Marijuana & Crypto?

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In our third instalment of Cash Kings’ Crypto Newsletter, once again we’ll be updating you on all that is happening in the crypto world.

Since our last article, Bitcoin has held its critical $9300 USD support level and the 50 day moving average, which provide us with neutral-bullish signs of its upcoming movement. And if we look at the RSI, currently sitting around 50, there is a long-term support level of 43, which it also continues to hold. This might suggest that Bitcoin has much more room to move before it enters overvalued territory again.

Over in the Ethereum neck of the woods, we can see a strong correlation of price action between it and Bitcoin. It, like Bitcoin, has held its critical support level at $198 USD but has not experience much other volatility in the last week, while its RSI is hovering just above the 40 level, suggesting that Ethereum is not currently overvalued according to this indicator.

Onto the big news stories of the week…

Blockchain-Based Marijuana Payment System

Over in Arizona, a new cannabis industry-oriented payments solution has been accepted. The Company, called Alta, is a cash management solution for licensed medical marijuana providers and vendors, and intends to offer a stablecoin that is pegged 1:1 with the US Dollar. Alta’s end goal is to let users use this new stablecoin to pay for goods and services without using Fiat money (ie USD). This company has come about in an attempt to bridge the gap between the marijuana cash economy, which exceeds $350 million annually in Arizona alone, and the finance sector; Alta aims to “lift the burden of having to operate solely through cash and to make communities safer.” In a new bill proposed in the state of California, lawmakers have recommended that tax payments from cannabis-related businesses might soon be permitted to be in crypto, a big move for the crypto industry!

Αποτέλεσμα εικόνας για Marijuana Payment System

The Pit Exchange Takes on Binance

Blockchain.com, the major crypto wallet and blockchain provider has just launched its own crypto exchange to compete with popular platforms such as Binance. This new service was created by a team of former execs from Google and Goldman Sachs, NYSE and TD Ameritrade. According to their public announcement, The Pit will make itself available in over 200 countries and will initially support 26 trading pairs. Peter Smith, the CEO of Blockchain.com, commented on the speed of The Pit’s Mercury processing engine, claiming that the The Pit can execute order in a matter of microseconds, representing some of the fastest order-matching in the business. So far the company has raised a total of $70 million from investors including Richard Branson, Alphabet venture arm and Lakestar.

We Return to the US Congress

The importance of what occurs in the US House of Congress in the next 18 months cannot be understated. What these men and women ultimately settle upon, will shape the future of blockchain technology, the crypto space and even the worldwide economy for many years to come. This week, many advocates came forward, one of them being Senator Michael Crapo, stating “I want the US to stay at the forefront of this technology, which both has incredible potential and incredible risk”. Senator Catherine Marie Cortez Masto said that she also believes in the potential of blockchain and the importance of leading in this technology over China. As you can see, this support and long-term vision for a future built around the blockchain is met with some fear and apprehension, especially regarding the risk Facebook’s Libra poses to the foundations of the US Dollar, however it is apparent that even the biggest economy in the world is preparing for a future that is powered by blockchain technology.

Trump At It Again!

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Welcome back to another instalment of Cash Kings’ Crypto Newsletter, where our goal is not only to update our members but also to educate each of them on all that is Cryptocurrency.

 In the last 7 days, this unique sector has received an uptick in exposure thanks to a surprising (but somewhat not so surprising) tweet from none other than President Donald J Trump. This is the first time a sitting US President has acknowledged the existence of crypto currency. As you can see below, Trump is not a fan of Bitcoin or Facebook’s proposed currency, Libra and instead hails the US Dollar as the “most dominant currency” in the world, however it is our opinion that any publicity is good publicity.

After a bounce off support at $9,300 USD up to $10,750, Bitcoin has fallen back down again to the $9,600 USD region and the question now is, will it be able to hold the critical $9,300 support level? The RSI technical indicator suggests there might be some improvement in its price in the following week however the volume traded appears to be dying off. Time will tell!

Meanwhile Ethereum also seems to be on the slide back down to its $198 USD support level, which many investors will be looking towards for a sign of strength and optimism in the currency.

Libra Inquisition

As Trump’s tweet outlined, mass scepticism regarding Libra prevails to become the week’s biggest crypto news story. At this time, US Government hearings on Libra continue and many questions have been pointed towards Libra’s operational head and Facebook employee, David Marcus, whether the company is fully equipped to handle the potential volatility and privacy concerns relating to the coin. Congress’ apprehensions regarding the coin centre around the immense economic power Facebook might hold through the control of a global currency and ecosystem. Marcus has quashed many of these concerns by explaining that Libra will be an entirely separate entity from Facebook and will be independently based in Switzerland, in order to ensure the services can be used globally and not bound by local United States’ restrictions. Despite Congress viewing this proposal as “one of the biggest issues this panel will deal with in decades”, the vast amount of resources congress are spending to research the impact of Libra can only mean that a future crypto economy is inevitable and is here with us to stay.

Robinhood Series E Funding Round

In an official announcement on July 22, cryptocurrency-inclusive trading platform, Robinhood has raised $323 million, placing its valuation at $7.6 billion. The platform is only six years old and its userbase has grown significantly from 4 to 6 million in only the last year, with a user base of mainly millennials. According to an anonymous source from Bloomberg, Robinhood has been making steady inroads to expand its existing cryptocurrency infrastructure and has partnered with Chicago trading firm, Jump Trading to execute its crypto trades. As Robinhood continues to grow within the sphere of millennial investors, we predict that so too will the volume in cryptocurrency traded.

New Crypto Regulator Division in New York

The state’s financial regulator, the New York Department of Financial Services (NYDFS) has established a new department that will be solely responsible for licensing and regulating crypto-related businesses. NYDFS will begin requiring that businesses involved in the issuance and trade of digital assets receive a registration called a BitLicense, with the goal of assuring customers in the space that operators are observing certain standards regarding disclosure and consumer data protection.

Crypto Newsletter

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Another big welcome to the first week of the Cash Kings Crypto Newsletter.

With this free series, we will be aiming to educate all our Cash Kings members on the latest in Crypto trends, ICOs and headlines. And it is our hope that if you are not currently in a position to profit from this insightful edge, then you will learn with each instalment – so one dayin the not too distant future, you can diversify your investments into cryptocurrency in the spirit of a true Cash King!

Until then, sit tight and read carefully!

Before we properly begin, let’s start off with a quick description of a crypto currency for all you novices with us. This is an online currency, able to be traded anywhere in the world with the unique advantage of being cryptographically recorded so that transactions are secure and almost impossible to counterfeit. Plainly, this means that all transactions are decentralised and each transaction must be verified by an array of users from across the globe, through the use of private keys.

Due to the limited nature of the most popular coins on the market, many investors see value in these intangible coins just like they might with gold. In recent history, thousands of millionaires and even billionaireshave been minted from investing in cryptocurrencies. At the Cash Kings, we have reason to believe that despite what you might hear on the news about the crypto crash of 2017, this strange market still has significant upside and untapped potential.

The last 7 days in Crypto News…

This week, we’ve seen quite a cool down in the crypto markets and some much-needed consolidation in a lot of major cryptocurrencies. Bitcoin has come down to below USD 11K off highs of USD 13K, whilst still maintaining its colossal USD 200 billion dollar market cap. The momentum behind this coin should not be underestimated and especially, after its 170% surge in only the last 70 days. From a technical perspective, Bitcoin has a strong track record of holding its 200 day moving average on the 4 hourly charts, which has been a strong indicator of support during the coin’s history and has done well to maintain this. A similar, but not so steep upward trend and slight cooling off has also been witnessed with the other major cryptos including Ethereum, Ripple and Litecoin, amongst others. According to many experts, this consolidation presents a relatively safe opportunity to buy if you believe in the crypto world’s long-run success, which is moving from strength to strength based upon the number of governments, banks and even social media companies (think Facebook) which are readily establishing infrastructure to support this.

Goldman Sachs Kicks its Secret Crypto Project into Gear
Earlier this month, a new job listing by investment bank Goldman Sachs reveals its subtle intention to make its first proper foray into the crypto space. The listing is for a Digital Asset Project Manager inside the bank’s in-house incubator program. When looking at the job post carefully, it requires a leader who is well-versed in the area of blockchain, digital asset and distributed ledger technology. In conjunction with the CEO (who also performs as a house DJ, visit https://open.spotify.com/artist/3fzRb5i8Wn7ao2KPDxEiTRto listen), David Solomon’s recent statement suggesting that GS are looking closely at the potential of stablecoins (cryptos pegged to fiat currencies ie USD), tokenisation and frictionless payments, we can conclude that the investment bank are investing heavily into the crypto space.

Samsung Finally Released their Blockchain and DApp Software Development KitTechnology giant Samsung just announced the release of its blockchain and decentralised application (DApp) Software Development Kit (SDK) in what has become their most significant move in the direction of supporting the creation of blockchain technology. SDK permits for account management and backup, payment and digital signature facilitation, Samsung Keystore and other cold wallet support. This development builds on top of their existing storage facility for private cryptocurrency keys that accompanied the release of the Samsung Galaxy S10 in February. And in June, Samsung’s IT subsidiary announced its launch of three new products angled towards addressing clients’ worries about blockchain; just more proof of the lengths the tech giant is going to, to pave the way for simplified use of cryptocurrency in our everyday life.

Central Bank of Turkey Put Digital Currency on New Economic Roadmap
An economic roadmap published by the Turkish government, that underlines a push towards “blockchain-based digital central bank money” has turned the heads of many crypto advocates. Detailed in the report, the development plan lists blockchain adoption in the operation of transportation and customs, further suggesting that its implementation will improve public services and administration. This expands on Turkey’s ex deputy Prime Minster’s statement in early 2018, articulating “we are planning to start our own work on digital currencies”. And while some in the Turkish government remain sceptical towards cryptocurrencies, it works in alignment with a paper issued by the International Monetary Fund (IMF), predicting in late June that several banks will start issuing digital currencies in the near future. Turkey is not the only country to venture into the crypto space, the IMF has cited testing projects in Uruguay, the Bahamas, China, Sweden and the Ukraine; these countries represent just the tip of the iceberg concerning the widespread government-adoption of blockchain currency distribution.