Market analysis
This is getting very interesting and exciting right now. Many of you may think it has been boring for a while, but this bear market is really struggling right now. It seems to me like the bears are fully exhausted.
The volume has been on it's lowest (14billion) since early December -and as you can see, every time we have these exhaustion sell offs we go higher. And this fits perfectly with the chart that is set for Elliot Wave pattern (as we have discussed before)
So we have RSI on 42 (on the 7 day) and barely over the 200days moving average. Combined with low volume and the perfect set up for Elliot Wave PLUS history repeating it self pattern that has happened around this time in the past - I think it is very unlikely that we will see prices much lower than this.
Charlie Lee says the "Flappening" will happen
He doesn't believe in the Flippening, meaning that Ethereum and Bitcoin will change places as the biggest crypto. But he thinks Litecoin will take over Bitcoin Cash's place. The difference between the two coins are 12 vs 19 billion, so this is perfectly possible.
The Pizzaguy is buying pizza again
Laszlo Hanyecz, or better known as "the guy who bought pizza with 10,000 BTC worth about 100 million USD right now" has now bought more Bitcoin using the Lightning Network.
What happened the last time this guy bought Pizza? That's right. Bitcoin went up...more than 100000x in value over the next 7 years. So that means Bitcoin will be at..no it won't. But, even though he is ridicules, he is illustrating an important point. If cryptos are going to be currencies, we are going to have to use them. If we all just sit on them, they won't be worth all that much, because they don't really have any utility.
This guy is awesome.
Uzbekistan is finally doing something right
Celebrate! Uzbekistan..know for it's ...I don't know - irrelativeness? is planning to open a center for distributed ledger techs, and mining expenses are among the lowest in the world - and the country is a leading electricity producer. Hmm...good match.
A new decree signed by President Shavkat Mirziyoyev states that Uzbekistan institutions should finalize a draft law to legally regulate cryptocurrencies, or “electronic money”, by September 1. The Central Bank, the Ministry of Information Technologies and Communications, the Finance Ministry, and the Ministry of Economy have been tasked to prepare the bill, Vzglyad reports.
I wish them good luck. Any country that supports cryptos and doesn't try to put sticks in it's wheels has my support. Perhaps Usbekistan is going to be the place all tax-refugees will go soon. Who knows.
Norwegian Hedgefund is developing a platform for cryptos
"Translated and shorted down by me, from the norwegian financial newspaper E24"
AK Jensen has offices all over the world. The new platform will give funds the correct jurdicial and regulatory infrastructure and institutional trandingsystems access to crypto exchanges.
AK Jensen was created in 1996 and Åslund (The CEO) says that we are now at a crossroad in the financial world, where asset management will look totally different in a couple of years because of blockchain technology. No one knows who the next Goldman Sachs will be, but we think it's time to start moving in that direction now.
There is only a matter of time before securities are traded on blockchain, but the hard truth for crypto is that there is too much money, and too few quality projects. But this is about to change.
Åslund says, and continues;
We are about to launch two pilot funds and they will be up and running for full before summer.
6-7 people are working full time on the project, but also management is very involved, including the founder Anders Kvamme Jensen.
Åslund doesnt want to say how much the funds that are using their platform is administrating, but according to AK Jensen they are owned by owners with more than 20 billion dollars in administration.
Donations:
