Bitcoin is Still in a Bear Market
Bitcoin is still in a proper bear market, and have been since the height of January 2018. Meanwhile trading volume is declining. That isn’t a great combo, but there is a lot of reasons to remain hopeful.
The GBTC and Kimchi Premiums are Disappearing Again
Here in late June 2018 the GBTC premium and the South Korean “Kimchi” premium are quickly disappearing. This has historically been a bullish sign that has signaled the end stages of a bear market.
Why Does Tether Tend to Get Printed Before Crypto Prices Go up?
Tether tends to get printed before crypto prices stabilize or go up. The simplest reason for this is because Tether acts as a dollar substitute, especially on exchanges that don’t use dollars, and prices go up when people buy crypto… especially with dollars / dollar substitutes.
Crypto Capitulation is Here, but Don’t Despair
Crypto tends to move in fairly predictable cycles, this is that part of the cycle when everyone capitulates, panics, and eventually falls into despair. It is the popped side of a classic economic bubble. Luckily for crypto investors, this isn’t just “a bubble” it is a bubble in the crypto space (where bubbles are painfully common and markets are absurdly quick to form patterns).
The Bank of International Settlements (BIS) Publishes Negative Report on Crypto
The Bank of International Settlements (BIS) published a mostly negative report on crypto called “Cryptocurrencies: looking beyond the hype.” The report criticizes much of crypto while noting the potential importance of the underlying technology. The only thing I would point out is that cryptocurrency is software, and thus many of the current issues (from the… Read More
Crypto Search Trends are Trending up Again!
Crypto search trends are finally trending up again after a “search term correction” started in the winter as crypto prices started to drop. Although its too early to say for sure, this is potentially a very bullish sign when considered alongside the price and volume data.
Square Can Now Trade Crypto in New York
Cash App customers can now buy and sell Bitcoin in New York. Square has been getting into the crypto space allowing Cash App users in most states access to Bitcoin, but New York was excluded from that list until now.
SEC Announces Bitcoin and Ether Aren’t Securities
The SEC’s Bill Hinman officially announced that Bitcoin and Ethereum are not securities. That hints that Ripple and other top coins like TRON and NEO may not be securities either. However, Hinman noted that many ICOs are securities.
Study Claims Bitcoin’s Rise Result of Tether and Market Manipulation
A 66 page study is trying to assert that Bitcoin’s 2017 rise was the result of price manipulation using Tether… but the report is narrow and likely not telling the full story.
Coinbase Adds Support For Ethereum Classic (ETC)
Coinbase (and Coinbase Pro / GDAX) added support for Ethereum Classic (ETC). This doesn’t mean ETC will start trading right away, it means they plan on implementing ETC trading in the coming months.