December 3, 3:15 pm
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 3, 2018
All figures in USD$, unless otherwise specified
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■ General Cryptocurrency News:
• Nasdaq and ETF provider, Van Eck, announced that the two firms have formed
a partnership to jointly launch a set of “transparent, regulatedand surveilled
digital asset products.” The partnership was announced at theConsensus
conference in New York this past week.
Also speaking at the Consensus conference, NYSE chairman Jeffrey Sprecher,
expressed optimism about the future of cryptocurrencies stating that they are
here to stay, despite the current bear market and that his firm was “kind of
agnostic to price”. The conversation continued with Bakkt’s CEO, Kelly Loeffler,
stating that “the Bakkt futures contract will help Bitcoin traders establish a
trusted price. Bitcoin now trades at different prices on different exchanges,
many of which are unregulated.”
Amazon announced two new blockchain related products this week called
Amazon Quantum Ledger Database (QLDB) and Amazon Managed
Blockchain. QLDB is designed to be a ledger database which can provide an
immutable log of various types of transactions overseen by a central authority.
■ BTC News:
• Following the sharp price decline experienced at the end of November, Google
keyword searches for BTC have reached eight-month highs as mainstream
interest in BTC has started to increase once again.
• The Canadian jewellery retailer, Birks Group, announced on November 28 that
it would begin accepting BTC for retail transactions. BTC transactions will be
processed by U.S. payment processor, Bitpay, and will be initially rolled out
across eight of the companies 30 Canadian stores.
• On the other side of the border, certain U.S. states have begun accepting BTC
for payment of taxes. Ohio is said to be the first state to accept BTC for tax bills
with Arizona, Georgia and Illinois rumored to also be considering.
• Proponents of a BTC exchange-traded-fund (ETF), VanEck, SolidX and Cboe
BZX, again met with the U.S. Securities and Exchange Commission (SEC) last
week to push their argument that the BTC market is mature enough to support
its first BTC ETF.
• Meanwhile, NASDAQ is said to have BTC futures listed as early as Q1 2019.
■ Trading History YTD:
• BTC reached all-time highs at the end of 2017 and has since declined for most
■ Current Environment:
• BTC stabilized this past week as it has made higher lows since November 26.
• Volumes remained elevated this past week as the average coins traded per day
was 1.5 million.