[Daily Discussion] Tuesday, June 19, 2018 Bitcoin Markets |
- [Daily Discussion] Tuesday, June 19, 2018
- [Altcoin Discussion] Tuesday, June 19, 2018
- Square obtains NY State cryptocurrency license
- Cryptocurrency Market News: Square Acquires BitLicense From New York State
- Indian Government To Impose New Tax Rules On Cryptocurrency Trades
- Bitcoin (BTCUSD) Price - Market report - 19 June 2018
- What "getting short" actually means, in the context of tulips being traded on LSD.
| [Daily Discussion] Tuesday, June 19, 2018 Posted: 18 Jun 2018 09:05 PM PDT Thread topics include, but are not limited to:
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| [Altcoin Discussion] Tuesday, June 19, 2018 Posted: 18 Jun 2018 09:06 PM PDT Thread topics include, but are not limited to:
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| Square obtains NY State cryptocurrency license Posted: 18 Jun 2018 07:14 PM PDT NEW YORK (Reuters) - Square Inc (SQ.N), the payments company founded by Twitter Inc (TWTR.N) CEO Jack Dorsey, has obtained a license to offer New York state residents the ability to buy and sell bitcoin through its Cash App, the company said on Monday. This makes Square the ninth firm to have obtained a so-called "BitLicense" by the New York State Department of Financial Services. To grant the license, the financial watchdog conducted a comprehensive review of Square's app, including its anti-money laundering, anti-fraud and cybersecurity policies, NYDFS said in statement. Square also holds a money-transmitter license from NYDFS. New York has been considered one of the strictest states for cryptocurrency businesses since June 2015, when it started requiring virtual currency firms doing business there to get a license to hold customer funds and exchange virtual coins for dollars and other regular currencies. The San Francisco-based company, best known for selling a device that enables small businesses to accept credit card payments easily, first enabled bitcoin purchases on its app in other states in January. Dorsey, the CEO of both Square and Twitter, has been one of bitcoin's most high-profile enthusiasts in the tech world. At a conference last month, Dorsey said he hoped bitcoin would be the internet's "native" currency. "I am a huge fan," he said. He also noted that the decision to enable users to buy and sell bitcoin in Square's Cash App had been a "pretty contentious move within the company" and remains a source of internal tension. The company had $34.1 million in revenue from the new bitcoin offering in the first quarter of this year, but its bitcoin costs were $33.9 million, according to a May shareholder letter. [link] [comments]  |
| Cryptocurrency Market News: Square Acquires BitLicense From New York State Posted: 19 Jun 2018 02:31 AM PDT San Francisco based digital payment company Square receives cryptocurrency license. It implies that all the residents of New York will be able to make transactions of Bitcoin through Cash. It is the mobile payment app which allows person-to-person money transfer. In an official updated it was confirmed that they have obtained the license from DFS, better known as New York's Department of Financial Services. [link] [comments]  |
| Indian Government To Impose New Tax Rules On Cryptocurrency Trades Posted: 19 Jun 2018 03:49 AM PDT India has not yet lifted its ban on cryptocurrency and its trading practices. The regulators have filed a petition in Supreme Court against the ban imposed by Reserve Bank of India. Although, the fight isn't going to stop there as government officials are about to bring in a new set of tax rules for crypto trade. The cryptocurrency exchange has a long way to go for a smoother trade practice. https://www.owltmarket.com/indian-government-plan-imposing-new-tax-rules-on-cryptocurrency-trades/ [link] [comments]  |
| Bitcoin (BTCUSD) Price - Market report - 19 June 2018 Posted: 19 Jun 2018 12:21 AM PDT Lets take a quick look at the market action Bitcoin experienced since my last report. We can see another attempt from the market to form a bullish channel since the previous brutal drop from the 7k zones. Bitcoin is giving many contradicting signals on the shorter term at this point in time. This reflects the sentiment of the traders and the news on the media. Some bullish, some bearish stories out there, I won't give the fundamentals too much weight here. We can see some good price action whenever Bitcoin has touched the bottom support zone and we are, again, getting higher highs and lows on the shorter time frame. We can see a nice little bullish flag/pennant formed after the price action the market experienced yesterday. This is over shadowed by the possibly scary bigger bear flag/pennant forming on the medium term. On the longer term it is important to to note the BEARISH and BULLISH action this year formed a massive triangle. This is normal as markets recover from "bubble" action and volatility gets less over time. Lets have a look. On the 1 day chart we can clearly see the massive triangle that has formed as we enjoyed the roller coaster down from 20k at the start of this year. This is now a confirmed triangle and I would expect the prices to stay bound in this range until a break to the top or bottom occurs. Like I mentioned in previous reports, most trades taken here should be consider higher risk, as Bitcoin is still trending down from the previous ATH. I am looking to $6800 – $7000 resistance zone to signal the next possible breakout and leg up for the market. On the flip side we could see a retest of the lower part of the triangle, but I would imagine it will only happen after the top of the triangle gets tested, around $6900. I will look to $7000 as the main psychological resistance level. Short term support at the moment is quite strong around $6650 at this point in time, with $6400 being critical for this little bullish run to continue. Safe trades. [link] [comments]  |
| What "getting short" actually means, in the context of tulips being traded on LSD. Posted: 18 Jun 2018 09:13 AM PDT Hey everyone. We have come across several discussions regarding the shorting of cryptocurrency, which sparked a strong desire to provide some educational points. Currently, selling-out your personal inventory and buying it back is virtually the means of getting short within the space for Retail traders (due to lack of lending) - however, in terms of growing your skill-set it's very important for new traders to understand shorting in the traditional sense. This may also help you gain a general sense for why shorting is not widely available. Here is a simple example, not including actual fundamentals of lending within financial markets: Imagine: your friend Shlomo Lichtenstein has 1000 plastic collectible tulips. Currently, it's very difficult to buy these tulips and they are selling like hotcakes for $5 each. You think this is ridiculous and that in the next few days the trend will die down. Shlomo doesn't mind lending his inventory out to you but wants a $1 deposit for each BORROWED. So, you give him a $1000 as collateral. Forget about the timeline for this example, or why he would be willing to do this. Simply, you'll be able to return the 1000 tulips and get your deposit back. Assume every plastic tulip is the same/they are interchangeable. It's a very liquid market and you immediately sell all 1000 Plastic Tulips to someone for $5000. Basically, you sold something you just borrowed, the plan being to buy plastic tulips back later at a lower price and return them to shlomo ("cover your short"). 2 days later, everyone realizes they took much LSD at Burning Man, and that everyone must have been tripping while they were buying these plastic tulips. The entire crowd is running around, trying to sell these tulips to the remaining people which seem like they are still tripping. You buy 1000 tulips at $2 each, only costing you $2000. You only needed 2k out of the 5k of cash which was generated from your "sale" (sale of something you borrowed). You go back to your friend and give back the 1000 tulips, and he gives you back your deposit. You just made $3000 (simple version) ! Basically: to get short crypto, you need ability to borrow! Which is why shorting is not widely available (regulatory issues). The function of borrowing, selling, buying back and returning is the essence of getting short. Getting short in crypto is very difficult, outside of futures/options which majority of traders do not have the means to access. [link] [comments]  |
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