Dan Morehead says investors shouldn't panic over the news

Dan Morehead, CEO of Pantera Capital, calls for calm in light of the delayed SEC decision on Bitcoin ETF saying that investors are 'overreacting'.

Bitcoin fell sharply on Wednesday after the SEC delayed a decision on a proposed bitcoin ETF, which would have been the first of its kind. The move follows the SEC's decision last month to reject a second attempt by Cameron and Tyler Winklevoss, founders of crypto exchange Gemini, to list shares of their own ETF.

I still think it will be quite a long time until an ETF is approved. The last asset class to be approved for ETF certification was copper, and copper has been on earth for 10,000 years.

Dan Morehead, CEO of Pantera Capital

Morehead said that instead of panicking over the ETF news, investors should feel optimistic about Bakkt, the Intercontinental Exchange's cryptocurrency project with partners Microsoft and Starbucks.


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Bitcoin Ethereum Litecoin Technical Analysis Chart 7/15/2019 by ChartGuys.com

NEW FREE Technical Analysis Course: https://www.chartguys.com/trading-courses/7/technical-analysis Trading Candlesticks Course: https://www.chartguys.com/trading-courses/5/essential-candlesticks Entries & Exits Course: https://www.chartguys.com/trading-courses/2/entries-exits Join our community of thousands of analysts working together to learn the charts, generate profit and achieve financial independence. Live market coverage & exclusive educational content. Get trading support and on-demand technical analysis for your requested tickers. Sign up today at: https://www.chartguys.com/trading-community-membership Get the latest market updates and technical analysis on your favorite social media platform. Twitter https://twitter.com/ChartGuys Facebook https://www.facebook.com/thechartguys Free Facebook Group https://www.facebook.com/groups/thechartguys/ Instagram https://www.instagram.com/thechartguys/ Stocktwits: http://stocktwits.com/ChartGuysDan TCG Clothing: https://dogoodthings.chartguys.com/ Any advisory or signal generated by TheChartguys.com is provided for educational purposes only. Any trades placed upon reliance on TheChartguys.com systems are taken at your own risk for your own account. Past performance is no guarantee of future results. While there is great potential for reward trading securities and options there is also substantial risk of loss in all trading. You must decide your own suitability to trade. Future trading results can never be guaranteed. This is not an offer to buy or sell futures, options or commodity interests. TheChartGuys.com is not registered as an investment adviser with any federal or state regulatory agency. The information contained within this Web site, including e-mail transmissions, faxes, recorded voice messages, and any other associated messages/media (hereinafter collectively referred to as “Information”) is provided for informational and educational purposes only. The Information should not be construed as investment / trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any securities mentioned.
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US regulation against Bitcoin could be the catalyst for the next upswing

In a recent briefing held by the U.S. Secretary of the Treasury Steven Mnuchin, the American government revealed its stance on cryptocurrencies and the efforts it will carry upon to regulate Bitcoin because of its use in criminal activity and the threat it poses to the financial system. “This is indeed a national security issue,” Sec. Mnuchin said on the need for more regulation in the crypto space. “We will not allow digital asset service providers to operate in the shadows.” https://t.co/03CEzStDZE pic.twitter.com/zykiOLkm96 — Bloomberg Crypto (@crypto) July 15, 2019 Yet BTC surged 4.5 percent after the statements were made by the U.S. government official, which according to the head analyst at Fundstrat Global Thomas Lee, could be a sign of confidence about the underlying fundamentals behind BTC that allow it to function in a decentralized way without the need of regulatory oversight. Bitcoin seems comfortable with statements made by #Mnuchin regarding Crypto and KYC/AML. – White House wants fair ground rules but does not seem intent on further action at this time. – $BTC rise shows market comfortable with this Cc: ⁦@stevenmnuchin1⁩ pic.twitter.com/muHV1RFoxK — Thomas Lee (@fundstrat) July 15, 2019 Although the news comes at a time when  Bitcoin has retraced 25 percent from the high of $13,200 on July 10, it could be the catalyst for a further upward advance. Bitcoin Technical Analysis As it was foreseen, the break below the 23.6 percent Fibonacci retracement zone on the 3-day chart led to a drop-down to the 38.2 percent Fibonacci retracement level and the support trendline, which are both acting as barriers containing the price of Bitcoin from continuing depreciating due to the high concentration of demand around this area. Even though these two major support clusters could be able to hold and bounce off BTC’s market valuation back to the 23.6 percent Fibonacci retracement point or higher, moving below them could take this cryptocurrency to the next level of support around $8,500 and $7,240. TradingView: BTC/USD A similar scenario is presented on the 1-day chart where an ascending parallel channel has been developing since mid-December 2018. Now that Bitcoin reached the bottom of the channel, a rebound to the middle or even the top of the channel could be expected. However, due to the longevity of this ascending parallel channel a break below it could accelerate the selling pressure behind BTC significantly dropping its price down to at least the 50 percent Fibonacci retracement level as it can be seen in the 3-day chart. TradingView: BTC/USD Overall Sentiment Despite the sharp downturn that Bitcoin experienced over the last week that took many analysts by surprise including Tone Vays who turned bearish less than 24 hours after becoming bullish, there are multiple signs that could be predicting a rebound to previous or even new highs. Related: Donald Trump: Bitcoin not money, value based on thin air, facilitates unlawful behavior The criticism that Bitcoin has faced in the last few days following President Trump’s derisive tweet about it does not seem to affect the potential this cryptocurrency has and could represent a pivot point since more Americans will become aware of its existence. As it can be seen on the 3-day chart as well as in the 1-day chart everything seems to point out that BTC could soon regain at least 20 percent of its value within the next few days. Regardless, investors must pay close attention to the 38.2 percent Fibonacci retracement level because if it fails to hold the price of this cryptocurrency it may take it back to $8,500 or lower.   It is worth noting that even with the few corrections that Bitcoin has gone through since it started surging in early February, in the long-term this cryptocurrency remains bullish. In the 1-month chart, for instance, the MACD recently had a bullish crossover, the Parabolic SAR positioned itself below the price of BTC, and the TD Sequential Indicator is on a green five out of nine. Thus, traders must be aware that trading against the bigger trend poses an extreme risk. TradingView: BTC/USD The post US regulation against Bitcoin could be the catalyst for the next upswing appeared first on CryptoSlate.

What Is Blockstack (STX)? | The First SEC-Qualified Token Offering

What Is Blockstack? Blockstack is a decentralized computing network and ecosystem for decentralized applications (dApps). The project recently made headlines as the first token sale in U.S. history to receive clearance from the Securities and Exchange Commission (SEC). The team has been together since 2013, however. The Blockstack team’s overarching goal is to give users control of their data and identity. They’re accomplishing that goal by providing a suite of developer tools and protocols intended to lower the start-up barriers of dApp development. In this Blockstack guide, we take a look at: How Does Blockstack Work? Blockstack Team & Progress Where to Buy STX Where to Store STX Final Thoughts Additional Blockstack Resources How Does Blockstack Work? Blockstack is a comprehensive ecosystem containing numerous components that enable you to go from “Zero-to-DApp” in less than an hour. Let’s examine a few of the necessary parts. Stacks Blockchain As you could probably guess, the Stacks blockchain is the foundation of Blockstack. It implements a leader election process with Tunable Proofs to maintain consensus. The Tunable Proofs enables Blockstack to combine native Proof-of-Work (PoW) consensus with the hash power of a more established blockchain. Currently, the Stacks blockchain includes a combination of its own Proof-of-Work and a Bitcoin Proof-of-Burn consensus. To become a leader (miner), you burn the underlying cryptocurrency (bitcoin) and commit a set of transactions. You receive a mining reward if your transactions match the ‘winning’ chain. Once the network is large enough, the Blockstack team plans to switch the Stacks blockchain over entirely to a native PoW consensus. Blockstack Authentication One of the project’s first features, Blockstack Authentication, connects your identity to all of the dApps in the Blockstack ecosystem. It utilizes single sign-on with your universal username, and in place of passwords, public key cryptography that runs on your local device’s software. Authentication is entirely on-chain, maintained by the Blockstack blockchain and Blockstack Naming System. Gaia Data Storage According to the Blockstack whitepaper,  “[Gaia is] a user-controlled storage system that enables applications to interact with private data lockers.” Individuals, rather than the Stacks blockchain, host these data lockers. Instead, the blockchain records pointers to a piece of data’s Gaia location. As with other forms of blockchain storage, Gaia removes the need to trust third-party cloud storage providers like Amazon and Google. Gaia provides a decentralized mechanism for data storage. | Source: Blockstack whitepaper Clarity Smart Contracts Similar to Ethereum’s Solidity, Blockstack implements its own smart contract programming language, Clarity. Unlike Solidity, Clarity is non-Turing complete over a single transaction. However, it is Turing complete over the history of transactions. Blockstack keeps the majority of a dApp’s business logic off-chain and prevents the virtual machine (VM) from compiling smart contracts. In fact, most dApps using Blockstack aren’t actually smart contracts. Libraries and SDKs The Blockstack developer community has a substantial (and growing) list of tools to help developers build Blockstack applications. The list includes, but isn’t limited to libraries for: Android iOS Javascript React Native If you’re a novice developer, the team also provides a tutorial on creating a dApp in under an hour. App Mining Every month, Blockstack rewards the best apps in the ecosystem with a $100,000 prize pool. The top app receives 20 percent of the total prize ($20,000). The next best app receives 20 percent of the remaining pool ($16,000). And so on until the pool is dry. The app mining reward decreases by 20 percent with each drop in ranking. | Source: Project website Blockstack has partnered with four independent companies (Product Hunt, Awario, TryMyUI, Internet Labs), which rate the apps using their distinct proprietary data. Your app’s ranking depends on which Blockstack features you’ve integrated, how you’ve improved since the previous month, and how many standard deviations you are away from the average score in your category, among many other aspects. The Stacks Token (STX) The Stacks token is the native token of the Blockstack ecosystem. You spend STX to register digital assets, execute smart contracts, perform transactions, and anchor app chains, among other activities. Blockstack Team & Progress Blockstack, created by Muneeb Ali and Ryan Shea, initially launched in 2014 as a decentralized identity system. Throughout 2015 and 2016, the team created the Blockchain Naming Service and brought on two additional team members. In the second quarter of 2017, they launched the Blockstack Authenticator and published the project’s whitepaper. At the end of that year, the team held a token sale in which they raised about $50 million. Throughout 2018, the Blockstack team released several development libraries, launched a universal store for dApps, and created the Stacks wallet among several other accolades. Already this year, Blockstack created a prototype for their VM and released a new consensus algorithm. On deck for the rest of 2019 and 2020: Clarity smart contract SDK Hardfork to a new consensus Fully-featured smart contract support Improvements to Gaia The project has received investments from some of the top venture capital firms in the world, including YCombinator, Union Square Ventures, and Winklevoss Capital. Where to Buy STX The Stacks token sale is fully regulated by the SEC under Regulation A+, so expect to provide personal information for Know-Your-Customer (KYC) and Anti-Money Laundering (AML) laws. The token sale began on July 11 and will continue until the project raises $28 million. To register, head over to the Stacks token sale registration page. Where to Store STX You should store your STX in the official Stacks wallet. It’s available on Mac and Windows operating systems. The Stacks wallet requires fuel for transactions. | Source: Project website For additional security, consider using a hardware wallet like Ledger or Trezor as well. The Trezor One, Trezor Model T, Ledger Nano S, and Ledger Blue all support STX storage. Note: To perform transactions in the Stacks wallet, you need to supply a small amount of bitcoin as fuel. Final Thoughts The Blockstack team envisions an entirely decentralized Internet on the horizon and their ecosystem at the base of it.  The project is an ambitious undertaking, but the team has shown that they get results through continuous development milestone achievements. It also helps that they have the support of some of the biggest names in blockchain, cryptocurrency, and venture capital. Although the current token sale requires some KYC input, it’s worth a look. Additional Blockstack Resources Website Blog Forum Slack Github Telegram The post What Is Blockstack (STX)? | The First SEC-Qualified Token Offering appeared first on CoinCentral.
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