Coin Sheet - September 14, 2017


QUOTE OF THE DAY

We don't have to be smarter than the rest; we have to be more disciplined than the rest.” 

—Warren Buffet


COIN BULLETIN

BTCC to Cease China Trading

Remember that little ol' rumor that the People’s Bank of China (PBoC) is preparing to ban Bitcoin exchanges? The rumors just got a little more serious.

Bitcoin exchange BTCC has announced on Twitter that it will be closing down its China-facing trading operations effective September 30.

The markets did as markets do, and responded accordingly.

btcc.PNG

As it stands now (~8:55AM EST), there seems to be some strong buy support at the ~3,500 level.

There are good news and bad news. The bad news is that we will have to deal with this for another 2 weeks. 

The goods news is that we haven't heard anything YET from OKCoin and Huobi.

When everything boils over, what I think we're going to see is Chinese exchanges with slightly tighter regulatory supervision.

Oh, and interestingly enough, CoinDesk wrote "but while claims are mounting, it's important to note that no official announcement has yet been made by the People's Bank of China or the country's government regarding the ban."

You can read an article about this here.

Namibian Central Bank Said Bitcoin Purchases Are Illegal

Accoding to CoinDesk, Cryptocurrency exchanges are not allowed in Namibia under a decades-old law, and merchants in the African country may not accept them as payment for goods and services, the nation's central bank has said.

The paper the Central Bank released also wrote:

"In addition to the bank not recognizing virtual currencies as legal tender in Namibia, it also does not recognize it to be a foreign currency that can be exchanged for local currency. This is because virtual currencies are neither issued nor guaranteed by a central bank nor backed by any commodity."

A visual representation of the response from the cryptocurrency community to these news coming out of Namibia.

A visual representation of the response from the cryptocurrency community to these news coming out of Namibia.

You can read more about this here.


THINGS I LIKE

How The Economy Works (Part 1)

Some guy writes about how the economy really works. Good read.

You can read his article here.

 


MARKET SENTIMENT

Technical Signals

1.PNG

My Current Sentiment: Bearish

Daily Number Indicator

BTC

This is a number indicator is used for identifying trends, measuring momentum and spotting areas of price exhaustion. Read more here.

This is a number indicator is used for identifying trends, measuring momentum and spotting areas of price exhaustion. Read more here.

(I will resume posting the daily number indicator for ETH and LTC when they start mattering.)


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