The bitcoin markets appear to have regained their composure for the time being following a choppy period of uncertainty for most of the trading day yesterday, and while things have calmed down for now we are not sure the volatility doesn’t return prior to the paint of the 2017 yearly candle which is why we are staying on the sidelines, going into the upcoming few days. Not that we wouldn’t take the opportunity to get long at favorable r/r areas, but given the recent price action we think caution is warranted for the time being.
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Bitcoin Market overview
Exchange traded volume has been led by the US Dollar (USD) and Japanese Yen (JPY) pairs. The Tether (USDT) pair, which is pegged to $1, has seen an increase in volume recently as traders seek safe haven from declining BTC prices.
Korean Won (KRW) trading volume and price are down sharply amidst reports that regulatory bodies are looking to reign in anonymous trading accounts. The KRW markets have been trading at almost $4000 above USD markets, which suggests difficult or impossible arbitrage opportunities.
The minister of the Office for Government Policy Coordination, Hong Nam-ki, said on Thursday that the Korean government is banning the use of anonymous virtual accounts in cryptocurrency transactions as part of efforts to curb speculation. These accounts are widely used in the Korean financial industry.
Only real-name bank accounts and matching accounts at virtual currency exchanges will be used for deposits and withdrawals in the future. Reuters reported that this as an outright ban on trading yesterday, which caused a direct and immediate sell off. The New York Times later picked up the story as well.
That being said, we would like to take a moment to reflect on the amazing year that 2017 was for BTC not only in terms of price appreciation but also in terms of the protocol itself and the community in general. There is no doubt that history was made over the past 12 months which has set the stage for even more spectacular developments over the coming years. We are truly excited about the future of BTC and cryptocurrency in general, and we are even more excited to share this journey with all of you along the way.
Bitcoin Technical analysis
Bitcoin forecast & trade ideas
Altcoins forecast & trade ideas
Around the Web
- Living Room of satoshi – A simple, secure way to pay your everyday Australian bills (electricity, rego, phone, credit card etc) with bitcoin. here
- Co-founder of SuperAngelsVentures Tony Tong, Founding Partner of SuperCharger Renu Bhatia, CEO of Australian Digital Commerce Association Nick Giurietto are now among 20+ top-notch confirmed speakers of the Blockchain Economic Forum. link
- Bitcoin investors in Australia have claimed that major banks including National Australia Bank, ANZ, the Commonwealth Bank of Australia and Westpac Banking Corporation, have started to freeze the bank accounts of cryptocurrency traders without prior notice. link
- CryptoIzzy discussed Monero’s valuation potential in his latest blog post. He estimates that in the next 5 years, we may arrive at a per-coin value for Monero of $240,000 – or roughly 600x the current price.
Urgent: My account was hacked. Twitter has been notified. The coin of the day tweet was not me. As you all know… I am not doing a coin of the day anymore!!!!
— John McAfee (@officialmcafee) December 27, 2017
I havn't had much conviction in $BTC direction for the past couple weeks. Sentiment has shifted multiple times on twitter – projections ranging from 20k to 8k.
Still not confident calling either direction. Here is the pattern I'm watching though… pic.twitter.com/IVQfNO9fFv
— Luke Martin (@VentureCoinist) December 31, 2017
Bitcoin has "crashed" 30% SIX TIMES in 2017. Each "crash" has been followed by an increase of: 76%, 237%, 183%, 165%, 152%. Bitcoin takes 7 steps forward, 2 steps back, 7 steps forward, 2 steps back. Every 2 steps back is heralded as the end of #bitcoin. Relax! pic.twitter.com/bV5ZFeucTp
— Robert Reid (@robertreidmd) December 22, 2017
- Chun Yin Cheung (partner in PwC China’s risk assurance practice, based in the Shanghai office, and a committee member of VeChain Foundation) forecast China will surprise the world (again) and change the crypto world. He personally believe in 2018 China will be the first major country to launch a central bank digital currency (CBDC), and that we will also see a large-scale blockchain implementation in the retail and logistic industry with a blockchain solution developed by Chinese companies. Link
- John McAfee posted on Twitter, “I am inundated by people asking me for recommendations on cryptocurrencies. If you would use your heads you would figure out that the privacy coins (anonymous transactions) will have the greatest future. Coins like Monero (XMR), Verge (XVG), or Zcash (ZEC) cannot lose.”
- 71Republic reported that South Korea is heavily considering regulating cryptocurrencies. The article highlights, “if the government continues to regulate the marketplace, more secure and private cryptocurrencies would be needed. Monero already solves this problem, which may make it even more likely for the cryptocurrency to rise in value in 2018.”
- KRAKEN – Update on System Performance and Upgrade
— CryptoTrader (@cryptotrader_7) December 30, 2017
The biggest 'innovation' out of the #Ripple team was making the supply so freaking large that unit price seems cheap even though $XRP is 2nd most expensive by market cap. Tricks all the stupid $ into buying in.
Litecoin used a similar concept, but Ripple took it to the extreme.
— Matt Odell (@matt_odell) December 29, 2017
Behold, technical incompetence meets scaling. @coinbase wallet with 1,465,196 UTXOs for 265 $BTC revealing a failure to batch txs, consolidate UTXOs & use Segwit. Funds economically 'lost'? Insolvent? #Bitcoin needs less whining & more competent coding. 👹 https://t.co/0iigtbuOuS pic.twitter.com/UCYCIIxT8h
— Trace Mayer (@TraceMayer) December 22, 2017
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