January 28, 2:00 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):
January 28, 2019
All figures in USD$, unless otherwise specified
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■ General Cryptocurrency News:
• Samsung Galaxy S10 leaked images reveal that the device will incorporate
crypto features such as a crypto wallet app. The Galaxy S10 is formally
scheduled to be revealed on February 20, 2019.
• Pennsylvania and New Hampshire join Ohio as crypto-friendly states with both
announcing initiatives to make cryptocurrency transactions easier last week.
Specifically, Pennsylvania’s Department of Banking and Securities (DoBS)
issued a clarification that cryptocurrency exchanges and services are exempt
from money transmitter licenses and New Hampshire introduced a bill to allow
tax payments in cryptocurrencies.
• According to Business Insider, Galaxy Digital is preparing to raise US$250
million to fund a cryptocurrency loan business. Amidst this current bear market,
Galaxy sees an opportunity to lend money to companies in the cryptocurrency
■ BTC News:
• The CBOE BZX Exchange has withdrawn a proposed rule change that, if
approved, would clear the way for a BTC exchange-traded fund (ETF) backed by
VanEck and SolidX.
• The proposal has been “temporarily withdrawn,” according to VanEck’s director
of digital asset strategy, Gabor Gurbacs. “We are actively working with regulators
and major market participants to build appropriate market structure frameworks
for a Bitcoin ETF and digital assets in general” he added.
• While the notice itself did not provide a reason for the withdrawal, some
securities lawyers speculated that the ongoing government shutdown would
result in the ETF being denied, as no staffers at the SEC are able to review the
proposed rule change.
• Meanwhile, everyday adoption of BTC increases with a growing number of food
delivery services across Europe now accepting the cryptocurrency as payment.
Is Uber Eats next?
■ 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 so far in 2019.
■ Current Environment:
• BTC traded sideways for most of last week before dropping sharply over the
weekend and continuing to fall today.
• BTC is currently trading around its low on the year at US$3,463 at time of print.
• Volumes for the week averaged 1.5 million coins per day.