CryptoCurrency Market UPdate – The Real Reason For Crypto Attack by CFTC
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Sunday, June 10, 2018 TCMC $293 Bill
Hello Crypto Traders and Investors,
Special Update on Major Crypto Market Drop:
The CFTC (Commodities Futures Trading Commission) with background support from the SEC and the DOJ has requested data from itBit, Kraken, Coinbase and Bitstamp regarding trading before and after the Bitcoin futures on the CME went live. The exchanges have thus far refused to turn over trading data. This means there will more than likely be a battle, much like what happened with Tether’s audit being buried under the rug. This time though, it will need to be a much bigger rug!
Even though the drop was significant from around $7500 to about $6750 for BTC, there is still potential for more damage to the downside. The technical indicators do not suggest a rebound just yet, but not far off either. CCI and Stochastic RSI are just entering oversold zones now. I expect BTC to not quite hit the previous minor wave low of $6448 before rebounding sharply to the upside. Should BTC blow through the $6448 level for a day or more, then the previous support at just around $6k must hold or there will be a serious drop from that level. I do not expect the drop to get that far.
The CFTC accusing four diverse exchanges of manipulating markets against a futures market is completely laughable. The futures market is designed to manipulate all other markets! If there were any basis to the manipulation accusation, all crypto markets would manipulate the markets upwards and not down. The higher the value of the cryptos, the more money each exchange makes.
These exchanges have shown they are ready to rumble against the CFTC. Coinbase has deep pockets and will more than likely push back. The CFTC could make it difficult for Coinbase to keep the broker/dealer license it just obtained, giving the CFTC some leverage.
We are witnessing the last gasp of the legacy government, banking, central banks, manipulated markets, and central controllers. Once the four exchanges clear this hurdle in the next few days to weeks, the markets are set-up for major funds to enter. In fact, it almost seems too convenient for the CFTC to attack these exchanges just before institutional money is allowed in the market. If it looks like collusion in the financial market to aggregate wealth to a tiny minority – it almost certainly is.
As far as the investment opportunities:
EOS is still a long term play. As the market recovers, EOS will regain leadership in the short term.
ZRX or 0x, VEN, SkyCoin and many of the long term projects will continue to outperform.
The U.S. stock market is largely overbought except for commodity and energy plays. For a stellar, nearly 9% dividend with decent capital gains potential while getting the amazing near risk free yield, check out GLOP – GasLog Partners.
Gold and silver are still outstanding values considering the money printing going on world-wide. Despite the federal reserve likely raising interest rates in June, the world is awash in cheap credit for cars, college, health care, military events and infrastructure projects. Gold and silver may tread water until the later part of 2018 and make a big move in 2019 while the USD begins in long march towards oblivion.
FEDCOIN or FEDCON is on its way. Several central bankers have been openly discussing the new crypto central bank coin as a “national security” concern that we must implement. Now is the time to make sure you can avoid FEDCON as much as possible because of your personal security needs.
Bizjournal.com had a recent article explaining the eventual introduction of FEDCON:”From bitcoin to FedCoin? Warsh says central banks need to get involved”
Warsh is Kevin Warsh, a former federal reserve member. I expect some announcements on FEDCON before 2018 is out. The typical way central banks and governments work is to create turmoil like a market crash, bank closures, rapid inflation, or threaten competitive operations as the CFTC has just done. Once the fireworks are blowing up and clouding people’s reason, that is when the next level of criminality gets ushered in as the solution. The CFTC attack may be the beginning of introducing FEDCON.
Long Term Portfolio remains unchanged.