February 19, 11:30 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):
February 19, 2019
All figures in USD$, unless otherwise specified
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■ General Cryptocurrency News:
• J.P. Morgan CEO Jamie Dimon has changed his tune on cryptocurrency. After
previously publicly opposing it, last week the firm announced it will develop and
begin using it’s own cryptocurrency, the “JPM Coin”. This will be the first U.S.
bank-backed cryptocurrency. It will be a stable coin, pegged to the U.S. dollar,
and will initially be used for three applications including international payments
for large corporate clients, securities transactions and the ability to replace
U.S. dollars held by large corporations using J.P. Morgan’s treasury services.
• Two U.S. pension funds based in Fairfax County Virginia became the first U.S.
pension funds to gain crypto exposure with their investment in Morgan Creek
Digital’s new $40 million venture capital fund, which will invest in the equity of
blockchain companies and also hold a small percentage of its value in liquid
• Cryptocurrency-friendly Wyoming became the first U.S. state to enact changes
in law empowering private ownership of cryptocurrency.
■ BTC News:
• California-based asset manager, Realty Shares, announced and then
subsequently withdrew a bitcoin exposed ETF. Per a final draft of the fund’s
prospectus, the ETF was to be actively managed to “provide investment
exposure to global currencies, both fiat and virtual currencies, that have been
widely adopted for use”, with up to 15% of its total assets in bitcoin futures.The
proposal was withdrawn at the request of the SEC due to the way Realty
Shares approached filing and not in opposition to the proposed ETF itself.
• The SEC also announced that it is beginning its review of another bitcoin ETF
proposal filed by NYSE Arca and Bitwise Asset Management. The proposal
was registered in the Federal Register on February 15th, starting the clock on
an 45 day period for the SEC to make an initial decision and a 240 day period
for the SEC to make a final decision on whether to approve, reject or extend the
■ Trading History YTD:
• After spiking to a near-term high at the end of the first week of January, the
price of BTC has trended negatively for most of 2019.
■ Current Environment:
• BTC saw a price spike on Monday, albeit not as strong as other major
cryptocurrencies, but enough to push BTC into positive territory for the year.
• Volumes for the week were similar to the previous week, averaging 1.8 million
coins per day. However, volumes increase significantly on Monday with 2.5
million coins trading.
In the image above, a Bull represents relatively favourable technical analysis indicators and a Bear represents relatively unfavourable technical analysis indicators.