👉 Bitcoin's Final Test Before All-Time Highs

Monday, November 2nd, 2020

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Your Weekly Update On All Things Crypto

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OVERVIEW

We analyze how Bitcoin will fair in either US Presidential outcome.
An overview of the DoJ's Cryptocurrency Enforcement Framework.
Bitcoin briefly breaks above $14,000
Alt-Coin Dominance takes a hit but finds critical support
Keyrock Raises €4.3M Series A
Picks of the Week feature AGI and RLC

MACRO NEWS

Trump or Biden... Either Way, Bitcoin Wins

On November 3rd, the world will pause to watch the results of one of the most contentious US elections in history. With so much political polarization in the United States, we wanted to take a step back and analyze what either outcome would mean for Bitcoin and the macro-economic landscape.

If Biden Wins:

Economists believe that a Biden win would be consistent with increased fiscal support, and higher GDP growth (real and nominal), despite an anticipated increase in taxes for corporations and the rich. It is likely that the number one priority of a Democratic administration would be an increase in fiscal support (aka. money printing).

If Trump Wins:

With Biden now leading by a health double-digit margin in the National polls, it seems unlikely that a Trump win would be complemented by a Republican House and Senate, therefore much of Trump's domestic policy will likely be hamstrung by other branches of government. Although markedly smaller than the Democratic plan, we should still expect a healthy dose of stimulus from the incumbent president to begin his second term. In this case, focus should be placed on foreign policy and the rising US-China tensions. Without the need for re-election, Trump would be able to take a more confrontational approach to his relationship with Beijing.

What this means for Bitcoin:

Regardless of the outcome of the election, we can be sure that the election will be closely followed by the next round of helicopter money for the American people. This will weaken the US Dollar and likely buoy the price of Bitcoin. The growing threat of negative interest rates will also force trillions of dollars in value to seek new refuge in assets that do not penalize people from holding them. These factors alongside a research study published recently by Greyscale that highlights growing institutional demand for Bitcoin all culminate in an unequivocally bullish outlook for Bitcoin.

TOP STORIES

PayPal Does Crypto

After months of evaluation, the United States Attorney General's Cyber-Digital Task Force released their 83-page report entitled the Cryptocurrency Enforcement Framework. In the past few months, we have witnessed a ratcheting-up of enforcement activity in the cryptocurrency space. Most-notably the CFTC prosecuting the founders of BitMEX on Anti-Money Laundering charges.

The establishing of at least some sort of regulatory framework seems to be a sigh of relief to many CEOs in the space who more than anything needed clarity as to how their businesses would be viewed by the US regulatory bodies. Although the overarching message remains law enforcement resources and actions will continue to trend upwards in the cryptocurrency space, the DoJ was very clear as to 'how' the framework would be enforced.

Liat Shetret, Senior Crypto Policy Advisor at Elliptic, laid out the five prongs of the new law enforcement strategy:

Coordinating parallel enforcement actions and interagency partnerships
Promoting law enforcement awareness and expertise,
Cooperation between federal and state authorities
Increased international cooperation, and
Private-sector education and outreach.

Andrew Hinkes of Athena Blockchain called the report a message “to persuadable participants in the cryptocurrency marketplace and industry” to remind them that “they should stay on the right side of the regulatory line because the federal government is committing substantial resources to combat criminal activity associated with, facilitated by, or targeted against cryptocurrencies.”

CRYPTO UPDATES

Bitcoin Gathers Momentum, Briefly Breaks Above $14,000

Bitcoin continued it's quick ascent last week as it reached $14,100 before being quickly being sucked below it's previous relative high of $13,880 (represented by upper dotted-blue line) in June 26th 2019. The is a critical break as $14,000 marks the last major resistance level before all time highs at $20K. Momentum looks to be gathering for Bitcoin, however we still cannot count out the possibility of one more rejection of this major resistance and a slight consolidation before finally making another break for all time highs in Q1 of 2021. If profits are taken in Bitcoin, we may see some of that capital filter into the alt-coin market spurring another alt-coin run.

Side Note: The SMS indicator bar at the bottom of the chart is a leading indicator that combines three commonly used indicators into a simple, easy-to-read indicator. The SMS indicator was popularized by Nicholas Mertin, from Data Dash, and combines the Stochastic RSI, MACD, and the Squeeze Momentum indicator. Green bars represent buy signals while red bars represent sell signals.

Alt-Coin Dominance

After the absolute beating alt-coins have been taking relative to Bitcoin over the last two months, the time may have finally come for the alt-coins to fight back. After a free fall for the past few weeks, alt-coins look to have found some support at roughly 36% (meaning Bitcoin represents 64% of the crypto market and alt-coins represent 36%). Along with a healthy bounce off of support, we also managed to break back into the descending channel established in early September. With Bitcoin now making up roughly 2/3 of the entire crypto market-cap, this may hold psychological significance as investors look to take profits in Bitcoin and reallocate a portion of their funds into the alt-coin market.

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FUNDING DEALS

Keyrock Raises €4.3M Series A

Last week, the company that builds the financial infrastructure underpinning many of your favorite exchanges raised capital of its own. Keyrock develops financial infrastructure for crypto-asset trading, aggregating, and democratizing liquidity across a multitude of exchanges.

On Thursday, the Brussel's-based fin-tech firm closed a €4.3M Series A led by SIX FinTech Ventures and MiddleGame Ventures. This brings their total capital raised to €5.3M after their €900K Seed round in April. Keyrock is quickly emerging as one of the preferred market-makers for exchanges around the globe, and this latest round further validates the need for Keyrock's proprietary financial products and liquidity aggregation technology.

SPOTLIGHT OF THE WEEK

Singularity Net (AGI)

Singularity Net is an open source protocol aimed at building a scalable, decentralized AI-marketplace. Founder, Ben Gortzel is one of the leading AI scientists globally with over 30 years experience in the field. Singularity Net is well positioned contender in the AI market, projected to be worth roughly $13 trillion by 2030.

After a 67% correction since recent highs in August, the AGI chart seems to have found support at 270 satoshis. With a market-cap of only $38M, this asset is far from reaching it's full potential.

iExec RLC (RLC)

iExec RLC is a decentralized cloud computing network giving applications access to trusted off-chain computation and data. They are committed to building the future of IT infrastructure and are well positioned to capitalize on a tidal wave of enterprise blockchain adoption.

After a 76% correction, the RLC chart seems to have found support on the horizontal dotted-blue line. If we see an alt-coin market kick off, iExec should be on everyone's radar.

CRYPTO JOBS

Crypto.com

Crypto.com was built on a simple belief: it's a basic human right for everyone to control their money, data, and identity. Crypto.com provides a powerful alternative to traditional financial services, turning its vision of "cryptocurrency in every wallet" into reality, one customer at a time. On that mission, they are looking to hire a Freelance Translator in Quebec, Canada to enhance product localization. The successful applicant will translate/review UI, marketing materials, help articles, and research reports.

Core Scientific

Core Scientific is a leader in infrastructure and software solutions for Artificial Intelligence and Blockchain. They are looking for a Chief Product Officer who will be responsible for developing and implementing IaaS, PaaS and SaaS products that provide differentiation and value-added services/features for their customers. The role is also responsible for visionary thought leadership on alternative revenue streams for blockchain that can significantly grow the business.

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👉 Bitcoin's Final Test Before All-Time Highs

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