Market Wrap: Bitcoin bears take a breather, Steem finds a bid, Karpeles says not guilty and Segwit2x testnet split
Hey everyone, hope you're all still solvent and welcome to today's wrap of crypto market movements, industry and local news.
As usual, I'll kick things off with the latest in ...
Crypto Markets
Bitcoin bears seem to have taken a little break for the moment, but focus remains on the downside. BTCUSD traded as low as 2182 yesterday, but finished the day only slightly lower at 2283. Similar story today, currently 2288, up from a low of 2190. This is a welcome reprieve, but technical picture is still far from constructive:
Even the Ether bears have backed off a little: trend-line support from yesterday still holds surprisingly. Even so I wouldn't get too carried away - daily candles hinting at nothing more than a pause for the moment:
Steem sold off into the mid 30's as predicted yesterday, before finding a solid bid and finishing the day just shy of the 50 mark. That's a nice long wick and suggests significant buying interest above 00030. I'm looking for a bottom down here, but these things can take time and another test of the mid 30s seems likely. Real bargain down here if you see long term value:
We are trading at 1.58 AUD this afternoon, up from $1.40 when I last posted. Also faring a little better against the US dollar: currently fetching $1.20, up from $1.04 yesterday.
Steem Dollars are currently trading at $1.01 and I have liquidated my margin Bitcoin longs in order to play the floor. Yesterday's high was $1.33, so a quick 30% trade here if you can time it/place your orders right. I will attempt to rinse and repeat this trade until other markets start to look a little more constructive.
Crypto News
Segwit/soft forks/chain split for dummies - nice easy read from the Sydney Morning Herald today if you're still confused about what the hell is happening on August 1. In related (wonkier) news, there was a problem on the Segwit2x testnet yesterday, with the testnet splitting and creating two incompatible forks. Some say the code is not ready to go live, while others are saying the problem was caused by a lone joker and is nothing to worry about. Coindesk with that story.
Great piece from CNBC (did I just say that?) essentially telling everyone to keep calm and hodlor. The gist of it is that volatility is to be expected and nothing to worry about, with history showing that eventual gains dwarf any short term drawdowns. Well worth a look.
Following up on the Mt Gox story form the other day, Mark Karpeles has plead not guilty to charges of embezzlement and data manipulation. Will be very interesting to see how this one plays out. In related news, Indian police are preparing charges against the founder of the OneCoin ponzi scheme. 30 people have been charged already and looks like OneCoin founder Ruja Ignavota will be next.
Aussie News
In local news, the Commonwealth Bank of Australia has released a report confirming what most of us already know: life on the ground isn't getting any easier. Wage growth remains at record lows, house prices and debt levels continue to rise and though we've had the longest recession free streak in the world, growth per capita has been trending down for some time.
In other news, 16 employees of Crown Resort's have been released in China, including 1 Australian national. They had been detained since last year after being caught out recruiting Chinese high rollers for gambling adventures to Crown casinos. This is a pretty interesting story, Crown had these guys working off the books in China, working from their mobiles and own apartments. Gambling and the promotion of gambling are illegal on the Chinese mainland.
Finally, the ATO wants you to know that yes, they can hack your password protected devices, but they need to have the device in their possession and they only do this if they have good reason and a search warrant. What a relief. ABC with that one and the rest of those stories.
That's me for the day team, thanks for reading and will try to get this out a little earlier tomorrow. As I said earlier, hope you're all still solvent and always remember too ...
Team Aus footer by the amazing @bearone
Hmmm, I don't think anyone is that sure what is happening on August 1st. I could see it jumping 10% in either direction. If we continue on this correction we are in now, I would think the price is going to go up after august.
Yeah if it's anything like traditional markets, the standard thing is sell off prior to event risk, rally once it's out of the way (assuming an as expected / good result)
New Followers get 0.001 SBD$ and an upvote for free!!
Just follow @getvotes and...
Please don't spam all over my posts ...
There's a Steemit etiquette guide I think some fellas need to read... but another informative post, thanks.
Still not sure abouth Eth at the moment. I have a funny feeling the Tezos folks may be dumping a portion of the 300k Eth they've got (the last time I looked) in the next couple of days and I don't think they will be smart about the way they do it...
Yeah ay, I have no problem with topical linking to related posts, but jeez. I'm going to start Steemcleaning them with no warning I think.
See the ETH pa overnight? Looking pretty tempting with that engulf out of trend support ...
Yes, I found myself 'chart watching' it yesterday evening, but it's fallen back again today. Whether that's just profit taking or the 'ICO effect' I'm not sure, perhaps a bit of both.
All those ICOs cashing out their Eth make me a little twitchy, and we have Tezos joining in after today too.
The amount they have could have a huge impact on price...
Yeah you seem quite on top of all that - how much did Tezos raise? I'm not even aware of the project. There is so much to keep track of in this space, it's a bit bewildering at times!
They ended up raising ~$232 million at the end yesterday. Not all of that is in Eth as folks could contribute via BTC or ETH, but the split was something like 65,000 BTC and 360,000 ETH so huge in this space at the moment.
I believe EOS, with the funds from their ICO, will be more responsible with the way they cash it in. After all, they have a certain Dan Larimer involved who has a little experience in blockchain technnology. However, looking on the blockchain yesterday even they were cashing in lots of 10,000 ETH and more on Bittrex...
There are so many ICOs at the moment it becomes impossible to keep track. Some of them, unfortunately, are going to be scams as the space is unregulated and others just won't go anywhere. Some are going to be gems too, but sorting the wheat from the chaff is the trick I guess.
Personally, I put a little on EOS (which I like) and a little on Tezos (which, in my mind, is a punt at this point). Just going to let them ride and see where they go...
Hey Bull! You know your stuff... Mind sending me some signals for a few of these cryptos?
Sorry mate, don't do signals!
Ok man no worries. Keep me posted!
There's a signal site around somewhere that looks like it has potential, haven't tried my self, but will let you know when I do. Actually might make that a mission for today while I'm on the sidelines.
Thanks for sharing news from the crypto world. I love how strongly the Australian community is knit together. And I have got huge support as well despite not being an Australian. Can you guys let me sneak in somehow?
Hahaha not a problem. Yeah TeamAus is great, re: sneaking in we were taking 'ambassadors' at one point, but I'm not sure if that is still a thing. Do you not have your own team? Let me know if you make one and I will resteem for you :)
I have been thinking of making one. Let's see what happens. I have invited quite a few people from my community and trying to gather them at one platform.
Nice, that's the way mate. I'm now following you :)
Thanks @bulleth . Glad to follow you and looking forward to great updates.
Thanks @billets, we're also looking out for a focast engine that can predict up to a week ahead in crypto world.
No worries. I'm looking for one of those too, in fact I think a lot of people are, let me know if you find :P
Noted
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Please don't spam on my posts - I will be reporting spam replies to Steem Cleaners going forward.
OK, sorry for inconvenience. I am just hunting investor. Thanks for not reporting.
No worries.
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Nice work tnx for sharing
Thanks for reading!
HODL! I just recently wrote an article on BITCOIN. Please read and upvote!
https://steemit.com/bitcoin/@alt.life/red-wedding-bitcoin-is-over-already
Thanks for this one. I'm the dummy in question.
Charts don't really work after this Steemit image issue though. Hope it's fixed soon.
No worries bro. What's the Steemit image issue?
Ah there was something wrong with how images were being displayed last night when I made the comment. Fixed by the time I woke up so all good.
Ah okay true, yeah I was having some issues, though thought it was just my connection.