According to the official press release of the Securities and Exchange Commission, the organization will publish a number of guidelines and bulletins containing investment advice and recommendations. This campaign is intended for the World Investor Week that started yesterday, on October 1.
The representative of the Commission states:
“World Investor Week provides us the opportunity to highlight the valuable tools and information made available by the SEC to help everyday Americans save, invest, and take better control of their financial future.”
Thirty people have filed complaints to Thailand’s Technology Crime Suppression Division stating that they were victims of crypto mining scam, they allegedly lost 42 million baht ($1.34 million). The police thinks that the amount of victims can be bigger.
According to the victims’ words, the leaders of the scam convinced them to invest money into CryptoMining.Farm, a blockchain-mining website. One anonymous victim said to the Bangkok Post that one of the leaders promised investor an impossibly high return – 70% a year.
The victims signed contracts when they entered the website, the documents said that a customer may withdraw money at any time he/she wanted without any additional condition. However, the situation has changed since August. The victim stated that:
“From August the owner began imposing conditions for withdrawing the money. Then at the start of this month, the site announced it would start paying back investors in 84 installments which would take over seven years to complete. The payments were supposed to be made in foreign currencies [which] is not permitted by Thai laws.”
After a preliminary investigation, the police is sure that not 30, but 140 people became victims of the scam. Moreover, it can be related to a big scandal which happened in August 2018, when a popular Thai actor and his siblings stole about 797 million baht ($25.5 million).
According to the Bangkok Post, the company has two official offices in Bangkok and Chiang Mai, which may make the victims think that the company’s operations are legal.
Thailand treats digital money with caution and tries to regulate it. The Thai Ministry of Finance even issued a document last year where all the country’s cryptocurrency activities were regulated, including the taxation of participants of crypto market.
Cryptocurrency exchanges work on the same principle as traditional exchanges. Potentially, it is possible to earn very good money on these platforms, but for this, it is needed to be able to correctly read the cryptocurrency coin chart. Of course, in order to become a professional trader, it needs to learn and practice a lot, but if your goal is to understand the basics, this article will be an excellent starting point in the exciting world of trading for you.
There are a huge variety of different charts, but the most common is the “Candlestick chart”. The chart is a much more informative tool than digital or text analysis. Using graphics, it is possible to quickly navigate and understand the current mood of the crowd, as well as the balance of power between sellers and buyers of a particular asset. Based on the obtained data, it is possible to calculate the potential profitability or unprofitability of a particular deal.
1. The main types of stock charts
As it was mentioned above, there are a huge number of different types of charts, but the main ones are lines, bars, and candlesticks. All of these tools (with the exception of the line charts) can tell about:
price at the beginning of the selected period (1 minute, 5 minutes, 15 minutes, 1 hour, 1 day, 1 week, etc.);
price at the end of the selected period;
the minimum and maximum rate of the selected period.
By and large, the crypto chart clearly shows the history of the struggle between bulls and bears. In the process of this confrontation, a large number of deals are made. It should be understood that even a slight fluctuation of the price means that some have already earned on it, while others, on the contrary, have suffered losses.
2. “Candlestick chart”
Let’s take a closer look at the most common version of charts, namely “Candlestick chart”. It was invented almost 400 years ago by a rice seller from the country of the Rising Sun. The process of observing a line chart is not entirely convenient; for this reason, the construction of “Candlestick chart” is based on the principle of dividing the total time into specific periods. This principle helps to quickly navigate what is happening on the market and, accordingly, to give the Bitcoin trend prediction or any other financial asset forecast.
3. How to read the chart “Candlestick chart”?
One candle represents the range of prices for an asset for a certain period of time. The boundaries of the candle are the lowest and highest asset price in this period of time. If the candle`s color is green, this means that the asset has increased in value over a given period of time; if it is red, then, on the contrary, it has fallen.
If you look closely at the above chart, you will notice:
the candle corresponds to the time interval – 60 minutes;
the minimum asset price was $3485,24;
the maximum asset price was $3733.58;
This hour began with a price of $3506,42 and ended with the price of $3687 (for this reason, the candle is green).
The main parameters that should be paid attention to when reading cryptocurrency charts are:
By and large, the entire analysis of charts is an ordinary calculation of the balance between supply and demand. It is possible to estimate the level of the strength of bulls or bears through the asset price (vertical axis) and the volume of transactions (horizontal axis). These skills allow experienced traders to take the right position in advance and earn money on any price movement.
In this article, we talked about how to read cryptocurrency charts. As it was mentioned above, there are a huge number of different types of charts, but the most popular and often used is the option “Candlestick chart”. The basic principle of this type of charts is to divide the time into certain periods. It is quite informative and easy to read. If you want to start trading, then you definitely need to get a deeper understanding of this topic.
Another week has passed, yet Bitcoin still shows quite plain dynamics on the graphics. In fact, its price has not changed significantly since January 10th. Bitcoin price is $3459 at the time of writing.
Since Bitcoin’s price has recently stabilized, many institutional players began changing their attitudes towards cryptocurrency, let us see what the representatives of global companies think.
The Global Market Strategist at JPMorgan, Nikolaos Panigirtzoglou, reckons that due to Bitcoin’s stagnation many big players will return to the industry. The volatility has “calmed down” and it means that investors can give Bitcoin second chance. He also said:
“The stability that we are seeing right now in the cryptocurrency market is setting the stage for more participation by institutional investors in the future. The cryptocurrency market was a new market. It went through a bubble phase [and] the burst.”
In his interview to CNBC, he stated that the cryptocurrency could not grow, because it was not regulated, but now the situation can differ.
Wall Street research firm, Fundstrat Global Advisors, is sure that the cryptocurrency may see new lows soon.
“The price structure for most cryptocurrencies remains weak and appears vulnerable to a pending breakdown to lower lows,” Robert Sluymer, the spokesman of Fundstrat, said.
In addition, Sluymer stated that the price can vary from $4200 to $3100 or ever lower. If it suddenly hits more than $4000, it would mark a 25% increase over today’s prevailing prices. However, Robert emphasized that the technical fundamentals of Bitcoin remain weak, so the price can have downward tendency to the price mark of $3100 or even lower – $2700. The representatives of Fundstrat have also suggested that 250 small-cap coins are at risk, as they all are vulnerable to market jumps.
There are some reasons why Bitcoin price may fall down:
Lunar New Year. During this period, Asian traders have relatively weak activity which may bring consequences to Bitcoin’s rate. The unofficial holidays will last till February 19.
Uncertainty with the US budget. The Congress and the President of the US cannot reach an agreement, this will have influence on financial markets.
The U.S. Securities and Exchange Commission (SEC) have published an announcement that they are in search of companies that are involved in analyzing blockchain data.
According to official information, the SEC is looking for both large and small companies. As part of the cooperation, the regulator expects companies to provide data on the “most widely used” blockchain registers based on the volume of transactions in order to “monitor risk and improve compliance” associated with cryptocurrencies.
In addition, the companies will have to provide the Commission with information on how this data is extracted, transformed and verified.
Those who would like to cooperate with the SEC should send an application by e-mail with a brief description of their activities until February 14.
The U.S. Securities and Exchange Commission (SEC) officially announced that the Chicago Board Options Exchange (CBOE) withdrawn the application to launch the ETF, previously filed by VanEck and SolidX. According to the SEC, the application was withdrawn on January 22. The commission does not state the reasons why CBOE decided to withdraw the application. However, a lawyer, Jake Chervinsky, published his opinion on this situation on Twitter. The Chicago Board Options Exchange may have been expecting a refusal and did not want another SEC’s negative decision to influence the future of CBOE.
We remind you, that back in June, 2018 VanEck and SolidX filed an application to launch Bitcoin ETF. The commission postponed the decision-making terms a number of times. February 27, 2019 was named the final date. We remind you:
The CEO of the project Circle, backed up by the major bank Goldman Sachs, Jeremy Allaire started a thread on Reddit together with his co-workers, where they debated the accomplishments of the company in the recent time, talked about prospects for the future and discussed the overall situation on the crypto market.
According to the representatives of Circle, one of the main issues with crypto in the US is the lack of regulatory framework and, most importantly, the inability of the Securities and Exchange Commission to clearly define cryptocurrencies as belonging to a particular type of assets.
“There absolutely needs to be more regulatory clarity to really make this fly — in particular around who can issue these, how they can be stored and transmitted, and what markets can allow their trading. There’s a lot of attention on this and we absolutely expect to see these issues resolved and for far more real world experiments to hit the markets this year,” said Jeremy Allaire.
Also, the CEO of Circle claimed that the US should follow the example of France and have a separate kind of taxation for crypto-to-crypto transactions.