While Bitcoin (BTC) has struggled, experiencing two plunges of 7% and 3%, respectively, the weekly chart of the cryptocurrency is on the verge of printing a bullish signal. The signal in question was last seen prior to BTC’s 288% surge from the mid-$3,000s to $14,000 in a few months’ time.Related Reading: This Late Night Host Just Exposed Millions to Bitcoin, AgainKey Bitcoin Price Signal That Preceded Rally to $14,000 About to FlashTrader CryptoParadyme noted that with the Bitcoin price’s latest close on Sunday, the weekly trend-following Moving Average Convergence Divergence (MACD) indicator is on the verge of printing a bullish crossover, with the MACD line just smidgens away from crossing above the signal line.pic.twitter.com/zc1IrGr7fV— Dyme (@CryptoParadyme) January 20, 2020So why is this relevant? Well, as pointed out in the below chart from NewBTC, the last time this technical signal was seen was in February of 2019, just months prior to a massive price explosion that brought BTC from the depths of the $3,000s to as high as $14,000 in a few months’ time.Also, previous bullish crossovers in the weekly MACD led to macro reversals like the one seen early last year. Of course, there are fakeouts of the indicator, but there are other signs that suggest upside is imminent.Related Reading: Watch Out, This New Bitcoin Scam Is All Over YoutubeNot Only Positive SignIt isn’t only the forming MACD cross that has analysts bullish on Bitcoin.Per previous reports from NewsBTC, Dave the Wave, a cryptocurrency trader who in the middle of last year called that Bitcoin was going to decline to the $6,000s when prices were well above $10,000, recently argued that BTC is on track to hit $11,500.Pennant starting to look more likely with price staying high here. Freebie from my alts page… pic.twitter.com/IZQAJIrgf0— dave the wave (@davthewave) January 17, 2020Backing this prediction, Dave looked to a confluence of factors:Bitcoin recently broke above a descending channel that has constrained price action for more than six months, marking a large win for bulls.BTC rallying to $11,500 would satisfy a historical chart pattern.The weekly Moving Average Convergence Divergence (MACD) is starting to trend higher once again, which was a signal seen in 2015/2016 as BTC moved from a bear market to bull.Source
On Sunday, January 19th, noted American libertarian economist, “gold bug”, and renowned Bitcoin skeptic Peter Schiff told the world that he had lost access to his Bitcoins.
“I just lost all the #Bitcoin I have ever owned,” wrote Schiff, who is also the chief executive officer at Euro Pacific Capital and the Chairman of SchiffGold.
“My wallet got corrupted somehow and my password is no longer valid. So now not only is my Bitcoin intrinsically worthless; it has no market value either. I knew owning Bitcoin was a bad idea, I just never realized it was this bad.”
Peter Schiff, chief executive officer at Euro Pacific Capital and the Chairman of SchiffGold.
The tweet was posted on Schiff’s unverified Twitter account along with a screenshot of an error message that reads “error decrypting wallet, please check that your password is correct.”
I just lost all the #Bitcoin I have ever owned. My wallet got corrupted somehow and my password is no longer valid. So now not only is my Bitcoin intrinsically worthless; it has no market value either. I knew owning Bitcoin was a bad idea, I just never realized it was this bad! pic.twitter.com/6SJvDJOZU6
— Peter Schiff (@PeterSchiff) January 19, 2020
“So much fake news about how I forgot my wallet password.”
Schiff insists that the loss was not any fault of his own, but that the loss was due to a problem with the wallet’s software.
“So much fake news about how I forgot my wallet password,” he wrote roughly ten hours after he first tweeted about the loss.
“Can’t #Bitcoin pumpers be honest about anything? I was very clear that I didn’t forget my password. My wallet no longer recognizes my correct password. Plus what’s up with over 3K people liking that I lost my Bitcoin?”
Indeed, a number of Bitcoin community members seem to be skeptical that the wallet was corrupted, and seem to think that the loss was the result of Schiff’s own human errors.
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Anthony Pompliano, co-founder and partner at Morgan Creek Digital, publicly reached out to Schiff, saying that “the software just executes the commands that humans give it. It can’t ‘forget’ anything. Email me and I’ll try to help you recover the lost Bitcoin.”
Anthony Pompliano, co-founder and partner at Morgan Creek Digital.
However, Schiff responded by saying that Erik Voorhees, chief executive officer and founder of cryptocurrency exchange ShapeShift, “set up the wallet for me and even he thinks there is nothing I can do.”
“But you’re welcome to try if you have any ideas,” Schiff added.
“Financial sovereignty: it’s not for everyone.”
However, Erik Vorhees–who confirmed that he had, indeed, helped Schiff to set up his Bitcoin wallet–wrote that Schiff “forgot pw, and never recorded [his recovery] phrase.” A recovery phrase, or seed phrase, is a pneumonic phrase that is used to recover a Bitcoin wallet’s private key in case it gets lost.
Erik Voorhees, chief executive officer and founder of cryptocurrency exchange ShapeShift.
“If I gave him an ounce of gold and he dropped it on the sidewalk would he similarly condemn the precious metal as a foolish monetary system?,” Vorhees asked, adding in a separate tweet that: “financial sovereignty: it’s not for everyone.”
Here’s what happened: after debate in 2018, we went to dinner. Peter had never used bitcoin before (!) I helped him set up wallet on his phone (Edge or BRD?), told him to secure it if he ever held significant value on it, gave him $50. He forgot pw, and never recorded phrase. 😑 https://t.co/kcQkAyU9Rv
— Erik Voorhees (@ErikVoorhees) January 19, 2020
However, Schiff isn’t too heartbroken over the loss–in a follow-up Tweet, Schiff wrote that the loss was “not that great a tragedy”; Schiff wrote that his plan was to “HODL and go down with the ship anyway,” but that “the difference is that my ship sank before Bitcoin.”
Since all the Bitcoin in my corrupted wallet were gifted to me, it’s not that great a tragedy for me that they’re lost. “Easy come, easy go,” is especially true for #Bitcoin. My plan was to HODL and go down with the ship anyway. The difference is that my ship sank before Bitcoin.
— Peter Schiff (@PeterSchiff) January 19, 2020
Just minutes ago as of the time of writing this article, Bitcoin (BTC) plunged 3% within a few minutes’ time, falling from $8,750 to as low as $8,460 in a short time period. On some exchanges, this marked a new low for the day’s price action, traditionally a bearish sign.Despite this 3% drop, analysts are saying that this move may actually be more bullish than bearish, for BTC managed to bounce back to $8,650 just minutes after the plunge as shown in the above chart took place.Related Reading: Research Firm: 3 Use Cases Could Send Bitcoin To $1 TrillionBitcoin Actually Bullish After Secondary DumpCryptocurrency trader Credible Crypto, who called Bitcoin’s decline to the $6,000s then the subsequent bounce to the high-$8,000s in the middle of December, remarked in a recent tweet that the recent price action is a clear sign “bulls are refueling.” By “refueling” he means preparing for another push higher.Backing this optimistic quip, the analyst pointed at the chart that can be seen below, which shows that BTC’s one-day candle has held the key support band in between $8,400 and $8,500 in spite of the severity of the dump.Chill beras, the bulls are just refueling… $BTC pic.twitter.com/E59G1E9kag— Credible Crypto (@CredibleCrypto) January 19, 2020This has been echoed by trader Cryptomer, who noted that BTC is preparing to rally by 7% to return to $9,200. He looked to the fact that one of Bitcoin’s indicators has held a key support level, suggesting a strong bounce back to previous highs is likely underway.On a more macro basis, trader FizeekMoney noted that one of his indicators shows that Bitcoin remains decisively in a bull market, with the indicator recently surging off a macro support level. He added that this bounce is a clear sign “BTC is going to be back at $14,000 before Crypto Twitter is ready.”$BTC is going to be back at $14k before CT is even readyI don’t bet against #FYWBTC pic.twitter.com/KsJbZKljlQ— FizeekMoney (@FizeekMoney) January 19, 2020Related Reading: Crypto Tidbits: Elon Musk Pokes Bitcoin Bear, Japanese Giants Delve Into Cryptocurrency Mining, Baidu’s Blockchain BetaFeatured Image from ShutterstockSource
A bill has been introduced in the U.S. state of Oklahoma to establish a new type of state-chartered financial institution that will be “the central depository for virtual currency used by governmental agencies in this state.” The new establishment aims to provide financial and technical services to crypto innovators and developers.
Proposed Crypto Depository for Government
A lawmaker has introduced a bill in the U.S. state of Oklahoma seeking to create a governmental crypto depository. Senate Bill 1430, authored by Senator Nathan Dahm, was introduced on Jan. 15, according to the government’s website. Its first reading is scheduled for Feb. 3. The bill reads:
The legislature hereby authorizes the State Banking Department and the Oklahoma Department of Commerce to coordinate and develop plans … [to establish] a new type of financial institution to be a state-chartered financial institution and the central depository for virtual currency used by governmental agencies in this state.
“The purpose of this new state-chartered financial institution shall be to provide valuable financial and technical services to blockchain and virtual currency innovators and developers,” the text of the bill details. It further states that “Oklahoma is committing to partner with innovative technology, help develop next generation financial products, and safely grow unique technical and financial sectors in this state.”
The proposed entity will be designed to easily integrate into existing banking and financial institution regulations and “have the highest level of expertise with customer identification, anti-money laundering and beneficial ownership components,” the bill adds. It will also be “fully supported by blockchain technology and innovations.” This act will become effective on Nov. 1, 2020, and the plans and implementation strategy must be submitted by July 1 next year.
Other Crypto-Related Bills in Oklahoma
Senator Dahm authored another crypto-related bill which was introduced in Oklahoma on Jan. 25, 2019. Senate Bill 843 had its first reading on Feb. 4 and second reading on Feb. 7 but has seen no progress since. According to the state’s Securities Department, this bill is modeled after HB 70 that was passed by the Wyoming legislature last year.
Oklahoma Senator Nathan Dahm
Senate Bill 843 states that “a developer or seller of an open blockchain token shall not be deemed the issuer of a security and a person who facilitates the exchange of an open blockchain token shall not be deemed a broker-dealer if certain conditions enumerated by the measure are met.” The state’s Securities Department has analyzed the fiscal impact of this bill on its revenues but concluded that it is not determinable since the subject matter is new to the state’s regulatory framework.
In April last year, the state passed Senate Bill 700 which Dahm co-authored. It modifies the definition of “electronic record” and “electronic signature” within the Uniform Electronics Transactions Act to include records or signatures secured through blockchain technology. The bill was approved by the governor on April 25, 2019.
Do you think Oklahoma needs a crypto depository for government use? Let us know in the comments section below.
Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Images courtesy of Shutterstock and the state of Oklahoma.
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The relationship between Russian ministers and bitcoin has always been strenuous. This became even more apparent when conflicting news came out of that particular corner.
With a new prime minister at the helm, it remains to be seen what the future holds for cryptocurrencies in Russia.
A Brighter Future for Bitcoin in Russia?
So far, it appears that Mikhail Mishustin has some interesting opinions.
In fact, he is a proponent of digitizing anything and everything, preferably as quickly as possible.
While that may sound extremely promising, it doesn’t necessarily bode well for cryptocurrencies.
More specifically, the country’s officials will undoubtedly remain divided over this particular topic.
There is still a major lack of regulation for digital assets, resulting in a very uncomfortable situation.
Which changes the new Russian government aims to bring to the table, remains difficult to tell.
Mishustin has the necessary expertise to make something positive happen for the cryptocurrency industry.
His previous tenure as director of the Federal Tax Service allowed his to push through a major digitization effort.
He also holds a professional background in IT, which should make it easier to understand the technology powering cryptocurrencies today.
An interesting era has dawned upon Russia, albeit no one really knows how this situation will pan out exactly.
After months of delays, the Indian Supreme Court has finally started hearing arguments on the petitions of crypto businesses against the central bank ban on banking support to the industry.
In three days of the hearing, the crypto lawyer has presented some strong arguments in front of the court, raising questions on the Reserve Bank of India’s (RBI) scope to ban digital currencies.
Asim Sood, the advocate representing crypto companies, argued that, despite the nomenclature, cryptocurrencies are actually “currencies.”
Explained what are virtual currencies. Says that though this term is used to describe the token but literally it is not a currency. When we say that Computer is infected by a virus then literally it doesnt mean that but this is the closest explaination wch can be given.
— Crypto Kanoon (@cryptokanoon) January 14, 2020
The petitioner also questioned RBI’s authority to regulate digital currencies as they mostly resemble characteristics of commodities. To strengthen his arguments, he also referred to various notices and reports published by the regulator against crypto, many of which contradict each other.
The judge, however, remarked that the digital currencies have features of “mode of exchange,” which puts them under the purview of the monetary regulator.
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The arguments of the crypto attorney touched policies to technology, showing the unjustified ban on the digital asset industry.
Speaking to Finance Magnates on the ongoing arguments of digital currencies’ categorization, Sumit Gupta, co-founder and CEO of CoinDCX, said: “I believe there are many ways in which cryptocurrencies are classified, some countries view it as a commodity and some as a property/asset. It depends on how the countries’ government values the specific asset class – if they viewed it as [a] store of value then property classification or if they viewed as [a] medium of exchange then currency or commodity classification is right.”
Appropriate categorization of digital assets will also decide the accurate purview on these assets, CoinDCX chief pointed out.
Ban if you can’t regulate
Citing the regulatory attempts of many countries including the United States, Japan, and the European Union, the lawyer also argued the baseless decision of the RBI to ban digital currencies because it cannot regulate them.
He also pointed out that the efforts of the crypto exchange to curb illegal activities like money laundering and terror financing by mandating the know-your-customer (KYC) process.
“Due to [the] presence of stringent regulation measures such as KYC/AML etc., it has helped us in tracking and curbing down any bad practices,” Gupta remarked on mandatory KYC. “This is the reason, mandatory KYC and other necessary regulatory measures are important for clamping down illegal activities on on-ramp fiat-crypto exchanges, as most of the illegal activities are still carried out in fiat currencies.”
The apex court heard the arguments of the crypto lawyer for three straight days, and will now resume the hearing on Tuesday for further arguments.
Whatever may be the final judgment, the decision will surely make a huge impact on the crypto industry as a whole.