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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 #6 • View online

Market Watch
The holidays are here, and we have a cheery market watch update to go along with them.

Bitcoin found support near historical (2017) highs at $3,000. Earlier this week, we watched Bitcoin’s volatility and sell volume stall the further its price fell, leading us to wonder if the fabled “$3,000 support” would be front ran. It was.
In just the last five days, Bitcoin rallied 30%. Volume increasing on each subsequent leg. As we cited in our last Market Watch, the $4000-4500 block stands as a very strong resistance, lending itself now as an opportune price to begin to hedge long positions. If bulls are able to push past $4500, $4800 is the last bump in resistance that stands in the way before $5400.
At this time, we are not anticipating a rally beyond ~$5500, nor can we guarantee more relief even past $4500. Though, given Bitcoin’s history of surprises, we must not count any scenario out. A break above $5650 and it is all but sure that we see another leg up to the low $6000s. It is highly unlikely we cross that barrier any time soon.
Below us we look to $3700 and $3400 as intermediate supports, as well as the range low near $3100. $2800 still stands as a formidable support on break of new lows, which could very well still happen.
The final “bottom” may be in. It may not. We leave you with the same message we left you with on our last market watch:
“It is our opinion that Bitcoin is in the final stages of this bear market. We expect the price to range between an absolute low of $1800 to an absolute high of $6,200 (more likely, $3000-5400) for a substantial period of time. This time presents an incredible opportunity to begin to average into a position for the next bull cycle. There is no rush to buy all of your Bitcoin this very moment, but today IS a great time to begin accumulating Bitcoin as a long term investment. We look to mid 2019 and the 2020 halvening as a fundamental catalyst for further bullish momentum.”
News
The stablecoin space is maturing quickly. Once thought impossible (even by Cameron Winklevoss), the first stablecoin to become seriously audited will be a product of STASIS, a stablecoin issuer based in Malta. STASIS hired a Top Five accounting firm, BDO Malta, to conduct quarterly and annual audits of their euro reserves backing the company’s own minted stablecoin, the EURS token. The periodic audits will also confirm STASIS’s daily verification of reserves, which will be tweeted each day from a bot.

A bipartisan bill is being introduced by Reps. Warren Davidson, R-Ohio and Darren Soto, D-Fla. that defines what a digital token is to be considered in a regulatory sense and explains how securities laws wouldn’t apply to cryptocurrencies at a certain point of network maturation. The “Token Taxonomy Act”, if passed, would add significant regulatory clarity regarding digital assets in the United States and would likely set a legal precedent in other Western nations.

Cryptocurrency exchange giant Coinbase recently launched what they believe to be the “largest crypto migration on record.” The exchange revamped its cold storage system, which required them to move holdings totaling up to “5% of all BTC, 8% of all ETH and 25% of all LTC in circulation (among many other assets)”, valued at approximately US$5 billion. Leading up to the move, Coinbase issued a short blog post mentioning the currency movement in an attempt to mitigate the expected panic caused by billions of dollars in cold-storage coins moving.

Despite the crypto market price decline, malware-based cryptocurrency mining attacks have been steadily increasing in 2018, now even outnumbering ransomware attacks in the Middle East, Turkey, and Africa. Russian cyber-security firm Kaspersky Lab reported 3.5 million mining attacks occured in 2017 in the region, now 13 million this year. Fabio Assolini, Kaspersky’s senior security researcher, reasoned the attacks have increased because, “mining is silent and causes less impact that ransomware, making it less noticeable.”

The US Commodity Futures Trading Commission (CFTC) is asking the public for “comment and feedback” regarding “Ether and its use on the Ethereum Network.” The CFTC aims to better understand the technology as well as its role in the virtual currency markets.

According to LinkedIn’s 2018 Emerging Jobs Report, Blockchain Developer ranks first in terms of job growth. Growing by a factor of thirty-three, the title of Blockchain Developer beats Machine Learning Engineer by over twice as much growth.

Vitalik Buterin recently gave away 3000 ETH to three different companies working on scaling the Ethereum network. The donations seemed very spontaneous, the first donation being a reaction to Preston Van Loon of Prysmatic Labs tweeting that the start-up’s biggest challenge is that team members still have to work separate full-time jobs. Continuing that thread on Twitter, Buterin met pleas from other Eth-scaling start-ups and gave 1000 ETH to ChainSafe Systems and Lighthouse each. After the short-lived ETH giveaway, Buterin tweeted he was going to bed.

Happy Holidays!
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Decentrl.Agency

The most relevant news from the last two weeks and a retrospective/forecast on the cryptocurrency markets.

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