Venazuela oil-backed national crypto and massively volatile Bitcoin funds coming!

Good day traders! A new week has rolled in and so have new events. Let's have a look around.

Are you caught up on the mess that Wavecrest created last week? To catch up with the news, check my recent post here. Basially Wavecrest, the issuer of Visa Prepaid bank cards, hadn't been following Visa guidelines and Visa terminated all prepaid cards issued by Wavecrest. The bloodbath affected users of Bitwala, Cryptopay, Wirex, Tenx and probably many others. Users are now scrambling to get information, when they might get hands on their funds again or when new card may be issued.

Bitwala is now out with a little more thorough statement, promising already a solution to this issue in the short term future!

Read their announcement here on bitwala.com

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New funds are planned by Direxion Asset Management LLC, a US based financial company. The funds would apparently take advantage of the "oh-so-volatile" moves of Bitcoin and doubling them. This will create a a tradable product with a massively heightened volatility and will probably be welcomed by the scalpers and the price action traders.

_{Via Reuters}

Catch up on the full article on Reuters

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Venezuelan president Nicolas Maduro has ordered the issuing of their own national oil-backed cryptocurrency, the Petro. The first batch features 100 million units of Petros, based on "national wealth". The whitepaper will be released on January 14th when the authorities in charge of the crypto meet for the first time. I'm not sure how this is going to turn out, with Venezuela not being the stablest of countries. And the opposition has already voiced their concernes this not being legal as Venezuelas oil reserver cannot be exploited or used as a backing mechanism.

_{Via bitcoin.com}

Original article via Bitcoin.com

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I've written about the before - Boozecoins. Get your free tokens before the company issuing them or the cryptocommunity decides to pump them to the high heavens.

Grab yours via Bryce Distillery

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Trades!

LTCUSD - we broke out of this bullish wedge and filled the inverted H&S to the brim and now are looking for direction. This is my favourite underdog for the beginning of 2018, looking for a new high in February. Let's see if we can get some traction off this trendline or are we in fr a bigger correction.

And finally WTI OIL, the chart we've been watching. This is the time to enter a short. Don't bet the farm, but i believe the next 4-5 dollar move is downwards.

Thanks for reading, let me know about your thoughts in the comments section.

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_{Title image from pixabay}

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