The Daily Dimes: A CryptoNews Publish 07/02/18
Why I am doing this daily report.
The research and reading I do everyday yields a surprisingly significant amount of information, providing an overview of sentiment, major news details, confluence factors, and insight into our cryptospace.
Due to the encouragement of friends I decided to start making my personal blog, that I had been using to archive this information I aggregate, public.
As a result I've found that by publishing I've been receiving support for the time and effort I spend formatting and sharing out this information.
What is the Daily Dimes?
The Daily Dimes is a publish where I post an aggregate of news information that I come across in the cryptospace every day. There are two sections found below:
- A news bulletin section, where I cover brief descriptions of noteworthy news and developments with sources for further reading.
-and-
- A trading report section, where I release signals and information from my paid memberships, private groups, and personal trades that I'm monitoring, as well as my own market analysis.
Today
- 3 Bulletins
- 4 Trading Section Reports
- 0 Updates
- Coinbase Custody accepted it's first institutional deposit and has officially opened it's doors to users. Coinbase Custody is an arm of Coinbase that aims to "make digital currency investment accessible to every eligible financial institution and hedge fund in the world.".
The long and short of which is that there is now an additionally large opportunity for direct institutional access to start funneling in. Source
- Coinbase Pro has replaced GDAX as it's trading platform for both active and institutional trader groups. There's not much good to say about it atm, it's just news because a large amount of users hate it. Issues are ranging from an excessively increased amount of CPU/Browser requirements to UI/UX degrade in quality such as bad placement of buttons, order book panes, and apparently buttons that are too buggy to use. There's been reports of a significant reduction in mobile use quality, however at least everyone seems to be in agreement how nice it is that you can now scroll the chart in and out easily... when you're at the PC.
There's even been a boycott coinbasepro call out. Most people don't seem to like it's initial release.
Source
- Bloomberg and Kraken's current state of public responses to each other.
For reference Bloomberg released an article at the end of Q2 which red flagged Tether and the use of it on Kraken for massive wash trading to allegedly help prop up the price and incentivize volume within the space. You can see the in-depth article under source 1 below.
Kraken recently responded to the article by bullet pointing areas of the Bloomberg article that made claims or statements antagonistic to the exchange and tether, and then gave responses to each point.
This article can be found in source 2 below.
I'd encourage those interested and following along with Tether to read through both articles.
Source 1 Source 2
Trading Section
- We're having a fairly sizable rally by marketcap size since the close of Q2 on June 29th.
It's unclear at this point what the 35BN increase over the weekend into today has been caused by. The most major events appear to have been the opening of Coinbase custodial services for larger investors and the close of Q2 and CME futures contracts.
- We're also in a fairly low portion of an overall sentiment indicator that I refer to regularly.
Although this indicator doesn't correlates with the size of movements in price action very well, I've found it to be a very useful confluence factor when measuring market sentiment to determine where the bottom of the market might be located for it's current sentiment level.
- BTC Macro: We're showing what's looking like a bounce off the support zone between 5-5.8k on the 3 day. It's pretty low volume at the moment and the next 3 day candle is to be printed soon, so the volume isn't likely to increase in potency before the next candle starts. However this was also over the weekend, so it's possible that the volume is appropriate for the time period it's occuring during to still confirm. This statement is based off of the BTC Local chart that follows the Macro one shown below.
- BTC Local: Although I'm hesitant to see this as confirmation of anything yet, there is something to notice on the 12 hour chart. It is that since Q2 ended we're seeing more meaningful volume confirmations on the greens then on the reds like we had been looking at previously leading up to the most recent low. I've indicated these volume areas and their corresponding trend and price action candles in Blue and Green accordingly. This also seems to all be coming off of the hidden bullish divergence that I reported on last Friday.
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