase are less probably because if Facebook wanted to buy Coinbase, Marcus would have stayed there and brought more of ”his people”.

Risk Disclosure (read carefully!)

13th August 2018
Opera wants to win some fans in the blockchain world

1 min read

Opera wants blockchain and a cryptocurrency wallet. Well, this great news! Opera is to become the first desktop browser to include a cryptocurrency wallet. Users will not need third-party extensions or applications. That is an interesting approach to security. But handling cryptocurrencies is about to get easier.

Opera wants blockchain

The cryptocurrency wallet integrated into the Android version of Opera since June of this year since desktop wallet is synchronized with it. If you want to send some payment, you should sign the transaction using your phone’s built-in fingerprint reader, rather than typing out a long passphrase.

And that is the most important question about security. Passwords can be forgotten. They can be stolen. The biometric access, not perfect but it is, in theory, more secure and less liable to result in irretrievable coins. Funds and assets and the secure cryptographic keys associated with them are stored locally on the user’s phone, not on a remote server somewhere. To connect the mobile wallet to the desktop browser, the user only has to scan a QR code.

Opera wants blockchain and to become the first desktop browser to include a cryptocurrency wallet.

“After making crypto payments smooth and easy on mobile, we wanted the find the perfect solution for PCs”, said Opera EVP of Browsers, Krystian Kolondra, in a statement. “We realized the best way is to utilize our new mobile crypto wallet technology and to give our PC users access to it.”

Opera is making a big bet that blockchain and distributed apps (called Web 3.0) will become mainstream in a significant way. By adding this attribute, it places its browser at the essence of it.

“Our next aim is to make crypto-integration mainstream,” said Kolondra. “We believe blockchain technology has the power to transform the web of tomorrow and expect it to make a big difference in the years to come.”
Opera promises its browser cryptocurrency integration will roll out to users “soon.” Who wants to get a sneak peek can subscribe on https://www.opera.com/crypto.

You might be interested in Project Libra: Facebook’s new currency based on a blockchain
Risk Disclosure (read carefully!)

10th August 2018
Call for Ban on Crypto Buying and Mining In USA

1 min read

U.S. Congressman Brad Sherman has called for a blanket ban on cryptocurrency buying. During the Wednesday hearing of a subcommittee for the House of Representatives Financial Services Committee, he went so far as to advocate keeping Americans out of the crypto market entirely and earlier in March this year, he called cryptocurrencies “a crock”

“We should prohibit U.S. persons from buying or mining cryptocurrencies,” stated this California Democrat. And their largest donor is credit card processor Allied Wallet.

Beyond cryptocurrencies being potentially used as a form of money in the future, it can currently be used by tax evaders and rogue states seeking to bypass U.S. sanctions, he added.

Ban on crypto buying and mining in the USA?

Norbert Michel, director for the Center for Data Analysis at the Heritage Foundation, pushed back against the idea that criminal use should define cryptocurrencies as a whole.

“Yes it is true that criminals have used bitcoin, but it’s also true that criminals have used airplanes, computers and automobiles. We shouldn’t criminalize any of those instruments simply because criminals used them.” he said and added “Those components I believe are the main barriers to widespread adoption in the U.S.”

The tale behind of ban on crypto buying and mining

During the hearing, the topic was general monetary policy and history, but the crypto-specific parts revealed a general opposition to the idea of a central bank digital currency (CBDC).

Recap: central banks around the world have been explored the idea of using the technology concepts behind bitcoin and other cryptocurrencies as part of new, completely digital money systems. The idea is that the tech boost transparency and efficiency.

But some have warned that it could expand the risk of bank main points, and several institutions guaranteed that entirely following their research.

Alex Pollock, a senior fellow at the R Street Institute, refused the concept and declared it as “a terrible idea – one of the worst financial ideas of recent times.”

Congressman Bill Foster asked about blockchain immutability, saying “the promise of blockchain is a non-falsifiable ledger remains an unsolved problem in the digital world is how do you authenticate yourself?”

If you don’t understand, ban the crypto buying and mining

Other committee members agreed that the idea raised more fundamental questions about how blockchain and cryptocurrencies work.

Dr. Eswar Prasad, senior professor of Trade Policy at Cornell University, argued that the existence of cryptocurrencies had the power to impact the financial services system, primarily the payments system, in positive ways.

Just prior to the hearing, chairman Andy Barr noted that cryptocurrencies will “continue to have a greater and greater impact on our financial system,” which means that the committee would probably have to “revisit” once again.

Risk Disclosure (read carefully!)

20th July 2018
Banks in Korea to Use Samsung SDS Blockchain to Verify Customer IDs

A national banking group representing South Korea’s commercial banks will launch a customer ID verification powered by blockchain technology this month, as per the reports on June 12.

The Korea Federation of Banks (KFB) will launch their “BankSign” identity verification system to be made use of in both online computer-based and mobile banking, according to media reports.

Development of the BankSign plan was started straight away after the KFB launched a consortium discovering blockchain applications opportunities at the local banking sector in November 2017.

A KFB spokesperson added:
”BankSign is the first project co-developed by the local banking sector utilizing blockchain technology”

Banks in Korea and blockchain

Banks in Korea were forced to use a 20-year-old public banking security system that is inefficient and outdated. The government reversed it is Digital Signature Act’ policy wherein domestic institutions were mandated to use the public certification system.

BankSign platform is built on Nexledger, a private enterprise cloud computing platform developed by Samsung’s subsidiary, Samsung SDS, the IT subsidiary of South Korea’s biggest conglomerate.

As reported by CCN at the time, Samsung SDS was launched in April 2017. At the same time, it was launched Nexsign, a biometric authentication solution also developed by Samsung. Nexsign enables customers to gain access to a huge number of services using a single ID authentication.

Samsung has already tested its Nexledger blockchain with Samsung Card, the conglomerate’s credit card company, as early as October 2016, but this is unrelated to KFB’s BankSign.

In the first part of June, Samsung SDS announced the launch of its own enterprise blockchain platform Nexfinance aimed at finance-related businesses.

Implementation of blockchain

On June, has been revealed that the KFB established a consortium of its member to research and implement blockchain technology in the domestic banking sector in November 2017. Development of BankSign took off immediately, the KFB said, before select member banks began beta testing the system in April this year.

The banks’ new blockchain application would offer a variety of options to confirm clients’ IDs and “not just the public certification system”, said Park Chang-ok, a manager at the department of deposit services and payment systems at KFB.

Furthermore, the KFB said BankSign will find other applications within government and other public organizations after taking off in the banking sector with an official launch that is only weeks, maybe days away.

In the beginning, the BankSign platform will be used only in the banking sector. However, the KFB, banks in Korea are planning to co-operate also with the Korean government and other public organizations in order to broaden the scope of the project, according to the KFB spokesperson, Korea JoongAng Daily wrote.

You would be interested: Crypto is at Risk In Korea!

9th July 2018
India’s Top Court Refused To Lift Ban On Cryptocurrency Exchanges

1 min read

India’s top court has refused to grant any interim relief to cryptocurrency exchanges against the Reserve Bank of India’s (RBI) crackdown on them.

The RBI had directed all banks to wind up within three months any existing banking relationships with virtual currency exchanges and traders, was the decision on April 05. The ban kicks in from July 06.

In May, India’s top court had set the next date for the hearing of the case on July 20, two weeks after the ban would come into force. But the Internet and Mobile Association of India (IAMAI), which counts bitcoin exchanges as its members, subsequently approached the court for an early hearing, which took placed on July 03.

India’s Top Court Refused to lift

“This a win for the RBI and a big blow to virtual currency exchanges and traders. In our earlier request to the RBI as well, we had asked it to extend the deadline by a month after the July 20 hearing,” said Rashmi Deshpande, associate partner at Khaitan & Co.

Khaitan & Co is a law firm representing Kali Digital Eco-Systems, an Indian exchange planning to begin operations later this year.

“However, now that the ban will continue, the banking route for the exchanges and its users will be completely choked,” Deshpande added.

On May 17, during the previous hearing, the apex court had asked these exchanges to submit their representation against the central bank. The firms had engaged with the RBI during the last week of May and early June.

“We had submitted a detailed presentation that could have given RBI a clearer picture of what is blockchain, how the exchanges work, etc. But we hadn’t heard back from them yet,” said Nischal Shetty, founder, and CEO of WazirX, another Indian cryptocurrency exchange that has challenged the ban. “Today, the (India’s) supreme court has also directed the RBI to respond to those representations made by the firms in the next seven days.”

Focus on Bitcoin and Blockchain

The Narendra Modi government is in the final stages of finalizing the draft regulation on bitcoin and other currencies, according to a senior government official. That’s why despite India’s top court upholding the ban, the exchanges are hopeful.

“We have prepared a draft (on virtual currencies) that entails what parts of these businesses should be banned and what should be preserved. This should be discussed by the first week of July and we should wrap this up within in the first fortnight of July,” said Subhash Chandra Garg, secretary in the department of economic affairs, who is heading a committee on cryptocurrency regulation, told television news channel ET last month.

What to say?

All eyes are on the government and the next supreme court hearing on July 20. We will see. The truth is only one: crypto is spreading and nothing can stop that!

Share it further!

Risk Disclosure (read carefully!)

9th July 2018
Cryptocurrencies Prices Stabilized Over The Weekend

1 min read

Cryptocurrencies prices stabilized over the weekend and Bitcoin is in the saddle again. It has regained an important technical level which could pave the way for further short-term rallies. Billions flowed back into the market after the latest brush with yearly lows.

According to CoinMarketCap, the value of all cryptocurrencies in circulation was nearly $257 billion, after the cryptocurrency market has recovered more than $20 billion in lost value this weekend.

Cryptocurrencies prices stabilized and Bitcoin and the major altcoins rebounded double digits on Saturday which was really the resurgence. Bitcoin was little changed on Sunday, as prices approached $6,400 after nine days of agony.The $6,400-$6,500 level is considered to be the next major resistance test for the bitcoin price.

Other cryptocurrencies also stabilized Sunday. Ethereum traded above $450, bitcoin cash held steady around $740 and Ripple XRP was virtually unchanged at $0.460.

Four years ago, when bitcoin dropped by as much as 80%, it took 300 days for the bottoming. This year, bitcoin’s 70% price collapse occurred over a much shorter span of 200 days which is a more accelerated version of the 2014 price collapse.

This has led to speculation that the cryptocurrency will experience a faster corrective rally than that previous one.
BitMEX CEO Arthur Hayes recently telling CNBC that a rally to $50,000 this year shouldn’t be ruled out.

BitMEX CEO Arthur Hayes recently telling CNBC that a rally to $50,000 this year shouldn’t be ruled out, which is a common opinion of fundamental analysts.

Disappointing June performance discounted a lot of positive developments in the market, including major developments on the regulatory front in places like South Korea or Malta. After the central bank barred financial institutions from dealing with virtual exchanges or their customers, India will propose a new cryptocurrency strategy as early as next week.

You might be interested: Cryptocurrency Stocks – The Best to Buy in 2019

Risk Disclosure (read carefully!)

2nd July 2018