Market Update


Market Update

Really nice rally over the past 24 hours getting above $7,500BTC for the first time in a long while. I am really hoping for a nice break up to $9,000 but Telegram has been littered with information about sell walls on almost every exchange. These huge holders of BTC are going to different exchanges all at once and keeping a minefield of sell orders. I don’t know the level of coordination, but this is big business.

There was a report yesterday saying that there is a $1B private market for cryptocurrencies and it is all done over Skype. American institutions and high net worth individuals and traders have found this to be a far easier way to do business, and there is no middle men in-between that can manipulate the process, which is what we talked about in my last article on exchange scams.

There is so much uncertainty over what is going to happen with the SEC and their 80 subpoenas of ICOs. If you even sniffed at an American investor, you got the letter in the mail. This is a very dark time for American business, and there must be light before there is a rise in prices. I don’t even need to look at the price of Bitcoin to know where things are going. I look at google news and type “SEC cryptocurrency”. They will determine when the prices begin rising again.

So far we have a shotty tax definition, a shotty legal definition, and shotty regulatory definition of cryptocurrency. 8% of the country has cryptocurrency, and 2 times that say they are “waiting to get in”. Those are awful numbers, especially when the US market is tanking and there are record flows out of ETFs and back into money market. Now is the perfect time for mainstream adoption. The laws must follow for that to happen. No one wants to break the law, and the law can be very easily broken with this industry. That needs to change. I am not confident in prices until then, and would warn against listening to any rumblings of a rally.

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