Article by Steven Aitchison. Steve first got into the crypto world in 2015 and started trading in 2017 and now wants everyone to know the benefits of crypto with his course and hidden gems newsletter at: Learn About Crypto and Tradingand his weekly hidden gems CYT Crypto Monthly he also started his youtube channel 5 months ago at CYT Crypto.

This Week In The Crypto Market

Another topsy turvy week for BTC with highs of $7,142 to a low of $5,972 at one stage. As of writing, 14th August, BTC price has slumped back down to under $6,000

The alts have been hit the hardest with millions of dollars being moved from alts to BTC or to USD and just when you thought your alts couldn’t go any lower, another 10–20% down.

Will the alts stop bleeding? One day, and hopefully sooner rather than later. For now it’s time to be on the sidelines and dig into your favourite alts when the market turns again.

One piece of good news for BTC is that the CBOE futures for BTC will be closing tomorrow, so all the traders who had short positions will need to close those positions. This should see a rise in the BTC price, which will pull the dollar value of alts up.

Top gainers of the week include:

Waves: 17%

Dentacoin: 16%

Chainlink: 14%

Metaverse ETP: 7%

Top losers of the week include:

Iota: -38%

Zilliqa: -35%

Hshare: -34%

Ontology: -33%

VeChain: -32%

Aeternity: -31%

Top News Stories

‘Rich Dad, Poor Dad’ Author Is Bullish on Bitcoin, Says USD Is a Scam

Robert Kiyosaki, the author of the famous financial self-help book Rich Dad, Poor Dad, has described the US dollar as a scam, declaring that bitcoin and other cryptocurrencies are “currencies of the people” that will outlive fiat currency.

‘The Dollar is Toast’

Speaking with Kim Hughes on the Sane Crypto Podcast in which he excoriated the dollar, Kiyosaki also predicted an imminent stock market crash.

In his words:

“The US Dollar is a scam…I think the dollar is toast because gold and silver and cybercurrency are going to take it out…The US Dollar is gone…In the year 2000 there was one currency, the US Dollar. It was called the reserve currency of the world…and then came bitcoin or cybercurrency.”

Discussing his new book, Fake: Fake Money, Fake Teachers, Fake Assets, Kiyosaki revealed that he wrote about how gold, bitcoin, and other cryptocurrencies are a better hedge against an impending collapse of the financial market. (Source: www.ccn.com)

Pantera Capital CEO: People Should Be Focused on Bakkt (‘Huge News’) and Not on Bitcoin ETF Rejections

On Wednesday (8 August 2018), Dan Morehead, the founder and CEO of crypto-focused investment firm Pantera Capital, said in an interview on CNBC’s Fast Money that it would be a long time before a Bitcoin ETF gets approved by the SEC, and investors should instead be focused on the Intercontinental Exchange (ICE)’s announcement about its upcoming cryptocurrency exchange Bakkt.

The Bitcoin segment on Fast Money started with news correspondent Bob Pisani talking about the U.S. Securities and Exchange Commission (SEC) delaying a decision on the VanEck-SolidX Bitcoin ETF:

“The problem here is that we are no closer to a Bitcoin ETF despite a novel approach to getting around the issue that bothers the SEC… A decision was put off until September 30th, but don’t kid yourself: the SEC is likely not considering anything other a lengthy brief on why they will deny the ETF at that time, just as they denied the Winklevoss Bitcoin ETF last month. The reason they are likely to deny it is that it just doesn’t fully address the issues that worry the SEC about Bitcoin.” (Source: CryptoGlobe.com)

The trillion-dollar Bitcoin Question

A great article from TradingRoom on Medium shows how the Bitcoin market cap could reach 1 Trillion Dollars.

Crypto enthusiasts are sitting on the edge of their seats. Bitcoin is “destined” to receive ETF approval and to every bull, that is just about the best and only good news on the horizon right now. But is another bull run possible in 2018? And more importantly: can we get to that coveted trillion-dollar market cap?

These questions are answered by showing the 9 steps BTC needs to take until we reach 1 Trillion dollar market cap (Source: Medium.com)

Controversial Stablecoin Tether Issues New Batch of USDT Tokens Worth $50 Million

Tether (USDT) has issued new tokens worth $50 million on August 11, according to block explorer OmniExplorer.

In late March, Tether had released 300 mln USDT tokens priced at $1 per token.

Over the past 30 days, Tether’s market capitalization lost around $300 million, down from $2.7 billion in mid-July to the current $2.4 billion, according CoinMarketCap.

(Source: CoinTelepgraph.com)

Cryptocurrency Trading Is Illegal In Saudi Arabia

State officials in Saudi Arabia have reminded citizens that trading in cryptocurrency is illegal in the country. This reminder comes following the recent emergence of virtual currency trading promotions in the Arab nation.

No Cryptocurrency Trading License in Saudi Arabia

The Kingdom of Saudi Arabia recently reinforced its stance on the illegality of cryptocurrency trading in the country. In addition, the government created a standing committee headed by the Capital Market Authority to oversee the enforcement of the prohibition. Other members of the committee include representatives of the Ministry of Interior, the Ministry of Information, the Ministry of Trade and Investment, and the Saudi Arabian Monetary Agency (SAMA).

(Source: EthereumWorldNews.com)

British Virgin Islands Crypto Market Is Second Largest In The World

The British Virgin Islands (BVI) is the second biggest cryptocurrency market in the world, statistics show.

The BVI had a trading volume in crypto assets valued at $78.5bn, in the first six months of 2018. This puts it just $5.3bn behind the USA, which was the largest market for cryptocurrency, with a trading volume valued at $83.8bn.

Japan was the third biggest with a six-month volume of $29.2bn, followed closely by Luxembourg which came in at $27.9bn; Russia was the fifth largest market, with $18.5bn exchanging hands in the first half of 2018.

(Source: CryptoBriefing.com)

Crypto Trading Tips

One Of The Best Things You Can Do Sometimes Is To Sit On The Sidelines

In a market like this we tend to think that the cryptocurrency we are in cannot go any lower. Think back to last month: did we ever think Tron would go below 300 Satoshi, did we think VeChain we go down to 100 Satoshi, did we think Ontology would go below 2000 Satoshi? Probably not.

The lows doesn’t mean to say it can’t go any lower. So be careful that you’re not holding just because you think it can’t go lower.

Some Cryptos You Might Want to Look at This week

All the alts this week are going to give you some great opportunities to make money in the market.

keep an eye on the BTC price first before anything else. If it’s going down then it’s not time to buy the alts. When BTC price starts moving up again, then that’s when to look at your alts and get back in either for the short term or for the long term.

One good way to make higher percentages in your trading is to look for the alts that have fallen the most. At the moment the likes of QKC could bounce, when the BTC price moves up, and give you an extra few % on your trading.

For more daily calls like the ones above please check out CYT Crypto Premium

For more information about XTRD please visit our website or read the White Paper. Follow us on Twitter, Facebook, Telegram, LinkedIn, Reddit, YouTube, and join our community in Telegram chat.