I updated the opening levels for currencies earlier here:
- Monday morning FX – early price indications – 3 June 2019
Something for the crypto folks now, BTC had a good weekend:
Bitcoin had a positive weekend, touched above $8800
Archives of “BITCOIN” category
rssBITCOIN INVESTMENT CYCLE
The founders were the cypherpunks. The angel money was from drugs and libertarians. Then came the general public. Institutional money comes last. The rules of investment (or lack thereof) favoured the public. Welcome to Bitcoin. 1000x for the public
Bitcoin falls out of bed, down to $8000.
BTC has dropped from above 8600 USD to 8000 (and getting a bit of a bounce as I update)
Not seeing any catalyst – it often behaves this way when news crosses on some embezzlement or such.
Facebook plans to launch their own cryptocurrency.
Bitcoin is ending the weekend with a bang, BTC/USD above $8500
Bitcoin on a surge in the past hour or so:
The crypto is back in the swing as a moving trading vehicle.
Why this surge? BTC doesn’t often need much of a reason. I’m going with more buyers than sellers. Although the “world is coming to an end and everyone will be living in sewers eating rat droppings unless they are BTC hodlers” crowd might soon be bleating out their own reasons. LOL.
We are back $100,000 target.
CME Bitcoin futures reached an all-time record high of 33.7k contracts on May 13
Chicago Mercantile Exchange bitcoin contract
If you like the idea of trading bitcoin but are concerned over all the scams and thieving that happen from bitcoin ‘exchanges’ (these are websites folks, not regulated exchanges at all) then futures may be a viable option.
And, you won’t be alone:
- CME Bitcoin futures reached an all-time record high of 33.7K contracts on May 13
That’s around 50% higher than the previous record set on April 4. If that is indicative of the trend, it’ll see liquidity improve even further.
Anyway, this isn’t an ad for the CME, just my thoughts.
Hourly chart of the spot contract:
This week in crypto:
1. TD Ameritrade allows BTC trading 2. eTrade adding BTC and ETH 3. Samsung creating their own token 4. French banks must support crypto 5. SeedInvest secures ATS license 6. BlockFi has $50M+ in deposits 7. Bitcoin still not dead 🙂 THE VIRUS IS SPREADING!
One of the world’s greatest investors lost $130 million on Bitcoin
Even the best get burned
The billionaire founder of SoftBank lost $130 million of his own money by buying Bitcoin near the peak and later selling it, according to a Dow Jones report.
Masayoshi Son has made SoftBank the fourth-largest publically traded company in Japan via investments in many tech companies including Alibaba, Sprint, Yahoo Japan.
While the loss sounds catastrophic, it’s only a small portion of Masayoshi Son’s estimate fortune of $18.8 billion. Bloomberg ranks him as the 55th richest person.
He “made the investment at the recommendation of a well-known bitcoin booster, whose investment firm SoftBank bought in 2017, the people said,” according to the report.
China looks into eliminating Bitcoin mining
China’s state planner decides to add cryptocurrency mining to list of activities that should be phased out
The NRDC added cryptocurrency mining to a draft list of industrial activities it is seeking to restrict or eliminate as they did not adhere to relevant laws and regulations, were unsafe, wasted resources, or polluted the environment.
But before any decision is made on this, the NRDC will be seeking public opinions on the matter and the public has until 7 May to comment on the draft.
It’s not a major surprise as China has been rather strict when it comes to anything involving cryptocurrencies but looking to outright ban the mining process altogether will certainly be a step up from the existing ruling. This will at least force Chinese crypto-mining firms to move their operations base elsewhere and reveals the attitude that Chinese authorities have towards the cryptocurrency industry (a precursor for the future as well).