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Bitcoin Today: Some Tether positivenessOverview After a prolonged downtrend period BTCUSD at last showing some growth. From Monday the price gained about 17%, rising from the $ 3150 to $ 3700. Now bears have met a strong resistive zone at $ 3700 - $ 4000. A fast breakthrough above this zone would boost up the uptrend, but it looks like such a scenario will need some strong fundamental drivers. Milder scenario is the price staying above $ 3500 support, this could be a good base for turnaround formation. A breakthrough back below $ 3500 could trigger sell-off in anticipation of the downtrend continuation. Today forecast Trading Bounds: $ 3500 – $ 3700. Breakthrough below $ 3500 could trigger a sell-off. Latest Bloomberg and Tether Limited bank accounts The Bloomberg authorities recently have been given access to the financial statements of Tether Limited, the issuer of steablcoin USDT. Though it is hard to confirm that all USDT tokens are provided with US dollars at the current moment, journalists state that on January 31 this statement was true. So, on January 31, the company’s accounts in the Puerto Rican Noble Bank was holding a significant amount of $ 2.2 billion. According to the CoinMarketCap analytical resource, at the same time, there was 2.195 billion USDT in turnover. The data also coincided in September and October 2017, according to representatives of the publication. Note that Tether Limited managed to open an account with Noble Bank in September 2017, and the company increased its assets from zero to $ 392 million in just one month. During this period, the account of the chief lawyer of Teather and Bitfinex Stuart Hegner also held about $ 60.9 million of user funds at Bank of Montreal. At least this was mentioned in the report of the auditing firm Friedman LLP, with which Tether subsequently broke off relations. The Bloomberg report states that cash began to flow into another bank in July 2018. If at the beginning of the month, the account with Noble Bank was $ 1.9 billion, at the end it was $ 210 million. Probably, the money was transferred to Deltec Bank in the Bahamas, which confirmed that Tether had $ 1.831 billion in balance on October 31, 2018. It is worth adding that the publication managed to match a number of transactions between the Bitfinex and Tether accounts at Noble Bank, which completely coincided with the USDT transfers. Recall that in January, the US Commodity Futures Trading Commission (CTFC) began to study the activities of Bitfinex and Tether, sending subpoenas to the representatives of both organizations. After that, Tether suspended the issue of USDT tokens for two months. In November, the US Department of Justice launched its own investigation to check whether bitcoin price manipulation took place at the expense of the USDT issue.
COINBASE:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: SEC vs VanEckPrice Today morning a slight increase in volume and upward movement, still that momentum was only enough to get above the 6600 level (1.2% growth). Overall, low-demand lateral movement proceeds in previously established boundaries 6450 – 6800. One of the popular patterns around the net is the 5th September - now wedge, which excludes Bitfinex spike (to 7800). According to this wedge, bitcoin still has a couple of days left for lateral movement. Traders also seem to be taking it easy while the SEC has yet to announce its decision on bitcoin ETF applications. Still, traders can look forward to the launch of ICE Bakkt bitcoin futures, although it’s worth noting that CME bitcoin futures were blamed for the massive slide in prices late last year. Important levels: support at 6450 and resistance at 6800. Today forecast Today most probable trading diapason: 6500 - 6800. In case of crossing the 6500 - high downward risk. Latest news SEC published the VanEck meeting memorandum The US Securities and Exchange Commission (SEC) published a memorandum of the meeting, which the agency held on October 9 with representatives of VanEck and SolidX companies interested in launching a bitcoin ETF. Representatives of the Chicago Options Exchange (CBOE) also took part in the meeting. As follows from the document, VanEck, whose application was postponed in the summer, named five reasons why the market is ready to launch a new instrument. Representatives of the company also noted that they have eliminated the reasons that were indicated in the regulator’s refusal: “1) The regulated bitcoin derivative market has reached a significant scale. 2) Related markets - CBOE, bitcoin futures, over-the-counter platforms - are regulated. 3) Problems with price manipulation have been resolved. 4) The CBOE rules are designed to supervise the possible manipulation of trust shares. 5) Investors' interests are protected,” - said VanEck representatives. Earlier, SEC also stated that the regulated markets for bitcoin derivatives do not have a “substantial” size, and in this regard VanEck, SolidX and CBOE accused the Commission of constantly changing the rules of the game: “We are concerned that the concept of“ essential ”is a constantly changing value for the SEC. We were never given an explanation of what is meant by “significant”, and this allows them to constantly change the rules of the game ” On Tuesday, SEC Commissioner Kara Stein in an interview with Bloomberg TV said that the agency still did not decide on the position regarding the launch of Bitcoin-ETF. According to her, companies must prove that they can provide the necessary liquidity, physical storage, and accurate pricing, despite sharp price fluctuations. At the same time, Stein declined to comment on the possible timing of a decision on the VanEck application. According to the rules, the agency has to give an official answer until March 2019. In September, the agency announced the start of a formal process for reviewing a Bitcoin ETF from VanEck and SolidX, but again requested "additional information."
BITFINEX:BTCUSD
by DestinationMoonCrypto