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💥ETF Rejection💥
The Proshares ETF application was denied by the SEC.
The application required a rule change to be accepted by the SEC. When handing down their decision the SEC explained that the rules could not be changed and that the decision in no way means the SEC does not believe in the viability of blockchain technology.
The Proshares application included a long and a short $BTC product tied to $BTC futures contracts. It came as no surprise that the application was rejected as the Proshares products were tied to a highly volatile and leveraged 9 month old asset class.
It should also be noted that this product is not physically backed by $BTC.
This may play well into the hands of the Vaneck-SolidX application which is due to be decided in one months time.
The SEC is tasked with protecting retail investors. The Vaneck-SolidX ETF product has a unit size of 25 $BTC with a target audience of institutional investors.
In comparison to the failed attempts of previous ETF applications, the Vaneck-SolidX application appears far superior.
The proverbial red herring rejection today will undoubtedly send the market into a downward spiral, a great shorting opportunity.
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The famous words of Arnie, applicable to Predator but not blockchain technology, although today could have us convinced otherwise. The markets took a dive, especially altcoins. Some of the heaviest affected were NEO, ETH, ADA, IOTA and TRX. The BTC market cap was stomped on too but less severely. There is a lack of faith in the current prospects of the altcoin market, money has moved into BTC and then some money has moved from BTC into fiat.
Typical behaviour of the cryptocurrency market, and as the days go by we seem to be mirroring the great crypto depression that began in 2014 and ended in 2017, you have to ask yourself, can you hang on that long? If you have answered yes, then good for you, if you have answered no, then good thing you are a reader as our market shorts earn us returns during times like these.
So will this be the death of crypto? Hell no, the markets bleed but the decentralised nature of blockchain makes it immortal. This brings us onto an interesting topic that has garnered a lot of press time lately – centralised vs. decentralised exchanges.
All the pundits have come out of the wood work to give us their two cents about the direction of cryptocurrency exchanges.
Creator of Ethereum, Vitalik Buterin had this to say: “I definitely personally hope centralized exchanges burn in hell as much as possible. In practice, particularly on the fiat to crypto side, it is very difficult to decentralize because you ultimately are interfacing with the fiat world, and the fiat world is one that only has basically centralized gateways…There are valuable services being provided there that are very hard to decentralize.”
Other commentators such as John Mcafee have also predicted that decentralised exchanges will replace their centralised predecessors. The decentralised essence of DEX’s exchanges is what has immortalised blockchain technology, so it is safe to assume the new method of exchange will have longevity.
Founder of Binance, CZ has thrown his hat in the ring, announcing the launch of a Binance DEX earlier this year. A true crypto visionary, CZ has created the most seamless centralised trading experience in crypto markets today; he has now branched out, creating Binance Chain – the Binance DEX. When asked if he thinks the Binance Chain will replace Binance as we know it, he said that although he knows DEX’s will be the future of cryptocurrency exchanges, there will be a coexistence of Binance and Binance Chain for the medium-term foreseeable future.
Earlier this week CZ demoed the new Binance Chain DEX, 2 months ahead of schedule. DEX technology is in its infancy, plagued with scaling issues. Binance has the most efficient matching engine out of any cryptocurrency exchange out there and if this performance can be replicated on Binance Chain it will be an absolute game changer.
The advantages of a decentralised exchange experience are the advantages of blockchain technology at its core – faster, cheaper and safer than the centralised alternatives. The markets are bleeding now but the fundamentals are still progressing. We are in this game to make money so right now our strategy is to short any sign of strength and enter the occasional long when the conditions are right. However this does not detract from our long-term bullish expectations from these markets. We are disciplined patient traders out to capitalise on the poor decisions of those on the other sides of our trades.
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ETF Delay
By now I’m sure a lot of you would have felt the sting of the market’s overreaction to the SEC announcement of delaying the VanEck-SolidX Bitcoin ETF decision. The ETF is backed by the Chicago Board of Exchange BZX Equities Exchange (CBOE) and has been praised by the cryptocurrency community for its efforts in attracting institutional investment into the budding blockchain industry.
The Commission explained that the Securities Exchange Act provides that it can extend the 45 days period from publication if it finds it “appropriate to designate a longer period” so it has sufficient time to consider the proposed rule change.
“Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act designates September 30, 2018, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.”
This move by the SEC is a positive sign in the opinion of the CIM team as it shows that the SEC is seriously considering the ETF application. The gears of bureaucracy are grinding away, they only way they know how – slowly. The SEC could have disregarded VanEck-SolidX BTC ETF application and focused their valuable time elsewhere, but instead they chose to allot more time to this matter. Think about that before you decide to panic sell.
Prominent CNBC crypto commentator Brian Kelly said “If you’re selling today after this decision, it’s the wrong way to do crypto investing. There is more to this story than just an ETF, A little spoiler alert: On September 30th, they will likely postpone it again because the market’s not ready for it and the SEC hasn’t had all the answers to their questions yet.” One of the more lucid comments to come out of the CNBC studio.
Other Numbers
We recently reported on the decline in cryptocurrency spending noting that it had dropped over 80% in the past year. Today the DEA came out and announced a 90% drop in the usage of cryptocurrencies in illicit black market trades. This may very well just be the DEA tooting their own proverbial horn but it would certainly explain some of the decrease in crytpocurrency spending. If the numbers are assumed to be correct then there has actually been an increase in the usage of BTC and other cryptocurrencies in e-commerce.
OTC brokerage firms have said that although volumes are down in cryptocurrency order books, the OTC market is still flourishing. Some OTC desks have estimated that OTC volume makes up at least 50% of the daily cryptocurrency volume traded daily. One of the reasons traders use OTC brokers is the expediency they offer to execute a trade, paid for in the form of a seller’s discount.
A reasonable barometer on the sentiment of sellers can be the amount of discount they offer on their trades. In March of this year sellers were offering discounts in the order of 7-8%, indicating the urgency with which they needed to get rid of their BTC. At the moment the discount rate is sitting at about 2%, a stark improvement from the situation in March.
The current situation seems to be better than March however, we are still in a bearish market and the discount rate could very well rise again. As such we are approaching with caution.
In the likely situation of another ETF delay the current bear trend could linger around for a while like a bad smell. As previously stated we will be shorting strength and diversifying risk out of our portfolio by going long on BNB too.
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The SEC’s decision to delay their ruling on a Bitcoin ETF has understandably made news headlines as cryptocurrency traders and investors alike await the verdict in anticipation.
It has been stated that this recent drop in BTC price is attributed to this decision but it is our view that it was going to happen anyway.
Back in July the $8,400 could not hold and since then, we have been in a steady decline. This is what happens in markets of all types.
As stated in my previous post, $7,129 could not hold and we are still expecting price to go lower, possibly hitting the $6,770 level, although BTC is currently flirting with $6,840 and is meeting some resistance there. It was at this price point which triggered the recent BTC bounce.
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The SEC’s decision to delay their ruling on a Bitcoin ETF has understandably made news headlines as cryptocurrency traders and investors alike await the verdict in anticipation.
It has been stated that this recent drop in BTC price is attributed to this decision but it is our view that it was going to happen anyway.
Back in July the $8,400 could not hold and since then, we have been in a steady decline. This is what happens in markets of all types.
As stated in my previous post, $7,129 could not hold and we are still expecting price to go lower, possibly hitting the $6,770 level, although BTC is currently flirting with $6,840 and is meeting some resistance there. It was at this price point which triggered the recent BTC bounce.
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ICE Bullish on BTC
Intercontinental Exchange, owner of the NYSE, who we wrote about earlier this week, has explained the rationale behind their announcement earlier this week, “Bitcoin has the potential to become the first worldwide currency and we're trying to make that happen” – a quote from Jeffrey Sprecher, founder of the Intercontinental Exchange.
Korean Exchange Bump
Some positive news out of Korea, UpBit has been officially cleared of the fraud which they were investigated for earlier this year. Bithumb has also announced that they will now have fiat on ramps for BTC, ETH, ETC, XRP, LTC, BCH, ZEC, QTUM & MITH. This is a great move in the right direction making it easier for Korean investors to trade between fiat and cryptocurrency.
We are still in a bear cycle, typified by the downward movement in price, even in light of this positive news coming from New York and Korea. However, we view this as a great opportunity to get our hands on some undervalued BTC and Altcoins. Right now we are waiting for the correct time to enter and will be bringing you some TA shortly with potential levels for entry.
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August 04, 2018
BTC is currently on a slow grind up within the current consolidation zone between $7,500 and $7,250.
We’re currently printing higher lows as we march towards the 0.236 fib level but it would not surprise us to see a bearish retreat and retest of $7,265 level as we could potentially be in a bear flag pattern.
We would view any break and close below $7,200 as a shorting opportunity to around the $6,860 level.
On the other hand, if we witness some convincing buy volume at the $7,200 mark, we would consider going long with targets as high as $7,800 but more conservatively, would look at possibly exiting at $7740 or even $7,520 depending on the bullish momentum.
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August 04, 2018
BTC is currently on a slow grind up within the current consolidation zone between $7,500 and $7,250.
We’re currently printing higher lows as we march towards the 0.236 fib level but it would not surprise us to see a bearish retreat and retest of $7,265 level as we could potentially be in a bear flag pattern.
We would view any break and close below $7,200 as a shorting opportunity to around the $6,860 level.
On the other hand, if we witness some convincing buy volume at the $7,200 mark, we would consider going long with targets as high as $7,800 but more conservatively, would look at possibly exiting at $7740 or even $7,520 depending on the bullish momentum.
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At the time of writing BTC is currently sitting at $7,572 – a 6.9% decline over the last 24 hours. Other market leaders like Ethereum and EOS have also seen declines in the region of 4-6%. One notable stand-out performer in this downward market cycle is Binance's native token. BNB token has held strong posting a gain of 0.75%. This is nothing spectacular but it is nice to see a bit of green in a sea of red.
Typically when the market does behave like this, exchange tokens like BNB, KCS, COSS...etc outperform the market. For the sake of this explanation, we will refer solely to the Binance exchange token – BNB.
During bear cycles traders exit BTC and ALT’s to enter fiat, Tether or exchange tokens. The additional fee’s and potential tax implications associated with entering and exiting fiat are a deterrent. Likewise, entering Tether has its own drawbacks too, namely the sacrifice of potential USD gains that could be made by holding something that has a fluctuating value.
The one that remains is BNB which is a dividend paying exchange token from arguably the most trusted exchange in cryptocurrency today - Binance. Historically BNB outperforms the market in bear cycles, allowing traders to mitigate their losses on their long positions or swing trade and make some nice gains.
In times like these, we sometimes employ a strategy wherby we Tether 50% and enter BNB with the other 50% of the funds produced when exiting our BTC and ALT positions. In addition to opening shorts, this strategy allows us to diversify some degree of risk out of our portfolio. Risk management is job number one for any serious trader, no matter what type of market you are in. This is a mentality lost on many cryptocurrency traders but is a discipline we bring from trading traditional markets like FOREX.
It is important to remember why markets behave the way that they do. We have just witnessed a long period of sustained growth, albeit slow growth in crypto time, but growth nonetheless. There always has to be a correction that follows periods of growth and that is what we are witnessing right now.
As the saying goes “you take the stairs up and the elevator down”. It is always amusing to see the dramatic overreactions of others during corrections like these, many claiming the sky is falling. Just like every time winter rolls around, people are amazed at how cold it is – memory is selective, we only want to remember the good times.
Our previous stops set at $7,750 were hit and we are now retesting some strong support at $7,500. If we break this support we may very well drop below $7,000 again although we would expect some support at the $7,200 level. We will continue to monitor how this move plays out and will be keeping tight stops on our BNB position.
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BTC
BTC is currently stable at the $8,140 level and has quickly recovered after slipping through the $8,100 support. Price touched the upper extremity of the lowest zone in this sideways trend, but the bulls swiftly fought back, and the price has snapped back up and is now sitting within the previous support zone.
We can see from the volume profile that buy volume stepped in to match the sell volume indicating that the struggle will continue. Something to note is that we are witnessing lower highs and lower lows forming indicating a slow downward climb.
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As many of our longer-term community members will know, we are big fans of VEN or as it is now known – VET.
We also happen to be big fans of Binance exchange and the two crypto entities have come together to bring us something magical – a 100 million VTHO airdrop.
Following the launch of the VET Mainnet, Binance has confirmed that it will be distributing 100 million VTHO tokens to all VET holders on Binance exchange.
The amount of VTHO will be dependent on the size of your VET holdings. For those who don’t know, VTHO is like GAS – it allows for transactions to occur on the VET blockchain.
For those that missed it, the news gets even better. Binance, will be distributing VTHO tokens monthly with a daily snapshot occurring each day.
Naturally, the VET price has already started to rocket off the back of this announcement.
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As many of our longer-term community members will know, we are big fans of VEN or as it is now known – VET.
We also happen to be big fans of Binance exchange and the two crypto entities have come together to bring us something magical – a 100 million VTHO airdrop.
Following the launch of the VET Mainnet, Binance has confirmed that it will be distributing 100 million VTHO tokens to all VET holders on Binance exchange.
The amount of VTHO will be dependent on the size of your VET holdings. For those who don’t know, VTHO is like GAS – it allows for transactions to occur on the VET blockchain.
For those that missed it, the news gets even better. Binance, will be distributing VTHO tokens monthly with a daily snapshot occurring each day.
Naturally, the VET price has already started to rocket off the back of this announcement.
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Earlier this morning the news broke of the Winklevoss ETF application being rejected by the SEC.
This does not come a surprise and is no cause for concern. The Winklevoss twins have already been on the receiving end of an SEC ETF application rejection, so they tried again, to no avail.
At the moment there are about half a dozen ETF applications that have been submitted to the SEC by the CBOE and Direxion investments, as well as the recently rejected Winklevoss application.
The CBOE ETF application is the centre of attention and has the best chance of approval.
Looking at the differences between the CBOE application and the Winklevoss application it us easy to see why.
The key difference between the two is target audience. The CBOE ETF is targeted at large/institutional investors with individual share allotments of 25 BTC. Something that is simply out of reach for the everyday retail investor.
The Winklevoss ETF on the other hand has an individual share allotment size of about 0.01 BTC, targeted towards retail investors.
The main responsibility of the SEC is to protect retail investors. The SEC has other stipulations such as custodianship and insurance which would have factored into their decision to reject the Winklevoss application.
The news this morning is just a stepping stone towards regulatory clarity. There are positive events on the horizon for both US BTC ETF's as well as overseas ETF's in countries like Japan.
We will be keeping our ear to the ground on the developments of BTC ETF applications, until next time, over and out.
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There hasn't been much to report the last few days, but it seems we are finally starting to see some action again.
We have had the 7750 area as out target for quite a few weeks now and have mentioned it numerous times.
With this key area now within grasp, we want to point out that we will be sticking to our original plan and taking 50% of our profits at this 7750 level.
In regards to our wave count, it seems we are still not quite complete with this current breakout seeming still very much impulsive.
Although we will be taking 50% of our profits at 7750 we do see further potential upside to the 8200 level a very real possibility, hence why we are not completely exiting the market, nor do we have any intentions of shorting (yet).
We will, however plan to short depending on how the market reacts at these levels, but in the meantime, we can only trade what we see, and what we see is bullish. 🚀🚀
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Coinbase has been all over the news this week - starting with the announcement that it will be exploring the possibility to list Cardano, Basic Attention Token, Stellar Lumens, Zcash, and 0x.
This smells like the machinations of the Coinbase legal team ensuring they do not find themselves in the same hot water as their BCash listing.
While nothing is set in stone yet, it is a good sign to see this pillar of the cryptocurrency universe taking their responsibility very seriously, operating like the “responsible” or at least legally compliant legacy institutions they seek to disrupt.
Aiming to remain in the lime light, Coinbase then announced that they were given the green light by the SEC to begin trading securities. However the next day that statement was clarified – Coinbase has always been able to trade securities but they are now exploring the opportunity to do so. Good news nonetheless as this could open up a new avenue for investors to access cryptocurrencies.
Over the weekend the formation of The Coinbase Political Action Committee surfaced, another sign of maturity as the San Francisco based exchange continues to emulate the success of others.
In the U.S. a political action committee is an organization that raises money privately to influence elections or legislation, particularly at the federal level. For those avid fans of the TV show House Of Cards, you will understand how powerful this move by Coinbase really is.
Around this same time, Coinbase also revealed the formation of a strategic partnership with an unnamed $20 billion hedge fund and that it will be seeking partnerships with other large hedge funds too.
Recently Coinbase has been valued at $8 billion so it comes as no surprise that it is being wooed by these large traditional market players.
To top off a good week with some more good news, Facebook announced that it will be whitelisting Coinbase ads. Facebook is in the eye balls business so this will undoubtedly get Coinbase and cryptocurrencies across the screens of millions more eye balls, which translates into new retail money entering into the space.
So we have seen how Coinbase is winning but how does this help us win? The price of Bitcoin.
The markets saw a very nice bump this week and although alts took a subsequent tumble, the overall marketcap has held. What this means is that Bitcoin dominance is rising, money is not leaving cryptocurrency, it is moving to Bitcoin.
This is not surprising at all with all the talk of Bitcoin ETF’s and insututional money coming in. they are focused on buying Bitcoin and later on their attentions may turn to altcoins like ETH or ZCASH.
A win is a win and it is nice to have old reliable Bitcoin doing well again, alleviating some of the stresses of the current bear market.
This strong Bitcoin momentum allows us to maintain our simple strategy of being BTC heavy and just letting this current market movement play out.
Coinbase is doing a stand up job representing the best interests of the cryptocurrency space, reflective in this week’s positive BTC price action.
We will be following the movements of Coinbase in the coming weeks as we eagerly await more positive news
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⚡️Modum Voting - 700,000 Participants Already ⚡️ Gotta say we are impressed with Modum. Modum was a top performer in the latest bounce so keep your eye on $MOD. They have a good understanding of the importance of investor/community sentiment. They communicate well with their investors gauging sentiment and satisfaction. Modum has been holding votes to see if the community is satisfied with their delivery of milestones set out in the initial whitepaper. The first vote had 700,000 participants. That is extraordinary for such a small cap coin. Made us think about the problem EOS had with the lack of voters to elect nodes when their mainnet launched, pathetic to say the least. In the opinion of the CIM team we see this as a massive vote of confidence for the Modum project - no pun intended. Modum clearly has an active/educated investor base that is in it for the long haul. If anyone would like to vote for milestone two you may do so here: https://modum.io/token/voting-milestones |
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Does anybody know about coinstalk.org? It is same as our forum here and somebody copied it. It is very new around 300 users. The concept is the same as bitcointalk.org
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Dear Community,
I would appreciate your time sharing your knowledge about masternode and what are the upcoming altcoins which have masternode. This is my simple analogy on Masternode. It is like you take a specific amount of coins and commit them to the network and you run some software that helps the network. In return, you get a reward. I think there is a lot of incentive for people to own these coins and if the services the developers hope to build on top of them take off, well.. the sky is the limit. You also get rewarded for waiting, and it reminds me of mining, except that you do not need an amazing computer to do it. Some coins also offer staking, where you can generate return just for running the wallet.
Some of the common masternode altcoins are DASH NEM PIVX
I hope this simple explanation would help.
PS: please don't hesitate to share also your knowledge.
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Dear Veterans,
As a beginners, I would like to ask your help on how can I maximize token awards in joining this so called bounty campaigns. I believe that some of the veterans are already well known of the techniques in obtaining big bounty awards. I would appreciate if you would share your insights here.
Also, How and what are the process to do in order to obtain merits which leads to higher rank?
Best Regards,
TraderGecko
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Dear Co-alt coin trader and investors,
I would like to know which alt coins do you think that will give minimum 1000%-2000% this year? Kindly give also brief explanation why the coins and tokens you choose will moon this year.
Please respect every post and no swearing. Every individual has their own opinion so please respect.
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