Bitcoin New Year 2019
"Bitcoin is dead."
This is the ever-present cry of FUD spreaders far and wide as the prices have dipped during the winter holidays, on top of having recently passed the $20,000 price anniversary. The landscape has transformed significantly since then, but its certainly not a time to throw in the towel on crypto.
If you've been around CTTV this past fall and winter, you are likely aware these recent movements on Bitcoin/USD pairs may have actually given us some of the best long-term long positions going into 2019. One of CTTV's most bearish traders, BlankSpace, actually purchased some fresh Bitcoin with real money after we found support around the $3200 zone - an extremely rare occurrence. There are still several scenarios that could play out from here as shown in MuleSkinner's last BTC Update, but there are a number of things going on that could be considered potentially good news for crypto in 2019.
There appears to be three ETFs (Exchange-Traded Funds) coming up to keep an eye on, pending proper SEC & CFTC approval of course:
- ICE's Bakkt Launch Update: Anticipated for January 24th 2019. They have also completed their first funding round, raising $182.5 Million from 12 investors to further improve development of the platform. The key thing to note about Bakkt is that their product would actually be settled in Bitcoin, unlike the current CBOE and CME products. This is currently the most promising upcoming ETF project, unless it gets delayed again.
- VanEck SolidX BTC ETF Official SEC Documentation shows that they are being delayed an approval yet again but it should finally be forced to occur on or before February 27th 2019. Digital Asset Strategist/Director at VanEck/MVIS, Gabor Gurbacs, says this was expected and still expects a positive outcome.
- Nasdaq is supposedly still pushing ahead with getting their ETF off the ground, as detailed in this Bloomberg article, but it isn't something that Nasdaq officials are currently commenting on. The current expectation for an official Nasdaq ETF seems to be the first quarter of 2019.
Other news-worthy items that can be considered positive for mass adoption of crypto:
- Brian Armstrong CEO of Coinbase has begun his foray into philanthropy and has created GiveCrypto.org to help those in poverty. Coinbase has also recently enabled direct PayPal withdraws.
- Facebook building its own blockchain for WhatsApp.
- India is making moves towards potential legitimization of Bitcoin and cryptocurrencies, under strict precedents of course. The official comment on several recent meetings is that crypto cannot simply be dismissed as illegal but should be "legalized with strong riders". They've mentioned getting input from exchanges, experts, and are figuring out all the legal details. If it does become properly legal, the large population will be a nice plus for adoption. They are also big users (200 Million+) of WhatsApp so Facebook should be happy to see India become blockchain friendly.
- As described in this Forbes article, Blockstream has added a 5th satellite expanding their broadcast of the Bitcoin blockchain from space to all earthly land masses (aside from Greenland and Antarctica) enabling BTC transactions to some of the most remote places on earth. The also implemented the Lightning Network to their systems. Proof of this can be seen by space nerd Erik Laan's Twitter post.
- Morgan Creek Digital now, in a Warren Buffet style move, has a cryptocurrency index that they are betting $1,000,000 will out perform the S&P 500 over the next 10 years.
I am not here to fill you up with false "hopium" by any means, but it certainly feels like we are on the cusp of some truly solid good things for crypto this year. There's also been decent shedding of many failed alts and ICOs that should give Bitcoin and the surviving cryptocurrencies with legitimate projects more room to flourish and gain stronger support.
If the past year has been unkind to you and you find yourself fearful of the latest crypto news environment, just remember that it is ultimately more important to have a solid understanding of the charts and related price action as well as a risk-calculated trading plan, than to be worrying so much about news-based analysis. From all of us at Bitcorn Times & CTTV, we wish you a Happy New Year! May your next 365 days on this planet be full of gains and achieved goals!