Category: Investing

Russia to Allow Cryptos in Global Trade Settlement

Last week Russia passed a law to allow cryptos in trade settlements. The development comes as sanctions have delayed payments in trade with Russia’s partner such as China, India and UAE.

“The law is expected to go into force in September, and Russian central bank Governor Elvira Nabiullina, one of the backers of the new law, said the first transactions in cryptocurrencies will take place before the end of the year.”

Reuters

Today, Morgan Stanley’s 15,000 advisors will start pitching Bitcoin ETFs to clients with a networth above $1.5 million.

“This move marks a significant step in the mainstream adoption of cryptocurrency investments. The two ETFs in focus are BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund.”

CryptoNews

Cryptos Looking Towards Strong Q4

“Digital currency-backed exchange-traded funds will likely make their way into “model portfolios” toward the end of 2024, according to BlackRock’s chief investment officer for exchange-traded funds (ETFs).” 

Coin Telegraph

BTC/Altcoin prices are currently moving significantly lower reflecting tech stocks and the unwinding of the JPY carry trade position following a Bank of Japan rate hike on July 31.

BTC could even go below the $45K institutional buy range. 10% daily price swings are not rare. This chart was prepared at the end of June 2024.

Our subscribers will receive a signal once the market has cleared (signups will be possible by the end of this week).

Democrats Now Selling BTC Reserve

After Trump revealed his plans for crypto, Bitcoin touched the $70k price level yesterday, and then retreated to below $67k.

The US Government holds BTC confiscated from Silk Road, a platform that was involved in illegal activities. The coins are now being sold and the position is larger than the German Government was selling earlier this month. The German Landeskriminalamt also had confiscated BTC that was dumped on to the market.

One does need to consider that these Bitcoins basically belong to taxpayers.

Kamala Harris campaign seeks ‘reset’ with crypto companies

Vice-president’s team aims to improve relations after industry criticism of Biden administration. Read more here.

The selling pressure could last for a month or two. Unless something happens. This chart from the end of June is still the likely development.

In other news, the SEC retracted its statement concerning security status of altcoins.

The SEC has retracted its request for a court ruling to classify tokens such as Solana, Cardano, Polygon and others as securities.

Coin Telegraph

Is Bitcoin Breaking Out?

After the Bitcoin 2024 conference in Nashville this past weekend, Bitcoin is pushing towards the all time high above $70k. The only problem is that this is not happening on increased volume. It is still better to wait for confimation.

Trump also held a keynote speech in Nashville. He promised, if elected, to end the SEC crusade against crypto by firing SEC Chairman Gary Gensler on day one, no CBDC during his term and a US Government Bitcoin strategic reserve.

Wants to make the US a BTC superpower

Meanwhile Elon Musk tweeted a Kamala Harris ad. The background music in the Youtube video is a bit annoying.

The situation remains interesting. So does the price of Bitcoin during the month of August 2024.

BUY Bitcoin/Altcoins: Not Yet

Despite all of the ETFs coming online and crypto being pumped in Nashville this week, the crypto market has not yet started its next bull run.

The green arrow marks the price range where insitutional investors prefer to load up on BTC/Altcoins. Though it is possible that the next bull run commences from here, it is wise to wait for confirmation on the weekly chart.