Weekly, May 14-18 ’18

Centra Tech's founders are sentenced to jail, Marc O’Brien joined Crypterium, ETF is launhed, Jack Dorsey’s opinion, Binance adds TrueUSD, China published its crypto rating, electricity consumption, Sberbank used Hyperledger Fabric blockchain, Microsoft joins the crypto ban, JP Morgan talks about crypto, Wozniak supports blockchain, ETH futures, Taihuttu still holds BTC, IBM’s token, crypto education in France

  • The three co-founders of Centra Tech Sorhab Sharma, Raymond Trapani, and Robert Farkas were found guilty and sentenced to jail. They are looking at a total of 65 years in prison, based on the charges. They are guilty of committing fraud and selling unregistered tokens to investors.
  • Marc O’Brien, one of the best experts in payments system in UK, former Visa UK CEO, joined Crypterium — the mobile crypto bank startup. Marc will lead the launch of Crypterium App that will let its users pay with cryptocurrencies with the same ease and convenience as with cash or credit cards
  • Brian Kelly, the founder of BKCM, the investment company, specialized in cryptocurrencies, has launched a new crypto ETF. This traded fund, called the REX BKCM ETF, will include the stocks of 33 companies which attempt to generate revenue from cryptocurrency- and blockchain-related projects. Now it holds the stocks of the Taiwan Semiconductor Manufacturing, Global Unichip, GMO Internet, Overstock.com and SVB Financial Group, each with an 8 percent weighting.
  • Jack Dorsey, CEO of Twitter, is pretty sure the Internet will have its own native currency, and he hopes Bitcoin will become such a currency. Thus he encouraged everyone to buy Bitcoin and to help make it happen. Earlier he declared that he’s a huge fan of Bitcoin. He was one of the early Bitcoin investors and took part in funding Lightning Labs.
  • Binance adds a new stablecoin, TrueUSD. It's more compliant to regulations than Tether, and the company that issues TUSD tokens, publishes the audits of their bank accounts each month.
  • China published its own crypto rating. In this rating, all cryptocurrencies have their own score, based on three sub-indices, technology, application, and innovation.
  • Ethereum has the highest score, thanks to solid technology score, its chinese rival, NEO, is in top 4. Bitcoin is placed in the 13th position.
  • By the end of this year, Bitcoin mining will be using 0.5% of the world’s total electricity. Now it uses as much power as Ireland does, approximately 2.55 gigawatts, and its power consumption could rise to 7.7 gigawatts of electricity by the year's end. Experts are bothered, is it worth it.
  • The largest bank in Russia, Sberbank, has successfully used Hyperledger Fabric blockchain to make a first transaction of a commercial bond. It was fast and secure, compared to a traditional way of making such deals. Soon this technology could replace the old way the bonds were transacted.
  • Microsoft joins the crypto ban, started by Google and Facebook. It released the statement that all crypto ads will be banned from Bing search engine by July 2018. The reason behind the ban is the unclear state of current regulation. Thus Microsoft tries to mitigate risks for its Bing users.
  • JP Morgan starts to look into crypto space, despite its CEO's previous comments.
  • The bank’s co-president, Daniel Pinto, stated in a recent interview, that the technology will play the role, but now the space seems to be too immature yet. Also he remarked that JP Morgan could do any crypto-related activity, including clearing futures, if needed.
  • Apple’s co-founder, Steve Wozniak, called blockchain ‘a great idea’ and the next major IT revolution that is about to happen. He also said that blockchain technology will reach its full potential in 10 years.
  • CME Group wants to review customer demand for Ethereum future contracts before actually launching the products. On Monday it has published the tracking prices for ETH, which are taken from Kraken and Bitstamp exchanges. Tim McCourt, CME’s head of equity products, said that there are no plans to launch ETH futures yet. Bitcoin futures are seeing lower demand than it was anticipated, so it must be a clear understanding that the market need a new crypto-based product.
  • Didi Taihuttu, the man who sold all his family’s belongings for Bitcoin, still holds it. As he bought it between February and September 2017, he’s still in profit. He says he believes in Bitcoin and will hold it until 2020. He thinks that in 2020 there won’t be any need to exchange his cryptocurrencies for fiat.
  • IBM is going to launch its first token on the Stellar’s platform. It is going to be a first corporate token ever issued. This “verde” token is a result of the partnership between IBM and Veridium Labs, and it’s designed to support the growth of Indonesian rainforests to counteract the carbon-damage done by environmentally-damaging industries. Every bought token will support a patch of rain forest.
  • Bruno Le Maire, the French Finance Minister, says that blockchain and crypto space has his total and determined support. It took him a year, but now he fully understands its importance and he’s ready to educate his French citizens what blockchain is.


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Bitcoin Price Analysis Jan.23: The Next Resistance – Descending Trend-line at $3600

Over the past two days, BTC has tested once the dangerous zone of $3480 – $3500 and the second slide had produced a hammer type candle (on the 4-hour chart) with a low at $3400 as a long wick. Hammer candles tend to be bullish reversal candles. This is how capitulation candles look like. However, this candle is on the 4-hour timeframe and not on the daily or weekly charts. Following the above reversal candle, BTC had a mini-run to previous resistance at $3600, along with the 50 days moving average line (marked in purple on the 4-hour chart) and a descending trend-line (marked by an orange line). From our previous analysis: “the 4-hour Stochastic RSI had just crossed over around the oversold area. This might lead to a slight correction, maybe to retest prior support that was broken. Possible correction levels could be the $3600.” As of writing this, Bitcoin got rejected by the $3600, and some more indicators support the idea that a break-up of this level won’t be so easy. Looking at the 1-day & 4-hour charts Looking on the bullish side, the next significant resistance is $3600, as mentioned above. Above that level lies the daily chart’s 50 days moving average line (marked in white, currently around $3650), the $3700 and $3800 areas. From the bear side, the next major support area is the $3480 – $3500. Below this crucial level, lies the $3400 (weak support) and $3300 support level. This is before retesting the 2018 low at $3120. The 4-hour chart’s Stochastic RSI oscillator had just crossed over at the overbought zone. This can produce a correction down for the next day or two. The daily chart’s RSI: So far the crucial line at 43 holds up. The trading volume is still pretty dull; even though yesterday’s green candle was highest during the past week (on Bitstamp). But we still seek to see volume entering the market in either way. BitFinex’s open short positions had decreased to 22.4K BTC of open positions. BTC/USD BitStamp 4-Hour chart BTC/USD BitStamp 1-Day chart The post Bitcoin Price Analysis Jan.23: The Next Resistance – Descending Trend-line at $3600 appeared first on CryptoPotato.

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