Home Crypto Daily Recap Daily Crypto Roundup 12/18/2018

Daily Crypto Roundup 12/18/2018

Today in crypto news, the upcoming Proof of Keys event was explained, bitcoin rose noticeably in price, and Bloomberg found evidence of Tether backing. Blockchain Capital partner Spencer Bogart also spoke bullishly on bitcoin, and Japan revealed a potential label change for cryptocurrencies.

Catch up on the details –

‘Proof of Keys’ Is Coming, But What Is It?

Popular crypto enthusiast Trace Mayer has been promoting a new event to take place on January 3, 2019, called Proof of Keys.

The Proof of Keys event urges crypto users to withdraw their funds from all third parties on or before January 3, 2019. Third parties include exchanges, gambling sites, etc.

Mayer explained several reasons for the event. He mentioned the event could prove third-party solvency (that third parties actually hold customer assets for them). The event also may show crypto holders the importance of holding their own private keys (crypto assets), and could additionally validate different crypto asset chains.

Read on Crypto Insider

Bitcoin Price Jumps 10% On Anniversary Of All-Time High

The last twenty-four hours have been bullish for bitcoin as the asset shot up to a price point of $3,590. Bitcoin has not seen such price levels in more than a week.

CoinDesk explained this price action could lead to further upward movement in the days ahead. “With the bounce, BTC has not only validated the oversold readings on the 14-week relative strength index (RSI), but also established a bullish reversal pattern on the widely followed three-day chart.”

Although validation on the three-day chart cannot be confirmed until Thursday’s close.

Read on CoinDesk

Crypto-Mystery Clues Suggest Tether Has the Billions It Promised

Tether (USDT) solvency still remains unproven as the bear market continues. A Bloomberg report today provided evidence leaning toward Tether actually holding sufficient USD backing.

Bloomberg was able to review several of Tether’s private documents. Although the documents were not complete records, they did show cash numbers matching the amount of USDT in circulation at the time of recording. The files were also verified for authenticity.

However, the documents Bloomberg reviewed did not reveal the origin of the assets or their ending location.

Read on Bloomberg

A Year After $20K, Blockchain Capital Exec Says Investors Will Regret Not Buying In Now

Yesterday marked the one-year anniversary of bitcoin’s all-time price high. Blockchain Capital partner Spencer Bogart stated now as a great time to buy bitcoin.

In yesterday’s interview with CNBC, Bogart explained that bitcoin has been mostly fueled by retail trading so far. He said this often leads to bull markets that go a bit too high and bear markets that stoop too low.

“[T]he reality is that the fundamentals have not changed […] 2018 has been a fantastic year for bitcoin. Ignore the price. I mean underlying it, the technology – this is the first year that we’ve started to move scale bitcoin with the lightning network.”

Bogart mentioned many other aspects as well, including the ongoing development of institutional players coming into crypto.

Read on CoinTelegraph

Japan: Crypto May Be Classified As ‘Crypto-Assets’ To Prevent Confusion With Legal Tender

According to a CoinTelegraph Japan report a few days ago, the Japanese Financial Services Agency (FSA) may propose a change in terminology, legally classifying cryptocurrencies as “crypto-assets.”

Through this classification change, Japan “hopes that traders will no longer purchase them believing that they are legal tender recognized by the government,” CoinTelegraph reported.

Read on CoinTelegraph

 

The above is to be considered opinion and not investment advice in any way, as an unbiased media, no one interferes with the Editorial content of CryptoInsider.com, writers have freedom to choose their own direction, members of Crypto Insider do not participate in trades based on content.

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BTC: 1HozPdTTJahPigLXwMShErhubZLobBhFPL
ETH: 0xDf4d2529D777a80717E85Ed2269830ad6265951B
LTC: LMT3LCbCSvActkVo4dgzbHjn1HPrCgKch2
BCH: 17sFsLgZq9jibtqi5Bo5SiUcCD4TG8RQwE

Benjamin Pirus
Benjamin Pirus
BJ is a full time writer, editor, and trader in the cryptocurrency space. He has written many professional articles for numerous ICOs, news sites, and other interested parties in the crypto space. He is also a trader, staying up to date with the crypto markets constantly, and dabbling in traditional financial market trading occasionally.

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