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Decentrl's Bi-Weekly Crypto Market Watch & News Essentials

Decentrl's Bi-Weekly Crypto Market Watch & News Essentials
By Decentrl.Agency • Issue #2 • View online

Market Watch
Over the last two weeks, Bitcoin volatility has dropped to lows not seen since January 2017. Ping ponging in an ever tightening range, we are nearing the apex of this consolidation. For the bulls, we want to see a break out past $6850. For the bears, $6100 stands as major support.
Bitcoin/USD
Bitcoin/USD
There has been a widening gap between Bitcoin spot prices available for purchase with USD vs Tether. Currently, Bitcoin is trading at a significant premium on Tether enabled exchanges, like Bitfinex. At the time of this writing Bitfinex is trading at $6663.2, while Coinbase is trading at $6597.
What could account for this? Critics of Bitfinex & Tether cite a growing distrust of the stablecoin after Bitfinex ended their relations with Noble Bank. Today, traders would rather get real fiat USD for their Bitcoin than the “1:1” pegged stablecoin Tether.
In our last altcoin market watch update, we shared a macro look at the market that showed a six and a half month long falling wedge break out. At the time, altcoins were dropping back towards the initial break out level and we were all eagerly watching to see if the level would act as support. It did!
Altcoin Index
Altcoin Index
Since then, altcoins have performed well and taken another stab at the overhead $110 billion resistance. They are now consolidating just below at around $105 billion. Though the markets look great, new long entries at this current level are probably not the best idea. A break through resistance should provide a roughly 18% gain on altcoins across the board to ~$133 billion.
News
The Securities and Exchange Commission has filed charges against the international securities dealer (1Broker) and its Austria-based CEO Patrick Brunner for allegedly violating the federal securities laws by soliciting investors from the United States and around the world to use bitcoin to buy and sell security-based swaps without KYC. Many cryptocurrency traders found out about the news when they saw the FBI had seized 1Broker.com, unable to withdraw their funds from the exchange.
Yale University is getting into cryptocurrencies in a big way. David Swensen, chief investment officer of the university’s nearly $30 billion endowment, has invested in two firms focused on cryptocurrency. Swensen has a reputation for being a Yale’s “Warren Buffet” in terms of his consistent good returns and is known to be widely copied when entering new investment territory.
Bakkt, a regulated global ecosystem for digital assets launched by the owner of the New York Stock Exchange, has announced its first product will be a physically delivered Bitcoin futures contract traded versus fiat currencies (USD, GBP, and EUR). According to the company, all trades will be cleared and guaranteed by ICE Clearing house (based in US). CEO Kelly Loeffler said the Bitcoin contract will not be “traded on margin, use leverage, or serve to create a paper claim on a real asset”.
Along with the introduction of Venezuela’s new oil-backed cryptocurrency this November, the Petro, come other changes. Venezuelans will now have to pay two Petros for a new passport, the equivalent of four times the national minimum wage. Roughly 5,000 people leave Venezuela every day, and this passport change shouldn’t make it any easier for them to do so.
After much scrutiny from the crypto community, the cryptocurrency exchange giant Binance is dropping its rumored-to-be extremely expensive listing fee and replacing it with making “…all listing fees transparent and donat[ing] 100% of them to charity.” The announcement was not met without scrutiny, but is hopefully a highly public step in the right direction for the cryptospace.
Google is ending its general ban on cryptocurrency industry advertising with plans to let “regulated” crypto exchanges buy ads in the United States and Japan starting October. This is a rollback of old restrictions Google laid down at the peak of the ICO craze of 2017.
Circle has announced the launch of their own USD backed ERC20 stablecoin, dubbed “USD//Coin” or “USDC.” Circle claims the coin is “regulated, transparent and verifiable” since they are a money transmitter in the United States and thus is required to hold 100% of customer balances in a regularly audited reserve.
Erik Vorhees, CEO of Shapeshift.io, fought back against claims made by the Wall Street Journal regarding the use of Shapeshift by criminals to launder nearly $90 million over two years. Vorhees called the claims “factually incorrect and deceptive”, going on to explain that Shapeshift had worked with the WSJ for five months under the pretense they were writing about the crypto industry in general. Vorhees also explained how the WSJ’s journalists must have not been able to read blockchain transactions properly, which further contributed to their error. The WSJ has not commented on his post.
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The most relevant news from the last two weeks and a retrospective/forecast on the cryptocurrency markets.

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