December 10, 11:15 am
Shane Thomson, CFA
Technical Trading Score*:
Date Of Inception:
Bitcoin is a decentralized coin enabling
revolutionary means to exchange value across the
globe. It continues to be the biggest and most
influential coin, encouraging peer-to-peer payment
networks powered by its users with no central or
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POW or POS:
Current Mining Fee (USD):
December 10, 2018
All figures in USD$, unless otherwise specified
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■ General Cryptocurrency News:
• As part of the communique released after the Buenos Aires G20 summit last
week, world leaders pledged new regulations for “crypto-assets”. The proposals
were part of measures meant to grow the global economy by applying
technology to the financial sector.
• Galaxy Digital CEO, Mike Novogratz, announced that he is still positive on
cryptocurrencies despite the recent tumble the market has seen after the
euphoric 2017 rise. While admitting that the fall has been tough on investor
sentiment, he believes that as the SEC and other regulatory bodies solidify
rules governing digital currencies, institutional investors will grow more
comfortable allocating new capital to the asset class.
• South African Finance authorities have announced that they are seeking
comment on their proposed legislation that could potentially offer regulatory
certainty for cryptocurrencies. The regulations would be a complete overhaul of
the countries existing National Payment System and would seek to “allow/
enable new or unregulated service providers, services, systems and
■ BTC News:
• The SEC announced that they will be postponing their decision on the VanEck/
Solid X BTC ETF until February 27, 2019. Approximately 10 BTC ETFs have
been submitted by various companies in 2018.
• Pessimism around BTC prices has risen as short bets reached a six-week high
on various global exchanges this past week.
• Intel was awarded a patent by the U.S. Patent & Trademark Office for a new
processor it claims can conduct “energy-efficient high-performance bitcoin
mining.” The new processors would allow mining without the application of
hardware accelerators such as application-specific integrated circuits (ASIC).
■ Trading History YTD:
• BTC reached all-time highs at the end of 2017 and has since declined for most
■ Current Environment:
• BTC sold off early in the week to make a new short-term low of $US3,210.
• Volumes remained elevated this past week as the average coins traded per day
was 1.5 million.