Time to regulate bitcoin says Treasury committee report

Time to regulate bitcoin, says Treasury committee report

Time to regulate bitcoin, says Treasury committee report


MPs in UK say ‘wild west’ cryptocurrency industry is leaving investors vulnerable


Bitcoin and other cryptocurrencies are “wild west” assets that expose investors to a litany of risks and are in urgent need of regulation, MPs on the Treasury select committee have said.


The committee said in a report that consumers were left unprotected from an unregulated industry that aided money laundering, while the government and regulators “bumble along” and fail to take action.


The Conservative MP Nicky Morgan, the chair of the committee, said the current situation was unsustainable.


“Bitcoin and other crypto-assets exist in the wild west industry of crypto-assets. This unregulated industry leaves investors facing numerous risks,” Morgan said. “Given the high price volatility, the hacking vulnerability of exchanges and the potential role in money laundering, the Treasury committee strongly believes that regulation should be introduced.”


Crypto-assets are not covered by the City regulator, the Financial Conduct Authority (FCA), and there are no formal mechanisms for consumer redress or investor compensation.


The committee argues in the report that at a minimum, regulation should be introduced to add consumer protection and counter money laundering.


It said that as things stood, the price of crypto-assets was so volatile that while potential gains were large, so too were potential losses. “Accordingly, investors should be prepared to lose all their money,” the committee said.


The FCA said: “The FCA agrees with the committee’s conclusion that bitcoin and similar crypto-assets are ill-suited to retail investors, and as we have warned in the past, investors in this type of crypto-asset should be prepared to lose all their money.”


A Treasury spokesman said: “We set up the joint Cryptoassets Taskforce earlier this year because we want to better understand the potential risks and benefits of crypto-assets to people, businesses, and the economy.”


In 2017, the price of a bitcoin soared by more than 900%, hitting a peak of almost $20,000 in December. Its popularity has since waned, with one bitcoin now priced at around $6,270.



Bitcoin: is it a bubble waiting to burst or a good investment?

Read more

The digital currency emerged after the financial crisis. It allows people to bypass banks and usual payment processes to pay for goods and services.


Last year Jamie Dimon, the chief executive of JP Morgan, said bitcoin was a fraud and only fit for use by drug dealers, murderers and people living in places such as North Korea. He said: “The currency isn’t going to work. You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart.”


Originally printed in the Guardian.

Alan Zibluk Markethive Founding Member

Bitcoin BTC Price Watch – Bearish Wedge Breakout

Bitcoin (BTC) Price Watch - Bearish Wedge Breakout

Bitcoin (BTC) Price Watch – Bearish Wedge Breakout

Bitcoin Price Key Highlights

  • Bitcoin price recently broke below a rising wedge pattern to signal that further losses are in the cards.

  • Price might still pull back to the broken support area, which lines up with Fib levels, to gather more selling pressure.

  • Technical indicators are showing that there is still some bullish momentum left.

Bitcoin price made a downside break from its rising wedge pattern but might be due for a pullback before heading further down.

Technical Indicators Signals


The 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is still to the upside. In other words, there still might be a chance for the uptrend to resume.

However, the gap between the two is narrowing to reflect weaker bullish momentum and a possible downward crossover. Bitcoin price has also tumbled below both moving averages, so these might hold as dynamic resistance moving forward.

RSI is turning higher after recently dipping into oversold territory, suggesting a possible return in bullish pressure. Stochastic also looks ready to climb out of the oversold region and bitcoin price could follow suit once it heads north.

However, price could hit roadblocks at the Fib levels marked on the breakdown. The 61.8% Fib lines up with the broken wedge support around $6,430 and the 50% Fib lines up with the 200 SMA dynamic inflection point. If any of these levels keep gains in check, bitcoin price could resume the slide to the swing low or lower.

Risk aversion has returned to broader financial markets on account of the fresh set of tariffs imposed by the US on China. These tariffs, which are due to take effect on September 24, levy 10% of duties on $200 billion worth of Chinese goods and the rate would increase to 25% by the end of the year.


With that, it’s understandable that traders are dumping their riskier holdings and flocking back to the safe-havens. Cryptocurrencies have been deep in the red once more, with declines led by ethereum.

SARAH JENN | SEPTEMBER 18, 2018 | 3:52 AM

Alan Zibluk Markethive Founding Member




Bitcoin bull and highly cited cryptocurrency proponent Mike Novogratz called “bottom” this week on Twitter. On Friday, Bitcoin’s market performance and key market reversal indicated a possible turning point. What will Monday bring? Is the market still too bearish?



According to a Friday report from Bloomberg, a key market sign — the Williams %R Indicator — is showing the market for Bitcoin (BTC) $6517.38 -0.04% has “oversold.”

This may portend that the great Bitcoin selloff is finally over. The Williams %R Indicator moves between a level of 0 and -100, showing an overbought or oversold market.

According to Bloomberg’s chart below, that measure is sitting at -83. This equates to an oversold market. The last time this level was reached Bitcoin price subsequently rose 22%, says Bloomberg.


On September 13, 2018, Mike Novogratz referred to the Bloomberg Galaxy Crypto Index Chart, asserted a low, and likened market performance to “the point of acceleration that led to the massive rally/bubble.” He finished his tweet with the hashtag #callingabottom.


On the day of Novogratz’ tweet, Bitcoin’s value began at $6337.46 before rising to $6589.32. Over the weekend the price has fallen back, but not too far —$6495.18at the time of writing. Monday and next week’s trading will likely prove or disprove Novogratz and Bloomberg’s theories.

As per Bitcoinist’s analysis today, we could be looking at a slow and steady recovery towards $7000 or it could be an “oversold” bounce. We predict Bitcoin is “well situated” for short-term gains, but could still be victim to a bearish market.

Novogratz isn’t the only confident bull. Tim Draper, speaking at a DealStreetAsia summit in Singapore last week predicted the total market capitalization for cryptocurrencies will reach a whopping $80 trillion by 2023. As of today, Bitcoin is still dominating the cryptocurrency markets, with 55% of the total market capitalization invested in Bitcoin alone.

Bullish or Bearish? Where are your sentiments today? What do you think next week will bring?


MELANIE KRAMER | SEP 17, 2018 | 00:00

Alan Zibluk Markethive Founding Member

4 Bitcoin Bull Markets: Big Lessons to Learn

4 Bitcoin Bull Markets: Big Lessons to Learn

4 Bitcoin Bull Markets: Big Lessons to Learn

Wall Street’s so-called “experts” are creatures of habit. They behave in patterns that are as predictable as the tides.

When a market soars into bubble-land, they pour out of the woodwork to cheer the “powerful fundamental forces” that are driving prices higher.

When the bubble inevitably bursts, they scramble to predict its demise.

And precisely when a brand-new bull market is in the making, they pronounce its last rites.

Rarely is this pattern as clear as in cryptocurrencies, a much-maligned asset to begin with.

Just today, I found two strident Bitcoin eulogies. One refers to the “mother of all bubbles.” The other says that there’s no future in crypto.

Neither mentions that both the market and the market analysts are subject to the same cyclical pattern that repeats itself regularly:

Bitcoin enjoys a massive bull market, culminating in a frenzied parabolic surge of speculation — the period we call “the climax.”

It comes crashing down as speculators beat a panicky retreat.

It consolidates for months, creating a dead zone of sideways action or further decline, from which only the diehard survive.

And it launches a new bull market, repeating the cycle — again culminating in a blast-off climax.

But here’s the key:

In Cryptocurrencies, Each New Cycle Peak Is Dramatically Higher Than the Previous One.

The story begins in September 2010, just eight years ago, when Bitcoin was trading at close to 6 cents. Today, this same asset is trading at around $7,000 per token, a return of over 11 million percent.

No, the path from a half-dozen cents to thousands of dollars isn’t easy. Nor is it a straight line. But that’s the whole point: It happens in a cyclical pattern and that cycle is ultimately predictable.


Bull cycle #1. September 2010 to June 2011.

Bitcoin begins the cycle with a powerful but non-parabolic rise — from 6 cents to 80 cents by April 2011. Until this point, the rise is driven mostly by Bitcoin users and long-term investors who understand the technology and share the vision of its founder.

Then, suddenly, average investors begin to pile in. But the market is still minuscule, extremely illiquid and unable to accommodate crowds. So prices go ballistic: Bitcoin literally blasts off to the stratosphere, surging from 80 cents to a high of $36. (See blue-highlighted area of chart.)

The crash follows immediately thereafter, as Bitcoin plunges by 93%! Much like today, naysayers re-emerge — ranting about the “a failed experiment,” raving about “the death of Bitcoin.”

But it never trades below $2. So …

Even at the ultimate bottom of the crash, investors who bought at the beginning of the bull market cycle sit on gains of 38 times their original investment.


Bull cycle #2. October 2011 to April 2013.

Like in the prior bull cycle, Bitcoin enjoys a very solid run from its $2 low to about the $10 level, up fivefold.

Long-term buy-and-hold investors (nicknamed the “HODLers”), who bought early in the prior cycle, are delighted. But anyone who joined the prior cycle during the frantic run-up to $35 is still frustrated.

The frenzy returns in early January. The king of cryptos breaks out above $13 and starts accelerating to the upside once again, exploding to a nosebleed bubble high of $260 in April 2013.

Total rise from bottom to peak: about 13,000%! But again, the overwhelming bulk of the move is jammed into just two short months, from February 2013 to April 2013.

The bust strikes with even-greater fury. In less than a week, Bitcoin is back down to $50 by April 15 — an instant 80% crash!

And as usual, the “Bitcoin-is-dead” crowd dominates the headlines.

But as in the prior bull run …

Even at rock bottom, anyone who bought near the beginning of this cycle is sitting on an asset worth five times their original investment.


Bull cycle #3. April 2013 to December 2013.

As before, the recovery from the April low of $50 is initially slow, reaching the $100 level by Oct. 1, 2013.

And as before, it’s the last two months that deliver the giant price explosion — to $1,160 by December, a surge of 1,160%.

Irrational exuberance infects not only average investors, but also the media, which sings the praises of crypto … until, that is, the next bust strikes, ushering in Bitcoin’s longest bull market to date:

From its $1,160 high made in December 2013, Bitcoin plunges to a low of $150 by January 2015, an 87% decline.

The bear market is so long and so deep, Bitcoin evangelist Andreas Antonopoulos says he’s worried about the future of crypto.

But as before …

Even at the bottom, investors who bought at the beginning of the cycle still have tripled their original investment.

Moreover, this point is also the beginning of the greatest Bitcoin bull market of all time …


Bull cycle #4. January 2015 to December 2017.

It takes Bitcoin a couple of years to recover from its great bear market of 2014.


Then, the big action begins in 2017, as Bitcoin launches a solid move from roughly $1,000 in January to about $5,000 in October.

As in the three previous cycles, however, it’s not until the last two months of the bull run that the public jumps in with both feet. Prices rise like a rocket. Bitcoin surges to its high of nearly $20,000 by December.

And of course, the crash inevitably followed — taking Bitcoin down to $5,800 on Feb. 6, 2018, a 70% decline.

Many analysts, not personally familiar with the prior bull cycles, argue as if this is somehow “a new phenomenon.”

But as you’ve clearly seen, it’s anything but

It’s déjà vu. And for the third time!

The Next Bull Cycle is Still in the Making

If history is any guide …

• The first few months of the next bull cycle could be slow and choppy. Don’t expect prices to explode suddenly. But this will be the ideal time to invest.

• The core of the bull market will be solid but not parabolic. A good time to add steadily to your holdings.

• It’s not until the final blow-off phase that you will see Bitcoin make new all-time highs and rise parabolically. Time to take most of your money off the table in phases.

• The next crash is bound to wipe out at least half of the gains. But as before, early investors will still come out ahead. Even those who just HODL should be sitting on some fat profits.


3 Major Changes in the Bitcoin Bull Cycles

Some analysts may think the ups and downs in Bitcoin are just an endless merry-go-round. But the fact is, with each bull cycle, the cryptocurrency markets are also evolving and making progress toward a more mature phase, ushering in three major changes.

Change #1. Bitcoin is no longer alone.

With each cycle, especially the most recent one, a wide variety of new cryptocurrencies have been introduced — several with far more advanced technology and use-cases. We’ve seen the introduction of Ethereum and smart contracts … the emergence of Ripple, Stellar, NEO, EOS and Cardano … and soon, Hedera Hashgraph.

Change #2. Trading volume and liquidity have improved.

Consequently, the climactic phase (the last two months) of the bull cycle is becoming relatively less extreme.

• In the climax of the first bull cycle (ending June 2011), Bitcoin shot up 4,500%.

• In the climax of second bull market cycle (ending April 2013), the rise was 1,300%.

• In the climax of the third cycle (ending December 2013), prices increased 1,160%.

• And in the climax of the fourth cycle (through December 2017), Bitcoin surged by 400%.

Change #3. Adoption and infrastructure have steadily grown.

Before 2010, all trading was over the counter. In 2013, only one exchange existed. And in 2014, the biggest exchange, Mt. Gox, failed. But the consequence was the birth of dozens of new, more secure exchanges. And today, there are 206 operating exchanges, according to CoinMarketCap.com.

Stepping back from the trees, it’s clear that the best days of cryptocurrencies are yet to come.

From a fundamental standpoint, engagement in cryptocurrencies has never been greater. The infrastructure and underlying technology are in the best state that they’ve ever been. In the long term, there’s only one way to go from here: onward and upward.

By Juan M. Villaverde

September 16, 2018

Juan Villaverde is an econometrician and mathematician devoted to the analysis of cryptocurrencies since 2012. He leads the Weiss Ratings team of analysts and computer programmers who created Weiss cryptocurrency ratings.


Alan Zibluk Markethive Founding Member

Bitcoin will reach 8500 by end of year says Trefis predicts ETF approval will cause bull run

Bitcoin will reach $8500 by end of year, says Trefis; predicts ETF approval will cause bull run

Bitcoin will reach $8500 by end of year, says Trefis; predicts ETF approval will cause bull run

Trefis Team, a firm offering software that predicts market movements, recently offered their opinion on the price of Bitcoin [BTC]. While the cryptocurrency market has been seeing bullish news lately, the price continues to exhibit sluggish movement.

Bitcoin, the top cryptocurrency, is currently trading at the $6500 mark after a series of sharp drops last week. Goldman Sachs stated that they would delay the plans of its cryptocurrency trading desk, leading to a widespread selloff due to FUD.

However, Trefis claims to have predicted the price of Bitcoin by the end of 2018, putting it around $8500 around the timeframe. Their predictions are based on the overall transaction volume for Bitcoin and the total number of users on the blockchain. Moreover, their predictions, when backtested, are reportedly 94% accurate as stated on their website.

They utilize the principles of supply and demand to fundamentally determine the price of Bitcoin. The cryptocurrency, with its capped supply and deflationary system of bringing new coins into existence, has a supply system that would help the case of its price rising. The two variables that Trefis has considered to calculate the demand is the number of active users and the amount they transact.

According to these calculations, they expect the price of Bitcoin to undergo a 30% increase over the year, quoting reasons such as the general sentiment dictated by the news. This, according to them, was the reason for the price to go up to $20,000 late last year. They also stated that the price has moved in tandem with news, with dips being observed when exchanges were hacked and when the United States Securities and Exchanges Commission [SEC] denied applications for an exchange-traded fund [ETF].

According to Trefis, the creation and general lobbying of the Blockchain Association will also create a more positive view for regulators. They stated that the approval of the ETF by the SEC is one of the biggest catalysts for the growth of Bitcoin. It represents a “huge potential upside” to the price of Bitcoin.

Iarius Germund, a market analyst, stated:

“While the market still responds sluggishly to a lot of the news coming out right now, the base is gradually being built. At the same time last year, the cryptocurrency market did not have many of the things it required for mainstream adoption as an asset class. We have made considerable progress on that end, but the price is only likely to move when actual changes occur in the market with respect to adoption.”


Anirudh VK

Published 29 mins ago on September 15, 2018

Alan Zibluk Markethive Founding Member

BitPay Executive Maintains Bullish Stance on Bitcoin

BitPay Executive Maintains Bullish Stance on Bitcoin

BitPay Executive Maintains Bullish Stance on Bitcoin

Amid a multi-month downtrend, the price of altcoins and Bitcoin have fallen to yearly lows, pushing market sentiment to near bottom. While price action wanes, BitPay’s Chief Commercial Officer Sonny Singh maintains an optimistic outlook on Bitcoin.

Bitcoin Gaining Institutional Traction

Following the drastic Bitcoin price drop last week, Singh appeared on Bloomberg to discuss the state of the cryptocurrency market and the future of the industry.

Founded in 2011, BitPay offers Bitcoin and Bitcoin Cash payments processing and storage services for merchants around the world.

With institutional solutions to cryptocurrency investing on the rise, Singh believes the market is too eager for certain catalysts to arrive:

“Right now, you’re just seeing rumors that somebody might do something–someone might launch a trading desk; someone might not be launching a trading desk. But I think next year, you’re going to see the big entrance become real; where you see Goldman does launch a trading desk; fidelity does launch a Bitcoin product; Square offers Bitcoin processing for merchants; Blackrock launches an ETF. So all that will then become real and you’ll see some adoption, actually, and you’ll see the price start bouncing back up again.”

Wall Street firms continue to explore digital asset investment products and services, but few have confirmed their plans to follow through. Currently, there are no major investment banks that offer direct cryptocurrency trading services to clients.

Earlier this month, Goldman Sachs CFO Martin Chavez confirmed that the firm never had a defined timeline to launch a Bitcoin trading desk, which had been largely anticipated earlier in the summer.

On Aug. 22, the U.S. Securities and Exchange Commission (SEC) rejected nine Bitcoin ETF applications by ProShares, Direxion and GraniteShares.

The SEC cited failure to prevent manipulation and fraud as well as failure to prove Bitcoin markets are “markets of significant size” as reasons for rejection. This was similar to the reasoning provided by the SEC when it issued a denial of the Winklevoss ETF.

While investment products may still be farther off on the horizon, it’s apparent that the development of blockchain technologies and adoption is still growing. With increasing Bitcoin payments volume on BitPay, Singh gave a bullish stance on the largest cryptocurrency’s future growth:

“Bitcoin will rebound next year when all these products become mainstream adopted. And we’re seeing no slow down at all at BitPay. Our merchants are seeing great growth still every week. They’re signing up more and more all the time. We’re hiring more salespeople.”

Maintaining an optimistic outlook on Bitcoin, Singh did not share the same sentiment for the falling altcoin market, stating:

“It’s still full speed ahead in the Bitcoin space. I can’t guarantee what’s going to happen in the altcoin world. There’s a lot of dodgy ones that are out there that are still overvalued. They can go a lot further down. Who knows what’s going to happen to them. But Bitcoin, again, is the leader in this space.”

The overall cryptocurrency market continues to show a general downward trend. While institutional solutions and emerging regulations continue to develop, it’s unclear which way the market will move.

Traders are reminded to remain cautious and invest only what they can afford to lose.


Jonathan Kim

Alan Zibluk Markethive Founding Member

Cryptocurrencies Pick Up – Bitcoin Emerges As Safe Haven

Cryptocurrencies Pick Up -  Bitcoin Emerges As Safe Haven

Cryptocurrencies Pick Up – Bitcoin Emerges As Safe Haven

Investing.com – Bitcoin and other major cryptocurrencies steadied on Thursday morning in Asia after days of plummeting.

Bitcoin rose 2.08% to $6,394.7 at 10:30AM ET (02:30 GMT) on the Bitifinex exchange.

Ethereum climbed 4.29% to $188.72 on the Bitifinex exchange.

XRP/USD also edged up 4.9% to $0.27088 on the Poloniex exchange, while Litecoin rose 3.83% to $52.866 on the Bitifinex exchange.

Despite the volatility of recent weeks, Bitcoin’s value has risen 0.1% over the past 30 days, making it something of a safe haven among digital currencies. Ethereum, on the other hand, has slumped about 45% over the past 30 days.

“In this case, Bitcoin is acting like more of a safe haven for cryptocurrencies – it’s kind of consolidating,” said Mati Greenspan, senior market analyst at cryptocurrency brokerage eToro.


Market Intelligence platform CoinFi’s data revealed that short-sellers are putting pressure on markets as bets against Ethereum is at all-time high.

“Retail investors were completely euphoric a few months ago. Now, that emotion has flipped and they’re panicking. Shorts are going to ride that wave,” said CoinFi CEO Timothy Tam.

Chinese Wuhan General Group (China) Inc. is seeking to acquire a former U.S. Department of Defense data center to transform it into a digital currency mine and house 1,200 mining machines there.

“We had planned to build this operation three months ago, but with the bearish cryptocurrency market, we took a step back to reassess our strategy,” said Wuhan Group’s CEO Ramy Kamaneh.


On Tuesday, U.S. securities regulator announced tighter measures on companies involved with cryptocurrencies.

On Monday, Mexico also took steps to required crypto exchanges and banks offering crypto services in the country to obtain a permit from the Bank of Mexico. Users will also not be allowed to access cryptocurrencies on the same day their accounts are created, under new rules.


Assets acquired by crypto beneficiaries need to undergo additional validation checks to prevent money laundering and illicit activities.


Alan Zibluk Markethive Founding Member

Bitcoin rises above 6300 as NY approves dollar-linked digital currencies

Bitcoin rises above $6,300 as NY approves dollar-linked digital currencies

Bitcoin rises above $6,300 as NY approves dollar-linked digital currencies

Bitcoin briefly climbed above $6,300 on Monday after New York state’s Department of Financial Services approved the Gemini Trust Company’s and Paxos Trust Company’s dollar-linked digital currencies, the first stable coins to get the nod from the regulator.

At 9:24am (1324 GMT), the world’s biggest and best known virtual currency was up 0.58% at $6,268.50 on the Luxembourg-based Bitstamp exchange.

Alan Zibluk Markethive Founding Member

Bitcoin BTC Price Watch – Tight Battle Between Bulls and Bears

Bitcoin (BTC) Price Watch - Tight Battle Between Bulls and Bears

Bitcoin (BTC) Price Watch – Tight Battle Between Bulls and Bears


Bitcoin Price Key Highlights

  • Bitcoin price is currently consolidating in a short-term symmetrical triangle visible on the 1-hour chart.

  • The breakout could set the longer-term direction for bitcoin as it nears a key support area.

  • Technical indicators are suggesting that a downside move is more likely to happen than an upside break.

Bitcoin is consolidating inside a symmetrical triangle, which might be a bearish continuation pattern from the earlier drop.


Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, the selloff is more likely to resume than to reverse. The 100 SMA also lines up with the top of the triangle to add to its strength as resistance also.

The gap between the moving averages has been widening to reflect stronger bearish pressure. A break below the $6,250 level could be enough to signal a bearish break and further losses, possibly by the same height as the mast of the flag that spans $7,400 to around $6,200.

RSI is already turning lower after spending a brief period in overbought levels, indicating that bears are eager to return. Stochastic is also pointing back down and may draw more selling pressure.

Market Factors

Bitcoin was off to a terrible start for the week on reports that the SEC decided to suspend trading in a couple of crypto-based securities. This weighed on odds that the regulator could approve the bitcoin ETF applications anytime soon as they could site similar reasons on their ruling.

However, it’s worth noting that there were some positive updates so far this week, including the NYDFS backing of the Winklevoss twins’ fiat-based stablecoin. There have also been developments in Canada as a bitcoin fund achieved mutual fund trust status, allowing unit holders to put units in a self-directed registered account such as an RRSP or TFSA.


SARAH JENN | SEPTEMBER 11, 2018 | 4:54 AM

Alan Zibluk Markethive Founding Member

BTCUSD consolidates the weekend losses despite Citigroup plans to tap cryptocurrency trading

Bitcoin price analysis - BTC/USD consolidates the weekend losses despite Citigroup plans to tap cryptocurrency trading

Bitcoin price analysis – BTC/USD consolidates the weekend losses despite Citigroup plans to tap cryptocurrency trading

  • Bitcoin has gained 2% since his time yesterday, but the upside is limited.

  • Citigroup has reportedly invented legal way to trade cryptocurrencies.

BTC/USD is changing hands at $6,301 with 2% gains on a daily basis. The coin has partially recovered from the weekends' slump, however, the upside momentum is weak despite some positive news about Citigroup taking cryptos closer to institutional investors.

Citigroup solves the puzzle

Citigroup has developed a new way to get exposure to cryptocurrency market without actually owning the assets, according to Business Insider. The new structure is called Digital Asset Receipt or DAR and it would place digital assets within the regulatory framework, allowing institutions, hedge funds and other big investors to tap this profitable market in a less risky way.

The instrument will work like an American Depository Receipt or ADR, which allows US investors owning foreign stocks that are not traded on US exchanges.

"In this case, the cryptocurrency is held by a custodian and the DAR is issued by Citigroup, the people said. The bank will alert the Depository Trust & Clearing Corp, a Wall Street middleman that provides clearing and settlement services, once it's issued the receipt," a person with knowledge of the plans explained to Business Insider.

Bitcoin's technical picture

On the intra-day basis, BTC/USD is capped by SMA50 (1-hour) at $6,316, followed by SMA100 (1-hour) at $6,373. Once these areas are cleared, the recovery may be extended towards $6,400, though the ultimate bulls' goal is created by 23.6% Fibo retracement at $6,800, strengthened by SMA200 (1-hour).

On the downside, the nearest support comes at $6,116 (September 8 low), followed by critical $6,000.

BTC/USD, 1-hour chart

Tanya Abrosimova


Alan Zibluk Markethive Founding Member