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Crypto Market Update for 22 August 2020: $BTC, $ETH, $LINK, $ICX, $BAND

This article provides an update on the cryptoasset market, with a particular focus on the following digital assets: Bitcoin (BTC), Ethereum (ETH), Chainlink (LINK), ICON (ICX), and Band Protocol (BAND). All market data used in this article was taken from CryptoCompare around 10:45 UTC on 22 August 2020. According to data from TradingView, during the past five-day […]

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This article provides an update on the cryptoasset market, with a particular focus on the following digital assets: Bitcoin (BTC), Ethereum (ETH), Chainlink (LINK), ICON (ICX), and Band Protocol (BAND).

All market data used in this article was taken from CryptoCompare around 10:45 UTC on 22 August 2020.

According to data from TradingView, during the past five-day period, since 16:00 UTC on Monday (August 17), when the Bitcoin price reached an intraday high of $12,474, total crypto market cap has dropped around $29 billion.

The Crypto Fear & Greed Index, which is based on an analysis of “emotions and sentiments from different sources”, is currently telling us that we are in “Extreme Greed” category:

Latest Crypto Fear & Greed Index

Bitcoin (BTC)

Bitcoin (BTC) is trading around $11,591, down 1.42% in the past 24-hour period:

Popular dutch analyst/trader “Crypto Michaël” had this to say about Bitcoin’s latest price action:

Data from on-chain market intelligence startup Glassnode shows that the indicator “Supply Last Active 2y – 3y” reached a six-month low of 2,547,634.964 BTC at 11:15 UTC on August 22:

Ethereum (ETH)

Ethereum (ETH) is trading around $392, down 3.57% in the past 24-hour period:

On Friday (August 21), Anthony Sassano, who is the Product Marketing Manager at Set Labs, Co-Founder of ETH Hub, and the co-host of the “Into the Ether” podcast, offered the following insight about the use of Bitcoin for decentralized finance (DeFi):

On the same day, Scott Melker, a crypto analyst/trader at TexasWest Capital, sent out two tweets that suggested long-term he is still very bullish on Ethereum:

And crypto-focused behavior analytics startup Santiment pointed out that on August 21 Ethereum transaction fees (in $USD) dropped back to their mid-July levels:

Chainlink (LINK)

Chainlink (LINK) is trading around $14.77, down 1.99% in the past 24-hour period:

The Chainlink team announced a new partnership yesterday (August 21) with Ethereum-powered role playing game (RPG) ChainGuardians:

ICON (ICX)

ICON (ICX) is trading around $0.7119, up 18.73% in the past 24-hour period:

Band Protocol (BAND)

Band Protocol (BAND) is trading around $10.43, down 11.98% in the past 24-hour period:

Featured Image by “WorldSpectrum” via Pixabay.com

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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ASIC Cancels AFS License of Jels Financial Group, Selectinvest

Both the companies failed to submit audited financials for several years.

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The Australian Securities and Investments Commission (ASIC) announced on Friday the cancellation of the Australian financial services (AFS) license of two companies: Jels Financial Group Pty Ltd and Selectinvest Pty Ltd.

Jels was granted the AFS license in September 2014, while Selectinvest was holding it since December 2003.

According to the regulator, Jels failed to demonstrate that it had the competence or resources for providing financial services. Primarily, the company failed to appoint a “key person” required for the licensing, and its sole corporate authorized representative was also insolvent.

Furthermore, the Victorian financial services provider did not file its audited accounts for the financial year 2017-2019, which is mandatory according to the licensing rules.

In the case of Selectinvest, the regulator pointed out that the financial service provider failed to maintain its external dispute resolution membership with the Australian Financial Complaints Authority (AFCA). 

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Additionally, Selectinvest did not report its annual financial and audit report since 2019.

Despite the cancellation, the companies can now move to the Administrative Appeals Tribunal (AAT) with an appeal to review the ASIC’s decision.

A Vigilant Regulator

The Australian regulator is vigilant towards the companies offering financial services under its purview. Finance Magnates earlier reported that the ASIC suspended 40 licenses in a year, ending in June. However, it also granted 394 new AFS licenses in the same period.

In September, the ASIC cancelled the AFS license of forex brokerage Union Standard International Group Pty Ltd (USGFX) as it entered into liquidation.

“We have new powers to refuse a license application where we have been provided false or misleading information or there is an omission of a material matter in an application, report, or statement from an applicant,” ASIC Commissioner, Danielle Press said earlier.

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Coinbase CEO Fears Rumored Regulations Proposed By The Trump Administration

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Coinbase’s CEO Brian Armstrong has sent a letter to the US Treasury Secretary Steven Mnuchin regarding new rumored regulations on self-hosted cryptocurrency wallets. Armstrong believes that if implemented, the new legislation could harm users and, ultimately, the role of the US in the cryptocurrency financial field.

New Regulations On Self-Hosted Crypto Wallets?

The CEO of the largest US-based digital asset exchange took it to Twitter to outline the potential importance of these regulations if indeed implemented. The rumors indicate that the current Treasury Secretary Mnuchin plans to make them official before the end of his term.

Armstrong explained that self-hosted cryptocurrency wallets (also referred to as non-custodial or self-custody wallets) are “a type of software that lets individuals store and use their own cryptocurrency, instead of needing to rely on a third-party financial institution.”

They enable users to access basic financial services through this technology – “just like anyone can use a computer or smartphone to access the open market.”

Should the proposed regulations become official, they would require financial institutions, including Coinbase, to verify the recipient (owner) of the self-hosted wallet. Meaning, it would collect identifying information on that party before completing the transaction.

According to Armstrong, such requirements would lead to several potential issues because “it is often impractical to collect identifying information on a recipient in the crypto-economy.”

Some of those issues could affect users that send cryptocurrencies to various merchants online or to other people in emerging markets, where “it is difficult or impossible to collect meaningful know-your-customer information.”

Even simpler transactions like upvoting some content on Reddit or transferring an item in a game would also require the verification of the recipient, which makes the process prolonged and complicated.

The US Will Suffer The Most

Armstrong believes that the impact of these “barriers” would prompt US-based users to initiate fewer transactions. This would “effectively create a walled garden for crypto financial services in the US, cutting us from innovation happening in the rest of the world.”

US customers would turn to foreign cryptocurrency companies to access such services, which could put the country’s status as a financial hub at risk in the long-run.

“If this crypto regulation comes out, it would be a terrible legacy and have long-standing negative impacts for the US. In the early days of the internet, there were people who called for it to be regulated like to phone companies. Thank goodness they didn’t.” – added Armstrong.

He also asserted that Coinbase and other cryptocurrency companies have sent a letter to the Treasury last week to articulate these concerns. However, he hasn’t specified if the Treasury has responded in any way yet.

Featured Image Courtesy of Observer

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Source: https://cryptopotato.com/coinbase-ceo-fears-rumored-regulations-proposed-by-the-trump-administration/

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Bitcoin Expects to Fall by Another $3,000, Asserts Veteran Trader

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A flurry of historical Bitcoin fractals suggests that Bitcoin will continue its decline by another $3,000.

Veteran trader Peter Brandt made the bearish call in a tweet published Thursday, hours after Bitcoin fell by up to 16.31 percent from its local high of $19,500. He added that the cryptocurrency might extend its downside correction until it hits the lower $14,000 levels, citing similar bearish moves during the 2015-2017 bull run. Excerpts:

“During the 2015-2017 bull market in Bitcoin (BTC), there were 9 significant corrections with the following averages: 37% decline from high to low [followed by] 14 weeks from one [all-time high] to the next [one].”

Bitcoin Fractals

Bitcoin rallied by almost 100 percent six weeks in a row, hitting its yearly high at $19,500 just this Monday. Prospects of growing institutional investments, followed by a favorable macroeconomic outlook led by a depreciating US dollar and negative-yielding debt, allowed the cryptocurrency to grow as an alternative hedging asset.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin correction fractals in the 2015-17 bull run, as presented by Peter Brandt. Source: Trade Navigator

But the rally also made Bitcoin an overbought asset, as Bitcoinist covered earlier. That increased risks of a blowoff top, i.e., profit-taking by traders, which led its price lower by more than $3,000 in the first half of this week. Only Mr. Brandt thinks that the selling action is far from over, going by how Bitcoin behaves historically after exponential bull runs.

“A 37 percent correction from the local top would bring the Bitcoin price to as low as $14,235,” he noted. “Many traders who swore they would buy a big dip when [the] price was above $19,000 will actually become sellers under $15,000.”

Supportive Technicals

Mr. Brandt’s bearish target near $14,000 has two strong technical backers.

First, the level coincides with Bitcoin’s previous resistance areas. For instance, in January 2018, the cryptocurrency briefly tested $$14,253 as a price ceiling before turning lower for the rest of the year. In June 2019, BTC/USD’s bull move topped out at $13,868, also very near to Mr. Brandt’s downside target.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin 20-weekly exponential moving average. Source: BTCUSD on TradingView.com

Second, Bitcoin’s 20-weekly moving average (20-WMA) sits at $12,928, expecting to close above $13,500 should the price consolidates following the latest dip. That further brings BTC/USD within the range of Mr. Brandt’s bearish target near $14,000. Meanwhile, the 20-WMA also holds a record of maintaining Bitcoin’s bullish bias.

“A 20 weeks MA serves as support [level] in a bear market [and] as a resistance in a bull market,” said a pseudonymous analyst. “The price of Bitcoin returns to it over and over again. Maybe, “This-Time-It-Is^Different,” but I personally don’t think so, and I will wait for that MA test.”

In case the price flips bearish on the 50-WMA support, it would risk undergoing an extended downside correction towards the 50-WMA. It sits near $10,000.

Source: https://bitcoinist.com/bitcoin-expects-to-fall-by-another-3000-asserts-veteran-trader/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-expects-to-fall-by-another-3000-asserts-veteran-trader

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