Market Update Feb 12-18: Crypto’s Gain Momentum

International News

Another week in the cryposphere and there’s plenty to catch you up on!  Let’s take a spin around the globe, starting in Germany, a newly crypto-aware country according to a recent poll.  Officials in the German government state that 64% of it’s citizens now know about Bitcoin.  Hard to say if they getting our positive, fact-based messaging but it’s a start right?  Crossing the border into Poland certainly won’t expose you to unbiased crypto news as the Central Bank of Poland admitted they paid a popular Polish Youtube figure $30,000 to speak negatively on cryptocurrencies earlier this year.  We’ve said it over and over, governments won’t allow cryptocurrencies to go mainstream until they’ve figured out how to profit from it. This brings us to the final two countries on our trip: China and Venezuela.  China, well-known as an anti-crypto state, is starting to show signs of life as more and more Chinese tech companies jockey for a piece of the blockchain pie.  Most recently, Lenovo, the Chinese electronics power, has been linked to an advanced “Blockchain Security” patent.  It’s only a matter of time until China flips the pro-crypto switch and when they do, watch out!   Venezuela on the other hand has already flipped that switch with their announcement and pending launch of the petroleum backed “Petro” coin that will serve as the first attempt of a government sanctioned cryptocurrency.  It remains to be seen if a government backed cryptocurrency will prove successful, but it’s better than the full frontal negative media assault the rest of the world is currently financing.

US News

Now to the homefront… This past week marks the second week in a row of spirited debated amongst US officials. At an official event on Wednesday, the CFTC (Futures Trading Commission) outlined it’s aggressive new bounty program targeted at Pump-and-Dump schemes plaguing the crypto markets.  Some virtual currencies are easily manipulated by groups of investors who pool together assets which causes unnatural volatility.  If you provide the CFTC with a tip that results in $1 Million in recaptured assets you will be entitled to a finders fee of up to 30%!

In Washington, White House official Rob Joyce told CNBC reporters on Feb. 16th that crypto regulation was “not yet close”.  But Congress must have missed that memo as several Senators, Republican and Democrat alike, called for a unified front to spearhead consumer protections on virtual currencies. Republican Senator Bill Huizenga stated the SEC (Securities and Exchange Commission) should lead the charge while others believe a new task force should be constructed.  Still, Dem. Senator Chris Van Hollen said it best when speaking on the future of US regulations,

“The goal here is to have rules of the road that protect consumers without trying to squash innovation.”


Price Analysis

Bitcoin aims to break through the ever important $12,000-$12,500 levels this week, up almost 100% from early February lows.  The total cryptocurrency market cap surged back over $500 Billion as momentum begins to build worldwide.  Litecoin led the charge with a massive breakout from it’s extended three month downtrend, as detailed in our crypto trade review from Friday.

Looking Ahead

As the markets continue to gain back strength we expect to see a resurfacing of negative media to curb extended rallies.  We’ve already spotted articles on Tether’s impending insolvency and deficiencies in regards to their KYC, Know Your Customer, Protocols (or lack thereof).  If their KYC protocols aren’t improved, expect to see more hit piece articles mentioning this.

We are excited for this week’s upcoming Initial Coin Offering or “ICO” of the long awaited Polyswarm, a decentralized marketplace for cybersecurity services!  Public Token sale launches on Tuesday Feb 20th and we will be covering this in great detail on Wednesday’s edition of Alt Coin news.

We’re also proud to announce we are now a Registered Publisher on the BAT/Brave platform!  BAT, Basic Attention Token, is an advertising focused cryptocurrency, developed by Brendan Eich (Creator of Javascript), to connect viewers directly with content creators.  In an effort to cut out the $600 million in revenue that middle-men siphon in connecting these two groups over traditional networks, BAT has built an ultra-fast, ad-blocking browser dubbed “Brave”.  By downloading Brave you will be supporting our mission and helping further the future of decentralized advertising!  Click the link below to download your own Brave browser and read this article!