If you have been in the CryptoWorld for a while, you probably came accross this indicator.
What is it?
The crypto market behaviour is very emotional. People tend to get greedy when the market is rising which results in FOMO (Fear of missing out). Also, people often sell their coins in irrational reaction of seeing red numbers. With our Fear and Greed Index, we try to save you from your own emotional overreations. There are two simple assumptions:
Extreme fear can be a sign that investors are too worried. That could be a buying opportunity.
When Investors are getting too greedy, that means the market is due for a correction.
Therefore, we analyze the current sentiment of the Bitcoin market and crunch the numbers into a simple meter from 0 to 100.
The complete list of factors with their weighting
Volatility (25%)
Market Momentum/Volume (25%)
Social Media (15%)
Surveys (15%)
Dominance (10%)
Trends (10%)
For a full disclosure on what are these factors exactly referring to please go to their website
We are seeing a very high level of fear (or low level of greed). I posted below a graph of their Fear & Greed Index followed by a graph of the Bitcoin Price.
In the last 18 months, the indicator dipped strongly 2 times before and when it did you can see the reaction by BTC a few weeks later !
I am not saying it is a 100% probability metric but something is SURE; I prefer buying when people are scared than the opposite. And today, it seems investors are being careful maybe too much?
The increased cost of transacting on the ethereum blockchain is hurting the software’s adoption, says project creator Vitalik Buterin.
Speaking with the Toronto Star this week, Butertin suggested projects that are considering whether to build on the technology will likely be butted out as the blockchain is overloaded with transactions, or in his words “almost full.” (While a blockchain cannot ever be technically ‘full,’ Buterin’s comments indicate his current sentiment on the severity of the problem.)
Still, Buterin’s comments speak to his understanding of the difficulties ahead for the project, with major planned upgrades including Ethereum 2.0 and a switch to proof-of-stake consensus ahead.
He told the newspaper:
“If you’re a bigger organization, the calculus is that if we join, it will not only be more full but we will be competing with everyone for transaction space. It’s already expensive and it will be even five times more expensive because of us. There is pressure keeping people from joining, but improvements in scalability can do a lot in improving that.”
Ethereum’s seven-day transaction fee average, a measure of demand on the network, actually sits at a 50-day low, falling since July 1 to sit around 0.11 ether per transaction currently.
Facebook is reportedly already under investigation by the EU over antitrust issues related to its Libra cryptocurrency project.
A document seen by Bloomberg indicates that the European Commission is “currently investigating potential anti-competitive behavior” by the Libra Association. The report describes the document as a questionnaire suggesting the commission is concerned that Facebook’s planned digital payment system could unfairly lock out competitors.
The governance structure and membership of the Libra Association is apparently under scrutiny. A number of major companies including Mastercard and Visa have already signed loose agreements to partner with the Libra Association on the project.
Smart contracts could soon get a boost in bitcoin as prominent programmer Pieter Wuille has unveiled a new coding language designed specifically for their use.
Posted to the bitcoin developer mailing list Monday, the ‘Miniscript’ language aims to make it easier for programmers to write up “smart contracts” or conditions for spending bitcoins. Programmers Wuille, Andrew Poelstra and Sanket Sanjalkar have been working on the code for roughly a year, Wuille said.
Although it’s been shared around behind the scenes, Wuille said he is now posting it to the email list because it’s now it’s reached “a stage where I’d like to get it some more attention.”
Backing up a bit, “Script” is the smart contracting language in bitcoin, which allows users to specify certain conditions need to be met before the bitcoin can be spent. Say, funds are locked up until a certain time before they can be spent. Or, two people need to sign off on a transaction before the money can be moved, a concept called “multi-sig.”
Eleven crypto projects announced Tuesday they had joined the Messari Disclosures Registry, including four top-100 projects by market cap: Cardano, Lisk, V Systems and Beam.
The new batch of crypto assets brings the total number of projects listed on the registry to 54. It launched with 12 projects in November 2018.
“The ability to find basic information on networks and their underlying tokens will be essential to responsible growth in the industry; and we’re thrilled to be working with such a great group to move the industry forward,” Ryan Selkis, Messari’s founder, told CoinDesk.
Bitcoin (BTC) price faced fresh bearish sentiment Aug. 21 after a rejection of $11,000 sent markets tumbling hundreds of dollars in minutes..
$9K Levels on horizon for Bitcoin price
Data from Coin360 shows BTC/USD topping out at just under $10,900 before reversing. Hours later, a sudden loss of support saw the pair dip to below $10,100 before bouncing slightly higher*
“Launch of a campaign to attract international organizations from 67 countries in the field of wildlife protection, improvement of…”
STEEM Trading Update by my friend @cryptopassion
Here is the chart of yersterday :
Here is the current chart :
Today, we validated the testing of the resistance line at 0.18$ but we failed to break it and so we are currently having a rejection. Except if the BTC is starting a new correction, I think we should try soon to break this line again in the coming hours. The worst case would be that we go test the support line related to the previous low around 0.165$.
Bitcoin continues to consolidate on top of support at $10,650. Bears are threatening a major break down, while bulls defend $10,000.
In today’s video we’ll discuss a few different scenarios, including a large potential bear trap. We’ll also discuss key areas to watch and so much more. I hope you find it helpful.
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading.
Workin
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According to recent data from GoodRX, an app tracking drug prices, only 3% of insurance claims for Eli Lilly’s insulin were for the half-price version that the company revealed shortly before being questioned by Congress on soaring insulin prices.
According to the article, many pharmacists do not know that a cheaper version is available or it cannot be accessed because it wasn’t added to individual patient’s list of drugs that are covered.
The company said it was aggressively working to increase awareness as well as access to the cheaper diabetes drug.
Analysis and Comments
Best Healthcare analysts expect a strong downward pricing pressure and slowing volume growth for the previous classes of drugs such as DPP4 and basal insulins.
This will likely result in a slowdown in the sales growth for the global pharmaceutical market. We project the global diabetes pharma market to grow at only 3% CAGR to reach $46bn by 2025.
While the overall diabetes pharma market is set to slow, GLP1 and SGLT4 are likely to experience rapid growth.
The People’s Bank of China (PBoC) is almost ready to launch its government-backed digital currency, official sources say.
An Aug. 20 report from the CPC-owned English-language news portal China Daily further revealed that the central bank digital currency (CBDC) may have been influenced by the unveiling of Facebook’s planned cryptocurrency, Libra.
‘Inspiration from Libra’
After five years of research and system development work since 2018, the PBoC is almost ready to launch its CBDC, the deputy director of the bank’s payments unit Mu Changchun revealed at a forum last week.
Trials for the currency have been ongoing and the institution is reported to be testing multiple approaches for the project. If things proceed smoothly, the PBoC expects it could launch the currency sooner than Libra.
The latter’s recent announcement is notably reported to have influenced the PBoC’s original design for its planned CBDC. Yang Dong — director of the Research Center of Finance Technology and Cyber Security at Renmin University of China — told China Daily that the announcement of Libra had sparked debate among Chinese regulators and motivated the project’s designers to involve more non-governmental institutions in the currency’s development and issuance process.
He stated: “Further testing is needed before officially launching the Chinese CBDC, gaining inspiration from the Libra.”
The World Bank has issued a second round of its landmark blockchain bonds.
The international financial institution raised another $50 million AUD ($33.8 million U.S.) by selling the “blockchain-operated debt instrument” (bond-i), according to Commonwealth Bank of Australia (CommBank), which managed the sale jointly with RBC Capital Markets and TD Securities.
Both new and existing investors participated, CommBank said.
All told, the World Bank has issued $160 million AUD ($108 million U.S.) of these bonds, which run on a private version of the ethereum blockchain. It is “the first bond created, allocated, transferred and managed through its life-cycle using distributed ledger technology,” according to CommBank.
“We are happy to see the continued, strong support and collaboration from investors and partners,” Andrea Dore, the World Bank’s head of funding, said in a press release. “The World Bank’s innovation and experience in the capital markets is key to working with our member countries to increase digitization to boost productivity in their economies and accelerate progress towards the Sustainable Development Goals.”
The New York State Supreme Court has ruled that the New York Office of the Attorney General (NYAG) has jurisdiction over cryptocurrency exchange Bitfinex.
According to a court filing on Aug. 19, this will allow the NYAG to continue its investigation of the exchange over allegations of fraud and misleading investors.
In the filing, Judge Joel Coehn dismissed a motion by Bitfinex to terminate an action by the NYAG that would prosecute Bitinex under a New York law — the Martin Act. The NYAG originally alleged that Bitfinex and associated stablecoin firm Tether covered up an $850 million loss and in doing so, misled investors in the state of New York.
The allegations have resulted in a protracted legal battle between Bitfinex and state prosecutors, with the exchange claiming that it spent $500,000 and hired over 60 lawyers in order to comply with documentation requests by the NYAG.
INX Limited, a crypto exchange startup, plans to raise up to $129.5 million through an IPO, in the first security token sale registered with the U.S. Securities and Exchange Commission (SEC).
No, that’s not a typo for “ICO,” the initial coin offerings that tested the limits of securities law during the go-go days of 2017. IPO means IPO here: INX, which is domiciled in Gibraltar, filed a draft F-1 (the SEC’s prospectus form for foreign issuers) with the agency on Monday and will market the tokens to retail and institutional investors through the initial public offering.
As such, it’s a major milestone since to date, token sales have been unregistered. Some issuers confined their marketing to wealthy investors so they’d be exempt from the registration requirement and filed notices with the SEC. Most didn’t even bother to tell the regulators what they were up to, and over the last year, the agency has brought a slew of cases against ICO teams for illegally selling unregistered securities.
Metallicus, the startup behind the peer-to-peer payments platform Metal Pay, received an undisclosed angel investment from the youngest bitcoin millionaire, Erik Finman.
In partnership with Metal Pay CEO Marshall Hayner, the two look to develop the first “all-in-one” cryptocurrency banking platform, which includes a 17 digital asset exchange, a digital bank and a payments application with social features similar to Venmo.
Founded in September, Metal Pay has processed approximately $11 million in total payments from nearly 130,000 registered users across 38 states. On a monthly basis, the company processes $1 million in crypto or fiat for around 30,000 active users, according to Hayner.
Finman staked a modest amount of bitcoin to finance the development of the banking and exchange ecosystem, he said, which currently holds approximately $2 million in crypto and fiat on the platform. Though Finman is willing to put in his entire “400 something” bitcoin fortune to fund Metal Pay’s growth, the 20 year old told CoinDesk.
“The trading will open at UTC 4:00, August 20th .”
STEEM Trading Update by my friend @cryptopassion
Here is the chart of yersterday :
Here is the current chart :
We are currently testing the resistance line at 0.18$ but till now we are not able to break it. Most of the altcoin are not doing a so big UP with the bounce from the BTC so I don’t expect that STEEM will do better. We need a second bigger UP on the BTC to help us to break that resistance line and confirm that the low at stort term has been touched on the STEEM.
US-based electric bus maker Proterra, which may be looking to go public, is planning another fundraising round that is likely to push the company to a unicorn-class valuation of US$1bn.
The company supplies transit buses to cities across the US and employs a number of former Tesla engineers and executives.
The private equity sale (which the company registered on August 2nd) could raise up to US$75m in support of the company’s planned expansion beyond transit buses and into a new business unit aimed at selling EV components such as its batteries and motors.
Analysis and Comments
The bus sector is the easiest to electrify because of the predetermined nature of the driving routes which makes it easier and less costly to set up charging points. This explains why 60% of the bus fleet in Chinese cities is already electric.
The bus sector contributes 10% to road related emissions despite being less than 1% in terms of the vehicle fleet. Electrification of bus fleets in Europe and the US will likely speed up over the next 5 years.
Chinese companies such as BYD will likely capture the bulk of the international electric bus market,especially short range city buses (also called transit buses). This will be because of their clear cost advantage versus western OEMs. Companies like Proterra are hence focussing on higher value longer range electric buses.
Spanish megabank Santander Group is expanding its use of Ripple’s technology.
The bank is building a “payment corridor” that would let customers in Latin America send money to the U.S. instantly for free via One Pay FX, a mobile app that uses Ripple’s xCurrent software, officials told CoinDesk.
Currently, only customers in the U.K. and Spain can send money to the U.S. over One Pay FX. While the bank would not reveal how many Latin American countries it plans to connect to the corridor, Santander serves Brazil, Uruguay, Chile and Mexico.
Telegram’s long-awaited blockchain, Telegram Open Network, is said to be scheduled to launch Oct. 31, but the yet-to-be-issued gram tokens are already trading in an unauthorized secondary market.
Telegram has yet to publicly or formally acknowledge the project, but investors in last year’s $1.7 billion token offering, widely publicized in the press, are selling their gram allocations via OTC desks, exchanges and special-purpose vehicles.
Purchasing tokens this way might be risky, investors warn, as Telegram specifically prohibited investors from re-selling their allocations under penalty of terminating the purchase contract. Secondary buyers may end up with nothing.
Top cryptocurrency exchange Binance is launching an open blockchain project “Venus” focused on developing localized stablecoins worldwide.
In an announcement published today, Aug. 19, the exchange argues it is well-positioned to launch such a currency ecosystem in light of its existing public chain technology, Binance Chain, wide user base and already established global compliance measures.
Leveraging existing know-how
The exchange says it is seeking partnerships with governments, corporations, technology firms, and other cryptocurrency and blockchain projects in order to develop a new currency ecosystem that will empower both developed and developing countries
Bitcoin (BTC) price was returning to bullish form on Aug. 19 as markets look to break out from last week’s sideways trading.
Bitcoin price builds on $10K support
Data from Coin360 revealed Bitcoin challenging $11,000 in morning trading as Monday delivered almost 5% gains. Markets appeared to be reacting to news cryptocurrency exchange Binance was planning to release its own version of Facebook’s Libra digital currency, in what is also a direct response to China’s central bank. At press time, BTC/USD was circling $10,650, capping daily gains of 4.9%, while weekly progress still totalled 5.5% losses.
On Aug. 18, the developers of ZenGo, a non-custodial keyless cryptocurrency wallet solution, announced that their app now supports Facebook’s Libra testnet.
Experimenting with Libra
According to the announcement, now users “can send and receive Facebook’s new cryptocurrency, Libra, just like any other cryptocurrency in ZenGo.” The developers also noted that the “testnet funds don’t hold any real value and are only for testing purposes.” The post explains:
“If you would like to experiment with Libra, you can turn on Libra testnet from the Account tab in the wallet. Once you turn on the feature, make sure your wallet is backed up, and we’ll send you your first Libra. Facebook is developing its own wallet Calibra, but it’s not publicly available yet. When it does become available it will be a custodial wallet, meaning that Facebook will have full control over the funds stored in it. But that will not be the only option. That’s why we’re offering Libra in ZenGo a non-custodial that people will have the option to choose.”
“PegNet Mining goes live Monday August 19th 17:00 UTC!”
STEEM Trading Update by my friend @cryptopassion
Here is the chart of yersterday :
Here is the current chart :
Nothing really new for the STEEM, as the BTC, the moves are very limited and we didn’t even touched the resistance line at at 0.18$. We are closed of it so I would be really interested to see if we can try to break it or not. The worst scenario would be a touch on that line foloowed by a new drop. Let’s hope it won’t happen.
According to Twitter, more than500m gaming-related tweets were sent in H1 2019, a 20% increase yoy. In 2018, gaming topics topped 1bn tweets for the first time.
While the US seems to be tweeting the most about gaming, Japan hastaken the top spot in the past year as the topic is becoming more global.
Following last week’s mass shootings and President Trump’s condemning remarks about video games, several supportive hashtags such as #VideoGamesAreNottoBlame and #GamersAreGood started trending on the platform.
Analysis and Comments
Given the recent series of high-profile gaming-related news (the political debate, but also a number of milestones and records achieved across esports events such as the Fortnite and Dota 2 World Championships), the uptick in tweets does not seem surprising.
In a way, it is yet another sign that playing video gaming and watching esports is becoming more socially accepted/”mainstream”.
With the steady increase in esports viewership numbers and the continued strong demand for video games, we expect this trend to continue.
On a side note, Chinese video gaming giant Tencent and Chinese livestreaming platform Huya reported Q2 figures this week, both showing continued growth in mobile revenues and mobile users, respectively.
Bitcoin (BTC) adoption by institutions has gone from a myth to fact in the past year, the CEO of major cryptocurrency exchange Coinbase has said.
‘We know the answer’ about adoption: Armstrong
Speaking on Twitter Aug. 16, Brian Armstrong said that 2019 had formed the year of reckoning for institutional Bitcoin uptake, with the trend now obvious. He wrote:
“Whether institutions were going to adopt crypto or not was an open question about 12 months ago. I think it’s safe to say we now know the answer. We’re seeing $200-400M a week in new crypto deposits come in from institutional customers.”
Coinbase becomes world’s largest crypto custodian
Armstrong made the comments hours after Coinbase confirmed its acquisition of the international operations of storage giant Xapo. The move, as Cointelegraph reported, put Coinbase top of the institutional manager list for crypto with $7 billion of assets under custody.
Steemit, a blockchain project that focuses on monetizing social media sites, has given details of a coming code upgrade that will usher in big economic changes.
Announced on Wednesday, the steem blockchain will undergo its 21st hard fork on Aug. 27 – one that will build in a new Worker Proposal System aimed to allow the blockchain to “fund its own development.”
The new system – set up as a decentralized autonomous organization, or DAO – will allow Steem users to publicly propose work they are willing to do in return for payment in the project’s native cryptocurrency, steem dollars (SBD). The Steem.DAO will provide a way for the platform’s users to vote on proposals, weighted by their stake in the platform.
QuadrigaCX’s former users are running out of patience with Miller Thomson and EY, the court-appointed companies tasked with recovering their missing funds.
The users want more transparency into EY’s investigation of Quadriga’s missing funds, as well as a better understanding of how the audit firm accidentally lost 103 bitcoin earlier this year.
Some users are contemplating finding new legal representation due to their frustrations with Miller Thomson. Ripple has until mid-September to file its response.
Changpeng Zhao, CEO of major cryptocurrency exchange Binance, has predicted that Binance will resume crypto-to-fiat operations in the United States within the next two months.
Navigating U.S. regulation
Zhao, also known as CZ within the crypto community, made his prediction in an interview with online news outlet Cheddar published Aug. 15. When asked about Binance’s return to operations in the U.S., Zhao said:
“I don’t want to promise any fixed dates, but there’s a lot of work being done and there’s a lot of things going on in flux, but I would say in a month or two.”
“The team is set to host their first live AMA on 17th August to answer all your questions!”
STEEM Trading Update by my friend @cryptopassion
Here is the chart of yersterday :
Here is the current chart :
So the support line created by the previous low has been broken and as predicted, the drop has continued on the STEEM. We have no real support now at these levels. We are having currently at little bounce but if we cannot go higher than the line that we just broke, I expect that it is just a pull back before the drop continuation.
The DAX is a blue chip stock market index consisting of the 30 major German companies trading on the Frankfurt Stock Exchange. And Germany, the biggest economy in Europe is stalling. Germany is an export country and so they have been hit hard by the trade tariff between China and the US and the all the uncertainty surrounding Brexit.
You put all these issues in a pot and the finish product is an inevitable recession. An inevitable recession was further supported by the recent ZEW Survey. ZEW Indicator of Economic Sentiment is a leading indicator for the German economy. The recent ZEW Survey showed sentiment among investors fell to -44.1 from -24.5 in July, its lowest since Dec. 2011.
