SCI Daily: Weekend momentum.
September 3, 2018
Bitcoin (BTC) rose over the weekend, breaching a strong resistance at $7,200, as bulls are mounting a steadier rally upwards. The broader cryptocurrency market also moved up, pushing market cap to $237 billion.
Support levels are at $7,200 and $6,800 while resistance levels are at $7,600 and $7,800.
BTC/PHP: 401,970 / 355,850
USD/PHP: 53.53
BTC Market Cap: $125B
Crypto Market Cap: $237B
News:
Reuters has issued a report following a four-month long investigation, stating that they were unable to find any users, investors, or resources to back up the Petro, Venezuela’s oil-backed cryptocurrency. It has been revealed by government officials that the coin is still in development, and that nobody has been able to make use of it. This is in contrast to President Maduro’s statement that the Petro has already brought in $3.3 billion, and is already used to pay for imports.
Cboe Global Markets, the Chicago-based exchange behind the first market for bitcoin futures, is set to launch Ether futures by the end of 2018. Pending the approval of the Commodities Futures Trading Commission (CFTC), Cboe will most likely base the Ether futures on the market of popular crypto exchange Gemini, as is with the case with the Bitcoin futures.
Japan’s National Police Agency (NPA), is increasing its investment for monitoring cryptocurrency transactions. According to a report last Thursday, the organization is allocating 35 million yen ($315k) in 2019 for the development of a new software that will help identify individuals conducting illegal crypto transactions. This move comes in response to the increase in the number of illegal cases involving cryptocurrency transactions in Japan.
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