S&P Breakout to New Highs Underway as ECB Cuts Rates to Record Low & Restarts QE, BTC & Gold Falls Flat

This Friday the 13th, there is nothing that is spooking investors.

This week several market events unfolded that has the S&P 500 and Dow Jones Industrial Average both coming close to touching the record highs.

To start with, the European Central Bank (ECB) announced a cut of 10 basis points to its deposit interest rates, to negative 0.5%.

The ECB also announced a substantial bond-buying program of 20 billion euros per month, as part of its QE initiative. Investors, as expected were pleased that ECB has taken to QE again, hoping the new program will give the global economy a much-needed push.

“The question remains whether this will be enough to reverse the damage caused by the geopolitical disturbances that have undermined corporate and investor confidence (at least towards cyclical assets) in recent months,”

said Michael Shaoul, chairman and CEO of Marketfield Asset Management.

Before this came the good news from President Donald Trump who said he would be delaying the planned increase of tariffs on Chinese goods as a “gesture of goodwill.”

Treasury Secretary Steven Mnuchin said the president “could do a deal any time” but won’t until “it’s a good deal.”

Meanwhile, the Labor Department reported that consumer prices slowed last month. While the Consumer Price Index — that is used as a measure of inflation — rose slightly in August, the core CPI measurement rose to 2.4%, the highest level since 2008.

Both the Dow and S&P 500 are inches away from the all-time highs set in July. The Dow seems to be on way to surpass the intraday record high of 27,398.68 (currently at 27,239.87) while the S&P 500 is closing in on its record of 3,027.98 points (currently at 3,013.03).

According to Capital Wealth Planning’s Jeffrey Saut, a sustainable market bounce is coming.

“Our work suggests where interest rates are right now that a fair market multiple on the S&P is 19 times earnings.,”

he said. “You’re still looking at above 3,100 on the S&P by year-end.”

“I’ve never wavered since October of 2008,”

Saut said.

“We’re in a secular bull market.”

The gold price has been up moderately the same as Bitcoin, which is trading at $10,295 with 24 hours gains of 0.21%.

According to Bitcoin bull and Fundstrat’s Tom Lee, strong S&P 500 rally would be the catalyst for Bitcoin ATH.

Now, it is to be seen when BTC first would push for a new 2019 high before breaking all records.

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Author: AnTy

Ripple Rumor: MoneyGram and Visa’s New P2P Debit Card May Use XRP Based On Past Partnership

A very interesting rumor has surfaced in the crypto world this week. MoneyGram has recently announced a partnership with Visa to create a new P2P debit card. Now, the XRP community believes that XRP tokens may be involved in this deal.

The official press release affirms that this new P2P system will be used for money transfers in the U. S. People will be able to send money domestically using the app, which will use Visa Direct.

Visa Direct is a platform that is being used by Visa for payments all over the world. According to Alex Holmes, the chief of MoneyGram, the company is always focused on creating the best experiences and to empower its users to send money to family and friends.

The Rumors About the XRP Use

As you may know, MoneyGram was recently acquired by Ripple. This prompted several people on the internet to believe that the new debit card service may use XRP tokens as a way to transfer money. This would, according to the community, be a huge boost for the popularity of the crypto asset.

XRP tokens are very good for quick international transactions, so the community is betting that the service will be used for international payments when the service finally startds to be used outside of the U. S.

Obviously, many people still doubt this theory and so should you. Despite how quickly this rumor grew in the XRP community, there is absolutely no real indication that the whole theory is true. We’ll still have to wait for a long time before we can be certain that XRP will indeed be used in this new product.

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Author: Gabriel Machado

Hashed Helps Dapp.com Raise a $1 Million to Help Boost User Base and Korea Expansion

Dapp.com raised a million dollars in the last week in an investment initiative that was led by Hashed. For those not in the know, Hashed is a South Korean based blockchain company and Du Capital. Dapp.com provides data analysis for all decentralized application products that have been built on the blockchain product, e.g., Steem, Tron, Ethereum, EOS, and BTC.

Kyle Lu, the CEO, and Founder of Dapp.com stated that the amount raised would go towards expanding into new markets. He went on to state that the company would use the money to expand into new Korean markets as well as to continue seeking new opportunities.

Hashed, which was launched 2 years ago (2017) is currently one of the biggest investment companies in South Korea. Some of its past investments have included Oasis Labs, Quark Chain, and Handshake.

DappRader, a leading competitor also closed its founding week in the past one week. Blockchain.com and Naspers were the leading investors.

History

Founded in 2017, Hashed reached the quarter-billion-dollar mark in May 2018. That was slightly over 18 months after it was launched. It sought to distinguish itself from all the other players in the crypto market by accelerating and concentrating on big crypto projects in the Korean market.

Started with only $600k, it right now manages over $250 million in capital and assets. The company is managed by a very small team that includes investment professionals, serial entrepreneurs, and engineers.

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Author: Daniel Jimenez

‘Bitcoin Price Bullish Momentum to Continue for a Year if $9,000 Support Level is Not Broken’

Bitcoin (BTC) has traded below the $10,000 USD mark for the better part of the past week as bears take over the market. However, one upcoming analyst, Nunya Bizniz, sent a tweet showing the possibility of a bullish run in the coming months. Nunya pointed out the 15 month Volume Weighted Moving Average has crossed below the price which is a bullish signal for BTC’s price. The cross occurred earlier in the year and offers investors hope of breaking the all-time high price before the end of the year.

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Signals are always late, never wrong. BTC’s 15 month volume weighted moving average sees a golden cross (Source: Nunya Bizniz)

While the crossing represents only an indicator of what is to happen in the coming months, bulls in Bitcoin are hopeful for an extended bullish momentum. The last time the price crossed above the 15 month volume Weighted Moving Average in late 2015, the bullish momentum extended for over a year. This shows BTC price may continue appreciating in the coming year or so.

Bitcoin Price in the Consolidation Phase, Targets $9,000 Support Level

Despite the pioneer cryptocurrency showing signs of long term bullish momentum, the short term price looks to fall below the current $9,600 USD mark. A technical cryptocurrency analyst, Yorke780, published a tweet on the possibility of an incoming bearish trend as the directional movement index (DMI) of BTC witnessed a bear cross which shows the BTC’s bullish run is nearing its end.

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The Directional Movement Index (DMI) sees a bear cross showing a possible bear run in coming days. (Image: Yorke780)

The price is expected to drop to the $9,000 USD support level before bouncing back to start a refreshed bullish momentum that may well push it past its ATH.

Bitcoin (BTC) price faces a consolidation towards the $9,000 USD support level. A bullish momentum expected? (Image: TradingView/@KenyanMiner)

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Author: Lujan Odera

Eleven New Crypto Projects Join Messari Disclosures Registry Including ADA, LSK and Beam

A total of 11 new projects have announced this week that they joined the Messari Disclosures Registry. The registry includes several projects, the most popular new ones are Cardano, V Systems, Lisk and Beam, all which are in the top 100 crypto projects by market cap. Akropolis, Fusion, Keep, Permission, Orbs and Elrond were also added.

With these new projects becoming a part of it, the registry now has a total of 54 projects. Back when it was launched at the end of last year, the Messari registry had only 12.

The Messari Registry

The registry was created to bring more transparency to the crypto market. Each project can decide on its own whether to participate. If the project does participate, they disclose information about their business to investors, which can check the database at any time before they invest in it.

According to the founder of Messari, Ryan Selkis, being able to find basic information about cryptocurrencies is essential to make good investments, which are able to let the industry move forward.

It was in order to distribute information freely that the registry was first created back in 2018. With the new companies that were listed now, the Messari Disclosures Registry is set to become even more important. Cardano alone has a market cap of over a billion USD and a large community, so its entrance is bound to attract more curious investors to the database.

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Author: Daniel W

R3 Plans Expansion as Company Announces New Office In Dublin by 2020

The blockchain consortium R3 is amid a big expansion. This week, the group revealed that it plans to open up a new office in Dublin, which will be inaugurated in 2020. The announcement comes on the heels of the last one, that the company would double the size of its London office.

According to R3, this new office will be focused on serving as a tech hub. It was also affirmed that the local team would team up with the already existing London team on some occasions.

This is all a part of the company’s expansion move. In order to increase its popularity around the whole world, R3 is on a hiring spree. Dublin is an obvious choice as no one is actually sure what will happen to London post-Brexit.

The CEO of R3 David Rutter affirmed that not only the city is connected to London but it also because there are several experts in the blockchain there. This could help in order to find the talent that will make the office be successful.

The Enterprise Blockchain Sector Is Becoming Important

The time in which blockchains were only used by random people on the internet is long over. The age of blockchains for enterprises has just started and it is shown to be incredibly successful. While still a very new sector, some of the largest companies in the world are investing in it as they prepare for the future.

According to Rutter, R3 is the kind of company that will be active in diverse ecosystems and starts partnerships that will help enterprises all over the world to make the most of their blockchain applications.

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Author: Gabriel Machado

Judy Shelton, Trump’s Fed Nominee, is a Bitcoin Bull: Is the President Secretly in Love with Crypto?

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The past week has been quite eventful in the field of cryptocurrency, with the recent tweet by Donald Trump, the U.S president, on Bitcoin a cherry on top of the cake. The president of the free world lashed out at Bitcoin claiming he is “not a fan” of the digital asset and calling for regulation on the coin. However, his recent pick to the Federal Reserve Board of Governors’, Judy Shelton, is a well-known ‘gold bug’ and has been known to make bullish statements on cryptocurrencies. Does this make some wonder, is Trump secretly a crypto enthusiast?

The mainstream media have been looking deep into Judy’s life (as they always do), and were surprised to find out Trump’s economic advisor is an advocate to returning the dollar back to the gold standard. The president is well known for his pro-dollar statements and the latest stream of tweets on Bitcoin is a strong indication. He wrote,

“We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!”

Judy Shelton: A Gold Bug and a Crypto Bull!

The media have been focusing on the gold standard remarks made by Judy in the past ignoring the pro-crypto statements of the Fed nominee that prove she may well be bullish on the sector’s growth.

Judy spoke to CNBC last week saying that going back to the gold standard will push for the stability of gold’s price. However, according to modern economists, the idea is not viable as it impends the congressional duties of the Fed – to tackle unemployment and keep the inflation level stable. This was the main reason that saw Richard Nixon abolish the gold standard in 1971 through an executive order.

Dr. Judy Shelton speaks to CNBC: A Crypto bull or Gold bug? (Image: Twitter)

Furthermore, Shelton’s idea is not a popular one in the Fed’s building as shown by the Fed’s chair, Jerome Powell’s recent acts in Congress as he brushed off of the idea to oblivion.

Shelton, however, is not only interested in the dollar moving back to the gold standard but also is an advocate for virtual currencies – cryptocurrencies to be exact.

The CATO Institute journal on cryptocurrencies

The established economist published a paper – “The Case for a New International Monetary System” – in Cato Institute journal in the spring/ summer edition of 2018, speaking praises of cryptocurrencies and digital assets. The paper further focuses on the new monetary system based on the gold standard and benefits to the global economy.

Owing to Trump’s nationalist policies and key policies to maintain U.S sovereignty, Judy recommends that the government should look at the possibilities held in virtual currencies as they gain a footing in global trade and economies. She says,

“If the appeal of cryptocurrencies is their capacity to provide a common currency, and to maintain a uniform value for every issued unit, we need only consult historical experience to ascertain that these same qualities were achieved through the classical international gold standard without sacrificing the sovereignty of individual nations.”

She further looks at a modern approach of a monetary system which should include “issuance of virtual currencies in tandem with government-issued currencies”. Shelton further says for these modern monetary systems to work adoption of legal tender laws should be in place to permit healthy currency competition.

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https://www.ccn.com/wp-content/uploads/2019/07/rand-paul-photo-by-gage-skidmore-flickr.jpg

Senator Rand Paul is a big fan of Bitcoin (Image: Shutterstock)

Judy, however, is not the only Trump ally deep in the cryptocurrency fantasy as Senate confirmed Trump nominee Rep. Mick Mulvaney (R-SC) and U.S. Senator Rand Paul (R-KY) also dwelling deep in the industry. With such a close band of associates dealing with blockchain and cryptocurrencies, is Trump secretly in love with the industry?

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Author: Lujan Odera

UK FCA Approves First Crypto Hedge Fund In The Country, Prime Factor Capital Asset Manager

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The crypto world has huge news from the United Kingdom this week. Prime Factor Capital, a company created by former Black Rock and RWE AG employees, has become the first crypto hedge fund of the U. K. now that the regulators have approved it.

Prime Factor Capital, which will be based in London, has obtained a license from the Financial Conduct Authority (FCA) that will let it operate as a “full-scope Alternative Investment Fund Manager”.

A statement from the company was released yesterday, July 1, that the company was now regulated and that it would be managed under the current rules of the European Union. With this license, the company will be able to manage over $100 million EUR in assets.

It was also reported that this company will be focused on institutional investors, a field that is growing in the crypto market these days.

According to the Chief Operating Officer of the company, Adam Grimsley, the crypto market only has such a bad rep because most crypto “vehicles” are largely unregulated. This is a $300 billion USD market, however, so it is important to close this gap in order to attract the biggest investors.

Since Grimsley has experience from BlackRock, it is easy to see that this will possibly be a successful enterprise. He teamed up with Nic Niedermowwe and Michael Wong, both who worked on RWE AG before, so they do not lack the expertise in order to create a company that will cater to the needs of these investors.

Part of their goal is to focus on a single asset class (cryptocurrencies) in order to surge ahead of their competitors and become one of the first trusted companies in the field. Since not that many companies are actually trusted by more traditional investors, they see the gap as an opportunity to make their names in the market by offering great services.

The target of the company will be high net worth individuals, private wealth managers and family offices. However, there is no official strategy made public at the moment about how the company will make a profit.

In order to start its business, the company will still have to solve a few things, however. For instance, Prime Factor needs to appoint a custodian under the current EU regulations to validate the holding of the funds. The custodian needs to be completely independent in order to be approved.

According to the CEO of the company, Niedermowwe, being regulated by the FCA will really give the company some help, as the U. K. is a very competitive and important market and they believe that the company can help to clean up the name of the crypto world with its offerings.

Recently, the company received investments during an equity round from companies such as Speedinvest and Entrepreneur First.

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Author: Bitcoin Exchange Guide News Team

Deposits And Withdrawals To Resume On Hacked-Exchange Bitrue On July 3rd

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Earlier this week hackers were able to breach the accounts of about 90 users of the Singapore-based cryptocurrency exchange, managing to steal 9.3 million XRP and 2.5 million Cardano, totaling $4.7 million.

Now, they have announced that they will resume deposits and withdrawals on July 4th. They will have BTR/XRP, BTR/BTC, BTR/USDT, and BTR/ETH ready to go.

Per Bitrue’s statement, administrators detected the hack and immediately shut down trading on their platform, putting the site in maintenance mode while they investigated what was happening. Bitrue said it’s working with Bittrex, ChangeNOW, and Huobi to recover the funds from their respective platform.

They even assured that they are reviewing their security measures and policies to ensure that this never happens again. They are even in touch with relevant authorities in Singapore to assist the team in tracking down the culprits.

This was their second security incident this year. In January, Bitrue admins also acknowledged to falling victim to a 51% attack during which an attacker exfiltrated over 13,000 Ethereum Classic (ETC) coins worth over $100,000 from the platform’s accounts. That attack, however, was thwarted.

Reacting in the wake of the attack, Binance’s CEO, Changpeng Zhao tweeted that they were edging closer to finalizing work on a revolutionary anti-fraud system that will be free for all. Admitting that the industry is, decentralized, but united, CZ, as he’s best known, said that the system would be available soon. Once released, the system would be able to track stolen assets using the Blockchain platform they are moved through.

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Author: Sritanshu Sinha

Crypto Mining Demand Now Exceeds Supply as Bitcoin Price Surge Excites New Interest

Crypto Mining Demand Now Exceeds Supply as Bitcoin Price Surge Excites New Interest

The crypto world breathed a sigh of collective relief last week when the price of Bitcoin broke above $10,000, effectively ending a months-long bear market which saw the loss of several thousand dollars in value for cryptos across the board.

This increase in Bitcoin price has coincided with the increase in institutional funds that are being pumped into the crypto industry overall and they are seeing a new phase of maturation within the industry itself.

As it has been shown several times, the price of Bitcoin has an effect on the industry that goes beyond investors making or losing money as it is directly tied to the fortunes of the mining industry.

When bitcoin saw a price slump in late 2018, several prominent firms were forced to close up shop and others were forced to downsize and sell off their equipment. Now that the bear market has ended, and we are seeing growth within the crypto price, the reverse is taking place.

Demand and Supply

The most recent bull run has sparked not just profits for crypto investors but also a demand for new mining equipment which is putting pressure on manufacturers as there is currently more demand than there is supply.

It should also be kept in mind that many of these plans reduced their production rate in the middle of the bear market and now that crypto is seeing a boom there is a sudden increase in demand.

“The surge in bitcoin resulted in increased demand and supplies were already short,” said Steven Mosher, head of global sales and marketing at Canaan Creative, maker of the Avalon miner.

While Mosher did not disclose the details of the firm’s order numbers, he did tell CoinDesk the current state of the industry is that inventories are low but the demand has gotten higher.

There has also been a decrease in the amount of time it will take for mining equipment to pay for itself as previously it took 150 days of making use of mining equipment to make enough money to cover the cost but now it has dropped to 60 days which is a decrease from the previous range of 120 to 280 days.

“It looks like a return to the 2017 Q3, Q4 conditions, where demand was three times the supply,” he said.

In a bid to take advantage of the current market, price Canaan has launched a new mining model in the last month called the Avalon Miner 1041 which, according to its official description, can compute as much as 37 tera hashes per second with electricity consumption at 2,361 Watts per hour.

This is an improvement compared to the previous model The Avalon 851 which computed 14.5 tera hashes per second and consumed 1,451 watts hour. There has also been a healthy demand for such models as Mosher pointed out that pre-orders are filled to as late as October 2019 with a lot of interest coming from large customers who wish to buy in bulk.

Bitmain, another crypto mining company, has released an improved version of its antminer S9 model which is called the antminer S9 SE and S9k in the last week and shipment of the first batch is scheduled for August 2019.

With these changes floating in the air, it is obvious that this resurgence in price is sending benefits to all aspects of the crypto industry.

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Author: Tokoni Uti