California Gets A Clue, Decides Not To Regulate Bitcoin

I had to read the article twice. I could not believe my eyes that an American regulator passed on the chance to extract rent from a new industry. Californian regulators have listened to prudence and decided to allow the industry to develop before it hammers it with unnecessary regulations. Unfortunately Californian regulators are a minority in the land of freedom.

From Bloomberg:

“It remains to be seen whether Bitcoin and the virtual currency industry will fulfill the growth prospects forecast by backers,” Dresslar said by e-mail. “Prudence dictates we take a deliberate approach and let the market further develop. That will better ensure any regulatory regime California ultimately adopts works effectively for consumers, businesses and the market.”

Bitcoin startups should be fleeing New York state like the plague to other parts of America that aim to nurture innovation. Playing in Don Lawsky’s sandbox is quite expensive, just ask itBit.

Crypto Trader Digest – 24 April 2015

Price Action

The $230 seal has been broken. The price dipped below $230 for a few moments on Bitfinex during the China evening session. $230 has not be definitively broken. While China is revelling, traders will make another stab at $230. This recent rally lacked sufficient vigour as $240 was not punctured on the upside move. If $230 falls, a retest of $216 will happen in short order.


Trade Idea

Position for a possible break below $230 by accumulating a short position in the $230-$235 range using XBUK15.


In the News

Largest Bank In America Joins War On Cash (Zerohedge)

itBit Files For Banking License in New York (Business Insider)

Dogecoin Founder Exits Crypto Community Citing ‘Toxic’ Culture (CoinDesk)

Crypto Trader Daily – 11 March 2015

Price Action

Bitcoin made another push over $300 early morning China time. The price subsequently fell back to $290, and is now gathering strength to punch through $300 again. The sentiment has turned quite bullish after the announcement that derivatives goddess Blythe Masters has joined a Bitcoin startup.


Trade Idea

Continue to increase your portfolio’s long position below $300. Look for a gap upwards during the early morning hours China time. Consider taking profit at $315. Use XBUH15.


In the News

Ex-JP Morgan head of Commodities Blythe Masters joins Bitcoin startup (Business Insider)

itBit revealed as one of the US Marshals Bitcoin auction winners (CoinDesk)