Words Can't Bring Me Down, But Prices Can
Sticks and stones may break my bones, but downward selling pressure will bankrupt me.
After Bitcoin failed to break a key resistance level at $10k, the market has been struggling to find resistance. It's been falling consistently since Sunday, and at the moment, it appears as though we'll be closing out the week with a red candle. With crypto's total market capitalization at $392bln, a 14%decrease since last Friday, the odds of seeing that long red candle on the weekly are high.
Given trends with bull-traps in this year's bear market, we could be in for a bit of a plummet. Or this could be merely a correction from the positive price action we've seen recently. Either way, keep an eye on Bitcoin for potential support levels in multiples of two ($8,400, $8,000 $7,600, etc.) and approach the market with a bit of healthy reserve–if we break too far below $8k, it could mean a week more of red.
Bitcoin: At $8,610, Bitcoin has broken it's nearly month-long streak of weekly gains, posting a 10% loss since last Friday.
Ethereum: Ethereum is fairing even worse, down 16% on the weekly with a price tag of $680.
Ripple: Fairing worst of all, Ripple, sitting at $0.69, has lost 30% of its value over the week.
Domestic News
Colorado Legislature Says Yes then No to Legislation that Would Provide Guidelines for Identifying Tokens as Securities: The bill, HB 1426, passed without a hitch in Colorado's House, but the Senate had other plans for the legislation.After passing a vote in favor of HB 1426, the Senate called for a re-vote and the bill was struck down 18-17. If passed into law, the bill would have distinguished between utility tokens and securities tokens; the former, tokens for things like CryptoKitties, would be considered “collectible stamps,” while any tokens that are distributed for financial gains would be deemed securities. The legislative summary for the bill reads as follows: “The bill defines ‘open blockchain token' and exempts certain open blockchain tokens from the definition of ‘security' for purposes of the ‘Colorado Securities Act'.”
Meanwhile, Virginia Just Used Blockchain for Its State Elections, a First for the US: Colorado may be washing its legislative hands of blockchain, but on the other side of the country, West Virginia is getting its hands dirty.As polls closed on May 8, West Virginia's government received a portion of its tallies from Voatz's blockchain voting platform, making it the first US election to record votes using the technology. The option, which was treated as a trial run for now, was open only to deployed military personnel, absentee voters, the spouses and dependents of either group, and registered voters from Harrison and Monongalia counties.
