Welcome to my Cryptocurrencies Market Overview for Tuesday, February 06, 2018.
Today in the news:
- The price of bitcoin is back above $7,000 after a low of below $6,000.
- The chairman of the U.S. Commodity Futures Trading Commission (CFTC) takes a 'Do No Harm' approach on crypto regulation.
- Singapore’s deputy prime minister has stressed there is no reason to ban cryptocurrency trading.
- Coinbase announced on Twitter they will launch SegWit for Bitcoin in the next few weeks.
- And more crypto news below...
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Bitcoin daily chart
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Latest Crypto News - February 06, 2018
Bitcoin's Price Has Nearly Unwound Its Futures Boost
Futures may have boosted bitcoin above $10k, but it appears that rally has all but unwound. Bitcoin's drop to 3-month lows below $6,000 could be seen as the completion of a round trip.
Read more: www.coindesk.com
Other sources:
CFTC to Take 'Do No Harm' Approach on Crypto Regulation
The chairman of the U.S. Commodity Futures Trading Commission (CFTC) has spoken of the need for balance and a "do no harm" approach when regulating cryptocurrencies.
Read more: www.coindesk.com
Other sources:
- US: SEC, CFTC Cryptocurrency Meeting Continues Existing Regulatory Narrative (Cointelegraph)
- U.S. Regulators Calls For Balance Rules on Cryptocurrencies, Suggests ‘Do No Harm’ Policy (Cryptovest)
Coinbase Confirms 4 Banks Blocking Bitcoin Credit Card Purchases
Credit card holders from four U.S. banks have been barred from purchasing cryptocurrencies using credit cards at Coinbase, the exchange has confirmed.
Read more: www.coindesk.com
Indian Government Leans Toward Calling Bitcoin an Asset
There seems to be a fair amount of uncertainty and misinformation regarding India’s stance on Bitcoin and cryptocurrencies. More specifically, a few news outlets have reported that the country would ban Bitcoin altogether. There’s no evidence to back up such claims right now. Moreover, the secretary of the country’s Department of Economic Affairs claims there will not be any regulation for at least another two months. The general outlook is rather positive, rather than negative.
Read more: themerkle.com
No Strong Reason to Ban Cryptocurrency Trading: Singapore Deputy PM
Following a keen study on cryptocurrencies and their trading by the country’s central bank, Singapore’s deputy prime minister has stressed there is no reason to ban cryptocurrency trading among residents.
Read more: www.ccn.com
Other sources:
- Singapore Lawmakers Question Prime Minister Over Crypto Regulation (Coindesk)
- Singapore Confirms It Will Not ‘Ban’ Cryptocurrency, Has No ‘Risk Concerns’ (Cointelegraph)
China's Ban on Crypto Trading: What was Really Restricted?
Some believe the news of China restricting access to ICO sites and possibly trading platforms may be exaggerated worrying news. So what did China really ban or restrict?
Read more: cryptovest.com
New Zealand Cryptocurrency Exchange Forced into Bank Account Closure
Cryptocurrency exchange Cryptopia has announced that its bank is to close its New Zealand dollar-tethered (NZDT) trading accounts.
Read more: www.ccn.com
Australia’s ‘Big Four’ Banks Will Not Prohibit Bitcoin Buy Transactions
Australia’s biggest banks have ruled out any notion of barring customers from buying cryptocurrencies like bitcoin.
Read more: www.ccn.com
Coinbase Will Launch SegWit for Bitcoin in the Next Few Weeks
In a few weeks, Coinbase will offer their customers an update on Bitcoin SegWit which is expected to improve transaction capacity of the Bitcoin network.
Read more: www.coinspeaker.com
Taiwan Official: Government Should Prepare for Crypto Collapse
A senior Taiwanese official is urging the government to prepare policies to tackle the potential impact of cryptocurrencies on the island's financial stability.
Read more: www.coindesk.com
Think Crypto Loses Money? See the Dow Wipe Out Wealth
Cryptocurrencies sand a siren song in December, taking newcomers on board, and leading to some steep losses. But how is traditional investment faring?
Read more: cryptovest.com
Interestingly I predicted $6K as bottom in this comment 7 days back.
Coincidentally, it hit exactly $6K at bitfinex, unfortunately, I did not had any extra money to buy BTC or STEEM. I hope it stay ATL for this and coming years. I hope here on growth remains organic and gradual.
i agree with you for the most part, i just think your bull run will max out at $14,000 tops, and thats if it does happen at all. i said below my target is 10,000 steem 3-4, ripple 35-50 cents. You will not see inflated prices again until systems are created to bring liquidity and day to day purchases are much more easy to find with your coin.
Damn it has been an absolute bloodbath for Steem over the past month an a half since the record highs. Hopefully this is the bottom!
Crypto stats attack! Love it. Keep the statistics coming...
That status volume though. Somehow Koreans love it.
Nice collection. Why is zcash up? I think salt and knc and mln look good here
hope it gets up soon
I warned people this was going to happen. If your looking at the market from a point of view that is outside of having crypto wealth already. It was clear that the market came to a sharp spike. Media coverage with already inflated prices mixed with the introduction of crypto into wall street, all came in a very short time frame. This trifecta of catalyst's forced it to spike hard. Then people started to understand there is not this real need for crypto in the market place as of yet. Yes some may be handy to have and make some transactions easy. But as a whole its far to much, without the infrastructure in place to give cryptos a simple and easy usability for day to day purchases, when honestly the U.S. dollar is so much better for all uses. At least right now. Dont be fooled by what you want, but step back and take a look at it from a usefulness point of view. Stick to just a few coins, BTC, Steem, Ripple. and just the others that have a function they serve well, or have many outlets in which to spend your coin. I'm still waiting for a coin with real assets to back up a coin. Steem has a platform, and so does EOS so i like them. But its still a matter of what price do i like them at. Also i would like to note these coins should have a anti-correlation with the US dollar. Moving in the opposite direction in the market place. (for the most part). BTC will still end up around 10,000...and Steem around $3-4, Ripple at 35-50 cents.
According to the firm Autonomous Next, the number of hedge funds investing in digital assets like Bitcoin has grown rapidly to more than 100. Since the launch of Bitcoin Futures on the Chicago Mercantile Exchange in December 2017, it shouldn’t be a surprise to anyone why the price of Bitcoin is down 50% from the high.
bitcoin.PNG
Only Retail Investors chase price and buy high and sell low, while the Professionals buy low and sell high. The Hedge Funds have purposely sold Bitcoin futures to get in a better price.
At the moment, there is a war taking place between the buyers (Hedge Funds) and the sellers (Retail Investors) called capitulation. That line in the sand was at $9000. Capitulation is when investors give up any previous gains, by selling, in an effort to get out of the market. Capitulations are outcomes that result from the maximum psychological and financial pain that can be endured by a group before throwing in the towel. The Retail Investors are throwing in the towel after seeing a more than 50% correction in the Bitcoin price to the buyers, the Hedge Funds. With 100s of millions of dollars to invest, we are witnessing an accumulation phase by the Hedge Funds between $6000 and $9000.
The Hedge Funds are loading up and buying from the Retail Investors. But to fill all their buy orders, as the sell orders dry up, price must go down to the next stack of sell orders. We are approaching what I believe will be the bottom of bitcoin at $6000. My first target is $12,000 and my second target is $17,000 over the next 3 - 9 months.
The easy money has been made over the last 12-18 months. With the big boys in the game now, the rules have changes. The question is, are you ready to play to win with a new play book?
This post is my personal opinion. I’m not a financial advisor. Do your own research before making investment decisions. By reading this post, you acknowledge and accept full responsibility of any gains or losses.
well we said it in much different ways with slightly different targets. But i like your thinking. For your 17,000 target i personally think we will need to see more outlets to use the coins. If that happens then yes 17,000 before the end of this year sounds right, without it though 10-12k max. If the stock market and US dollar both take a huge loss this year, then maybe i can see the coin go as high as $25,000 to 35,000. But i dont think it will happen this year.
Nice in job very god
good informative post.....
I love this @penguinpablo, keep updating us with this all important information, though bitcoin before has fallen beyond the dip and I am on the extreme lose. How about Binance saying concerning trading STEEM?
everybody feels struck by the decline in bitcoin prices
our expectation that the price will be stable as usual
@penguinpablo
thanxs for sharing with steemit family!
Just HODL it or LOSE it.
As I wrote in my post yesterday I guess that 6000$ is the limit for the price being considered to be normal thing.
I really like @penguinpablo, keep updating all steemians with important information graphically. Although bitcoin has fallen beyond the dip but i hope it will recover soon.Thanks for the sharing informative post. Stay blessed
Thanks for the article. I was noticing this morning that the market seemed to be in a bit of an uptick again. All we have to do is wait a little longer, cryptocurrency is here to stay.
Good job
NICE REVIEW THERE...upvoted it
the news from Autralian banks are unexpectedly positive must say, in particular after my experience with banks in UK
This is good news post thank you friend
Japanese Airline Soon to Accept BTC Payments!
https://www.tokens24.com/news/japanese-airline-soon-accept-btc-payments/
Thanks for the article. It was very informative. In the face of the Dow Jones tanking in the last three trading days, there are now three player in the game: The US Stock market, the precious metals market (which has been tanked for years), and the cryptocurrency market (which just tanked). THE BATTLE OF TANKING MARKETS!
Just be positive....is all that matters
Start following you to see more great posts
Thanks for share...
Looking like a nice recovery but the 4 hour still looks rektttttt
Great source of information!