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Crypto Industry Reacts as US Treasury Secretary Deems Crypto a “National Security Issue”


Following US President Donald Trump’s scathing remarks about Bitcoin and cryptocurrencies in general, the U.S. Treasury Secretary – Steven Mnuchin – is now placing crypto on the center stage of the US’ regulatory policy.

Naturally, the crypto industry reacted swiftly to Mnuchin’s remarks that were made during a press conference held earlier today, and many analysts believe that it is a further validation of the nascent markets.

Mnuchin Claims That Crypto is a “National Security Issue”

Last week, the crypto industry was taken aback when President Trump went on a Twitter tirade in which he shared that he is “not a fan” of Bitcoin and other cryptocurrencies.

Although these comments certainly weren’t positive for the crypto markets, it was viewed as a validation of the cryptocurrency by many investors and analysts alike. Despite this, many analysts have also attributed the market’s recent downwards pressure to these comments, although this connection is purely speculative.

Shortly after these comments were made, Mnuchin further legitimized the issue by calling the lack of regulations surrounding cryptocurrencies as a “national security issue,” which likely signals that a massive federal regulatory crackdown looms on the horizon.

Industry Reacts to Possibility of Federal Regulatory Crackdown

Although Mnuchin’s comments weren’t necessarily a direct endorsement or opposition of cryptocurrencies, they are certainly emblematic of the fact that the nascent markets will likely face more stringent regulations in the months and years ahead.

Brad Garlinghouse, the CEO of Ripple, spoke about the comments in a recent thread of tweets, and noted that the crypto industry has come a long way from the days of the Silk Road online marketplace – a time at which Bitcoin was primarily used for illicit activities on the dark web.

“But as Mnuchin indicated, the entire crypto industry should not be painted with one broad brush – it has come a long way since the days of Silk Road. For the industry to succeed, we need to work with regulators and within policies. Full stop,” Garlinghouse explained.

Furthermore, Alex Krüger, a popular economist who focuses primarily on cryptocurrencies, explained that one positive thing about the recent comments made during the press conference is that it rules out a Bitcoin ban.

“On the positive side, a bitcoin ban seems out of the question. However, a US ban was unthinkable 5 days ago, before the Trump tweet. On the negative side, Libra (which is positive for $BTC) seems toast, while institutional interest in the asset class may diminish,” he explained.

Although at this moment it remains somewhat unclear as to what impact a deluge of fresh federal regulatory policies could have on the crypto markets, it is important to note that it could take many months, or even years, before any of these policies are actually cemented.

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Bitcoin Hits “Do-Or-Die” Support Level as Selling Pressure Swells


After an extended period of consolidation, Bitcoin has failed to hold above its previously established support level at $11,000 and has now plunged into the $10,000 region. Today’s price plunge marks an extension of the downwards pressure that BTC first incurred when it failed to break past $13,800, which remains a yearly high.

Analysts are now noting that Bitcoin is nearing a “do-or-die” price point at which the cryptocurrency must hold above, or else significantly further losses could be imminent – which may mark a reversal of the bull trend that has occurred throughout 2019.

Bitcoin Drops Towards $10,000, Breaking Previously Formed Parabola

At the time of writing, Bitcoin is trading down over 7% at its current price of $10,490, which is down significantly from its daily highs of $11,500.

While looking towards BTC’s price action over a one-week period, it is clear that bears are in full control at the moment, as the cryptocurrency’s buyers were unable to stabilize its price above $13,000.

Additionally, this recent period of consolidation and subsequent drop has forced Bitcoin to violate its previously formed parabola that was created during the course of this uptrend, which may spell trouble for the entire crypto markets.

Peter Brandt, a highly celebrated analyst who predicted the recent bull run, spoke about the violation of this parabola in a recent tweet, while referencing the below chart.

Importantly, the violation of this parabola could lead to significantly further losses in the coming days, weeks, and months; which could mean that the recently formed bull trend is in full reversal.

Analyst: BTC at a “Do-Or-Die” Level That Must Hold

It is highly probable that analysts will soon understand whether or not bears will garner full control of the cryptocurrency, as it is currently sitting at a price level that must be held in the near-term, or else significantly further losses could be imminent.

Josh Olszewicz, a popular cryptocurrency analyst on Twitter, spoke about this price level in a recent tweet, noting that it may not be until August or September that we truly know whether or not BTC will soon drop back into the four-figure price region.

“1D $BTC at Kijun do-or-die support here. Possible that we grind for a while in triangle consolidation then make a decision towards Aug/Sept. If break down, e2e to 8.8. Closing Q3 at -15%ish is on par w/historic Q3s. #WakeMeUpWhenSeptemberEnds is a real thing,” he explained.

As the week drags on and Bitcoin continues to react to its key support levels that lie directly below its current price level, it will likely soon grow clear as to whether or not BTC will continue climbing higher or if the “Crypto Winter” will persist.

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Crypto Scam Bots Back in Full Force: Signs of a Bull Run?

New Crypto Scams

If you’ve pursued Crypto Twitter recently, you have probably noticed an interesting trend: bots trying to scam cryptocurrency from consumer investors are back in full force. Under almost any tweet from anyone that could be deemed even remotely “crypto-famous”, you will find an array of clearly spam comments from random accounts. While all the accounts have different names, they all use a certain format of posting to try and swindle investors of their Bitcoin, Ethereum, and other digital assets. Here how it works.

Well, these accounts, which are clearly bots because of their lack of posts and odd handles, post an image of a tweet from “Binance”, which mentions a non-official website (something like, binancedrop, etc.) that is currently hosting a “giveaway” for a certain event, and a tweet claiming that they got some cryptocurrency from the site. Most recently, these scammers used Binance’s second birthday and the release of the 2.0 iteration of its platform to try and get users’ funds. And to further the legitimacy of the tweet, the scammers would photoshop in fake comments from notable cryptocurrency enthusiasts and investors, such as Anthony Pompliano.

While this writer and others don’t want to visit the sites mentioned for obvious reasons, it is presumed that victims that fall for the trick will be prompted to deposit some of their digital assets to “claim” a portion of the giveaway.

It is currently unclear if this strategy is working, as the crypto-public is likely much more educated than they were in 2017. But, these tweets have begun to appear everywhere, making it likely that the bad actors behind these tweets are at least managing to trick some individuals.

This strategy actually isn’t too much different than the one enlisted by the scammers of 2017 and 2018. Back then, there were countless accounts impersonating individuals like Elon Musk, Vitalik Buterin, and so on and so forth. Then, they asked the to-be victims to send cryptocurrency to an account to claim a reward. The reason why this strategy isn’t working is that Twitter cracked down on these bots, especially after the Tesla chief executive started joking with the bots no Twitter, bringing the issue of rampant on-platform scamming to the mainstream.

Cryptocurrency Ponzi Schemes Are a Thing… Again

This comes as crypto Ponzi schemes have erupted into the mainstream again. Per previous reports from Ethereum World News, a project piggybacking off Tron’s success is reported to have stolen over $30 million from local investors. Known as “Wave Field Super Community”, the firm claimed to be a Super Representative, meaning a leading node, of the Tron blockchain, and thus managed to convince investors it would offer great returns on their capital.

Photo by Noah Silliman on Unsplash  

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Bitcoin Expressing Bullishness as Public Interest Dwindles; Factors & Trends


After facing a significant amount selling pressure yesterday that sent Bitcoin reeling down to the lower-$11,000 level and most major cryptocurrencies plunging 10% or more, the aggregated crypto markets have now incurred a decent amount of buying pressure that has allowed them to buck the recent bear trend.

This newfound bullishness comes as public interest in Bitcoin is on the decline, which supports the notion that now is still a good time to accumulate, regardless of the recent bout of selling pressure experienced by the volatile asset.

Bitcoin Climbs Towards $12,000 as Bulls Attempt to Reverse Recent Bear Trend

At the time of writing, Bitcoin is trading up over 4% at its current price of $11,830, which is up significantly from its 24-hour lows of $11,100 that were set yesterday.

Over a one-week period, BTC has experienced massive volatility that sent the cryptocurrency to highs of $13,200, at which point it incurred a sudden and sharp influx of selling pressure that overwhelmed the cryptocurrency’s bulls and sent its price to $11,000 – where it found support.

This price action is simply an extension of the consolidation that Bitcoin has been experiencing ever since its sharp rise, and subsequent collapse, from $13,800 in late-June.

Alex Krüger, a popular cryptocurrency analyst on Twitter, spoke about the key price levels that he is watching in the near-term, noting that he is generally bullish on BTC, so long as it maintains some stability.

“$BTC views update: Mid/long term bullish. Short term bullish above 11500/11600, bearish below 11300. R: 11800, 12000, 12300, 12500. Key level above for bears to defend is 12300. If price moves below 11300, 10000-9650 is first larger target area. 50 DMA stands at 9760,” he explained in a recent tweet.

Retail Investor’s Interest in BTC Dwindles Despite Recent Volatility

The past 48-hours have been quite exciting for the crypto markets, as the chair of the US Federal Reserve – Jerome Powell – recently stated in front of the Senate that Bitcoin is currently more like an alternative to gold.

Shortly after these statements were made, US President Donald Trump shot off a series of tweets discussing Bitcoin, cryptocurrency, and Facebook’s Libra project.

Although he claimed that he was “not a fan” of cryptocurrency, the sheer amount of press the statement received has been viewed as being bullish by many analysts.

Despite all this, retail investors and the general public are still not expressing any major interest in BTC, which may prove to be a positive thing for the cryptocurrency’s investors.

“Buy the dip,” The Crypto Dog, another popular analyst, concisely noted while referencing the below Google Trends chart.

As Bitcoin and the crypto markets continue to push their way onto the center of the global political and economic stage, it is likely that retail investors will increasingly grow aware and interested in the nascent markets, which may help fuel the next bull run.

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Fed Chairman Powell Validates Bitcoin as a Store of Value in Front of US Senate


Bitcoin and the aggregated crypto markets have been facing tremendous selling pressure over the past couple of days which was sparked by BTC’s rapid surge into the $13,000 region. Although this drop is certainly negative from a technical perspective, it is important to note that the cryptocurrency is still incredibly fundamentally robust.

One such example of Bitcoin’s fundamental strength can be found while looking towards Fed Chairman Powell’s recent comments about Bitcoin, where he described it as a perceived alternative to gold – a statement that is largely being interpreted as having bullish undertones.

Fed Chair Powell: Cryptocurrency and Bitcoin Could Diminish Need for Federal Reserve Currency

Powell made the comments that are sparking excitement within the cryptocurrency community during a recent testimony in front of the US Senate, where he covered a broad range of topics regarding the US and global economy, while also setting the stage for a potential interest rate cut in the coming months.

On the topic of cryptocurrencies – which was briefly addressed during the testimony, Powell notably said that a system of cryptocurrency that achieves widespread adoption could diminish, or remove, the need for a federal reserve currency, adding that widespread adoption hasn’t been seen quite yet. 

Alex Kruger, a popular economist who focuses primarily on cryptocurrencies, followed the senate testimony in a thread of tweets, elucidating Powell’s response to a question regarding the aforementioned topic.

“Things like that are possible, but we haven’t seen widespread adoption… if we do see it you could see a return to an era in the United States where we had many different currencies in the so-called national banking era,” Powell said during the testimony.

This response has largely been characterized as bullish for the crypto markets, as it seems to acknowledge the possibility that Bitcoin could, one day, be widely utilized alongside state-sponsored currencies.

Powell: BTC More of a Store of Value Than A Payment System

Furthermore, while adding onto his previously mentioned thoughts about Bitcoin as having the potential to transition the US into a new era of banking and finance, Powell also explained that he believes BTC’s main utility presently is being a store of value, much like gold.

“Almost no one uses Bitcoin for payments, they use it more as an alternative to gold. It’s a speculative store of value, like gold,” Powell noted; a sentiment that Krüger believes is “validation of the highest order” for BTC

Although in the near-term it remains incredibly unclear as to where BTC and the aggregated crypto markets are heading next, the Fed Chairman’s recent comments about it and its rapid ascent to mainstream discussion is certainly one bullish fundamental factor underlying it.

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Binance Launches Margin For Bitcoin, Ethereum, & More

Binance Embraces Margin

Announced just minutes ago, Binance, one of the world’s largest crypto exchanges, has launched margin trading. Per a blog post detailing the new product, this new product is part of Binance’s “effort to help push the industry forward and freedom of money”. Per a quote from the exchange’s beloved CEO, Changpeng “CZ” Zhao, the introduction of margin trading will also help his startup accommodate both “advanced institutional traders and retail traders” under one single roof, this being

For those unaware, margin trading allows investors to leverage their positions, meaning that they can borrow funds from the exchange to increase their risk, and thus return potential. In Binance’s case, users can take on leverage of up to three times their trade size, meaning that if a user has one Bitcoin, they can make a trade as if they had three.

To use this new system, which only is supported on some Bitcoin, Ethereum, Binance Coin, Tron, and Ripple’s XRP trading pairs for the time being, users will need to transfer their funds between their primary Binance wallet and their new margin wallet.

Binance’s unveiling of the newest product in its already rather extensive suite comes hot on the heels of Zhao’s announcement of futures trading. Per previous reports from Ethereum World News, at the Asia Blockchain Summit in Taipei, CZ released a sneak peek of Binance’s futures platform that will support up to 20x leverage.

Per a report on the matter from CoinDesk, the platform will go live “very soon”, but there are no concrete dates just yet. What is confirmed is that a “simulation test version” will be launched in a few weeks, potentially in line with the launch of the more regulated Binance United States.

As analyst Luke Martin notes, Binance will be the first crypto exchange in history to foray into the four types of exchanges: derivatives, regulated spot, unregulated spot, and decentralized exchange. 

This news comes hot on the heels of pro-futures news made by other startups in the space. Announced Monday afternoon, ErisX, a Chicago-based cryptocurrency startup, has secured a “derivatives clearing organization” (DCO) license from the Commodity Futures Trading Commission (CFTC). This gives it the ability to launch physically-delivered Bitcoin futures. Both LedgerX and Bakkt are soon expected to follow suit.

The prominent cryptocurrency startup is soon expected to make a number of more announcements as it turns two. Also, the exchange will soon be booting of clients it has in the United States due to the regulatory concerns, and has opted to create an independent platform for Americans to fill in the gap and capture demand.

Title Image Courtesy of Marco Verch Via Flickr

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It is “Paramount” That Bitcoin Holds Above $12,000 Or a Significant Drop Could Ensue


After incurring some bullish buying pressure yesterday, Bitcoin has failed to advance past $13,000 and is now nearing the lower-$12,000 region. Today’s drop created a bloodbath in the aggregated crypto markets, sending many altcoins reeling down 10% or more.

Now, one prominent analyst who called today’s drop is noting that it is critical that Bitcoin holds strong above $12,000, or its newfound bullish momentum could be placed in jeopardy.

Bitcoin Faces Increased Selling Pressure as Volatility Ramps Up

At the time of writing, Bitcoin is trading down nearly 2% at its current price of $12,320, which marks a significant drop from its 24-hour highs of $13,100 that were set earlier today.

While zooming out and looking at Bitcoin’s weekly chart, it is abundantly clear that it is still in a firm uptrend in spite of today’s drop, as it has been able to surge from seven-day lows of $10,900 to highs of $13,100, before dropping to its current price levels.

After facing a freefall earlier this morning, BTC has been able to slow its descent and appears to be incurring greater levels of buying pressure at its current price levels. 

Analysts are now noting that $12,000 is a key support level that Bitcoin must hold above in the near-term or else significantly further losses could be imminent.

Chonis Trading, a popular cryptocurrency analyst on Twitter, spoke about this level in a recent tweet, explaining that a hold above this aforementioned level is key for continuation of the recent bull trend.

“$BTC – support has been found right at the last point where it could to keep this bullish count still valid. Keeping #bitcoin over $12K is now paramount for continuation,” he noted.

If Bull Run Continues, BTC Could Surge Towards Six-Figures

If the bull trend that Bitcoin is currently caught in continues to extend further, analysts are noting that it could continue onwards and upwards towards the coveted six-figure price region, which would mark a massive surge from its yearly lows of $3,400.

Galaxy, another popular cryptocurrency analyst on Twitter, mused this possibility in a recent tweet, explaining that the 2015 fractal pattern elucidates that a six-figure price surge could be a real possibility.

“The $BTC Bull Run barely even started. According to 2015 fractal, the road to #6digits was confirmed when we broke $10K. It will be a journey packed with FUD, bans, hacks and all sorts of manipulations. But nothing worth having comes easy, especially financial freedom,” Galaxy explained.

Although at the moment it feels as though Bitcoin is resting on the edge of a precipice, its robust technical strength and current upwards momentum – should it be maintained – will likely lead it significantly higher in the coming weeks and months ahead.

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Analysts Expect Ethereum Price to Pop as Buying Pressure Builds


Ethereum and the aggregated crypto markets have incurred a decent amount of buying pressure today which coincided closely with Bitcoin’s rapid surge into the upper $11,000 price region. 

This price surge marks an extension of the choppy price action that the markets have incurred over the past several days, and analysts are now noting that Ethereum may be posed for significantly further gains in the near-term due to the aggressive buying pressure that is underlying its latest move up.

Ethereum Surges into Lower-$300 Region as Buying Pressure Mounts

At the time of writing, Ethereum is trading up over 3% at its current price of $308, up significantly from its daily lows of $293.

ETH’s latest move up has allowed it to climb to fresh weekly highs, although it is still down significantly from its one-month highs of $353 that were set in late-June when Bitcoin parabolically surged to $13,800.

Ethereum’s price surge today has been driven by an influx of buying pressure, which is reflected in its 24-hour volume, which has risen from recent lows of $7 billion to its current levels of $9.3 billion.

Importantly, although ETH has experienced some positive price action today when denominated against USD, it is currently trading down over 1% against its BTC trading pair, and one analyst believes that this could signal where it is going next.

“$ETH – ETH / BTC leading the way for the USD Pair? If Ethereum loses $300 again, I will be interested in short position to ~$270. If it does pop I will be looking to short ~$330 as well,” UB, a popular cryptocurrency analyst on Twitter, explained in a recent tweet.

Will Aggressive Buying Pressure Lead ETH Higher?

Although Ethereum’s BTC trading pair may spell trouble for its near-term price action, another popular figure within the cryptocurrency markets is quick to note that ETH has been incurring aggressive buying pressure in recent times.

Su Zhu, another popular analyst on Twitter, explained that most funds were previously underweight in Ethereum, which may be the root cause behind the recent influx of buying pressure.

“$ETH for the last week is the most aggressively upward-moving large-cap alt. I’ve seen some ppl tweet that this means there will be an alt szn, but I think most alts will continue to underperform in ETH terms. Speaking across the fund manager space, everyone is underwgt ETH,” he explained in a recent tweet.

Although it remains unclear as to which direction Ethereum is heading in the near-term, if funds are, in fact, buying into the cryptocurrency, it may soon surge back up to its recent highs around $350.

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Bitcoin Strong Pump to $11,900 Liquidates $50M in BTC Shorts

Bitcoin Pumps to $11,900, Finally Breaks Out

For a while now, most Bitcoin (BTC) traders actively expect bloody Mondays. Mondays are, of course, objectively the worse day of the week, and the day that Wall Street opens up shop, presumably to take profits from the weekend’s price action.

This time, however, blood did not grace the cryptocurrency streets on Monday. On the contrary actually. A few hours back, Bitcoin shot higher, moving past $11,900 for the first time in a number of days.

This strong surge upwards, which didn’t occur prior to the close of the weekly candle and CME weekend open as Bitcoin has done, comes after days of lower highs and higher lows, suggesting that this small yet important spike is a breakout.

Due to this move, which caught many traders with their pants down due to expectations of further consolidation, over $44 million worth of shorts on BitMEX were liquidated. Youch. Presumably, many traders were short $11,000 on high leverage, resulting in mass liquidations when BTC spiked on Monday morning.

While around $50 million is evidently no small sum, this liquidation event wasn’t the end all and be all of liquidation events. On the days that BTC was pumping 10% to 20% within a day’s time, BitMEX saw hundreds of millions of dollars worth of liquidations, as bears were caught off guard.

So, what exactly is next?

Well, according to analysts, a bullish confirmation would be Bitcoin closing a key short-term candle, like the four-hour or 12-hour, above the $11,700 range.

Dave The Wave believes that if BTC closes above $11,600 on the daily, the asset could continue its parabolic rise. Such a move would mark the cryptocurrency breaking past a declining trend line that has acted as resistance since last month’s blow-off top at $13,800.

Should the parabolic rise continue, Bitcoin could hit $14,000 by the middle of July, which is just over a mere week away.

Considering that this surge took place within a matter of a few minutes, implying manipulation by whales, this market could retrace these gains. Thus, investors may need to stay on their toes for the time being.

Some have been a tad more optimistic though. Analyst Nunya Bizniz that this breakout was actually a move above the neckline of an inverse head and shoulders, implying that there is more upside to be had. In fact, Bizniz writes that he has a target of $14,000, meaning more than 15% higher than current levels.

Photo by André François McKenzie on Unsplash

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Bitcoin (BTC), Gold, Safe Havens Continue to Skyrocket in Tandem, Why?

Bitcoin & Gold in Lockstep

Over the past few months, the Bitcoin (BTC) price trend has been eerily similar to that of gold. While some have cast aside this correlation as a pure coincidence, citing the fact that they see the two assets as polar opposites, many suggest that the correlation is fundamentally-backed.

According to eToro’s Mati Greenspan, the reason why Bitcoin has been rallying alongside its physical counterpart is due to the liquidity that central banks have begun to pump into the global economy.

As the popular crypto-friendly analyst explained on Twitter, this is a result of capital from stocks flooding into alternative assets, due to a search for stores of value and ways to mitigate against a U.S. dollar devaluation, which is already starting to occur against some foreign currencies (Canadian Dollar, Japanese Yen, for instance).

This would seemingly be the case. As Max Keiser of RT explained in a recent television segment, the BTC bottom at $3,150 was put in when the Federal Reserve announced it was going to be dovish, meaning it is actively looking to instate the next round of quantitative easing.

More importantly, the search for safe havens was recently made even more important with a tweet from Donald Trump.

Seen below, the businessman-turned-leader accused China and the European Union of manipulating their currencies, and “pumping money into their [economic] system in order to compete with the USA.”

What the American leader is presumably referring to is the skewed balance sheet of Europe and the rumors that China’s (anti-crypto) central bank is toying with the forex market to improve the optics of its current account.

To counter this supposed manipulation, Trump urged the Federal Reserve to “MATCH” the fiscal policy of the aforementioned regions’ respective central banks.

As markets analyst Alex Kruger explains, this will result in lower interest rates, a cheap dollar — foreign currencies have already begun to move against the U.S. Dollar; and soaring stock markets, which will be pushed higher by greater exports and investors rushing to escape an inflating currency.

So, why exactly is this bullish for Bitcoin and gold?

Well, as Travis Kling, the libertarian chief of crypto fund Ikigai, has hinted at, with a low-interest rate environment, hyperinflation, a sovereign debt default, and other horrible economic events become that much more likely. As Kling likes to quip, “[this is] brazenly bullish for a non-sovereign, hardcapped supply, global, immutable, decentralized digital store of value.” By this, the former Wall Street fund manager obviously means Bitcoin, but gold kinda fits the bill too.

All this comes as BTC has begun to gain traction as a viable store of value in today’s economy. As reported by Ethereum World News previously, two mainstream media contributors, Jim Iuorio of CNBC and Tyler Cowen of Bloomberg, have both lauded the leading cryptocurrency as a way to hedge against fiscal/economic uncertainty.

Photo by Dmitry Moraine on Unsplash

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