- Avanti has gained approval to debut a crypto bank in Wyoming.
- This becomes the second crypto-friendly banking institution in the US.
The concept of the crypto bank is gradually gaining ground in the United States, particularly in the state of Wyoming. Recently, the leading digital currency exchange Kraken was approved by the state’s authorities to establish a crypto-friendly financial institution. Today, Avanti Financial has equally gained approval from the authorities to launch the second bank.
Avanti becomes US second crypto bank
According to recent information, the Wyoming State Banking Board greenlighted the company to establish its crypto bank in the state without any objection. Avanti gained the bank charter approval from the board after an 8-0 supporting vote. Following the crypto bank, Avanti intends to provide several digital currency-related services, including online banking and assets custody services.
Additionally, the crypto bank will provide a stablecoin dubbed AVIT. The token will be pegged equally with the United States dollar. Avanti claimed that its AVIT token is a “stablecoin disruptor,” adding that it will address certain regulatory issues with other stablecoins that pertain to accounting, taxation, and regulation. The AVIT stablecoin will be launched on Bitcoin’s Liquid sidechain, Ethereum, and other blockchains.
More path to adoption
By launching a crypto bank, Avanti is planning to bridge the huge gap between digital assets and traditional financial systems. According to the CEO of Avanti, Caitlin Long, the banking institution will debut with an adequate standard of custody for assets. More so, the bank is positioned to launch unique crypto-related products and services, which aren’t available in the market.
This is a welcomed development for the crypto industry, as the United States gains its second crypto-friendly financial institution. This came after Avanti raised about $5 million from angel investors to spearhead the initiative. Meanwhile, Kraken was the first entity to gain approval to launch a bank in Wyoming state, US.
OCC Head: Nobody Will Ban Bitcoin – Good News Are Coming By The End Of Trump’s Term
Brian Brooks, the acting Comptroller of the Currency, believes that the United States needs to establish clear and straightforward cryptocurrency regulations.
- CryptoPotato reported recently that Coinbase’s CEO Brian Armstrong had sent a letter to the US Treasury Secretary Steven Mnuchin regarding rumors of new regulations on various cryptocurrency features that could harm the industry’s development in the country.
- Brooks, despite being the head of a different US organization, responded to these assumptions while appearing on CNBC’s Squawk Box.
- He said that his organization is “very focused to get this [regulation] right, we are very focused on not killing this [bitcoin].” He highlighted the need for a clear framework behind bitcoin and other digital assets to minimize any usage for illicit activities, such as money-laundering.
- Directly answering a question if new regulations are indeed coming by the end of Trump’s presidential term in January 2021, Brooks said that “I think you are going to see a lot of good news for crypto by the end of the term.”
- At the same time, OCC’s head further said that “it’s a dangerous world out there,” which requires a firm hand to handle the potential threats and challenges.
- Ultimately, Brooks ended on a positive note, saying that “nobody is going to ban bitcoin, nobody is going to ban some of these transmission technologies. I think it’s going to be a lot less bad than people worry about.”
Featured Image Courtesy of Forbes
This Legacy Crypto has the “Largest Bullish Divergence Ever,” Claims Analyst
Litecoin is the epitome of what investors describe as a “legacy LTC had seen some intense gains, with buyers pushing its price from lows of under $50.00 to highs of nearly $100.00 before it met some serious resistance that slowed its ascent.
Despite it being overshadowed by Bitcoin and having limited development activity, it is still a popular asset for traders to use due to its high liquidity.
Many believe that the addition of it to PayPal’s suite of supported crypto assets will help usher in a rush of “no-coiner” money into the asset, which may be why its price has risen over the past few days and weeks.
One trader is now noting that the cryptocurrency is forming one of the largest bullish divergences he has ever seen while looking towards its Bitcoin trading pair.
Litecoin Consolidates as Crypto Market’s Momentum Falters
At the time of writing, Litecoin is trading down over 6% at its current price of $83.77. This marks a decline from recent highs of over $90.00, but it is important to note that it also marks a serious rally from its recent lows of $64.00.
The cryptocurrency’s recent volatility has come about due to an influx of derivatives trading activity from traders who are banking on fresh retail money being directed to “legacy” altcoins like LTC.
LTC Forms Massive Bullish Divergence, Claims Analyst
One analyst explained that Litecoin is poised to see a serious push higher in the near-term due to the formation of an incredibly bullish divergence seen while looking towards its Bitcoin trading pair.
He pointed to this in a recent tweet, noting that it is the “largest bullish divergence” he’s ever seen within the crypto market – a sign that massive upside could be right around the corner.
“LTC paired with BTC has the largest bullish divergence I’ve ever seen for crypto. Let’s go,” he said while pointing to the below chart.
Image Courtesy of CryptoBirb. Source: BTCUSD on TradingView.
As long as the legacy altcoins like XRP and Litecoin continue pushing higher, there’s a strong possibility that it will soon break $100 and see another leg up.
Featured image from Unsplash. Charts from TradingView.
“Cyclical Nature Of Bitcoin” Could Provide Clues On Continuation Or Correction
Bitcoin is clearly at a pivotal point in its current market cycle. But market cycles aren’t always obvious as to what might occur, even if the when happens to become more clear with time.
In the leading cryptocurrency by market cap, Decembers are particularly notable, culminating in most of the asset’s tops and bottoms. With the all-important month now here, and Bitcoin at a potential inflection point something significant could be brewing.
Crypto Analyst Reveals Compelling Bitcoin Cycle Theory
In 2017, Bitcoin’s bull run and meteoric rise – as the mainstream media dubbed it – came to a climax in December of that year. December 2018 is when Bitcoin set its according to analysis from crypto trader Philip Swift.
Related Reading | This Unique Perspective Makes It Clear Bitcoin Cycles Are Lengthening
The cryptocurrency has primarily topped and bottomed during the December months, but one instance also kicked off the 2017 bull run and began the asset’s most recent parabolic phase.
Swift says Decembers are important for Bitcoin market timing | Source: BTCUSD on TradingView.com
Given the cyclical nature of Bitcoin, there’s a chance something equally important happens any moment now. But which direction is it, and does market timing based on cycles or key dates hold any credence?
Remembering The Legendary W.D. Gann And The Role Of Astrology And Geometry In Market Timing
The idea that markets are cyclical and can top or bottom at specific dates isn’t a new one. Legendary trader William Delbert Gann made a name for himself by combining geometry and astrology to time tops and bottoms in markets or when important inflection points might take place.
Notice the December tops and bottoms in the Wheat market match what Swift says above | Source: Wikipedia
Gann noticed that tops and bottoms take place often in December in the commodities market, especially during the astrological event, “Sun conjunct retrograde Mercury in Sagittarius,” according to his Wikipedia page.
His tools are used today, although aren’t very popular with the crypto crowd. But after putting his market timing technical analysis tools to the test, the results are quite shocking and line up with Swift’s cycle-based theories above. However, it still doesn’t help much with direction.
The Gann Box is one of many time-based technical analysis tools the trader left behind | Source: BTCUSD on TradingView.com
In the first tool we’re examining, each Fib time zone happens to take place at a major turning point. The first was at Bitcoin’s bottom, the second was right before the 2019 blow-off top.
The third at 0.5 takes place at the “PlusToken low” Swift points to as another December moment of importance. The 2019 top was not in December, to be clear.
The Gann Square is another. Note how the angles intersect important points in price action | Source: BTCUSD on TradingView.com
Yet another tool, the Gann Square, also clearly lines up with these key December dates. The geometrical support and resistance points all react with the asset’s intra-session price action.
Gann was also a “fan” of geometrical shapes, and other techniques he developed include the “Square of Nine, the Hexagon Chart, and the Circle of 360.” His fan-based tool completely nailed the recent breakout as pictured below. When the cryptocurrency made it through the final Gann fan resistance drawn from all-time high, we saw the breakout that took us back to the current levels.
The Gann fan perfectly predicted the timing of the retest, coinciding with key numbers from Gann | Source: BTCUSD on TradingView.com
Gann also paid close attention to the timing of cycles with a direct focus on numbers that appear to be based on ancient Babylonian mathematics, which used a sexagesimal number system. The number system is still the basis of time, with intervals of sixty seconds and sixty minutes. Night and day cycles are 12 hours each and each day is 24 hours – all divisible by three, and six.
The iconic trader specifically called attention to any timeframes with intervals of three, including the 3-minute, 15-minute, 3 hour, 6-hour, and 3-day charts, and he claimed to never trade in the direction of the trend on the third day.
On larger timeframes, Gann cared a great deal about the significance of 144 time periods. Could it really just be coincidental, that Bitcoin broke out of the Gann fan, and retested the “meme” downtrend line on exactly 144 weeks from all-time high? The chart above offers strong evidence to support the theory.
This Gann fan is a dangerous take on the Dow Jones at the end of 90-year supercycle | Source: BTCUSD on TradingView.com
Finally, Gann warned very specifically about economic supercycles, which take place every 90 years or so. Roughly 90 years ago, was the massive stock market crash of 1929 that brought with it The Great Depression. That recession officially ended in 1938. This would also mean that we’re beginning another supercycle now, with the beginning of the pandemic.
90 years prior to that, was the recession of 1957 when the Ohio Life Insurance and Trust Company failed and over 5000 businesses went under, causing widespread panic.
Fiat money became so worthless, that new coins were minted, depicting a Phoenix rising from flames. The same sort of the cover of The Economist in 1988, where the magazine predicts the coming of a new world currency will come by the year 2018.
According to astrological lore, the Scorpio transitions throughout life to the Eagle, and finally, rises as the Phoenix. Interestingly, Bitcoin was revealed to the world via the whitepaper by And because math (computer code) and time (the halving and block confirmations) are so crucial to the anatomy of the first-ever cryptocurrency, could there be some type of undeniable connection between the asset and astrology? Appropriately, only time will tell.
Featured image from Deposit Photos, Charts from TradingView.com
Spotify Thinking of Accepting Bitcoin
Litecoin, Cosmos, Dogecoin Price Analysis: 03 December
Greenheart Punt World Debut on DigiFinex
IlCOIN Launches Blockchain-Powered VR First on Steam
Mining City: A Blueprint for Success?
Yearn Finance Continues Growing with Latest DeFi Acquisitions
Golff Vault 2.0’s New Launch – One-Stop Services Encrypted Bank
Bitcoin, Ether, and XRP Weekly Market Update November 30, 2020
Facebook Libra changes name to Diem
Nicholas Baumer Appointed Chief Marketing Officer by Tickmill
BREAKING: Bitcoin Miners in China’s Yunnan Province Cut off from Electricity Supply
J.P. Morgan Analysts Foreshadow Further Bitcoin Declines
TRON’s BitTorrent Partnered with Huawei
Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit
After Lightning-Paced Tier-1 Sellout, ClinTex’s CTi Token Lists on KuCoin Today
SEC Letter Reveals China’s Crypto Ambitions Threaten US
5 Reasons Why Bitcoin Just Hit an All-Time High Price
FCA Exposes 4TFX as Crackdown on Clone Scams Continues
Bitcoin Cash Price Prediction: BCH/USD Stays Above $280; the Bulls May Regain the Ground
Bitcoin (BTC) Gives Highest Ever Monthly Closing At $19,700 in November 2020
Nearly $100 million in bitcoin tied to 2016 Bitfinex hack has been moved
Ethereum Classic Hashrate Rises Following Successful Thanos Hardfork
$100 Million in Bitcoin From Bitfinex Hack Has Moved
Coinbase Reports Delays in Processing Bitcoin Withdrawals Due to Network Congestion
Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group
Crypto Market Cap Gained $30 Billion While BTC Eyes $19K
Bitcoin Decimates Bears With Quick Recovery Above $19,800
Popular Crypto Analyst Provides Update on Top 5 Altcoin Picks
Kraken Daily Market Report for November 29 2020
Bitcoin acting CRAZY, Libra coming soon? | This Week in Crypto – Nov 30, 2020
Russian government to recognize bitcoin as property.
Coronavirus-Induced Poverty Will Bring More Bitcoin Crime in 2021: Kaspersky Report
Price Analysis: AAVE bulls target $100
XRP up 170% in a Month Ahead of Flare Token Airdrop: What You Need to Know
Wall Street Regulator Sounds Alarm over Email Phishing Scam
Bitcoin Worth $97M from 2016 Bitfinex Hack on the Move
Canaan Sees Over 75% Decline in Net Revenue in Q3 as Bitcoin’s Price Surge
Further Declines in Bitcoin Price Possible Though Grayscale is Crucial, Notes JPM Analyst
Ethereum Prices Return to $620 Resistance on ETH 2.0 Launch Day
Blockchain3 months ago
Bitcoin price volatility expected as 47% of BTC options expire next Friday
Blockchain3 months ago
Blockchain Bites: Is DeFi an Inside Deal?
Blockchain3 months ago
Market Wrap: Bitcoin’s Powell-Induced Price Swing; Ethereum Still High on Gas
Blockchain3 months ago
Bitcoin Bouncing From Bull Market Support Points To 2021 As The Year Of Crypto
Blockchain3 months ago
Ethereum: Is the HODLing in yet?
Blockchain3 months ago
Hackers Have Been Trying To Crack Bitcoin Wallet Worth $750 Million But Here’s The Catch
Blockchain3 months ago
YFI Founder Puts Himself Forward for Uniswap (UNI) Delegation Duties
Blockchain4 months ago
Wealthfront Lures Millenials With Crypto Memes and Tactics