📌 The biggest announcement of 2018, SEC delays ETF, and buyer beware

MUST READS

The NYSE’s Owner Wants to Bring Bitcoin to Your 401(k). Are Crypto Credit Cards Next?

Let’s start big. On Friday, the Intercontinental Exchange (NYSE: ICE), parent of the New York Stock Exchange, announced a new crypto ecosystem with heavyweight partners such as Microsoft, Starbucks, and Boston Consultant Group (BCG).

Why do many folks already consider this the biggest story of 2018?

  • 🏩 Mainstream adoption and infrastructure. This will offer consumers and institutions a federally regulated way to buy, sell, store and spend digital assets.
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  • 🔐 Institutional-grade custodianship. This will allow for IRA’s, 401(k)’s and institutional investors to start investing in BTC.
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  • đŸ’” Liquidity. The project is backed by Starbucks – who not to mention, has more mobile payment users than Apple Pay – Microsoft and BCG. All companies are here to create a legitimate cryptocurrency payment system.

 

📉 Crypto Skepticism: A Short-Term & Long-Term Perspective

At CoinSnacks, we won’t always present our readers with bullish stories. The bears often more times than not will present us with some compelling cases, smacking us back down to reality.

Take Tuur Demester. He’s long on BTC… just not for the remainder of 2018. And has well-research data to prove his point.

On the other hand, we have Paul Krugman. The same Nobel-prize winning economist who in 1998 predicted that the impact of the Internet on the economy by 2005 would not have been greater than the fax machine’s. Classic.

Here’s his latest jab on crypto, published by the New York Times.

 

Cryptocurrency Pump and Dump Schemes Generate Big Coin

Dozens of trading groups are manipulating the price of cryptocurrencies on some of the largest online exchanges, generating at least $825 million in trading activity over the past six months—and hundreds of millions in losses for those caught on the wrong side, according to a Wall Street Journal analysis. [paywall]

Source: WSJ analysis of CoinMarketCap.com trading data

 

Where Insider Trading Thrives, and Democratization is an Afterthought

This company might make you cringe, but it’s making it’s investors very rich.

Built around abusing insider trading and marketing hype with ICOs for profits, they turned $20M into $200M in less than a year. Whether its genius, unethical, or the combination of the two… we introduce you to FBC Capital of Beijing.

 

DEEP DIVE

A Culture War is Brewing Between Bitcoin’s Old and New Money

As bitcoin’s price soared in recent years, bitcoin’s Old Money and New Money coexisted with only occasional conflict. But this year, a prolonged slump has wiped out more than $100 billion in wealth, and the ensuing panic over how to stabilize the currency has incited a Gatsby-esque class war.

 

📝 Ether as a Store of National Security

Is there a future scenario where significant value could accrue to ether without it becoming a monetary store of value?

There are undoubtedly significant flaws with this rough model and many “ifs” in this thesis that make it improbable. There are still major questions on Ethereum scalability and the ability for the network to be able to effectively scale to meet demand and maintain sufficient decentralization.

However, it’s still helpful to consider best case scenarios and alternative addressable market opportunities for ether without it becoming a monetary store of value.

 

TELL YOUR DAD TO GIVE US BITCOIN: How a Hacker Allegedly Stole Millions by Hijacking Phone Numbers

California authorities say a 20-year-old college student hijacked more than 40 phone numbers and stole $5 million, including some from cryptocurrency investors at the blockchain conference, Consensus.

 

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REGULATORY FRONT

🇹🇳 China, Blockchain Technology & Regulation: An Introduction

In recent months, China has developed an international reputation for being opposed to blockchain technology and crypto assets in government, enterprises, startups, and investment. This reputation stems from the large number of regulatory measures, bans, and restrictions placed on blockchain companies since September of 2017.

Here’s a look at how although China had set the stage for cryptocurrency regulation, it hasn’t shied away from blockchain technology.

 

SEC Delays VanEck-SolidX Bitcoin ETF Decision to September

In a surprising move for some (we warned you!), the SEC announced yesterday that they were pushing back their decision on the VanEck-SolidX Bitcoin ETF to late September. Call it a good thing, or call it delaying the inevitable… everyone can agree government doesn’t exactly move at a convenient pace.

Regardless, we’re in overtime now, and we’ll just have to wait a little longer to see if our team won or lost.

 

SEC Commissioner: Misplaced Focus from the SEC over Bitcoin ETF

Meet Hester Peirce – crypto’s newest hero and favorite SEC Commissioner.

Haven’t heard of her? Well apparently many others hadn’t as well, until her Twitter account exploded from about 1K to 10K in about 2 days. Why the adoration? …After the SEC denied the Winklevoss ETF a second time, she released a dissent in which she claimed the SEC was denying people a great institutional investment opportunity.đŸ”„Â Preach it Hester.Â đŸ”„

 

CHART OF THE WEEK

Bitcoin (BTC) is currently at a place where it could bounce. If NOT, the next major levels of support are (i) about $5,750 which would be close this bear markets prior low point… and then (ii) to about $5,000 which takes us to a key support level within the very long term up-trend channel. Both are identified by red circles on the chart above.

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