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

A couple issues ago, we looked back on the January through September period in 2017, and it was clear that the insane crypto bull run took off, both in terms of volume and prices, around the beginning of May. Now, let's look back at the coin prices from around then -- courtesy of coinmarketcap.com's historical snapshot tool (as of April 30, 2017):

Damn -- with the benefit of hindsight, who wouldn't buy BTC and ETH at those levels?!

But is another crazy bull run now percolating at the beginning of May 2018? Will we see massive FOMO buying again this year? I sure think so. $10k BTC is so close, I can smell it.

And once $10k is breached, I think we're ready for takeoff:

Weeeeeeee!

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$9,680, up +7.7% on the week
  • Ethereum trading around US$787, up +21.6% on the week
  • Bitcoin Cash trading around US$1,520, up +13.5% on the week
  • Litecoin trading around US$163, up +11.9% on the week
  • Stellar trading around US$0.43, up +11.2% on the week
  • Dash trading around US$485, up +2.7% on the week
  • Monero trading around US$242, down -4.0% on the week
  • Ethereum Classic trading around US$22.20, up +8.0% on the week
  • ZCash trading around US$298, up +5.3% on the week

Before we move on to the news of the week, here's a cool thing I saw a few days ago. Milton Friedman describing something Bitcoin-esque back in 1999 (fast-forward to 2m50s if it doesn't play from there automatically):

WTF did I miss this week in crypto?

Australian Securities Exchange Targets 2020 for DLT Rollout https://www.coindesk.com/australian-securities-exchange-eyes-end-2020-dlt-rollout/

The Australian Securities Exchange (ASX) is moving closer to replacing its CHESS clearing and settlement system with a distributed ledger-based alternative. Details about the system's progression toward production launch were included in an 87-page consultation paper published Friday, which included a timeline for when the switch will be made as well as descriptions of the types of functions it will and won't support.

ANZ and IBM Building Blockchain Solution for Insurance Industry https://www.coindesk.com/anz-and-ibm-building-blockchain-solution-for-insurance-industry/

The Australia and New Zealand Banking Group (ANZ) has announced a #blockchain solution aimed to improve efficiency in the insurance industry. Working with tech giant IBM and financial services firm Suncorp New Zealand, ANZ is building a blockchain-based platform that will ease the transfer of data and premium payments between brokers and insurers, ultimately making processes faster and more transparent, a press release published Monday states.

Ethereum to the Moon: USD 2,500 in 2018, Analyst Says https://cryptonews.com/news/ethereum-to-the-moon-usd-2-500-in-2018-analyst-says-1681.htm

“This general upswing will be fueled by three mains drivers. First, more and more platforms are using Ethereum as a means of trading. Second, the increased use of smart contracts by Ethereum. And third, the decentralization of cloud computing,” says Nigel Green, founder and CEO of deVere Group, in an email to MarketWatch. He predicts that once the price of Ethereum hits USD 2,500 by the end of 2018 it will increase further in 2019 and 2020.

Coinbase Values Itself at $8 Billion in Earn.com Acquisition https://www.financemagnates.com/cryptocurrency/news/coinbase-values-8-billion-earn-com-acquisition/

Coinbase acquired Bitcoin startup Earn.com for what is rumored to have been the equivalent of roughly $100 million. While Earn’s investors reportedly settled on being paid in cash for the acquisition, some members of its management team took payment in the form of stock packages. Allegedly among them was former Earn CEO (now Coinbase CTO) Balaji Srinivasan.

St. Louis Federal Reserve says Bitcoin is 'Like Regular Currency' http://fortune.com/2018/04/28/st-louis-federal-reserve-says-bitcoin-is-like-regular-currency/

The Federal Reserve Bank of St. Louis has provided some high-profile validation for a core premise of Bitcoin and other cryptocurrency. A blog post this week based on an earlier Fed research paper said that “bitcoin units have no intrinsic value” – but added that currencies “such as the U.S. dollar, the euro, and the Swiss france . . . have no intrinsic value either.”

Oscar Mayer Launches Bacoin, the First-Ever Cryptocurrency Backed by the Gold Standard of Oscar Mayer Bacon https://finance.yahoo.com/news/oscar-mayer-launches-bacoin-first-130500053.html

lol

Circle Adds Zcash to Crypto Investment App https://www.coindesk.com/circle-adds-zcash-crypto-investment-app/

Users of the Circle Invest platform can now purchase and invest in zcash. The token joins bitcoin, bitcoin cash, ethereum, ethereum classic and litecoin as available currencies through the app.

SEC is cautiously open to initial coin offerings, commissioner says https://www.cnbc.com/2018/04/30/sec-is-cautious-but-open-to-crypto-fundraising-commissioner-says.html

The Securities and Exchange Commission wants to protect investors from fraud in initial coin offerings but the agency remains open to a legal way to raise money in crypto, one regulator says. "Down the road, I think we will be thinking about ways to make those investments work consistent with our securities laws," SEC Commissioner Robert Jackson says. The financial watchdog has cracked down on the fundraising process known as ICOs this year, with accusations of fraud and multiple subpoenas.

Japanese Regulator Pressures Exchanges Over Privacy Coins https://bitsonline.com/japanese-regulator-pressures-exchanges-over-privacy-coins/

Japan’s chief financial regulator is pressuring cryptocurrency exchanges in the country to stop listing popular privacy coins such Monero and Zcash, due to concerns about their use by cybercriminals, according to a new report.

Peter Thiel-Backed Venture to Help Big Investors Bet on Bitcoin https://www.wsj.com/articles/peter-thiel-backed-venture-to-help-big-investors-bet-on-bitcoin-1525176121

Billionaire Peter Thiel’s venture-capital firm is backing a startup that aims to bring Wall Street electronic-trading expertise to the bitcoin market—a bet that cryptocurrencies will continue to gain mainstream popularity. Mr. Thiel’s firm, Founders Fund, is among the investors in the early-stage startup, called Tagomi Systems Inc., people familiar with the situation said.

Dubai Government Unveils Blockchain Business Registry https://www.coindesk.com/dubai-government-unveils-blockchain-business-registry/

The platform - called Dubai Blockchain Business Registry - is aimed to streamline the process of establishing and operating a business in Dubai, as well as to ensure regulatory compliance and help firms gain direct investments from overseas.

Goldman Sachs to Open a Bitcoin Trading Operation https://www.nytimes.com/2018/05/02/technology/bitcoin-goldman-sachs.html

Most big banks have tried to stay far away from the scandal-tainted virtual currency Bitcoin. But Goldman Sachs, perhaps the most storied name in finance, is bucking the risks and moving ahead with plans to set up what appears to be the first Bitcoin trading operation at a Wall Street bank. While Goldman will not initially be buying and selling actual Bitcoins, a team at the bank is looking at going in that direction if it can get regulatory approval and figure out how to deal with the additional risks associated with holding the virtual currency. For now, the bank will begin using its own money to trade with clients in a variety of contracts linked to the price of Bitcoin.

Telegram Messaging App Scraps Plans for Public Coin Offering https://www.wsj.com/articles/telegram-messaging-app-scraps-plans-for-public-coin-offering-1525281933

Telegram shelves plans for a public ICO; this comes following two funding rounds from private investors which have jointly raised $1.7B; Telegram intends to use these funds to develop a new digital payment platform known as the “Telegram Open Network”

Reddit to Re-Enable Bitcoin Payments, Ethereum and Litecoin Support Coming https://www.ccn.com/reddit-to-re-enable-bitcoin-payments-along-with-ethereum-and-litecoin/

Reddit is the largest community where cryptocurrency enthusiasts meet and discuss the technology. The Bitcoin subreddit has 816K subscribers, and the Cryptocurrency subreddit has over 663K subscribers. But back in March, the platform disabled Bitcoin as a payment method for Reddit Gold after enabling it in February 2013. But they’re now working to bring it back, plus add Ethereum and Litecoin functionality. 

Angel Investor Amassed 10,000 Bitcoins Amid 2018 Price Slump https://www.coindesk.com/chinese-angel-investor-amassed-10000-bitcoins-amid-q1-price-slump/

Wish I did the same... lol.... In an open group Q&A session with tech entrepreneur Wang Feng on WeChat on Thursday, Cai disclosed that although he was holding a single bitcoin in January of this year, he moved to increase his portfolio over the first quarter of 2018 amid the bearish market's lower prices. "I only had single digit unit of bitcoin, just for fun in January. But when I got certain that bitcoin and blockchain is the future, I set the goal of holding 10,000 bitcoin. So I started around end of January to build my [holdings] following the price decline. The more it dropped, the more I bought in and now the mission is basically complete."

Warren Buffett Says Bitcoin Is More Gamble Than Investment https://www.coindesk.com/warren-buffett-says-bitcoin-is-more-gamble-than-investment/

The Berkshire Hathaway chairman and CEO - and the world's third-wealthiest person, according to Forbes - has long been skeptical of bitcoin. In his latest comments on the subject, he told Yahoo Finance on Saturday, "If you buy something like bitcoin or some cryptocurrency, you don't really have anything that has produced anything. You're just hoping the next guy pays more." He continued: "There's nothing wrong with it. If you wanna gamble somebody else will come along and pay more money tomorrow, that's one kind of game. That is not investing."

Vitalik Releases Partial Proof-of-Concept for Ethereum 'Sharding' Tech https://www.coindesk.com/vitalik-releases-partial-proof-concept-ethereum-sharding-tech/

Ethereum founder Vitalik Buterin said this week that ethereum's in-house scaling solution, sharding, is moving closer to completion. Tweeting that "sharding is coming," Buterin shared a new code repository that documents a partial proof-of-concept for what is called the "fork choice rule," the code for how ethereum shards interact with the main blockchain. The sharding approach aims to split ethereum into several concurrent networks, allowing the network as a whole to scale more efficiently. This would help ease the congestion the network faces, thereby increasing transaction speeds and lowering costs.

Coinbase to Open Chicago Office & Offer Block Trading to Institutional Clients https://www.ccn.com/coinbase-to-open-chicago-office-offer-block-trading-to-institutional-clients/

Cryptocurrency industry giant Coinbase is preparing to open an office in Chicago and add support for block trading in a bid to attract more institutional clients to GDAX, its professional trading platform. Citing sources familiar with the matter, Business Insider reports that Coinbase will begin offering block trading — which allows traders to place large orders outside of the exchange’s normal order book — as it seeks to build out its institutional client base and solve a key pain point for this demographic.

Google Co-Founder Highlights Crypto Mining Impact https://www.coindesk.com/google-co-founder-highlights-crypto-minings-impact-computing-boom/

In a letter to investors, Google co-founder Sergey Brin said that demand for the powerful computers used to mine ether and other cryptocurrencies has contributed to a "boom of computing." Brin wrote Saturday that several factors have led to a surge in computing power that has seen search giant Google's own processors speed up by a factor of 200,000 over a period of 20 years. The first factor is the "steady hum of Moore's Law," referring to the observation that computing power per square inch of a chip tends to double every other year. The second factor is increased demand for processing heft, partly from gamers and their graphics-hungry rigs but also "surprisingly, from the GPU-friendly proof-of-work algorithms found in some of today's leading cryptocurrencies, such as Ethereum."
Brin did not feel either of these factors was the biggest contributor to the computing "boom," however. That factor, he wrote, is machine learning, a data-intensive technique used to develop artificial intelligence systems that can drive cars, recognize faces or translate texts without human input.

Bitcoin.com Fixes ‘Bitcoin Cash Is Bitcoin’ Narrative Amid Lawsuit Threat http://bitcoinist.com/bitcoin-com-erases-bitcoin-cash-bitcoin-narrative-lawsuit-looms/

Cryptocurrency news and information portal Bitcoin.com has changed its website content after over 1,000 people joined efforts threatening to sue it for fraud. The basis for the threatened legal action was the site’s practice of referring to Bitcoin (BTC) as ‘Bitcoin Core’ and Bitcoin Cash (BCH) as ‘Bitcoin’. Vocal Bitcoin Cash supporter Calvin Ayre took to the interwebs to release his own statement on the matter, which is good reading: https://coingeek.com/statement-coingeek-will-support-bitcoin-com-lawsuit-real-bitcoin/
It seems this will be all for naught, however, as the lawsuit idea has been shelved due to a low donation amount, according to one of the founders of the suit. The 0.39 BTC -- LOL -- donated is set to be refunded to those who contributed.

CFTC Officials Want Close Cooperation With SEC on Crypto Rules https://www.coindesk.com/cftc-officials-want-close-cooperation-sec-crypto-rules/

Two officials at the Commodity Futures Trading Commission (CFTC) spoke about regulating cryptocurrencies this week, stressing the need for cooperation between their agency and another powerful U.S. regulator, the Securities and Exchange Commission (SEC). Addressing the FIA Law and Compliance conference in Washington, D.C. on Wednesday, commissioner Brian Quintenz spoke out about "an effort that is underway at both the SEC and CFTC to coordinate and harmonize regulatory oversight." Quintenz did not focus on cryptocurrencies specifically, but when he did talk about them, the emphasis was on "fraud, market manipulation and disruptive trading involving virtual currency."

Bitmain Has Announced Antminer Z9 mini ASIC Miner for Equihash http://cryptomining-blog.com/9791-bitmain-has-announced-antminer-z9-mini-asic-miner-for-equihash/

Bitmain has officially announced Antminer Z9 mini for the Equihash mining algorithm used by ZCash (ZEC) and quite a few other crypto currencies. The rig will start shipping around June 20-30. Bitmain is taking pre-orders for these new ASIC miners at $1999 USD without power supply and shipping cost. They are able to deliver 10000 Sol/s at 300W, which is not much faster compared to a powerful GPU mining rig, but at lower price and power usage… This is similar to what the upcoming Ethash ASIC miners from Bitmain is offering at the moment. 

Bitcoin Banknotes Now Available in Singapore https://www.financemagnates.com/cryptocurrency/news/bitcoin-banknotes-now-available-singapore/

The banknotes are cold storage units of relatively low value which cannot be replicated.

Thomas Lee Presents The Economics of Cryptocurrencies | Upfront Summit 2018

He Fled an Iceland Prison. Now He Wants to Go Back. https://www.nytimes.com/2018/05/04/business/iceland-bitcoin-heist.html

Good piece telling the full story on the "Big Bitcoin Heist". “I can tell you the Icelandic public has been very interested,” said Olafur Kjartansson, the lead police investigator. “I’m sitting in the public hot baths and friends and colleagues will say to me, ‘Did you find him?”’

A Verbal Cryptobrawl Breaks Out at Milken Over Bitcoin's Future https://www.bloomberg.com/news/articles/2018-05-02/a-verbal-cryptobrawl-breaks-out-at-milken-over-bitcoin-s-future

“All this talk of decentralization is just bullsh*t,” said Nouriel Roubini, an economist known as Dr. Doom for predicting the chaos of the 2008 financial crisis. “Everything you just said is irrelevant,” shot back Alex Mashinsky, a blockchain entrepreneur who was an early developer of the Voice over Internet Protocol standard. “I don’t even know where to begin,” Bill Barhydt, who worked on cryptography for the CIA, responded to Roubini.

Mastercard blames cryptocurrencies for slight drop in first-quarter growth https://www.cnbc.com/2018/05/03/mastercard-blames-cryptocurrencies-for-slight-drop-in-first-quarter-growth.html

A drop in customers buying cryptocurrencies with a credit card slightly dampened Mastercard's first-quarter results, the company said on an earnings call this week. "As you can see, right now there's a little less interest than there was in the latter part of the fourth quarter and the first quarter," says Ajay Banga, president and CEO of Mastercard. Bank of America, JPMorgan Chase and Citigroup are among a group of banks that banned credit card purchases for digital currency in February.

Ethiopia Explores Blockchain Role in Tracking Coffee Exports https://www.coindesk.com/ethiopia-explores-blockchain-role-in-tracking-coffee-exports/

Ethiopia is exploring the use of blockchain technology to track the supply chain for its largest export, coffee. For the effort, the East African nation has partnered with blockchain research and development company IOHK to develop blockchain applications for coffee shipments and other areas of agriculture.

Coins and tokens and stocks, oh my!

[Note — Net change and % change figures are from the close last Friday to the close today -- or I guess from when the TSX decided to "shut down all markets" last Friday.]

HIVE Blockchain (TSXV:HIVE) — $HIVE — Last at $1.49; Net Change: -$0.09; % Change: -5.7%

This week, HIVE went live on Phase 3 of its GPU build-out in Sweden, boosting its electricity usage to 24.2 MW (Iceland and Sweden combined). Each chunk of the Sweden build-out has been substantial, with this latest phase resulting in a power capacity increase of 39%. The final -- huge -- phase will bring the company's first Bitcoin mining facility online, at 20 MW and an estimated 200 PH/s of hashing power. Another catalyst for future growth is the untapped green power project in Norway: Kolos. I'm looking forward to an update from the company on timeline for building out a new facility there, which has the potential to be its largest yet.

Notwithstanding the overall positive cryptocurrency market this week, HIVE traded to the negative, perhaps weighed down by $3.15 financing participants deciding to cut their losses -- those shares came free-trading this week. I think hodlers will fare far better, but the selling is understandable.

I got my hands GMP's updated research report on HIVE, which came out this week. They are maintaining a speculative buy rating on the stock with a target price of $3.85. GMP mentions that they attended a tour of the 3.8MW Iceland facility and management presentation. Their key takeaways were: Solid operations; Expansion plans on track; Better than expected costs; Potential for tax optimization given structure; Targeting further expansion; and Capital availability. 

Other crypto/blockchain-related stocks riding the wave:

  • HashChain Technology (TSXV:KASH) — $KASH — Last at $0.315; Net Change: -$0.010; % Change: -3.1%
  • Mogo Finance (TSX:MOGO) — $MOGO — Last at $3.43; Net Change: -$0.01; % Change: -0.3%
  • Overstock (NASDAQ:OSTK) — $OSTK — Last at US$37.65; Net Change: +US$0.50; % Change: +1.3%
  • Riot Blockchain (NASDAQ:RIOT) — $RIOT — Last at US$7.56; Net Change: +US$0.07; % Change: +0.9%
  • Neptune Dash (TSXV:DASH) — $DASH — Last at $0.385; Net Change: +$0.015; % Change: +4.1%
  • Ethereum Capital (NEO:ETHC) — $ETHC — Last at $2.40; Net Change: +$0.18; % Change: +8.1%
  • MGT Capital (OTC:MGTI) — $MGTI — Last at US$1.70; Net Change: -US$0.17; % Change: -9.1%
  • Global Blockchain (CSE:BLOC) — Last at $0.51; $BLOC — Net Change: -$0.02; % Change: -3.8%
  • BTL Group (TSXV:BTL) — $BTL — Last at $6.74; Net Change: -$0.46; % Change: -6.4%
  • 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 $0.218; $XBLK — Net Change: -$0.008; % Change: -3.3%
  • BIG Blockchain Intelligence Group (CSE:BIGG) — $BIGG — Last at $0.405; Net Change: -$0.085; % Change: -17.3%
  • 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

Last week we noted that the total crypto market capitalization (TCM) chart had resistance in the US$450-$460 billion area and this week we saw prices oscillate near this area of total market cap resistance.

Crypto related stocks also ran into resistance as most stocks in the sector declined on the week. This makes sense to a certain extent as Bitcoin consolidates ahead of the key psychological $10,000 barrier. However, should Bitcoin break-out above $10,000 and total crypto market capitalization reaches US$500 billion again, we fully expect the crypto related equity sector to surge higher.

Ethereum, the #2 cryptocurrency by market cap, had a much stronger week (+17%) than Bitcoin:

After support near $630-$640 held Ethereum was off to the races, rallying back above $800 for the first time since early March.

Zooming out to a daily chart we can see that the next area of major technical significance is up near $900:

The $700 level should now offer strong support in the event of a pullback. Ethereum seems to have taken the lead in terms of being a leading indicator for the crypto sector, and a rally back to $900 over the next couple of weeks would complete a V-bottom since the decline which began in early March.

Overall, during the last month we have seen the first signs of a recovery in the cryptocurrency sector. A pause/pullback would now be normal over the coming days. What happens after the next price digestion/consolidation will give us a lot more information as to whether we are in a new bull market leg OR we have just experienced a dead cat bounce within the context of a longer term bear market. The signs are encouraging, but the biggest tests are still ahead at major levels of technical resistance: Bitcoin $10,000/Ethereum $900/TCM US$500 billion.

Funny things we saw this week

Clear your mind with Clear Blue

FOMOsexual

Silicon Valley 5x07 Promo "Intitial Coin Offering"

Jeopardy

Dirk Nowitzki on twitter this week:

Ouch:

I know they're "Bermuda short", but still...

20% off dentistry!

Lemonade Stand -- 2018 edition

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