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Vietnam Becomes the Latest to Ban Bitcoin, but in China, the Rules May Be Changing

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Vietnam became the latest nation state to launch an attack on cryptocurrency, as regulators sided with the alarmists without providing much of a rationale.

Vietnam Issues Ban

The ban, which applies to all cryptocurrencies not deemed legal tender, was issued via formal statement by the State Bank of Vietnam. The punishment for accepting or offering payments in bitcoin can run more than $8,000 USD.

Vietnam’s central bank says only traditional forms of payment are accepted within its borders. This includes cash, checks, credit cards and other electronic payments.

The state-run bank has issued the following statement, according to Mirror:

“Bitcoin virtual currency and other similar is not lawful means of payment in Vietnam; The issuance, supply, use of bitcoin and other similar virtual currency as a means of payment is prohibited in Vietnam.”

The announcement, whenever it was made, had very little impact on cryptocurrency trading. At press time, bitcoin (BTC/USD) was trading at $6,162 for a gain of $57.

The bulls blew the door wide open this weekend, sending bitcoin north of $6,300 for the first time ever.

Chinese Ban? Let’s Move to Hong Kong

Now that China’s Communist Party gathering has come and gone, sanity appears to be returning to public discourse. That is, according to a recent report from CNLedger, which our pals at CCN.com recently covered.  The trusted news sources have revealed that OKEX is expected to launch its peer-to-peer OTC bitcoin trading platform shortly.

As it turns out, OKEX and several other leading blockchain companies like BTCC and Huobi-Pro are located in Hong Kong. Theoretically, their presence in the Special Administrative Region allows them to circumnavigate the mainland’s recent ban on everything crypto-related.

It should be noted that OKEX is offering a bitcoin-to-crypto trading platform. Regardless of what Beijing thinks, it might not be a good idea to launch this platform on the mainland. That’s because the Chinese government recently blocked a major port for MetaTrader4, which is the engine of the online forex community.

Regulators have apparently shut down port ‘443’, which is used for secure web browser communications. The port also happens to be the one MT4 brokers use to connect to their trading server.

The port probably inhibits the government’s ability to spy on traders, or at least monitor their data flows (like that’s different?). There’s reason to believe this ban could extend to other trading platforms that utilize a similar standard.

Last month, China broadened its online censorship by blocking WhatsApp, the popular messaging platform acquired by Facebook for way too much. The ban was another blow to the social networking giant, as it too is banned on the mainland.

Featured  image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 648 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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Market News

U.S. SEC’s Review of Bitcoin ETF Applications Shows Progress

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The U.S. Securities and Exchange Commission (SEC) is asking for more comments surrounding a rule change that would deliver the first bitcoin ETF to the market. The Wall Street watchdog filed several amendments today inviting comments either in support or opposition of several crypto trading products, including the GraniteShares bitcoin futures ETF, which the agency rejected in August to the dismay of the crypto community, particularly since this ETF is for bitcoin futures and not the underlying asset.

On the heels of that rejection and several others, including the regulator’s disapproval of the Winklevoss bitcoin ETF, the SEC decided to “stay” its orders in favor of a “Commission review.” SEC Commissioner Hester Peirce, who supports a bitcoin ETF, previously explained that the SEC Commission would review the “staff orders”, which is the process that is currently unfolding.

If approved, the ETF would trade on the CBOE, which is the exchange that filed the application for the rule change to green-light the bitcoin product. The SEC will accept comments on the GraniteShares Bitcoin ETF, either for or against, through Oct. 26 at which time it’s reportedly expected to make its decision. In addition to the bitcoin futures ETF, the CBOE also wants to list the GraniteShares Short Bitcoin ETF.

Other Bitcoin Products

In addition to the GraniteShares product, the SEC is also reviewing other rule-change applications, including NYSE Arca, which is pursuing a handful of Direxion bitcoin products. One of the SEC amendments was for the ProShares Bitcoin ETF and the ProShares Short Bitcoin ETF also on NYSE Arca.

The regulator has similarly opened the floor to comments either in support or opposition of these products through Oct. 26. As a result, it appears possible that the SEC could make another announcement on that date. The bitcoin price is little changed on the development, up 1.3% to $6,581 on volume of less than $4 billion.

Wall Street Veterans

In recent days, Bitwise Asset Management, which is behind a crypto index fund, tapped Wall Street veteran Ric Edelman as an advisor. Edelman Financial Services oversees $22.3 billion for clients.

“I am convinced that the industry will meet the SEC’s requirements and resolve the SEC’s concerns. When that happens, you’ll see a bitcoin ETF,” Edelman told CNBC, adding that it could be in two months or two years.

Meanwhile, bitcoin bull Michael Novogratz, who runs Galaxy Digital, recently pared back his BTC price prediction for this year to below $9,000 though he expects the bull-run to show up in early 2019.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 69 rated postsGerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.




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Analysis

Litecoin Price Analysis: Big Optimism Boost Following Litecoin Futures Update

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  • The Litecoin (LTC) price is looking to close in the green, after six consecutive sessions of losses.
  • New regulated cryptocurrency exchange, ErisX, may soon launch Litecoin futures and others.

Positive Litecoin Development

TD Ameritrade, a brokerage firm based in the U.S., have launched a new regulated cryptocurrency exchange, ErisX. This will facilitate spot and futures trading opened by Eris Exchange, a Chicago-based derivatives market.

ErisX, will provide traders access to cryptocurrency spot and futures contracts, within a single exchange. According to a spokesperson from the organization, it will allow investors to trade Bitcoin, Ether, Bitcoin Cash and Litecoin, in addition to futures contracts on cryptocurrencies.

Big Infrastructure Improvement In The Crypto Market

Over the past year now, there has been several encouraging developments, assisting in further market legitimization. The improvement of crypto market infrastructure is becoming more prominent. Liquidity of the cryptocurrencies is greatly increasing as well as market acknowledgement in categorizing digital assets as an emerging asset class.

The introduction of Bitcoin futures contracts by the Cboe Futures Exchange, Goldman Sachs planning to open a cryptocurrency trading desk and CFTC respecting that crypto has a future and is here to stay have all added legitimacy to the market. There’s more: a U.S. Federal Court declared digital currencies as commodities, the growing possibility of a Bitcoin ETF, which could seriously propel the market and introductions of regulated crypto custodians allowing more institutional buyers into the market are also a boon for optimism. As such, the likes of hedge and pension funds inclined to participate.

Technical review

The trend for Litecoin of late has been firmly bearish and a stubborn trend. It has nursed losses for six consecutive sessions, dropping as much as 13% over this period. For almost two months, the price has swung between a range of $70 down to a low of $47 territory. It appears to have formed a bottom, within this range. Currently the price is stuck in between two tough respective supply and demand zones.  Should the bulls manage to sustain the gains finally seen, a test over the coming days back towards $65-70 could be on the cards. Near-term resistance is eyed heading into the $60 area. Support can be observed at $55 and then the psychological $50 area.

LTC/USD daily chart

A breach of either zone, could see huge buying or selling pressure, depending on the direction. Given how long the price has been summoned to this mundane range, chunky moves could be seen. Bulls clearing the highlighted supply, have the potential at a very fast run back towards $90. On the other hand, a breach of the highlighted supply area, could see a catastrophic back towards $30.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 33 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Altcoins

Crypto Market Development: South Korea’s National Policy Committee Chair Calls For ICO Legalization

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  • A member of South Korea’s governing Democratic party and the chairman of Korea’s National Policy Committee, Min Byung-Doo, is urging to ease the current regulations on Initial Coin Offerings (ICOs).
  • Min Byung-Doo wants to introduce necessary regulatory framework, allowing ICOs in the country.

Allow ICOs In South Korea

The South Korean National Policy Committee Chief, Min Byung-Doo, is calling for a regulatory framework to be explored. This would be to allow for Initial Coin Offerings (ICOs) to take place within the country. He stated that the current prohibiting of ICOs weakens the industry’s competitiveness appeal with foreign markets. Further boldly adding, this would be preventing growth.

In his statement at to lawmakers, Byung-Doo said, “We can see that the flow of investment is clearly changing compared to ICO and angel fundraising. The ICO has raised $1.7 billion for Telegram and $4 billion for Block.One, it is getting bigger and bigger.”

Further in the statement, Min Byung-Doo said, “Let the government, the National Assembly and the blockchain association quickly create a working group to block fraud, speculation, money laundering and develop the block-chain industry,”. However, he acknowledged the government’s reluctance to create the needed framework.

In September 2017, the Financial Services Commission in South Korea announced a ban on ICOs. The law has not yet been enacted.

Crypto Market Reaction

A lack of reaction has been observed for now, despite this determination to help further legitimize the digital currency market in South Korea. Crypto market developments in the country are always watched very carefully. This is given their large crypto market participation. It was reported in December 2017 that South Korea accounted for as much as 17% of all Ethereum trades occurring in cryptocurrency markets.

Market Reactions To South Korean Related News

Ripple (XRP) crashed in January, following CoinMarketCap’s decision to remove XRP price data from Korean exchange desks. This as a result largely brought down the total average.

XRP/USD Coinmarketcap update triggered drop

On 11th January, Korean crypto exchange Coinrail was hacked, and over $40 million in tokens were stolen. Bitcoin initially dropped over 11% on this.

BTC/USD Coinrail hack triggered drop

One final example, UPbit, a South Korean exchange, was investigated by authorities for illicitly moving customer funds to the account of its executives. Bitcoin initially dropped over 7% on the news.

BTC/USD UPbit investigation triggered drop

Given the above mentioned, one should keep an eye on any developments coming out of South Korea, for the foreseeable future.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 33 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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