Monday, June 24, 2019

Bitcoin Crossed $11k / Worldwide Crypto Regulation / Libra Finance Risk

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Market Watch: Bitcoin crossed $11k this morning and is closing in on a $200 billion market cap. The crypto market was on fire over the weekend but has since cooled over the past 24 hours as only three tokens in the top 10 have seen positive movement.

Bitcoin: $10,915.81 (⬆️ 1.96%) // $194.05 billion market cap.
Ethereum: $309.56 (⬇️ 0.26%) // $33.00 billion market cap.
XRP: $0.46 (⬇️2.17%) // $19.65 billion market cap.
Litecoin: $135.58 (⬇️ 3.37%) // $8.45 billion market cap.
Top 100 Winner: Lambda: $0.17 (⬆️ 41.22%) // $87 million market cap.
Top 100 Loser: Horizen: $10.10 (⬇️ 6.59%) // $68 million market cap.

Prices are as of 11:07 EST.

1. Bitcoin crossed $11k this morning. The bull run continues as Bitcoin hit a 15-month high rising to $11,307.69. Jehan Chu, co-founder of Kenetic Capital, said, "The price surge is due to two major factors, one is an increasing consensus among the investment community that bitcoin is a legitimate store of value for the digital age, and two, Facebook's Libra cryptocurrency launch has forced every CEO to take crypto seriously." The price of Bitcoin is up more than 170 percent this year. - CNBC

2. U.S. Treasury Secretary Steven Mnuchin showed his support for new global regulatory standards to combat illegal financing by criminals, terrorists, and rogue nations which could have an effect on cryptocurrencies. Through these new guidelines, companies would be required to collect information about customers, receipt of funds, and share customer data between transferring firms. Mnuchin said, "By adopting the standards and guidelines agreed to this week, the FATF will make sure that virtual asset service providers do not operate in the dark shadows. This will enable the emerging FinTech sector to stay one step ahead of rogue regimes and sympathizers of illicit causes searching for avenues to raise and transfer funds without detection. We will not allow cryptocurrency to become the equivalent of secret numbered accounts." - BLOOMBERG

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3. From The Forums: Reddit user @6maud posted "86% of all BSV volume came from 100 transactions yesterday. The network is a total ghost town."

@Jamesthewise responded by saying, "Idk what a "BSV"(?) is but my BTC is doing great! Never heard of that other thing though."

@DopeAbsurdity was not falling for it and responded to @Jamesthewise's thread writing, "One day I hope that Bitcoin is forked into a crippled pile of sh** of its former self that only can increase its number of transactions per block by increasing it's block size then the fork of that fork will be my TRUE VISION." He then Rick Rolled the readers by including a video to Rick Astley - Never Gonna Give You Up.

4. The Bank for International Settlements said big tech groups like Facebook with the launch of Libra could rapidly establish a dominant position in global finance and pose a risk to banks. Hyun Song Shin, BIS economic adviser and head of research, said, "The aim should be to respond to big tech's entry into financial services so as to benefit from the gains while limiting the risks. Public policy needs to build on a more comprehensive approach that draws on financial regulation, competition policy, and data privacy regulation." The report did also outline the potential benefits of big tech entering the banking sector as their superior customer data could lead to better decision making and lower barriers of entry for users to access financial services. - THE BLOCK CRYPTO

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5. Russia's Ministry of Finance is considering permitting cryptocurrency trading. - TOKEN POST

6. Joseph Lubin said Facebook's Libra is like "a centralized wolf in decentralized sheep's clothing." - COIN TELEGRAPH

7. Iran will cut power to cryptocurrency miners if they are detected. - THE BLOCK CRYPTO

8. Crypto mining malware was detected in 21 countries on Android devices. - COINDESK

9. Google searches for Bitcoin reached a monthly high today as Bitcoin crossed $11k. - COIN TELEGRAPH

10. Morgan Creek Digital co-founder Anthony Pompliano predicts Bitcoin will hit $100k by Dec. 31, 2021. - OFF THE CHAIN

Written and curated by Darren Webb. He created Currencylists and has worked in marketing roles for a multitude of cryptocurrency and blockchain projects since 2014. Based in NYC, Darren loves to read and continue to learn about cryptocurrency and emerging technology in his spare time. You can find him on Twitter @Dwebbny.

Editing team: Kim Lyons (Pittsburgh-based journalist and managing editor at Inside), David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology), and Bobby Cherry (senior editor at Inside, who's always on social media).

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NEW CRYPTO ASSET WEBINAR - Crypto market surveillance: Who's watching and why?

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LIVE WEBINAR | WEDNESDAY JUNE 26 AT 11:00AM EST

Crypto Market Surveillance: Who's Watching and Why?

What do we mean by “market surveillance,” and why is the SEC insisting on it? What does that mean for the development of markets for bitcoin and other crypto assets? How can traditional and new market services help with this, and what are their limitations? What will the broader impact be? Why does this matter?

We’ll attempt to answer these questions and many more in our next COINDESK INSTITUTIONAL CRYPTO WEBINAR, in which we talk to Asaf Meir, CEO of Solidus Labs, a team of former Goldman Sachs engineers building compliance infrastructure solutions for blockchain-based trading. Join us for a compelling discussion about the opportunities and challenges in crypto market infrastructure development, and how progress on this front is key for the evolution of the sector as a whole.

We kick off on Wednesday, June 26 at 11:00am. Sign up for FREE here, and let us know what questions you'd like us to ask!

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The ETC Summit is coming to Canada in 2019

Announcing the first details of 2019's ETC Summit!

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The third annual ETC Summit will be taking place in my hometown of Vancouver, Canada, on October 3rd and 4th of October 2019.

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Where does Bitcoin go after $10k? 🚀

June 24, 2019	View in browser

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Good morning! Thanks for reading. If you enjoy our newsletter, please share us with a friend and tell them they can subscribe here.

Today's top reads

What happens after $10k $BTC?
GitHub activity and the market
From whales to the people
Crypto tax crackdown

This week's poll: Libra?
Click to answer:
Yes!
Heck no!

Market update

COIN	PRICE	7-DAY
BTC	$10,913.07	+ 17.33%
XRP	$0.464	+ 6.59%
ETH	$309.41	+ 13.32%
XLM	$0.127	- 2.05%
EOS	$7.17	+ 0.83%

1. What happens after $10k $BTC?

Bitcoin is on a tear. After a grueling one-and-a-half-year winter, it finally broke through the $10,000 psychological barrier. That's a significant feat considering the asset has only done that once before – back in 2017.

Here's what happened then:

19 days to $20,000. After crossing the $10k psych-barrier back on November 28, 2017, it only took bitcoin 19 days to fly to $20,000. That's a 100% gain in less than 3 weeks.
Dominance dipped. As soon as bitcoin started to fly, dominance briefly picked up. However, it was short-lived. 30 days after the $10k milestone, bitcoin dominance had dropped from 54.7% to 43% - meaning, historically, that altseason comes next.
Volume almost quadrupled. In a short 10 days, volume grew from $5 billion to just over $19 billion as bitcoin went for a sprint.

But it's 2019 and things are different. Here's what we know:

Dominance is near two-year highs. Bitcoin's dominance is at 58.5% - the highest point since the peak of bitcoin's run in 2017.
Volume crushes 2017. Bitcoin's trading volume already dwarfs 2017's peak suggesting higher liquidity and more active traders - likely institutions.
Bitcoin Google searches aren't even close. Despite the healthy gains, bitcoin's Google searches have hardly made a blip on the map compared to 2017. This metric suggests retail traders haven't fully flooded into the industry yet.

Regardless, investors are bullish. Analyst Peter Brandt predicted earlier this week that bitcoin is aiming for $100,000. Fundstrat's Tom Lee told CNBC that pure FOMO could drive bitcoin to $20,000.

In short: Things are looking good. Keep an eye on the market in the near term - we doubt you'll be able to keep your eyes off it.

2. GitHub activity and the market

Evaluating crypto assets is a tough task. With little fundamentals to dive into, there's limited information available to traders besides price action.

However, some traders feel that GitHub activity, or rather, how active the project's development is, makes for a great indicator of progress and therefore has a positive impact on price.

So we looked into it. Here's the theory in numbers:

0.21 correlation. Over the last year, the number of GitHub commits for crypto projects vs. the project's return actually has a 0.21 positive correlation.
But commit winners lost. Don't get too happy though, despite the positive correlation, the top 10 projects by number of commits in the past 12 months lost to the global market with an average return of -19.6%.

But outside of those numbers, traders should keep in mind it's a distorted reality. Projects that forked from other cryptocurrencies actually inflate the number of commits because they inherit all the code from the original project - without doing any unique development.

For the traders: While a dead project with zero development could show a red flag, GitHub activity really isn't a reliable tool for investments. Rather it should be regarded as a just another check off of the fundamentals checklist.

3. From whales to the people

Bitcoin is getting more decentralized. According to Kevin Rooke, bitcoin's rich list has shifted "from whales to the people" over the last year and a half.

In a chart titled "How Many Addresses Own Bitcoin?", Rooke revealed that from November 28, 2017, to June 21, 2019, all bitcoin economic classes increased except for addresses that hold over $100,000 worth of bitcoin and over $1,000,000 worth of bitcoin.

Amount of BTC	Percent Change
$1+	+ 19%
$10+	+ 33%
$100+	+ 33%
$1,000+	+ 23%
$10,000+	+ 9%
$100,000+	- 1%
$1,000,000+	- 11%

So what's going on? We can see this in one of two lights:

The good: More people are getting involved in bitcoin and thus it's only getting more decentralized.
The bad: Whales are selling out.

Take #2 with a grain of salt. Realistically, many with massive amounts of bitcoin have decentralized it amongst multiple addresses rather than holding it in one address for security reasons anyway. Not only that, but it's possible users are moving their funds off of exchanges to their very own private wallets.

The bigger picture: Zooming out, bitcoin addresses in total have grown more than 24% in the timeframe and that is nothing to scoff at. Whether or not it's new users? We don't know. But for the information available, it's a positive metric.

4. Crypto tax crackdown

The United States Internal Revenue Service (IRS) and Department of Justice (DOJ) are really itching for a cut of crypto profits.

Revealed by Bloomberg, the two agencies are starting to get more serious and are now using their document matching program to identify those who evaded taxes from crypto transactions. Allegedly, taxpayers have already been identified and will be receiving notices shortly.

While we know our responsible Unbankd readers have already filed their crypto taxes, here's a quick cheat sheet provided by CCN:

You need to report crypto income if you:

Sold bitcoin (or any other crypto).
Converted bitcoin to fiat currency.
Used cryptocurrencies to pay for goods or services.
Received free crypto through a fork or an airdrop.

Your transactions are not taxed if you:

Bought bitcoin but never sold it.
Gave crypto as a gift to a friend or family member, and the gift was less than $15,000.
Purchased crypto with a Self-Directed IRA or Solo 401(k).

5. You should also know

Ethereum just clocked a 10-month high as it surpassed $300.
TechCrunch founder Michael Arrington just sold his $1.6 million house on blockchain-based real estate platform Propy.
Mike Novogratz's crypto investment bank Galaxy Digital is looking to offer options contracts trading.

6. Dead even on mining

From last week's poll, 50% of respondents claimed that they have mined cryptocurrencies before.

Thank you for reading Unbankd today! If you love today's newsletter, feel free to tell us on Twitter or forward to a friend and tell them to subscribe here.