Your dose of crypto news and analysis from @BTO and @Goldfinger

I started the week on such a high. Felt like old times -- circa Dec 2017.

But then:

Beginning late Tuesday (UTC), Bitcoin started to plummet after skyrocketing up to US$9,700, and fell all the way back down to US$8,700 in less than a day... Ugh... I like it better when it goes up forever...

But then today happened, and we crossed US$9k for the millionth time!!

I was ready to call the return to >$10k Bitcoin on Tuesday, but now I'm going to say it. Cuz, why not? BTC > US$10k by EOD next Wednesday. BOOOOOM!!!

But what the hell do I know?

Let's see how some of the major cryptos fared just looking at this past week (close UTC time last Friday to today):

  • Bitcoin trading around US$9,140, up +3.4% on the week
  • Ethereum trading around US$662, up +7.5% on the week
  • Bitcoin Cash trading around US$1,380, up +22.4% on the week
  • Litecoin trading around US$149, down -4.1% on the week
  • Stellar trading around US$0.41, up +4.3% on the week
  • Dash trading around US$480, up +4.2% on the week
  • Monero trading around US$259, down -4.9% on the week
  • Ethereum Classic trading around US$20.97, up +6.8% on the week
  • ZCash trading around US$289, up +2.5% on the week

I'm hoping to see a lil more of this over the weekend and heading into next week:

WTF did I miss this week in crypto?

Fear and HODLing at MIT: Blockchain Experts Weigh Impact of SEC Action https://www.coindesk.com/fear-hodling-mit-blockchain-experts-weigh-impact-sec-crackdown/

Monday's Business of Blockchain conference at the Massachusetts Institute of Technology (MIT) was clouded by speculation that the U.S. Securities and Exchange Commission (SEC) may go as far as to classify two of the top three coins by market cap, Ethereum and Ripple's XRP, as securities. Such a determination could subject a wide swath of industry members to legal penalties - far beyond the promoters of recent initial coin offerings (ICOs) who were already on alert the last few months. "Ripple Labs sure seems like a common enterprise, or the Ethereum Foundation in 2014," said Gensler, a former chairman of the Commodity Futures Trading Commission. "Ripple is doing a lot to advance the value of XRP."

Founding PayPal CEO Bill Harris Says Bitcoin Is A Scam, Here's Why He's Wrong https://www.forbes.com/sites/ktorpey/2018/04/24/founding-paypal-ceo-bill-harris-says-bitcoin-is-a-scam-heres-why-hes-wrong/#1e15edf4183c

In a recent post for Recode, founding PayPal CEO and former Intuit CEO Bill Harris made the case that Bitcoin is a “colossal pump-and-dump scheme, the likes of which the world has never seen.” The main section of Harris’s post is aimed at three key areas of the Bitcoin debate: means of payment, store of value, and intrinsic value. He even pulled out the ever-popular argument: “Bitcoin has no value at all.” Click the link to read Kyle Torpey's response.

Softbank Wants to Cut Carbon Emissions with Green Energy Blockchain https://www.coindesk.com/softbank-eyes-carbon-emissions-cuts-with-green-energy-blockchain-pilot/

In bid to reduce carbon emissions, a group of Japanese technology and energy firms is launching a pilot project aimed to allow consumers in rural areas to trade renewable energy over a blockchain-based platform.

Cryptocurrency Market Will Get ‘Much Bigger’: Former JPMorgan Banker https://www.ccn.com/cryptocurrency-market-will-get-much-bigger-former-jpmorgan-banker/

Daniel Masters, who previously led JPMorgan’s global energy trading desk, says cryptocurrencies are fuelling a financial revolution. Masters is now chairman of digital investment bank Coinshares and chief investment officer at Global Advisors, and he explained in an interview with Bloomberg how distributed ledger technology is doing for the democratization of peer-to-peer transactions what the internet did for the democratization of news. You can listen to the interview here: https://assets.bwbx.io/av/users/iqjWHBFdfxIU/vcvoZar6ngu4/v2.mp3

Powered by Blockchain, Cheque Clearing System Goes Live in Dubai https://bitsonline.com/blockchain-dubai-cheque/

Dubai’s biggest lender Emirates NBD is one of the first banks in the world to integrate blockchain technology in issuing cheques to cut down on cheque frauds. Accordingly, Emirates NBD just announced the fraud prevention project “Cheque Chain” to its customers as a result of the successful pilot program initiated last year.

Nasdaq-Listed Company Xunlei Faces Class-Action for Disguising ICO https://news.bitcoin.com/nasdaq-listed-company-xunlei-faces-class-action-disguising-ico/

Nasdaq-listed technology firm Xunlei has become the subject of multiple class-action lawsuits from investors who purchased the company’s digital token, Linktoken. Xunlei is accused of misleading investors to disguise an initial coin offering (ICO) through which Linktoken was distributed.

Someone transferred $99 million in litecoin — and it only cost them $0.40 in fees http://www.businessinsider.com/a-99-million-litecoin-trade-took-just-25-minutes-and-cost-040-2018-4

$99 million worth of litecoin was sent in a single trade last Thursday. Incredibly, the transaction took just two-and-a-half minutes to clear and cost only $0.40 in fees. Crypto bulls are pointing to the trade as evidence that cryptocurrency is better for sending money than traditional payment systems.

BMO adopts blockchain technology for experimental global-trade platform https://www.theglobeandmail.com/business/article-bmo-adopts-blockchain-technology-for-experimental-global-trade/

Bank of Montreal has its proof: Faster international trade conducted by digital ledgers can work. In a pair of pilot transactions, German auto maker Audi sent cars to business conglomerate Domingo Alonso Group in Spain, while Spanish textile developer Fluvitex SL received fibres from supplier Lenzing AG in Austria. These were the first proofs of concept for an experimental trade platform called Batavia, built by a consortium of five banks led by Swiss lender UBS Group AG, which includes BMO, and partnered with technology giant IBM Corp.

Goldman Sachs has hired a crypto trader http://www.tearsheet.co/blockchain-crypto/goldman-sachs-has-hired-a-crypto-trader

Goldman Sachs has hired Justin Schmidt as VP and head of digital asset markets to help the bank through its crypto exploration. Goldman maintains that contrary to months-long rumours it has no plans to launch a crypto trading desk.

1 in 5 Financial Institutions Exploring Crypto Trading, Survey Finds https://www.coindesk.com/1-in-5-financial-institutions-exploring-crypto-trading-survey-finds/

Mass media company Thomson Reuters has found that one in five of its financial services clients is considering trading cryptocurrencies this year. According to a press statement, 70 percent of the firms looking into trading plan to begin in three to six months, while another 22 percent aim to start in six to 12 months.

Andreessen Horowitz is preparing to launch a separate fund for crypto investments https://www.recode.net/2018/4/23/17273766/andreessen-horowitz-separate-crypto-fund

Andreessen Horowitz, one of the leading venture capital firms when it come to investing in the crypto sector, is preparing to launch a separate fund to buy and sell crypto assets. The firm has invested in blockchain companies like Coinbase, in crypto-specific funds like Polychain Capital and in initial coin offerings, but as a fund, it has not yet publicly traded the actual assets like bitcoin.

Tom Lee's Fundstrat hosts a small group of institutional investors https://twitter.com/fundstrat/status/988817606604881920

Fundstrat hosted a mix of crypto and traditional macro -- HF/long-only -- and had them answer some poll questions -- interesting responses highlighted below. Tom Lee's key takeaway: institutions believe Bitcoin bottomed and he sees this as a leading indicator for inflows of big money into crypto.

Iceland's 'Big Bitcoin Heist' Suspect Has Been Arrested https://www.coindesk.com/big-bitcoin-heist-suspect-arrested-in-the-netherlands/

The latest in this saga: Iceland's now-infamous bitcoin miner thief has reportedly been arrested. A Dutch police spokesperson confirmed that Sindri Thor Stefansson - who is accused of masterminding the theft of $2 million worth of mining hardware in what's being called the "Big Bitcoin Heist" - was arrested in the Amsterdam on Sunday night

Wikipedia: Annual Top 50 Report for 2017 https://en.wikipedia.org/wiki/Wikipedia:Annual_Top_50_Report

Bitcoin at #9, ranking just below "The United States" -- never heard of it.

Advertising on Blockchain: TD Ameritrade Marks Its Name on Bitcoin Ledger https://www.financemagnates.com/cryptocurrency/news/advertisement-blockchain-td-ameritrade-marks-name-bitcoin-ledger/ 

TD Ameritrade has pasted an ASCII flag imprint on the Bitcoin permanent ledger with its logo. It will be there forever.

Crypto Billionaire Sued by Sequoia After Deal Falls Apart https://www.bloomberg.com/news/articles/2018-04-25/crypto-billionaire-sued-by-sequoia-after-funding-deal-goes-awry

Sequoia is suing Binance founder Zhao Changpeng over a funding deal gone awry, according to Hong Kong court filings on March 26 and April 24. Zhao and Sequoia began negotiating terms of an investment in Binance in August. The deal would have given Sequoia a nearly 11 percent stake and valued the exchange at about $80 million. On Dec. 14, Zhao’s team told Sequoia that Binance’s existing shareholders thought their proposed deal undervalued the exchange. Around the same time, Zhao was approached by another VC firm, IDG Capital, with an offer that would have injected two rounds of funding into Binance at vastly higher valuations: $400 million and $1 billion, respectively. Zhao has said Binance is conservatively valued at about $3 billion and that the company earned $200 million in its second quarter of existence.
Binance has since denied any wrongdoing.  "Mr. Zhao denies all of Sequoia's allegations relating to the present dispute. As the substantive issues in dispute between the parties are subject to confidential arbitration proceedings, Mr. Zhao will make no further comment on the matter," the company said.

Everything You Need to Know About the Upcoming Bitcoin Cash Hard Fork https://www.financemagnates.com/cryptocurrency/news/everything-need-know-upcoming-bitcoin-cash-hard-fork/

Bitcoin Cash’s upcoming fork in May will further increase the Bitcoin Cash block size the 32 megabytes, which will significantly increase the number of transactions that the Bitcoin Cash network is capable of handling. It will also reactivate some pieces of the original Bitcoin code that have lain dormant for quite some time. These include an opcode known as ‘OP_GROUP’ that could be used to establish tokens on the BCH network (similar to the way that ERC20 tokens function on the Ethereum network).

Nasdaq CEO: We’ll ‘Certainly Consider’ Becoming a Cryptocurrency Exchange https://www.ccn.com/nasdaq-ceo-well-certainly-consider-becoming-a-cryptocurrency-exchange/

Nasdaq CEO Adena Friedman: “Over time though, if we do look at it and say people are ready for a more regulated market for something that provides a fair experience for investors, certainly Nasdaq would consider becoming a crypto exchange, over time... I would definitely say that – I believe that digital currencies will continue to persist. It’s just a matter of how long it will take for that space to mature. Once you look at it and say, ‘do we want to provide a regulated market for this?’, certainly, Nasdaq would consider it.”

Andreessen Horowitz Leads the Fight to Prevent SEC From Classifying Bitcoin as Security https://bitcoinist.com/andreessen-horowitz-leads-fight-prevent-sec-classifying-bitcoin-security/

As financial institutions’ interest in trading cryptocurrencies explodes, Andreessen Horowitz is leading a group of influential venture capitalists to protect cryptocurrencies from being classified as securities. Moreover, Horowitz is accelerating the launch of a dedicated crypto asset fund.

Crypto Exchange Gemini to Monitor Trading Using Nasdaq Tech https://www.coindesk.com/crypto-exchange-gemini-monitor-trading-using-nasdaq-tech/

Cryptocurrency exchange Gemini announced Wednesday that it is partnering with Nasdaq to monitor trading activities on its platform. Gemini will use Nasdaq's SMARTS Market Surveillance offering to automatically detect any possible price manipulation or other illicit activities, according to a Wednesday's announcement. Nasdaq currently uses this technology to monitor its marketplaces for abnormal activity. Part of the system compares historical trading data with real-time activity to look for "unusual trading patterns that could be potential breaches of exchange trading rules and practices," as Nasdaq explains.

There are now 17 million bitcoins in existence — only 4 million left to 'mine' https://www.cnbc.com/2018/04/26/there-are-now-17-million-bitcoins-in-existence--only-4-million-left-to-mine.html

The 17 millionth of 21 million bitcoins that will ever exist was "mined" Thursday, according to data from Blockchain.info. "It's an event that makes the market more aware of the scarcity of bitcoin. It will eventually turn into higher prices," said Ansel Lindner, a bitcoin investor and host of the "Bitcoin & Markets" podcast. Due to rules behind the "mining" process, the remaining 4 million coins aren't expected to be mined completely for another 122 years.

Samsung Sets Q1 Profit Record with Crypto Mining Boost https://www.coindesk.com/samsung-sets-q1-profit-record-with-crypto-mining-boost/

Samsung Electronics has reported 58 percent year-on-year growth in its operating profits for Q1 2018 - an increase driven in part by strong demand for cryptocurrency mining chips. Robert M. Yi, Samsung's executive vice president of investor relations, explained the phenomenal rise, saying: "In the semiconductor business, the earning increases significantly year over year thanks to favorable market conditions driven by strong demands in server and graphic card memories as well as earning improvement in both the System LSI and Foundry businesses led by an increasing demand of chips used in flagship smartphones and cryptocurrency mining."
Chip-maker AMD also posted great Q1 results on the back of crypto. "The strength in Radeon products was driven by both gaming and blockchain demand. We believe blockchain was approximately 10% of AMD revenue in [the first quarter of] 2018," chief financial officer said Devinder Kumar during an earnings call on Wednesday after AMD revealed that it made $1.65 billion in first-quarter revenue, a 40% increase year-over-year.

Nix the C-suite, soon blockchain will let armies of free agents run companies https://www.cnbc.com/2018/04/24/soon-blockchain-will-let-armies-of-free-agents-run-companies.html

Nasdaq estimates that 43 percent of the workforce will be freelancers by 2020. This raises a lot of concerns about the future of work, especially when there is also the threat of A.I. and robots replacing workers. Blockchain systems offer the possibility for each of us to become free agents who collaborate on projects, get paid for what we contribute and have the quality of our work assessed by peers and clients. In other words, no bosses. The key: a trusted work reputation.

Alleged Crypto Pump and Dump Group Exposed by an Apparent Insider https://www.trustnodes.com/2018/04/26/alleged-crypto-pump-dump-group-exposed-apparent-insider

A number of crypto-traders have been caught red handed discussing pump and dump manipulations of tiny coins with a market cap of around $1-$5 million.

IBM Partners with Jewelry Industry on Hyperledger Supply Chain Project https://www.coindesk.com/ibm-partners-with-jewelry-industry-on-hyperledger-supply-chain-project/

Powered by a permissioned blockchain built on Hyperledger Fabric, the TrustChain initiative will facilitate the tracking of diamonds and precious metals as they advance from mine to market. The consortium comprises a variety of industry businesses, with U.S. jewelry retailer Helzberg Diamonds, precious metals refiner Asahi Refining, jewelry manufacturer Richline Group, independent third party verification firm UL and precious metals supplier LeachGarner as members.

CBOE Saw Its Highest-Ever Bitcoin Futures Volumes [Wednesday] https://www.coindesk.com/bitcoin-futures-volume-spikes-wednesday/

"Yesterday was the highest daily volume for bitcoin futures since their introduction here at CBOE nearly five months ago. The lead month May futures traded 18,210 contracts, and across the term structure a total of 19,000 bitcoin futures traded here yesterday. The previous high-volume session was January 17 with just less than 15,500 contracts traded."

France Slashes Cryptocurrency Tax Rate from 45% to a Flat 19% https://www.ccn.com/frances-cryptocurrency-tax-more-than-halved-to-19/

France has more than halved its cryptocurrency income tax rate on capital gains, incentivizing citizens to invest and even take some profits in the market. The French Council of State has decided to change the classification of cryptocurrency capital gains, thereby lowering the tax rate from as high as 45% to a flat rate of 19%, a French online publication revealed. With the added generalized social contribution (GSC) for most incomes, the tax rate would rise but still falls well below the 40% threshold.

Philippines Creates Special Economic Zone for Crypto Businesses https://bitsonline.com/philippines-creates-special-economic-zone-crypto-businesses/

The government of the Philippines is taking positive steps toward developing a favourable environment for crypto companies. Ten crypto companies have been given the green light to operate in a special economic zone – the Cagayan Special Economic Zone and Freeport (CSEZFP), where crypto companies can take advantage of tax breaks.

Malta's Cabinet Approves Cryptocurrency Bill https://ohiobitcoin.com/maltas-cabinet-approves-cryptocurrency-bill/

The Cabinet of Malta has approved three bills related to cryptocurrency and blockchain technology. One bill in particular, the Virtual Financial Assets Bill, provides a regulatory framework for cryptocurrencies and initial coin offerings.

Nexon Korea CEO Refutes Rumors of Bitstamp Exchange Acquisition https://bitsonline.com/nexon-bitstamp-denial/

Earlier this week, rumours circulated -- including by yours truly here on CEO.CA -- that Korean gaming giant Nexon was in line to acquire the oldest surviving Bitcoin exchange in the world, Bitstamp, for a whopping $350 million. Nexon CEO Lee Jung-hun has now debunked the rumours.

Ethereum Founder Is Boycotting One of the Biggest Crypto Summits https://www.bloomberg.com/news/articles/2018-04-26/ethereum-founder-is-boycotting-one-of-the-biggest-crypto-summits

Coins and tokens and stocks, oh my!

[Note — Net change and % change figures are from the close last Friday to the close today -- or whatever the eff you call it when the TSX decides to "shut down all markets".]

HIVE Blockchain (TSXV:HIVE) — $HIVE — Last at $1.58; Net Change: +$0.03; % Change: +1.9%

This marks the third week in a row of gains for HIVE, which appears to be following the movements in ETH prices now for the most part. After the set-back yesterday -- suffered not just by HIVE, but the entire crypto world -- we were graced by overnight upwards moves in coin prices, which HIVE dutifully followed.... errrr -- at least it looked like it was headed in that direction until TMX's major malfunction... WTF??

What a joke!

In any event, we should be expecting news from HIVE any time now regarding the completion of Phase 3 in Sweden -- the final GPU-based phase of their build-out there. The last word from the company indicated expected completion in April. Following that, we can look forward to -- hopefully -- some form of update on what the plans are for Norway: the GIGA-FARM. And, of course, the finalization of HIVE's first ASIC-based facility (in Sweden), expected to be up and running by September!!

Riot Blockchain (NASDAQ:RIOT) — $RIOT — Last at US$7.49; Net Change: +US$0.84; % Change: +12.6%

Last week, we learned that "bad boy" blockchain stock, RIOT, is under scrutiny from the SEC, and also facing a potential delisting from the Nasdaq. This week, no further bad news -- and in fact people have been bidding up the stock -- but an interesting tidbit was brought to my attention today in the form of a CCN article. Apparently, RIOT is not a Bitcoin Cash supporter -- not at all -- and has been converting all their mined Bitcoin Cash into Bitcoin on a regular basis. This makes Roger Ver very angry:

Other crypto/blockchain-related stocks riding the wave:

  • Mogo Finance (TSX:MOGO) — $MOGO — Last at $3.44; Net Change: +$0.04; % Change: +1.2%
  • Overstock (NASDAQ:OSTK) — $OSTK — Last at US$37.15; Net Change: +US$0.50; % Change: +1.4%
  • Neptune Dash (TSXV:DASH) — $DASH — Last at $0.37; Net Change: +$0.02; % Change: +5.7%
  • Ethereum Capital (NEO:ETHC) — $ETHC — Last at $2.22; Net Change: -$0.18; % Change: -7.5%
  • MGT Capital (OTC:MGTI) — $MGTI — Last at US$1.87; Net Change: +US$0.21; % Change: +12.7%
  • Global Blockchain (CSE:BLOC) — Last at $0.53; $BLOC — Net Change: +$0.07; % Change: +15.2%
  • BTL Group (TSXV:BTL) — $BTL — Last at $7.20; Net Change: -$0.46; % Change: -6.9%
  • NetCents Technology (CSE:NC) — Last at $2.71; $NC — Net Change: $0.00; % Change: 0.0% (HALTED ALL WEEK)
  • eXeBlock Technology (CSE:XBLK) — Last at $0.225; $XBLK — Net Change: -$0.03; % Change: -11.8%
  • BIG Blockchain Intelligence Group (CSE:BIGG) — $BIGG — Last at $0.49; Net Change: -$0.12; % Change: -19.7%
  • And a few others that have been getting some attention: 360 Blockchain (CSE:CODE) — $CODE; Atlas Cloud (CSE:AKE) - $AKE; Block One Capital (TSXV:BLOK) - $BLOK; Calyx Bio-Ventures (TSXV:CYX) - $CYX; ePlay Digital (CSE:EPY) - $EPY; LeoNovus (TSXV:LTV) — $LTV; LottoGopher (CSE:LOTO) - $LOTO; HealthSpace Data Systems (CSE:HS); Blocplay Entertainment (CSE:PLAY); Blockchain Power Trust (TSXV:BPWR.UN) - $BPWR-UN; CryptoGlobal (TSXV:CPTO) - $CPTO; DMG Blockchain Solutions (TSXV:DMGI) - $DMGI; Hut 8 (TSXV:HUT) $HUT; Netcoins (CSE:NETC) - $NETC; Datametrex (TSXV:DM) - $DM

Follow @Evenprime’s crypto watchlist should you wish to track the now dozens of names apparently in the crypto/blockchain game.

The CryptoTechnician Report

Total crypto market capitalization reached US$433 billion on Tuesday before dipping slightly. It's natural that cryptocurrencies paused before testing important support/resistance near $450-$460 billion.

It's no accident that Bitcoin and Ethereum have also stopped just short of major technical levels. For Bitcoin $10,000 is not only a big round number psychological level but it also happens be important support/resistance:

So far the Bitcoin rebound has gotten as far as a key Fibonacci level ($9,760), and the recent 10% pullback after a ~50% rally is natural and healthy. Several more days of oscillating between $9,000 and $9,700 would be a standard scenario before the next leg higher (above $9760) begins. In the event of a breakdown below $8,700 the April rally will begin to increasingly look like the bear market variety. 

Last week as Ethereum had begun to clear $500 on its way higher I wrote that the rally could target $700+. Sure enough Ether reached $712 on Tuesday before experiencing a similar ~10% pullback to Bitcoin.

Heading into the weekend Ethereum finds itself at $660, roughly equidistant between the recent high at $712 and important support at $600. Similar to Bitcoin, a breakdown back below $600 would give the recent 97% rally ($360 to $712) a bear market flavor. Whereas, a rally into the $800s would offer the distinct possibility that a nascent and potentially sustainable uptrend is underway. 

One thing that has stood out to me about this recent crypto rally is that most people didn't pay any attention to it until this week, after Bitcoin had been back above $9,000 for a couple of days. The herd is definitely not back on board in a big way and the big Bitcoin price target calls aren't making headlines and generating excitement. From a contrarian standpoint this offers some hope that cryptocurrencies could continue to climb a wall of worry. 

But just when I was about to hit publish on this blog I came across a headline with a call for $40 trillion in total crypto market cap by 2028....

Funny things we saw this week

Wishing you would have bought the dips:

Article title of the week winner:

Crypto candles?

Find crypto trading stressful?

BTC price-predicting dog likes all the prices :)

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