#BTC Dominance #Bitcoin
Category: BITCOIN
Bitcoin goes down.. down.. down..
PBOC reportedly to issue its own cryptocurrency as early as November
Forbes reports, citing two sources familiar with the matter
- People’s Bank of China is close to issuing its own cryptocurrency (12 August)
This has been rumoured for a while now but the latest report suggests that China is looking to issue its own cryptocurrency just in time for Singles’ Day (11 November) – which is the country’s biggest shopping day for online sales.
China is said to have accelerated their push for digital money after Facebook announced plans back in June to launch Libra within a year. The report adds that:
“The PBOC plans to distribute its cryptocurrency through at least seven institutions in the initial stage, including Chinese tech giants Alibaba and Tencent, China’s largest payments card issuer China UnionPay, and four Chinese state-owned banks.”
I reckon this could either be a massive game-changer in the industry or a massive flop. But given that this is China, I’m inclined to lean towards the former.
As such, watch this space as other central banks around the world may look to ride on the trend soon enough; should they have the capacity and infrastructure to do so.
Mnuchin says Treasury has growing concerns about crypto money laundering and Libra
Comments from Mnunchin
- The US is focusing on “growing concern” about misuse of crypto
- Has serious concern that Facebook’s Libra would be misused
- Treasury has been very clear to Facebook and Bitcoin users that they must implement the same AML protections as traditional financial service providers
- Bitcoin is a national security issue
- Our #1 issue is that we don’t want bad actors using cryptocurrency
- On Libra: “I’m not comfortable today”
- “I have no idea why Bitcoin trades where it does”
Seems as though Mnuchin isn’t a big fan of crypto. There was some fear that he would bring down the hammer but this sounds more like a warning.
Bitcoin fell to $10,300 from $10,500 after the press briefing was announced.
Bitcoin weekend update – lower
The rot for crypto began on Friday and continued over the weekend.
On approach back towards $10,000
Not helping matters were weekend reports on US government proposals to prevent big technology companies from functioning as financial institutions or issuing digital currencies
- will be discussed by Congress’ House Financial Services Committee
- draft legislation “Keep Big Tech Out Of Finance Act”
One for the crypto folks – PBOC wants Facebook’s Libra under central bank oversight
Mu Changchun, deputy director of the People’s Bank of China’s payments department (a senior official at the PBOC)
- Libra, Facebook’s own cryptocurrency, must be put under the oversight of monetary authorities,
- Mu says that as a a convertible crypto asset (a type of stablecoin) Libra can flow freely across borders
- it “won’t be sustainable without the support and supervision of central banks”
Mu in communications with Bloomberg
Meanwhile, Bitcoin is rallying hard in Asia today, following overnight gains:
Bitcoin kicks off early July 4 celebrations?
BTC is on approach to $12,000
(famous last words 😀 )
Bitcoin’s hashrate is now at 69,000,000,000,000,000,000 hashes every second.
Hashrate is up 2x since Dec 2018 lows, and over 10x since Jun 2017.
Bitcoin catches a late-Friday bid as the wild ride continues
Bitcoin up $1600 today
A week like this has to make Bitcoin traders wish they had a weekend to catch their breaths.
That doesn’t look like it will be the case as Bitcoin jumped $350 in the past 30 minutes to $12,270.
It made the parabolic move to $13900 on Wedneday, crashed down to 10330 yesterday but has now jumped nearly 20% from the low.
June CME Bitcoin futures expired earlier today but the volume had already moved over to the July contract so I don’t see the roll as a real factor.
Craig Wright is in court today trying to prove that he’s Satoshi but lost his early-Bitcoin addresses. In theory you could argue that’s bullish but no one believes he’s Satoshi and everyone already assumed those accounts were lost.
Bitcoin tries to restart after the 25% plunge lower today
Bitcoin falls 25% from the high..
The price of Bitcoin moved up by about 22% to the high yesterday. Today from the high the price fell 25%. Wow!
Technically, the first low (going into the close yesterday) stalled at the 100 hour MA (blue line in the chart above). There was a sharp run back higher but the 2nd run lower cracked the 100 hour MA, the 200 hour MA (green line) and finally stalled near a lower trend line at $10300 (the low reached $10330).
What now?
The price is trading above and below the 200 hour MA at $10809.76. The 50% midpoint from the June 10 low comes in at $10688.61. If the price can’t stay above those levels, the sellers remain more in control. If the price can get and stay above, a move back above the 100 hour MA at $11636.83 will need to be breached.