Week 8 breaking events:- There is talk about insolvency in MtGox, comparing the company to now-bankrupt online gambling operators.
- ATMs continue to be developed and are coming in the big cities.
- The regulation of BTC is something increasingly talked about and desired. (while watching the greatest manipulation ever in BTC.)
- How some banks see BTC:
JP Morgan: As a medium of exchange, unit of account and store of value, it is vastly inferior to fiat currencies.
Wells Fargo: Wells Fargo appears to be interested in being an innovator in cryptocurrencies, but, as the title of its summit suggests, it has concerns about future regulation in the United States. The venture capital firm has invested in bitcoin over the last year, providing funding for Coinbase in several different rounds
Silicon Valley Bank: Right now the bank is actively involved with bitcoin business, but not proving storage services. Instead, the banks role appears to be as an ACH wire transfer provider.
Some thoughts: - As I said in week 6, there is a possibility of bitcoin climb up to the $ 750/800 and then fall!
- In short, there should be a small rise and then a fall. And this fall should be strong.
- I also believe that this will be the final fall.
My position: - Bear
Chart:http://s22.postimg.org/3ky3968vl/s8_bitcoin.jpg 