CBX Newsletter // 14 March 2019
- Bitcoin Price Analysis
- IBM provides custody solution
- “Ethereum is not a security” say US SEC Chairman Jay Clayton
Bitcoin Price Analysis
The widely followed cryptocurrency Bitcoin (BTC) is still trading in the range of $3,800 and $4,000 for over a week. Drops in volatility and volume suggest that a big move might come soon if the Bulls manage to raise the price over $4,250 that could mean a Bullish reversal at least until the $5,500 price resistance or $6,000 handle which served as strong support over 2018.
On the other hand, the most likely scenario will be the BTC drops and retests the lower lows of this and last year pushing the price down to $3,200. At this moment price alone or technical indicators cannot tell where the market is going because the prices have been stagnant for quite a while. The market outlook is neutral until we see a strong move followed by an increase in volume and volatility.
According to Coinmarketcap.com, Bitcoin still dominates 51.4% of the cryptocurrency market. And is trading at $3,844 on CBX.
IBM provides custody solution
Shuttle holdings, a New York investment firm, will launch a custody solution for digital currencies built on IBM’s private cloud platform. Although the company will not be storing the assets themselves, they will offer the tools to do so.
This can be a potential solution to banks, custodian, funds, family offices, and high net worth individuals that want to have self-custody of their tokens as well as access to exchanges. IBM presented its platform at its “THINK 2019” conference held in San Francisco last month.
This solution will not be the traditional cold storage service offered by most custodians in the past, where the private keys of the tokens are not connected to any network thus making it very hard to hack.
“Ethereum is not a security” say US SEC Chairman Jay Clayton
According to crypto research organization Coin Center, United States Securities and Exchanges Commission (SEC) Chairman Jay Clayton confirmed that Ethereum (ETH) and cryptocurrencies like it aren’t securities under U.S. law.
Chairman Clayton noted that he agrees that a digital asset’s definition as a security is “not static” and thus can change over time.
“I agree with Director Hinman’s explanation of how a digital asset transaction may no longer represent an investment contract [a security] if, for example, purchasers would no longer reasonably expect a person or group to carry out the essential managerial or entrepreneurial efforts.” — Jay Clayton when asked if he agrees with SEC Director, Division of Corporation Finance, William Hinman.
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