All the news from the crypto world this week including crypto trader news, institutional news, trading tips and market updates. Written, exclusively for Xtrd.io, by Steven Aitchison from the CYTCrypto Youtube Channel CYT Crypto.

This Week In The Crypto Market

As of writing this just now BTC is down by around $1,000 overnight to $6,400 — Wow!

A lot of people have been predicting this and could go lower from here or bounce right back up to the $7,000 level before moving higher, yes I am forever the optimist.

This fall may have been the reaction to news that Goldman Sachs will no longer be setting up their crypto trading desk. However, it seems this was just FUD and what Goldman Sachs plans actually are is to hold off on the trading desk for the time being. There is also some allegations that someone had insider knowledge of this news and put a $74 million short position 2 days before the news was released (Source: Cryptocoinspy.com)

At the moment BTC price has climbed back up to $6,471. If the BTC sell off was due to this news then we should expect that the price to go back up past the $6,800 level before climbing higher. We will need to wait and see how this pans out.

Top gainers of the week include:

Bitcoin Dark: 221%

Bitcoin Diamond: 68%

Dogecoin: 51%

Dropil: 51%

Holo: 41%

Top losers of the week include:

MOAC: -28%

Mona: -23%

Bitcoin Private: -19%

Aion: -19%

Dentacoin: -19%

Top News Stories

SilkRoad wallet with $1 Bn in Bitcoin on the move

An article in this weeks Reddit reports that $1Bn worth of Bitcoin is on the move, reportedly from The old Silk Road Wallets.

Reddit user sick_silk reports:

“It seems that the owner of a huge #SilkRoad related wallet is moving funds actively since 3 days, dividing it in chunks of 100 coins by subwallets.

The original wallet owned 111,114.62 $BTC / $BCH , which is currently valuated ~ $844M (without taking in account other #Bitcoin forks).

Last movements on these subwallets are 4 years and 5 months old (March 9th, 2014).

(Read More: Reddit)

Hyper Inflation In Venezuela Makes For Interesting Times In Cryptocurrency

In this weeks ethereumworldnews a news story about the hyperinflation torn Venezuela talks about cryptocurrency and how thousands of its citizens are flocking to cryptocurrency as a way to escape the 600,000% inflation.

“It started with the growth of adoption for Bitcoin in the beleaguered country, with citizens looking for an alternative to escape the six hundred thousand percentage increase for inflation (on pace to hit one million by the end of the year). Bitcoin, which has long been pointed to as an excellent digital store of value analogous to physical gold, allowed Venezuelans the opportunity to use a global currency with far less price volatility than the now-worthless Bolivar. While most of the Western world, particularly older generations polled in investment surveys, complain about the erratic fluctuating price of BTC–a feature that has been heaped upon by Nobel Prize winning economists–Venezuelans flock to the currency in an effort to avoid the crippling inflation of their fiat currency, providing strong support for the validity of the digital asset.”

(Read more: EthereumWorldNews.com)

Yahoo Finance launches cryptocurrency trading features

“The world’s sixth most visited website, Yahoo Finance, now offers cryptocurrency trading.

Yahoo.com made the announcement last week stating that it has begun a partnership with API developer Trade It in order to offer the feature of cryptocurrency trading for users within Yahoo Finance.

Anthony Pompliano, prominent cryptocurrency figure and founder of Morgan Creek Digital, seems pretty excited about the news:

(read more: CoinInsider.com)

BITCOIN $1000 million worth Bitcoin [BTC] moved to Bitfinex, Binance and BitMEX

There’s a lot of rumours currently circulating about this news story but nothing solid has been confirmed yet. Reddit is awash with this story with a lot of users actually doing their own investigations (See above).

“On 3rd September, a Reddit user, Sick Silk, pointed out that around $1000 million worth Bitcoin has been transferred to Bitfinex, Binance and BitMEX. This comes in the limelight right when the cryptocurrency market has started to show signs of a bullish market.

The Redditor elaborates on how the transfer was made. According to the user, the original account from which the money was transferred dates back to 2014 and is believed to be linked to one of the Silk Road accounts.

The Bitcoins have been moved in portions to various accounts to prevent from being traced. Each portion has about 100 coins and was segregated by sub-wallets. These wallets have been active for the past 4 days after being inactive for more than 4 years.”

(Read more: Ambcrypto.com)

NEO Invited Back by Japanese Finance Minister to Discuss Future Cooperation

NEO is back in the news after a blockchainreporter article states that NEO has recently met with Japanese finance minister.

“This weekend NEO released their progress report for August. Among the progress points is a summary of meetings between NEO representatives and the Finance Minister of Japan, as well as meetings with Sony and other industry leaders. The meeting went well, with the Minister inviting NEO back to discuss cooperation between NEO and local authorities.”

(Read more: BlockchainReporter.com)

The Federal Court Of California Is Now Accepting Bitcoin For Bail Payments

A Californian court has accepted Bitcoin as payment for bail.

“A Federal Court in the United States has received Bitcoin as payment for a defendant’s bail. According to media sources, this is the first time something like is happening. The defendant, Martin Marsich, was facing charges of hacking into a gaming company. The California court allowed him to settle his bail amounting to $750,000 using Bitcoin or any other cryptocurrency.”

This is an government body and, to me, represents a tiny step forward in the rise to reach the ‘tipping point’ of crypto being accepted in the mainstream population.

(Read more: EthereumWorldNews.com)

Japanese Online Retail Giant Buys Bitcoin Exchange

“Despite the current bear dominated cryptocurrency market big buyouts in the industry are still occurring. Japan’s leading e-commerce giant Rakuten has announced plans to buy out a Tokyo crypto exchange.

The exchange, Everybody’s Bitcoin, was established in December 2016 and launched in Japan in March the following year. It is currently not one of the approved licensed exchanges that Japan’s Financial Services Agency permits to operate and itself was subject to a FSA probe following Coincheck’s hack in January.”

(Read more: EthereumWorldNews.com)

FUD about Goldman Ditching Bitcoin Leads to a Sell-off in Crypto Market

In an article by Nilesh Maurya at coingape.com the recent BTC sell off is due to manipulation and FUD regarding the Goldman Sachs news that the crypto trading desk is no longer going to be set up.

In the article, Maurya staes:

“Well everyone is aware that cryptos react to news pretty quick but what many people fail to notice is that they react to FUD (Fear, uncertainty, and doubt) news even quicker. This was clearly seen when some portion of Mainstream Media termed Goldman’s shift in crypto strategy as Goldman Sachs is abandoning crypto which leads to a good sell-off in the market.

The Media FUD news around a big name seems to be a perfect recipe to pull down the markets

Well if you are a trader on an investor in cryptocurrencies, last 24 hours would have been a situation of turmoil for you. The news screen, livewires, and all social media handle, be it small or big, were full of one news- Goldman Sachs ditching crypto markets. While a news of name as big as Goldman Sachs, whose views change the course of a lot of institutional monies, pulling out of cryptocurrencies is sure to give tremors, but what most of the media, in haste of giving out the news first, failed to record that Goldman Sachs hand not pulled out of cryptos. What the actual news highlighted was that Goldman Sachs has had a change of strategy and would be concentrating on Crypto Custody over Crypto Trading as they believe Crypto Custody is a key business for driving Wall Street investment in crypto.”

(Read more: Coingape.com)

Bitcoin [BTC] hits $24000 in Iran after government recognizes cryptocurrency mining as an industry

As US sanctions have hit Iran it seems that cryptocurrency could come to it’s rescue and lead to a sidetracking of the economic sanctions which have been imposed.

In an article this week from Ambcrypto.com the article looks at the current rise of cryptocurrency in Iran:

“Iran has recently announced that they will begin to treat cryptocurrency mining as an industry. This comes after increased pressure on the country enforced by changing economic sanctions imposed by the United States. Amidst this bullish news, the price of Bitcoin [BTC] was reportedly around $24000 [converted] on some Iranian exchanges.

The exchange platform Exir reported a price of 1,020,000,000 IRR for 1 Bitcoin, bringing the value of the coin above its previous all-time high of $20000. The current price of the cryptocurrency is around $7300. The price of Ethereum was also inflated to be around $900, compared to its current price of $280.”

(Read more: ambcrypto.com)

Crypto Institutional News

Institutional Acceptance Will Increase as a Result of Bakkt, Suggests David Gokhshtein

Since the inception of the cryptocurrency market, major institutional firms have been holding off from investing in this space. One of the major reason for this being the manipulation and insecurity that prevails in this market. Steps are being taken by various organizations across the world regarding different frameworks for the cryptocurrency market so that acceptance of digital currencies increases across the financial space.

One of such organizations is Intercontinental Exchange (ICE), an operator of global exchanges. It was announced by the ICE back in the August that with the collaboration of various spearhead organizations of the world like BCG, Microsoft, Starbucks and others, it is going to launch a new company named “Bakkt” aimed at providing an open, secure, transparent and global ecosystem for digital assets across the financial market.

(Read more: BlockPublisher.com)

Deutsche Bank Institutional Trader Joins Japanese Crypto Startup

“A former Deutsche Bank trader has joined Japanese crypto exchange-startup FXcoin Ltd., Bloomberg reports September 3.

According to the announcement, Yasuo Matsuda, an institutional trader from Deutsche Bank, will join FXcoin as a senior crypto strategist starting in September 2018. The strategist position includes providing analysis of crypto markets and daily reports on the market’s activity.

The newly appointed 49-year old Matsuda worked as foreign-exchange dealer at the German bank from 2012 until this June.

FXcoin Ltd., founded in September 2017, is currently seeking regulatory approval from Japan’s financial regulator the Financial Services Agency (FSA) in order to operate “virtual currency-related business.” The startup has reportedly applied with the regulator to exchange cryptocurrencies such as Bitcoin (BTC) under a licensing system that was adopted last year.”

(Read more: Cointelegraph.com)

Grayscale Launches Investment Trust for Zen Cryptocurrency

“Cryptocurrency asset manager Grayscale Investments has officially launched the ZEN Investment Trust for accredited investors, the company announced Thursday.

Centered around the privacy token zen (formerly known as zencash), the investment trust is a single-asset vehicle, meaning it only contains the one cryptocurrency. It is the latest single-asset investment trust launched by Grayscale, joining bitcoin, bitcoin cash, ethereum, ethereum classic, litecoin, XRP and zcash.

The trust is already open to institutional and accredited investors, according to a press release.

The trust “marks a significant milestone” for the Horizen platform, which develops and maintains the cryptocurrency, co-founder and president Rob Viglione said in a statement.”

(Read more: Coindesk.com)

Goldman May Be Out For Now, But Wall Street Still Wants Crypto

“As the crypto market continues establishes new year-to-date lows, some claim that the arrival of institutional investors is the only catalyst that will be able to push prices in a positive direction. And although the climate around institutional interest suffered a slight setback on Wednesday, optimists believe that Wall Street isn’t over Bitcoin just yet.

Goldman Sachs Pushes Back Crypto Trading Desk Plans, Analyst Unfazed

On Wednesday morning, the hopes of many were quashed, as news broke that Wall Street giant Goldman Sachs had put its plans to establish a crypto trading desk on the back burner. Although this news was undoubtedly bearish, many glossed over the fact that Goldman Sachs still intends to offer BTC futures and custody in the near future, leading pessimists to claim that Wall Street had formally ended its ties with crypto.”

(Read more: Newsbtc.com)

Coinbase is exploring a crypto ETF, and it has sought help from $6 trillion Wall Street giant BlackRock

In a recent article from business insider there are reports that Coinbase could be looking at creating a bitcoin ETF like product.

“Coinbase is looking to create an exchange-traded product tied to crypto, according to people familiar with the matter, as a way to allow retail investors to gain access to the volatile market.

The firm in recent weeks has held conversations with members of BlackRock’s blockchain working group to tap into the firm’s expertise at launching exchange-traded products.

Coinbase announced in March an index fund of cryptocurrencies aimed at accredited investors. An ETF, however, is geared towards more mainstream investors.

If Coinbase were to develop a crypto ETF, it would join a number of other firms also looking to launch their own, including rival Gemini, Bitwise Asset Management, and VanEck. “

(Read more: uk.businessinsider.com)

Crypto Trading Tips

7 Projects That Could Bring 100% ROI In The Next Few Months

Over the last few weeks I have looked at a few projects that could potentially give you 100% roi on your investment.

A few of these have already reached that 100% level I was talking about: Holo chain shot up to 23 Satoshi from 10 Satoshi, Dent shot up to 59 Satoshi from 29 Satoshi.

I am going to reiterate the same 7 projects that i think could still go up by 100% by the end of the year, even after the increase:

Babb — Current price: 8 Satoshi XTRD — Current price: 74 Satoshi Holochain — Current Price: 17 Satoshi Pundi X — Current price: 26 Satoshi Dent — Current price: 42 Satoshi Cardano — Current price: 1300 Satoshi Ripple — Current price: 4500 Satoshi

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

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