Bitcoin followed the Rogue path once again with a retracement or continuance in the uptrend as it certifies its recent hold on 6k support. As BTC now seeks the 6400 resistance mark, there are a few things to consider. BTC hasn’t quite given the best scenario for a pivot so far – and going into a new week, there isn’t the base that was quite expected. What exactly does this mean? Frankly, a 6k support that was more firm or at the least another 6400 resistance test by now would have been a better situation. The market, however, rarely ever conforms perfectly. So that leaves BTC with the next best option for reaching new heights: hoping that the recent pivot hold will continue even with the overall downtrend still intact and more than 1/2 of the previous leg up being taken back. Statistically, this will be a difficult feat.
The crypto bear market continues to take its toll on the dialogue and mindset of even those at the top. The sniping, shade, salt, and ‘subtweets’ of some of the most well-known leaders and brands in crypto are at all time levels. Seven months of sliding prices has just about everyone exhausted.
Just this past week several brands and crypto ambassadors felt the need to trash rivals or other projects just because the vibe within crypto will allow it. We’ve put together some of the ‘salt and shade’ that has occurred over the past couple weeks to show you exactly what we are seeing and feeling out there.
Reubin Yap, COO of ZCoin, took several shots at Monero based on his perception of their privacy claims: “The first kind of “cryptographic matter” was Monero which, in Reubin’s opinion, was “horrible to use”. Additionally, he says that Monero did not have a GIO [General Purpose Input/Output] for years and “they were proud of it”. The COO went so far as to say that every other coin takes a privacy protocol, clones it, tweaks it a little, and calls it as its own.”
Coinbase announced the evaluation and possible listing of several new cryptocurrencies in a release and subsequent tweet, and then all of crypto decided to mock them. Specifically, Krakken (a Coinbase competitor) posted a subtweet that was as salty as the Dead Sea:
And what about Ethereum’s Co-Founder, Vitalik Buterin, and his comments about ‘centralized exchanges’ just six days ago? Essentially taking shots at all of the exchanges that happen to matter at the moment. That wasn’t just salt or shade, he actually believes that they should all burn in hell! Tell us what you really think Vitalik!
There are ongoing feuds that rage constantly between cryptocurrencies like Verge and Tron. With Justing Sun even weighing in when they announced their partnership with Pornhub, yet didn’t have to cough up millions for it. Shade.
And we haven’t even touched the Bitcoin/Bitcoin Cash heat. Or the concept of Bitcoin Maximalism and the debate that is moving its way through crypto circles, with thought leaders all taking sides.
And all of it leads back to the severe decline in the market cap of cryptocurrencies. None of this mattered when the collective crypto value hovered beyond $600 billion. And watch it all go away when the ‘pamp’ resumes.
Bitcoin overnight (US CST) has continued to hold the 6k major support area as it seeks to create a higher low for the bulls. The only area of concern as far as Rogue* Wave pattern shows is that price has already taken back more than 1/2 of the previous leg up – giving way for a greater possibility of the overall downtrend to continue longer-term. Still, with a tight range and ultra-low volatility once again, BTC continues to give a reason for bulls to make short-term longs; there is opportunity currently at bay.
Just over a year ago traditional market pundits were calling for Jack Dorsey’s head. Analysts and financial media pundits had decided that he was unfit to lead two companies at the same time (Twitter and Square) and either needed to choose one or the other – or bow out of both. Twitter and Square had struggled to make meaningful progress as the market pushed forward.
But then Bitcoin and the crypto community stepped in.
Square’s Cash app, which added cryptocurrency functionality in January, has defied Bitcoin price trends ever since, growing its user base despite the overall Bitcoin market activity decreasing. Square’s crypto rollout saw major fanfare at the time, with users broadly welcoming the upgrade as something to celebrate.
Downloads of Square Cash year-on-year were up over 150 percent in June, Dolev notes, also focusing on the comparatively lackluster results of Square obtaining regulator permission to serve New York residents.
The year over year growth in both Square’s Cash App and Twitter (both have seen their stock prices nearly double) has effected a complete turnaround for Dorsey and his perceived abilities as a ‘dual-CEO’. Now, pundits applaud his abilities to scale and push each platform forward. And Dorsey often gives crypto a knowing nod when discussing the renewed fortunes of both companies.
Crypto Twitter is a real thing and has been a large part of the uptick in user growth for the social media platform. Dorsey has discussed the crypto dynamic on each of Twitter’s last three quarterly conference calls.
Bitcoin functionality has made the Square Cash App a favorite of crypto enthusiasts, even if the Cash App costs more to use than it’s counterparts, Venmo and PayPal. In fact, Venmo and PayPal user growth have stagnated over the last year as the Cash App has thrived.
The crypto dynamic isn’t just an interesting talking point anymore for both firms (Dorsey has endorsed Bitcoin as the future of money and a possible ‘one world currency’), but rather fast-growing profit segments as users both discuss the ups and downs of crypto and use it for daily purchases within the Cash App.
Dorsey deserves enormous kudos for using forward-thinking connected to crypto functionality within the Square ecosystem (again, Venmo and PayPal have yet to do so) and embracing the crypto Twitter phenomenon even as some have called for intervention in that space.
And the results are clear – Dorsey is a superstar.
Bitcoin has continued to trend down with the slowdown of the fallout apparent in the last twenty-four hours or so. As BTC broke bounds by snapping the 6400 support area, it also managed to maintain the longer-term major support area at 6k flat. This was also shown yesterday on the same daily scale as there was previously a pivot at around 6300. However, this hasn’t quite been the case on the daily close* level. The previous candle close on this scale was 6249, a mere 51 points away from the 6300 level. As close as this was, this shows a sign of BTC attempting to hold that pivot zone and thus far it maintains a close distance with current price trading at about 6259 – matched with ultra-low volatility for the day.
After Litecoin and TokenPay made their announcements earlier the Verge community began to speculate about the timing of their own debit card initiative. The Verge team even passively made mention of the incoming payment platform and seemed to bless its imminence.
The Verge team has never, ever been shy about potential partnerships. (**wink, wink**) So this particular post makes it clear that an announcement of an announcement could be in the offing. In fact, one could call the above tweet a pre-announcement of an announcement of sorts.
We did a little bit of digging with a couple of Verge sources and this much we can tell you. We don’t have a date, we don’t have confirmation of specific partners (other than the obvious TokenPay tie-in), and we don’t have secondary confirmation of the info that we did get from those sources.
But this is what we got: both sources believe that the Verge debit card will be rolled out before the end of September. That could mean tomorrow, late August, or all the way up to the last day in September. But both were adamant that by the end of September there would be a branded Verge debit card available to the masses and $XVG bag holders.
Both sources also classified the tweet today as a “strategic and cryptic tease for what is to come”, and know who approved the messaging within it.
As far as new partnership announcements to coincide with the debit card launch – we got silence in return. Take that however you want…either they don’t want to tell us, or nothing is planned.
TokenPay, as a Verge partner, will play a central role with any debit card product and handle all of the transaction volumes as well. They are a trusted vendor (the only?) in this space and continue to rack up partnerships of their own. The Verge team trusts them implicitly.
Bottom line – the Verge tweet is simply a harbinger of what insiders speculate is a September announcement of their own debit card; which will function much like the Litecoin product.
Ethereum experienced a lot of chop these past two days in trading and our call yesterday to short the bounce has not yielded the desired results/targets. We are still very much in chop territory so entering into any position before a break of upside or downside can be seen as extremely risky. The question now is was that all downside ETH had to give.
Bitcoin struggles once again as the fallout continues with today’s trading stopping out many. With BTC now trading at about 6185, there is no denying that the 6400 mark is not going to hold as support any time soon. The struggle of BTC to maintain that levels came and went, and now BTC’s primary objective is to hold 6k flat as support. This will also be quite difficult as BTC’s downward projected path has been laid out by Rogue* Calculation not only for weeks now but months ago. The 5800 target level was solidified as a long-term trend target. The long-term bottom trend line additionally stands at about 5500 is price continues beyond the 5800 mark.
Robinhood keeps expanding at a pace that even its biggest fans haven’t predicted. Not only has its valuation continued to skyrocket (currently stands at $5.6B), but their ‘cost free’ crypto trading platform is bringing in millions of new users, even as the bear market in cryptos rages.
And now this – Robinhood has announced even more crypto brands have been added for crypto enthusiasts to trade.
The company said in an announcement on Thursday that Litecoin and Bitcoin Cash have been added for Robinhood Crypto users following strong demand from customers for crypto assets beyond the current options of bitcoin and ethereum.
As part of the announcement, Robinhood also claimed it now has over 5 million users on the platform following the expansion of its crypto trading service to 17 U.S. states.
The company’s co-founder and co-CEO Baiju Bhatt previously said he expects Robinhood Crypto to be able to cover the entire U.S. by the end of 2018 as part of a plan to become one of the largest cryptocurrency platforms.
It all adds up to one of the biggest retail threats to Coinbase as the dominant crypto brand in the United States. Coinbase’s issues with customer complaints have been well documented here, and Robinhood continues to push into the space and steal market share.
We’ve heard rumors that Coinbase is pushing into the institutional space (GDAX/Coinbase Pro) because they are getting their teeth kicked in on the retail side of their business. In other words, Robinhood is crushing them and their margins.
Expect that to continue and for Robinhood to keep pressing the envelope in this space. We also expect them to further develop their lending platform and margin business. Frankly, the crypto space is tailormade for those two business lines.
Oh, and it doesn’t hurt that Robinhood is currently a media darling. While Coinbase manufactures public relations hits, Robinhood’s organic coverage is lapped up by the financial media. Will be very interesting to see where these two firms stand a year from now.
Ethereum has been trending down in the last 24 hours and I called for a short set up near 450 but as we can see, we still have not met that. I assumed we would touch our zone before H1 BULL DIV formed but looks like BULLS needed extra help. The wave 5 target was also not met as we did not reach 414 but all is well if you sat on your hands and did not enter.
Now we must find out what does ETH want to tell us today.