Cryptocurrency News Now!: Wall Street is fulfilling the prophecy

Sunday, September 2, 2018

Wall Street is fulfilling the prophecy

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QUOTE OF THE DAY

"Don't let the fear of losing be greater than the excitement of winning."

- Robert Kiyosaki

MARKET

COIN	PRICE	24H

BTC	$7,240.315021	+2.6%

ETH	$292.056174	+2.08%

XRP	$0.339363	+0.17%

BCH	$624.422891	+10.13%

EOS	$6.37992	-3.23%

*Information as of 9:30 AM EST

RESEARCH

Wall Street is fulfilling the prophecy

Wall Street Firms are Eliminating Price Variations and Stabilizing the Market

STABILIZING THE MARKET

According to Business Insider, cryptocurrency trading technology firm SFOX released new research that concludes Wall Street firms are eliminating Bitcoin price variations across cryptocurrency exchanges
SFOX found that before institutional firms joined cryptocurrency trading (before 2018), Bitcoin price differences could be up to 4.5% between exchanges
Now, however, price differences between exchanges are no more than one-tenth of a percent

INFRASTRUCTURE PROGRESS

Behind the scenes, institutions are developing the infrastructure to onboard trading at a larger scale
Recently, a handful of crypto exchanges started offering FIX connections for the first time which allows high-frequency trading firms to trade crypto
In addition, exchanges like Coinbase and Gemini have started allowing traders to house their trading computers in the same building as their matching engines

ENABLING ADOPTION

As infrastructure developments continue to make crypto more accessible to institutions, Bitcoin could continue stabilizing
The stabilization of the digital currency would encourage more vendors to accept Bitcoin as a form of payment due to low risk of loss

Danny Kim, head of growth at SFOX, forecasted the future if the trend continues:

"Eventually, it could even come to the point where Bitcoin could come to resemble the stable coins people are looking to for payments and is used for Satoshi Nakamoto's original vision: a "Peer-to-Peer Electronic Cash System."

ADOPTION

South Korean Province Issues Its Own Cryptocurrency

GYEONGBUK COIN

The South Korean province of Gyeongsangbuk has established its own cryptocurrency dubbed Gyeongbuk Coin
The cryptocurrency was created with the idea of replacing gift cards that are accepted by merchants
The province, which is home to the nation's fourth largest city, has had a system which they call ‘Hometown Love Gift Cards’
Gyeongbuk Coin will replace the system of gift cards and 100 billion won (roughly $100 million) will be minted every year, which is the same amount of gift cards released in the past

Sunghyun Chung, head of the science and technology policy department of Gyeongsangbuk-do, commented:

“There are still many problems to be solved by notifying merchants of the way they use coins, creating separate programs, and issuing coins. Cryptocurrencies, however, are a core technology to be accepted.”

INSPIRATION

Gyeongsangbuk got its inspiration for its own cryptocurrency from Switzerland’s Zug City, also known as 'crypto valley'
Zug City is famous for being a crypto hotbed with its low taxes and unregulated environment
Residents of Zug City use cryptocurrency for payments and have digital identifications stored on the blockchain

KOREA & CRYPTO

Korea has had strict regulations towards cryptocurrencies but is seemingly loosening some of its regulations
Just last month, the Korean Financial Services Commission publicized that it has no oppositions to cryptocurrencies
It seems likely that Korea will follow the G20’s guidance in creating a worldwide treatment for cryptocurrencies for all nations to follow
It seems likely that Korea will follow the G20’s guidance in creating a worldwide treatment for cryptocurrencies for all nations to follow

MARKET

Bitcoin Remains Stable in the Face of SEC ETF Rejections

$7100

Bitcoin has seen a minor price rally north of $7,100
Michael Moro, CEO of Genesis Trading and Genesis Capital, theorizes that this rally was caused by a positive reaction to Bitcoin's stability while ETFs have been being declined left and right
Moro predicts that if Bitcoin is able to stay above the support at $7,100 for the next one to two weeks, we will be back to $10,000 soon

Moro explained in a CNBC interview:

“What you need to see is the less violent moves of 5% up, 10% up, and a slow and steady growth across the exchanges. What I also think is important is I think the market now understands that the SEC’s ETF approval isn’t any time soon.”

VOLUME COMING BACK

During this bear run, Bitcoin trading volume has been much weaker than during the 2017 boom
CME has reported that Bitcoin futures trading volume has doubled during the last few weeks

CNBC’s Bob Pisani shared:

“What’s important here is that the increase in futures volume on CME has occurred while bitcoin went from $6,000 in June to over $8,000 in July and then all the way back down to about $6,000. It means that at least some traders are perfectly willing to trade bitcoin for futures on the way up, and also on the way down. It seems like a more active market out there.”

Q&A

Q&A with @CryptoShillNye

TWITTER

What is the story behind your "crypto identity"?

I was named Shill Nye because I used Bill Nye’s face in a parody crypto twitter account so I changed it to Shill Nye rather than Bill Nye. Bill Nye’s face had a bunch of Bitcoin tattoos and Ethereum tattoos and it was fun and humorous. I created an account out of humor. I wanted it to be fun and I wanted to enjoy what I was doing. Eventually I put a mask on and started doing videos and it evolved into something much greater which is what we see today, Shill Nye.

How did you get started investing in crypto?

It was 2012-2013. I was buying Bitcoin and I didn’t even look at it as an investment to be honest. It was just something that was on my radar and I was interested in it. I didn’t even fully understand the tech. I got the very basis of it. I didn’t get the full concept of why crypto was important, why blockchain was important, and what was really going on in the space. I just bought it because we were in college and I was just buying drugs on the internet. With Bitcoin it was the thing to do back then. Shout out to Silk Road.

I got back into it full time in 2017 when my buddy approached me and said “Hey man, there’s this thing called crypto, have you heard of it?” I said “Of couse, yeah, I’ve definitely heard about it.” He said “I’m getting heavily involved, would you like to check it out with me?” Just that conversation inspired me to go heavy into it.

What is your trading strategy?

My trading strategy is swing trades. I have some long term holds that I do hold, some coins that I do believe in. But I’m not attached to coins. If I need to, I’ll sell them. If I buy a coin, I have the intention to hold it for a month, two months, maybe three or four months depending on the market. Right now I’m buying coins but I don’t intend to sell them in a month or two. I don’t think they will bounce that quickly. That’s my trading strategy. To hold coins for a good period of time, then to sell them at a 3x, 5x, or 10x.

Advice to crypto investors?

Be patient guys. Be patient. There is way too many people out there that are just unstable emotionally. They don’t know how to manage their emotions, they don’t know how to manage their trades. It’s really bad.

We are very, very early. I really believe that we are early in the blockchain and crypto space. Will all these coins be around forever? F*ck no. But I still think we are very early in terms of the technology and the development. If you can pick out the good projects you will do very well in the next 5, 10, and 15 years.

Hidden gem pick:

I’m going to go with Quant Network (QNT). I think it is under a 10 million market cap right now. Quant Network is a really cool project. They are working on some cross chain solutions. I’ve been following the project for awhile. It is under ICO price right now and we are in a bear market so I’m picking more up as time goes by. I’m not rushing in but I like what they are doing. I believe it is easily a $100 million market cap project in a bull market at minimum.

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BREW BITS

Tom Lee, a notorious Bitcoin bull, revealed he believes ether futures may be bad for the cryptocurrency, and good for bitcoin.
Mitsubishi UFJ Financial Group is experimenting with using its own cryptocurrency for payments at a convenience store for employees.
U.S. retail giant Walmart applied to the U.S. Patent and Trademark Office (USPTO) to patent a blockchain system for deliveries.

TODAY IN CRYPTO

KuCoin Shares (KCS)

Founders Able To Sell

Founders are prohibited to assign or sell their KCS holdings in any way before September 2nd, 2018.

PROOF | SOURCE

Today in Crypto is powered by coinmarketcal.com

LEARN THE LINGO

ERC-20

noun

ERC-20 is the universal language that all tokens on the Ethereum network use. It allows one token to be traded with another.

COIN OF THE DAY

Upfiring (UFR)
Upfiring is an incentivized P2P file-sharing desktop application for Windows, MacOS, and Linux that encrypts and distributes files between peers over a decentralized network. Users earn cryptocurrency in the form of Upfiring tokens (UFR) by seeding files. The movement of UFR and files on the network is mediated by smart contracts, allowing for trustless exchanges.
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