Monday Crypto news round-up
All the crypto related news from today – Monday the 20th August, as well as a short BTC analysis.
After kind of a boring weekend with not much news and sideways movement for most of the cryptocurrencies, we started the week with a lot of positivism. The following short round-up will emphasize the most important ones, we are clearly headed for very interesting next few days:
Coinbase one of the biggest crypto exchanges based in San Francisco have been officially granted with a patent protection for a secure Bitcoin payment system. The recognition from the US Patent and Trademark Office is not only a huge step in making cryptocurrencies mainstream, but it is one of the few times an official US agency recognized Bitcoin as a payment solution.
The head of the U.S. Customs and Border Protection’ department of business transformation and innovation, Vincent Annunziato claims that the CBP will officially start experimenting with blockchain technology in order to track imported goods. Initially, the blockchain technology is planned to track certificates from the North and South America trade agreements.
On Friday the Chinese e-commerce giant JD.com officially announced a new blockchain-as-a-service platform, specifically designed for businesses.
The technology can help companies streamline operational procedures such as tracking and tracing the movement of goods and charity donations, authenticity certification, property assessment, transaction settlements, digital copyrights, and enhance productivity.
The first company to embrace the new platform is China Pacific Insurance Company. Using the new application, the insurance company will move invoice data onto a distributed network at each step of their issuance cycle, making the process more transparent and swift.
And finally, BTC closed the week with a nice hammer candle, which is typically considered as a bullish reversal sign. In addition, BTC shorters gained confidence in anticipating the ProShares ETF application, which as previously reported is due for a decision on Wednesday 23rd of August. The general crypto community shares the opinion that the application will most likely be rejected. Thus the short positions increased to levels as high as the one we saw on April 2018, just before the short squeeze. Our team believes there might be another big short squeeze in the next few days. Breaking the 6500-6600 levels will liquidate a lot of positions, pushing the price around the upper 6k.
After Wednesday, our team thinks that we will see a rapid drop, following the SEC decision. For us, despite ProShares is offering one of the biggest variety of ETFs on the market and are considered a strong candidate in the eyes of the SEC and the general public, their application will be denied.
We share the general public’ opinion that money management firm VanEck, along with crypto startup SolidX will be the first approved ETF on the market. Their ETF product is completely different from every other offering currently in the application process because it will be physically backed with Bitcoins. They will actually buy and store a shit-load of BTC, which will be huge for the crypto market. We remind you that the deadline for the VanEck ETF is September 30th.
Here is a very important table, showing all the pending applications for Bitcoin ETFs.
In conclusion, the week started encouraging with a variety of positive news and hopes. There will be a massive and very interesting fight in the next couple of days. The brawl between bears and bulls will be settled after the SEC decision on Wednesday, which unfortunately we think will be negative. All in all, we will see another whale war unraveling before our eyes, let’s all hope we will survive it…
This is NOT a financial advice, just our opinion.
Sources: Google, CCN and my crypto family.