QUOTE OF THE DAY
“I cannot teach anybody anything. I can only make them think.”
China To Cease Cryptocurrency Trading
Remember that little ol' rumor that the People’s Bank of China (PBoC) is preparing to ban Bitcoin exchanges? The rumors just got ALOT more serious.
According to the latest regulation news coming out of China, ALL Chinese virtual currency exchanges must stop trading by September 30 to remain compliant.
You can read more about this here.
Coinmarketcap One Of The Most Visited Websites In The World
Bitcoin News reports that Coinmarketcap has become the 397th most visited website in the world (according to Alexa). The data shows a drastic spike in traffic occurring throughout 2017, coinciding with this year’s boom across most cryptocurrency markets.
Now looks what you've done. So, do you visit Coinmarketcap 20 times a day...or 20 times an hour?
You can read more about this here.
Finland Doesn't Believe In Bitcoin Regulation
From a paper published by the central bank of Finland:
“Bitcoin is not regulated. It cannot be regulated. There is no need to regulate it because as a system it is committed to the protocol as is and the transaction fees it charges the users are determined by the users independently of the miners’ efforts. Bitcoin’s design as an economic system is revolutionary and therefore would merit an economist’s attention and scrutiny even if it had not been functional. Its apparent functionality and usefulness should further encourage economists to study this marvelous structure.”
As someone wrote on reddit, I guess this is what happens when a country is not solely run by lobbyists and financial institutions.
THINGS I LIKE
The Real Reason China is Banning Exchanges
Jon Creasy writes about what he thinks is the real reason behind China wanting to ban cryptocurrency exchanges.
Jon thinks is that President Xi Jinping is preparing for his October 18th reelection, and wants to appeal to his Communist voting bloc.
I don't know. It could have something to do with an election, or it could just be that the Chinese government wants to prevent money leaving the country while also cracking down on scammy ICOs.
You can read his article here.
This Great Price Analysis By Josh Olszewicz
A perfect storm. Josh's conclusion is that:
"A perfect storm of technical weakness and Chinese regulatory belt tightening, neither of which was fully priced in until at least today. Once regulations are finalized and FUD is abated, we can expect a strong rally, similar to that in January of this year. Technicals are already showing signs of bearish momentum weakening, with support targets holding on the daily close. Interestingly, this drop has been timed almost perfectly with the open of a new quarterly futures contract on OKcoin. Although the volume on the daily candle is the highest it’s been all year, we’ve yet to see a strong capitulation wick, signaling the end of the pullback."
You can read his full analysis here.
No sheet of technical signals today. They won't do you any good.
So there is a possibility of bearish momentum that could bring Bitcoin to the area of 2,600-3000. It can happen, but it is unlikely.
Remember, this correction can end immediately, just as it began. The market is cyclical and any growth is followed by a fall, and the fall is followed by growth.
This is not usually immediate.
My Current Sentiment: Neutral
Daily Number Indicator
(I will resume posting the daily number indicator for ETH and LTC when they start mattering.)
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