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Decentrl's Bi-Weekly Crypto Market Watch & News Essentials - Issue #3

Decentrl's Bi-Weekly Crypto Market Watch & News Essentials - Issue #3
By Decentrl.Agency • Issue #3 • View online

Bitcoin Markets:
The last two weeks have been a nightmare for traders as Bitcoin volatility dropped to lows not seen since 2016. During this period of uninteresting price action, the USD/USDT difference has been all but arbitraged away. The Tether premium now sits at 6490 USDT for one Bitcoin, vs. 6425 USD for one Bitcoin, a difference of 1%.
BTC/USDT
BTC/USDT
Bitcoin remains in the perpetual $6000 - $6800 range, but we are cautiously optimistic about a Nov/Dec rally. Again, we are looking for a strong, high volume break out and close above $6800 to signal further upside.
Altcoin Markets:
Up until the last three days, altcoins correlated strongly with Bitcoin’s stable and nonvolatile nature, consolidating into an ever tighter range. Today, we see the altcoin marketcap begin to print the third strong bullish candle in a row, while also beginning to trend above the 50EMA. This altcoin rally kicked off with Bitcoin Cash pumping on hardfork news, now up 44% in the last five days. The BCH community has been facing increasing internal conflicts, providing the perfect conditions for a hype fueled rally (similar to the hardforks of last year, e.g. Bitcoin Cash, Bitcoin Gold, and Bitcoin Diamond).
Altcoin Market Cap
Altcoin Market Cap
For those who are newer to trading crypto or unfamiliar with hardforks and how they affect price action, a bullish rally is a natural side effect of hardforks in which both forks are expected to hold some value. Investors either pile in on, or encourage others to buy in with the promise of a “2 for 1” deal.
As $6800 is our magic level for Bitcoin, so too is $114B our magic level for altcoins. A break above there and we can expect at least a roughly 20% rally into late November / December.
News:
The oil-backed Venezuelan government issued digital currency $PETRO is now available for sale. $PETRO can be purchased directly from Venezuela’s treasury with bitcoin or litecoin, and is also available on six different government-approved exchanges.
Former US Fed Chief Janet Yellen lamented Bitcoin onstage at Canada’s Fintech Forum. She went through the usual, almost entirely debunked list of anti-Bitcoin talking points, finally ending on the possibility of the Fed issuing its own digital currency.
The small-scale Canadian cryptocurrency exchange MapleChange is suspected of pulling an “exit scam” after announcing via Twitter that “Because we have no more funds to pay anyone back, the exchange has to close down unfortunately. This includes all of our social media.” Soon afterwards, users found and published the identity of the exchange’s CEO.
At the D.C. Fintech Week conference, SEC director William Hinman said the regulatory agency will publish guidelines on token offerings in “plain English”. This guidance will help companies and developers discern whether their potential token offering is considered a security or not, though no projected date for the publishing was given.
Crypto-mining giant Bitmain announced via Twitter that they will offer two new models of 7nm miners designed for SHA256 dubbed S15 and T15 beginning November 8th.
Tether Limited, the issuer of the most popular stable coin “Tether” ($USDT), has recently announced a banking relationship with Deltec Bank, a 72-year-old financial institution headquartered in the Bahamas. Though fellow stablecoin issuer Cameron Winklevoss has admitted an audit of any stablecoin reserves is currently impossible to achieve, chairman of Deltec Bank Jean Chalopin combated negative press surrounding the announcement by affirming that “The letter published by Tether is authentic.”
Morgan Stanley has released a 50-page report on cryptocurrencies, ICOs, stablecoins, and their relation to institutional investment, energy consumption, and regulation. Data in the report suggests a growing institutional investment interest, but not without obstacles such as “underdeveloped regulation” and the lack of custody solutions.
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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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