Market Update Sunday February 11th 2018: Another exchange hacked, market corrects.

Italian exchange BitGrail hacked

$150 million worth of Nano (former RaiBlock) stolen from the the Italian cryptocurrency exchange Bitgrail.

 

This person is allegedly the owner of the exchange, and he points the finger at Raiblocks/nano while they point the finger back.

Keep in mind this happened two days ago, so I don't think it alone explains why the market is falling today.

 

Arizona senate passes bill to allow residents to pay tax with cryptos

At least some fun and good news. If the bill is adopted, Arizona will become the first state in the U.S to accept cryptocurrency tax payments by 2020.

The Senate Bill 1091, which intends to enable cryptocurrencies for tax payment, was introduced Jan. 10, 2018 and passed by the Senate Finance Committee by a 4-3 vote on Jan. 24. On Feb. 8, the Senate passed the bill by a 16-13 margin, with one no-vote.

 

Jay Z invest in Robinhood

Jay-Z's company Roc Nation and a subsidiary company Arrive are investing in RobinHood which have announced that they are launching Robinhood Crypto later this year.

Personally I can't stand Jay Z. He's a social justice warrior idiot who makes terrible rap. Trust me. He sucks. He's nothing like Wu Tang, Nas, EPMD or Jeru Tha Damaja. But he's a rich mofo, so this is of course bullish.

&nbps;

Wyoming lawmakers filed bill to exempt some tokens from securities regulations

he bill, which according to public records has a total of 12 sponsors signed on thus far, would exclude "a developer or seller" from the applicable securities laws provided they meet certain conditions. Namely, that the token they're offering isn't being offered as an investment and that the token can be exchanged for something – in other words, that it has some kind of utility.

This is of course good news. Everything that could help clarify rules is good news.

 

Cryptos slide about 14% from top

We've erased all the gains made the two past days. Ethereum peaked at $909 and has now dipped to$780 (down 12%). Bitcoin is trading below $8000.

The volume remains low on the daily. Things are however looking as they should mid-term. But unless volumes are picking up, we could se lower prices. Like I've said before, I'm not unfamiliar with prices dipping all the way down to $200 billion total mcap. It's 100% unjust and insane, but people are extremely irrational in the cryptospace. It's a space which mostly is based on feelings. A lot of young soyboys who has never invested before, and with a testosteron level at almost critical low levels these mangina SJW's will pee their diapers once the market dips a few percentage points.

And while we want for more men and adults to enter the market we have to expect this volatility. A LOT of third worlders with no understanding of markets are all of a sudden able to invest (remember, many of them didn't even have a bank account or a credit card). Same with western teens. Clueless 19 year old veggieboys are suddenly trading cryptos maaaaan. It's taking power back to the people maaaaaan. And getting destroyed in the free market, which they have no concept of.

So waaaaait it out. March/April ATH is still on.

Bitcoin

 

Total market cap

 

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