Ministers of South Korea and China discuss crypto strategies
Accodring to a a report from bitcoin.com, the PBOC (People's Bank of China) and South Korean Strategy and Finance minsitry officials have met and discussed various economic policies.
Img source: Yonhapnews
During the recent months, while Korea has been trying to curb the explosive cryptocurrency market and legitmizing the business, China has been outright taken a no-nonsense "stop all crypto" approach, going as far as banning all domestic crypto exchanges. Korea, on the other hand, has successfully implemented a requirement that all cryptoexchanges use a real-name account system and share data with local banks.
Now the result of this meeting can spin both ways, but one can hope the progressive approach from South Korea inspires China to take some steps in this direction also. As Kim Dong-yeon, The South Korean Minister of Strategy and Finance put it, closing exchanges might create more problems than they solve, and i whole-heartedly agree.
Via bitcoin.com
Read the article here on bitcoinist.com
What's Litecoin up to?
Well, while they have came out with a minor update to Litecoin, there's an initiative from the Litecoin Core dev team to help make Spotify to accept Litecoin.
Via Twitter
If you believe in Litecoin and want to support the case, please do so by retweeting this tweet.
But there's more about Litecoin. An article from Zerohedge, introduces us to some top-level, but still very interesting, speculation. Zerohedge connects the dots between Charlie Lee, the LTC founder, David Marcus (a Facebook executive), Coinbase, Facebooks ban of all crypto advertising and Charlie Lee's tweet about what 2018 is bringing to Litecoin. Whether the dots are connected correctly, only time will tell, but an interesting read nevertheless.
Via Twitter
Catch up on Zerohedges theory here
And now the huge news for Litecoin! Litecoin launches Litepay. Litepay is a payment system, where business owners can receive Litecoin for goods and services. And it reflects in the markets - while other markets are up about 5%, Litecoin rocks a 30% increase :)
I'm not going to do a write-up on this, as one of my mates here on Steemit, @forexbrokr, has done an excellent job on this. Please hit up his post and give him a follow.
Post by @forexbrokr here
Bitcoin
While people are screaming "bloody murder" on the streets and hodlers are selling their portfolios, the game always is the same. On the way up nothing was more annoying than the bulls trolling the bears and when the trolling spiked, one could almost time the pullbacks with this.
Just couple of days ago, when i couldn't find anything positive about cryptos on my Twitter feed and the hysterical and malicious joy over the crypto bubble popping was on every bears face, Bitcoin found it's (at least short-term) bottom right at the bottom of this triangle and a bullish wegde, staying firmly in an uptrend.
Just remember traders, who trades on predictions, will usually left with empty hands. We can predict, but feel free to change your opinion any time. I have only a tiny skin in the game, so i base my trade around the assumption that we bounce short term. Upside targets: 1) wedge top 2) Large triangle midline. There's a small W bottom on H4 chart, which promises at least a little bit of upside. Whether the other markets decide to go with the bounce, might be the deciding factor in this. Litecoin, Bitcoin's small brother, is already showing some strength, now let's see if there is any followthrough.
Thanks for reading, let me know your crypto majors trading ideas in the comments.