Premium Daily Crypto NewsletterSeptember 26, 2018
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Crypto Market Commentary
Mav's Daily Commentary
Markets Quickly Recover As Bullish Sentiment Returns
The Market Isn’t Ready To Give Up Yet
Today the markets ricocheted off the 206 Billion mark and rose 10 Billion to end the day at 216 Billion.
The most obvious catalyst of this is the recent news of the the upcoming physical Bitcoin futures set to be launched by Intercontinental Exchange’s Bakkt cryptocurrency platform. They will take the form of physical BTC futures, aiming to create a “regulated ecosystem” for institutional investors, with the first contracts to be available in at least three fiat currencies, such as the U.S. Dollar, British Pound Sterling, and Euro.
Meanwhile, Bitcoin Cash (BCH) has seen the biggest gains today in terms of the top 20 coins by market cap. This could be in relation to Gemini revealing they will soon list BCH on their platform, but it’s more likely that Bitmain’s massive IPO is driving BCH interest.
Bitmain, the Beijing-based cryptocurrency mining giant, has officially filed an application to go public on the Hong Kong Stock Exchange (HKEX).
This has been a long time coming, as we’ve heard about the mining giant mulling a Hong Kong listing for a multi-billion dollar public fundraising over the past year or so.
What’s significant here is that Bitmain is by far the largest producer of cryptocurrency mining hardware, and recently hit a $15 Billion valuation with backing from Uber’s largest shareholder.
In a way, their success will help draw attention to the larger cryptocurrency space. As for why this affects Bitcoin Cash, Bitmain holds a significant amount of BCH and BCH hashing power.
It has been no secret that Bitmain holds massive amounts of BCH, but now that they are going public they are going to fill their already immense treasure chest with more money, and I’m confident a good chunk of it will go towards the development of BCH.
In other news, Goldman Sachs-backed company Circle today launched USD Coin (USDC), a stablecoin pegged to the US dollar.
The coin will be available for immediate use on Circle’s Poloniex exchange and Circle Trade, and will soon be available on other partner exchanges including DigiFinex, CoinEx, KuCoin, and OKCoin. Wallets BitGo, Cobo, Coinbase Wallet, and imToken are also among the more than 30 partners that have announced support for USDC.
Circle has also created Centre, a consortium that aims to define standards for fiat stablecoins, which includes Bitmain among its members, and will act as a platform for deposits and fiat conversions for the stablecoin.
Centre will act as a regulator for USDC issuers, ensuring that they possess state licenses to handle electronic money, meet the anti-money-laundering (AML) standards, and have banking partners to hold their dollar reserves. Furthermore, Centre reserves the right to allow certified public auditors to monthly review partners’ USDC reserves.
Circle CEO Jeremy Allaire said that USDC will be “a huge difference” from Tether:
“Market infrastructure like stablecoins will become the base layer that supports every financial application. It has to be legitimate, trustworthy, built on open standards. We are solving a lot of these fundamental problems that exist. That’s a huge difference from something like Tether, and we think the market will very quickly gravitate to that.”
The topic of stablecoins has been generating interest in the crypto community for months. Stablecoins from Gemini and Paxos that were approved this month by the New York Department of Financial Services, and Andreessen Horowitz’s crypto fund recently invested $15 million in the MakerDAO stablecoin project earlier this week.
Circle believes fiat-pegged coins will be able to “eliminate artificial economic borders and enable a more efficient and inclusive global marketplace that connects every person on the planet.”
Essentially, they will act as a gateway into cryptocurrency. Furthermore, it will help ease the concerns of regulators looking into cryptocurrency.
Overall, this week has been a roller coaster of emotions, but certainly, we are making progress in meaningful and broad ways.
Doc will be doing a live class this Wednesday evening (and repeating it Thursday evening and Friday afternoon) on the topic “Chart Like a Pro: Four Powerful Rules for Crypto Trading.” He’ll boil down his advanced multi-timeframe Fractal analysis into four simple rules which can add structure to any system. Sign up for Wednesday’s session here.
We’ve started to produce episodes for The ReadySetCrypto Podcast; all of our episodes are posted on our blog (and on iTunes) and Episode Thirteen is now available. Episode Thirteen is our interview with the CEO of Internxt about his upcoming beta of distributed storage services using Xcloud. (like a Dropbox). Look for more episodes shortly as we comb the crypto space for valuable interviews, and create valuable content to keep you in the loop! See you tomorrow!
Doc's Daily Commentary
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Offense – Adding Trades
Offensive Actions for the next trading day:
- No entries showing at this point.
Defense – Managing Risk
Defensive Actions for the next trading day:
RSC Managed Crypto Fund
How to read this portfolio: Please read through the FAQ tab
- ETH/USD 2% added 8/10/2018 @ $363.14
- ETH/USD 2% added 9/9/2018 @ $200.50 (10% more to add)
- LTC/USD 2% added 8/10/2018 @ $62.56. (5% more to add)
- XMR/BTC 2% added 9/21/2018 @ .018BTC
RSC Altcoin-Exclusive Crypto Fund
Technical Analysis Research
In today’s video I discussed recent movers XRP and XLM, and what we want to see from them in the short run. I also discussed what I’d like to see from BCH to give it more consideration for portfolio addition.
In August we introduced a new “fund” project that we’ll be creating over the next few months, in piecemeal form. I will be slowly and methodically creating a “fund” with (currently) 23 assets that we will do “live” or at least very plainly indicate where we intend to enter portions of assets. As long as the market continues grinding down in a bear, we will use sentiment-based entries to hopefully secure a better entry. All that I saw were bear flags tonight; we are close to some good entries on coins showing positive divergence on the RSI. Going forward into the end of this year my plan is to do a LOT more swing trading; what would really help is a decent derivatives exchange. I am looking for big things from Digitex in this regard, which will be a commission-free futures platform however all trades must be made in DGTX as the base currency. Put yourself on the waitlist for this platform by clicking here. I have started to acquire DGTX tokens at Mercatox in anticipation of them turning up their platform, and this looks to be a good candidate for a pump prior to the production event. Here are the recent swings that we’re tracking in the portfolio below; :
- DGB/BTC – long @ .00000608 (7/23). My target exit is .000008BTC.
- WTC/BTC – Long @ .00155980BTC (4/23). My target exit is at .002BTC.
- ADA/BTC – Long @ .00003931BTC (5/1) My target exit is at .00005BTC.
- ONT/BTC – long @ .0008905 (5/20) My target is .0013BTC.
- ETP/BTC – long @ .000522BTC (9/21) My target is .00072BTC
Please keep in mind that if you want to follow these trades, I am using FIXED RISK POSITION SIZING. This means that I am using a fixed amount of risk capital that is based on my account size, like 2%. I am assuming that the trade will burn to the ground and that I will lose that entire capital position! Only in this manner can one effectively manage a position the way that you have to. If you’ve every checked your blockfolio nervously every 5 minutes when you’re underwater, this will prevent that. I will track these positions in this area and not in the main portfolio section. I will use a public portfolio tool to do so, which you can access by clicking below:
I hope you all got a chance to catch my webinar class from earlier this year; if not, the replay is available here. If you missed my earlier webinar, “More Profits in 2018; Ten Ways to Chart Like a Pro.” then you can catch the replay here. My new class “Introduction to Technical Analysis” is now available via our online store.
If you go to buy any of our courses at our online “store” you can receive $10 off the street price with your member’s “coupon code” of member18crypto..
Coinigy is a great tool for determining prices on each exchange, however I may not have access to the full suite of tools on TradingView charts. I am currently not using it as a front-end GUI for my exchanges, which it supports.I also use Blockfolio and/or Delta to give me a quick snapshot of my holdings, and find that it does an excellent job to aggregate all of my holdings into one easy-to-read snapshot of my cryptocurrencies, which are typically located in many different places.
I am also trialing the Profit Trailer and CryptoHopper trading apps which are working well in this choppy market.
Fundamental Currency Research
For flipping Good.
For long-term holding Neutral.
What is it?
What is our verdict?
What we like: Supernodes are very interesting. No trading commissions for users.
What we don’t like: There are many exchanges already on the market. Transaction mining isn’t currently solvent.
- Project name: Bgogo Exchange
- Token symbol: BGG
- Website: https://bgogo.com
- White paper: https://bgogo.com/assets/white-paper/BGG-Token-Whitepaper-v1.8EN.pdf
- Hard cap: 17,000 ETH (15,000 ETH during private sale and to supernodes, 2,000 ETH during public sale) for 10% of total tokens
- Conversion rate: Private sale: 1 ETH = 66,666 BGG; public sale: 1 ETH = 69,999.3 BGG.
- Maximum market cap at ICO on a fully diluted basis: $51 million based on current ETH price of $300
- Bonus structure: Whitelisted public sale participants have a 5% bonus over the private sale price, with no lockup period.
- Private sale: The private sale has already been completed with 10,500 ETH raised from 21 supernodes and 4,500 ETH from strategic investors.
- White list: Bgogo’s public sale will be a Genesis Mining event (exact date to be confirmed) that will start 24 hours before mining is officially opened to the public. Only whitelisted users can participate. Details on the Genesis Mining event can be found here: https://bgogo.com/announcement?link=mining.
- ERC20 token: Yes (will be switched to native tokens when the mainnet is launched)
- Countries excluded: TBA
- Timeline: TBA
- Token distribution date: TBA
2017- 2018Q2 Portfolio (Discontinued)
How to read this portfolio: Please click on the Chart Key tab above for definitions and color codes. The colors correspond to our 7 categories in the graphic below.