SCI Daily: Exchange traded FUD returns!
August 8, 2018
Bitcoin (BTC) dropped earlier today after the US SEC decided to postpone its decision on the listing of the Vaneck-SolidX Bitcoin ETF to September 30. The news of the decision instantly sent BTC on a downward spiral from $7,100 to $6,600. BTC may try finding a bottom at around the $6,500 levels as it reels from the sharp drop. The broader market also fell, dropping market cap to $237 billion.
Support levels are at $6,500 and $5,800 while resistance levels are at $6,800 and $7,200.
BTC/PHP: 358,190 / 344,990
USD/PHP: 53.25
BTC Market Cap: $114B
Crypto Market Cap: $237B
News:
An investigation from the Wall Street Journal has revealed that pump and dump groups have manipulated over $850 million worth of cryptocurrency. These groups create artificial inflation by encouraging others to invest in a particular asset, and sell as soon as the price of said asset reaches a high enough level.
According to the US Drug Enforcement Administration (DEA), the ratio of legal to illegal activity in the use of cryptocurrency has dropped drastically in the last five years. In 2013, 90% of cryptocurrency use was associated with illegal activity, and today, it is down to 10%.
The UK Financial Conduct Authority (FCA) has announced the creation of a global initiative to improve collaboration on fin-tech innovations between regulators and companies. The Global Financial Innovation Network (GFIN) will work in collaboration with 11 financial organizations around the world. The full press release can be viewed here:
https://www.fca.org.uk/news/press-releases/fca-collaborates-new-consultation-explore-opportunities-global-financial-innovation-network
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