CBX Newsletter // 13 Feb 2019
- Bitcoin increases in price. Litecoin hits 7-month high
- SEC Bitcoin ETF
- “Bitcoin’s Lighting coming to Cash App” Jack Dorsey, Square CEO
Bitcoin increases in price. Litecoin hits 7-month high
Bitcoin (BTC), the dominant cryptocurrency in the industry is currently trading at $3,604 on CBX. After many weeks of price consolidation with low volatility and low volumes, we finally had a breakout of what is now confirmed to be a falling wedge last Friday. BTC increased by more than 8% that day, while other names like Litecoin (LTC) have increased over 30% reaching a 7-month high.
The overall market capitalization of all cryptocurrencies is at $120 Billion according to coinmarketcap.com — and BTC dominance is still over 52%.
The next BTC key prices to be aware of are $3,765 resistance which was the high of last Friday and $3,590 support which is the latest higher low since the move. If we manage to break the resistance level we are looking to test $4,000 handle, the Bulls need to keep pushing the price up to force the Bears to close their short positions, otherwise, if we breach support we are looking at a test of the this year’s lows.
For now, the outlook is still bearish, we need to see a further continuation in price action for a change in trend.
SEC Bitcoin ETF
At least 10 Bitcoin (BTC) ETF Proposals have been filed for U.S. Securities and Exchange Commission (SEC) approval during the last couple of months including one proposal made by Cameron and Tyler Winklevoss to list a BTC ETF on the Bats BZX Exchange. However, none of them have had a positive response mainly for concerns over market manipulation.
Nevertheless, a few players are still trying to make a Bitcoin ETF a reality. Last week a commissioner at the SEC named Robert J. Jackson Jr. was interviewed and said:
“Eventually, do I think someone will satisfy the standards that we’ve laid out there? I hope so, yes, and I think so.”
This creates good expectations for a Bitcoin instrument that can be used for large retail investors as well as traditional institutions.
“Bitcoin’s Lighting coming to Cash App” Jack Dorsey, Square CEO
The lighting network which is a scalability solution proposed for Bitcoin (BTC) that works as a layer on top of the blockchain for faster payments and lower fees may soon come to Cash App which is a mobile payment platform created by the company Square owned by Twitter’s CEO Jack Dorsey.
Jack Dorsey is also an investor in the Bitcoin-oriented startup Lighting Labs, he recently announced during an interview a couple of days ago that he has plans in the future to integrate Bitcoins scaling technology with Square’s mobile payment app.
Last year Square’s Cash App reported over 7 million monthly active users if they are able to implement this solution it will be one step closer to making Bitcoin a mainstream payment alternative.
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