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Coinbase Flounders, Smartphone Crypto Hardware, and the First LA Blockchain Club

Coinbase Flounders, Smartphone Crypto Hardware, and the First LA Blockchain Club
By Decentrl.Agency • Issue #10 • View online

Decentrl kicked off its first “Los Angeles Blockchain Club”, the sister-event series to London’s Mayfair Blockchain Club, Feb. 27th at Warwick on Sunset Blvd. A big thank you from us and our amazing guests to Swarm for a night to remember, and most importantly, the open bar! Follow Los Angeles Blockchain Club to know about the next one.
Market Watch
It’s been some time since our last market watch and Bitcoin has made some moves in the mean time. After breaking past our key horizontal resistance at ~3520, Bitcoin rallied to range highs seeing a swift rejection from the low 4000s.
XBT/USD
XBT/USD
We have seen so far three instances of strong demand for Bitcoin below 3500 and a handful of instances with strong sell pressure above 4000. Price currently sits precisely in the middle of the range at 3700, a tentative support. Until Bitcoin is able to either break and close above 4500 or below previous lows at ~3150, Bitcoin will remain without a strong trend.
As always, on a break and close below lows we look to 2800 and then 2500 for support in the immediate. A break from the range highs and we anticipate a “gap up” from 4500 to low 5000s, with 5400-5500 acting as the first major resistance.
News
The exchange giant Coinbase has found itself in hot water again with its acquisition of Neutrino, a company that tracks cryptocurrency transactions. The crypto-community quickly uncovered that several of Neutrino’s staff are former members of “Hacking Team”, a hacking tool company with a problematic history of working with governments who violate human rights. The public reacted by pushing the hashtag #DeleteCoinbase, and then eventually #DeleteCoinbaseTrustChain, a play on #LNTrustChain, to help each other remove the dust in their Coinbase wallets to fully close their accounts.
Samsung’s Galaxy S10 will be crypto friendly, featuring “a secure storage backed by hardware, which houses your private keys for blockchain-enabled mobile services.”
Banco BTG Pactual SA, the largest standalone investment bank in Latin America, is planning to raise $15 million by launching a Security Token Offering. The token, called ReitBZ, will be backed by “distressed real estate assets” in Brazil.
JPMorgan Chase has announced it has developed a prototype digital coin called “JPM Coin” based on blockchain technology, with plans to speed up payments between corporate customers. Gregory Klumov, CEO & Founder of the Malta-based blockchain company STASIS said, “They’re just taking an existing internal process and making it a little bit faster. It doesn’t have any of the long-term, disruptive potential of public blockchains.”
Ripple’s XRP was recently listed on the exchange Coinbase Pro, immediately leading to a wave of exclamation among XRP fans and eyerolls from everyone else. Despite the much anticipated listing and history of listing pumps, little volume and price action post-listing implies the “Coinbase Effect” has severely weared off.
The QuadrigaCX mystery gets weirder. When the supposed sole holder of the exchange’s private keys, Gerald Cotten, died while traveling in India, it seemed about $143 million in cryptocurrency was frozen and inaccessible in cold storage. Many were skeptical of the circumstances of the frozen exchange reserves, and now they are even more so after Ernst & Young identified six of the exchange’s cold wallet addresses and found five of which to be empty since April 2018, and the sixth seemed to have been “used to receive Bitcoin from another cryptocurrency exchange account and subsequently transfer Bitcoin to the Quadriga hot wallet” about a week before Cotten’s death.
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Decentrl.Agency

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