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Strengthening Dollar Crashes Everything

LAThe dollar has finally gained some value after months and months of down with it rising somewhat in its strength index. That has gone from a low of 92 to…

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The dollar has finally gained some value after months and months of down with it rising somewhat in its strength index.

That has gone from a low of 92 to finally turn around to 93.33, which is still far below the 103 before the lockdowns.

Strengthening dollar, Aug 2020
Strengthening dollar? Aug 2020

It does not sound like Fed plans to do much more now with it out of ammo some time ago except print baby print, while China has been devastated by severe floodings which have added to its economic problems.

Water levels at China’s giant Three Gorges Dam on the Yangtze river are inching closer to their maximum after torrential rains raised inflows to a record high, official data showed on Friday.

If this collapses, hundreds of millions would be flooded, including Wuhan itself.

Europe on the other hand is gaining some confidence of sorts, although the picture here is getting complex.

What is Europe’s interest, is currently the defining question for the continent as it clearly appears France has different ideas about it than others.

Sun king Erdogan has been playing at an almost Nakamoto level so far, with the rise of Turkey giving some urgency to that question.

We’ve always thought Europe’s interest is to keep Turkey very close as well as at the other end the little Britain empire.

All that optimism and paf paf seems to have given way to complete distraction in the United Kingdom.

Looking at it now one wouldn’t be faulted to think the country has become a little bit like Holland. Out of the stage, even as that Brexit business needs to be finalized.

And then there’s the poisoner, who lacking awareness seems to not understand he can barely provide for his own starving people that live on $200 a month, yet seems to want control of other peoples’ too.

Clever they say he is because he has been playing with donkeys, but one little lion showed up in Libya and we saw what happened.

And to complete the picture, what is Germany is the biggest question. Slick, astute, refined, Nakamotoish, or more a sclerotic civil service?

Their task is the hardest. Good thing then this is the land of Mozart and of the reformation.

The point of all of the above being to try and analyze how the dollar might move with it probably to strengthen against the Yuan, but what it does against the euro does greatly depend on who prevails in answering that question of what is Europe’s interest.

Lol, Linky, Aug 2020
Lol, Linky, Aug 2020

There’s only been a slight fall in crypto assets except for Chainlink which has shaved off another circa $1 billion.

The top ranking however is still bear age so while the dollar is probably affecting it as it changes from down to up, you’d think that effect would stabilize with cryptos eventually probably not caring anymore as they are uncorrelated assets.

Gold might care however, with its price dependent a lot more on market sentiment regarding economic growth or fall, while bitcoin has speculative elements as well so it can go up or down regardless of what the economy does.

Gold's price, August 2020
Gold’s price, August 2020

The American economy is expected to return to growth now with the situation seemingly stabilizing there as dems got their points about doom and gloom.

As you may have seen at DNC, only re re re came from them. While Trump supporters wave their flags in front of astronauts returning to earth, at DNC just emotional claptrap and the neocon Iraq guy, Mr Powell.

SpaceX starship, Aug 2020
SpaceX starship, Aug 2020

If we’re not mistaken it was the Trump administration that facilitated this partnership between NASA and SpaceX as well as other for profit companies which, unlike the ‘darkness’ DNC speaks of, is leading many to be quite optimistic.

There are tons of problems however in the American bureaucracy as we have seen first hand with SEC and more generally in the capturing of regulators by monopoly businesses.

There’s significant pressure on Trump to make that machine more agile, quicker, leaner, and overall more modern, with Cummings in UK doing his best to show how it could potentially be done.

While Dems seems to be more concerned with social matters which due to their nature are social, for the people to change the culture. Bring back break dancing for example.

Overall, judging the first term won’t be easy for the American people and this will probably be a close election, but in many ways both in America and in Europe substantial changes are coming more from the young.

The millennial generation in particular is gradually forcing competence by changing things in their own professions and positions to follow less dogma and to be more currently applicable.

More metaphorically the best way to put it is that the pen has or is returning and instead of just reading old books, it also wants to write its own.

That could and perhaps quickly significantly transform both America and Europe to be more modern, to look to the future more than the past, to advance more than regress, and where desirable even to throw out old books in favor of writing new ones which so update man.

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Bitcoin SV short-term Price Analysis: 27 November

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Disclaimer: The findings of the following article are the sole opinion of the writer and should not be taken as investment advice

As the value of Bitcoin faces hurdles in the market, many altcoins have also been falling on the charts. Bitcoin SV has been noting a strong devaluation and at press time, after a brief recovery effort, it was being traded at $166.16. Although the overall sentiment in the market appeared bearish, there could be a benefit in taking a long position in the short-term.

Bitcoin SV 1-hour chart

Source: BSV/USD on TradingView

The above one-hour chart of Bitcoin SV highlighted a downtrend within a descending channel. The asset was valued at $207 before it started trending lower and it sunk as low as $150. However, the price has managed to bounce back up, and currently looks like there could be a bigger recovery in the market and long positions could be realized.

Reasoning

The Relative Strength Index indicated that the sudden price drop had pushed the asset into the oversold zone. After dropping further in the oversold zone, there was finally a recovery set in motion and the coin has come out of the oversold zone.

As BSVmoves towards equilibrium, the price of the digital asset may also increase in the short-term. Since the resistance is marked at $169.89, and the support remained at $163, there could be a marginal increase in its value.

Positions

Entry for a Long position: $167.30
Take Profit: $172.513
Stop Loss: $163.41
Risk/Reward Ratio: 1.34

Conclusion

Even though bearishness prevails in the BSV market, there could be minimal recoveries noted to balance out the selling pressure in the market. The price of the asset may further consolidate in the short term given the immediate resistances and supports marked close at this level.

Source: https://eng.ambcrypto.com/bitcoin-sv-short-term-price-analysis-27-november

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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.

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

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