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Five months ago, we predicted the approach of a bullish reversal, based on an analysis of the impasse in which the global financial system enters with leaps and bounds.
As time has shown, the main parameters of future changes are correctly predicted. Realizing the need for incentives, leading central banks have begun to lower rates but a new wave of quantitative expansion is being delayed. Government bond yields show no signs of recovery.
The task of stimulating consumer demand is exacerbating and it is now clear that cryptocurrencies will solve this problem.
It is noteworthy that the SEC has long been delaying the issue of the release of full-fledged financial instruments based on cryptocurrencies. If a year ago, the general mood among crypto-investors could be regarded as "well, decisions are about to be made," then in recent months the general position has been completely different. It turned into "when will you finally allow?"
Apparently, this time has come. In early September, SEC head Jay Clayton noted in an interview with CNBC that there were only two main problems to solve for ETF approval the safe storage of crypto assets and evidence of lack of price manipulation.
The storage problem is being removed from the agenda. On September 6, the Bakkt crypto platform launched its BTC secure storage service, while Bakkt is likely to become a monopolist in the market. The LedgerX platform announced preparations for the launch of bitcoin futures, but the CFTC did not give permission for such a project. Only Bakkt, only hardcore but why Bakkt?
The answer is obvious. Because Bakkt is a project of the Intercontinental Exchange (ICE), a giant that owns 23 exchanges, including the world's largest New York stock exchange. The fact that Bakkt has finally launched a safe custody service indicates that the infrastructure for accepting institutional money is finally prepared, and the banking system is beginning to intercept cryptocurrency market control.
The answer is obvious. That is because Bakkt is a project of the Intercontinental Exchange (ICE), a giant that owns 23 exchanges, including the world's largest New York stock exchange. The fact that Bakkt has finally launched a safe custody service indicates that the infrastructure for accepting institutional money is finally prepared and the banking system is beginning to intercept cryptocurrency market control.
As regards the issue of manipulation, a serious struggle is taking place here. Bulldogs mated under the carpet. We hear a growl and a squeal, but the details are hidden. A few months ago, it seemed that the first to launch a new global cryptocurrency on the market would be JPMorgan, a banking giant with a capitalization of $340 billion. But something went wrong with the Morgans as the details began to appear recently. The U.S. Department of Justice has accused top managers at JPMorgan Chase of manipulating the market, and more specifically, futures for gold, silver, platinum, and palladium on commodity exchanges in New York and Chicago. Did Morgan want too much? It is unlikely that we will ever find out the answer to this question. But now, it has been relegated to the background, while the project from Facebook has matured and is rapidly capturing popularity.
Libra representatives met with officials from 26 central banks in Basel, Switzerland yesterday, including the US Federal Reserve Bank and the Bank of England. The details of the meeting have not yet been disclosed, it is only known that Libra representatives had to answer a number of specific questions and disclose the scope and architecture of the created payment system.
On September 23, Bakkt launches Bitcoin futures trading with delivery obligations. Most likely, this data will become a starting point for a new wave of expansion as financial giants who have long and fruitfully worked in the ICE structure will be invited to the cryptocurrency market.
Bitcoin is the first candidate for growth. Perhaps, its role is to perform the functions of "digital gold" for storing cryptocurrencies and a base for quoting altcoins.
If our assumptions are correct, then on September 23 a gateway for investments in bitcoin will open. Its capitalization as of September 17 is $185 billion, which is quite a bit relative to the amount of money concluded in traditional commodity or currency futures.
Growth can be rapid. The first resistance is 13,830 and the next will be 17,500. Bitcoin may move to the specified trading range in anticipation of the launch of Libra and Fed decisions that will lead to a further decline in bond yields.
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