Daily: Freak Bull run surprises market / JPMorgan sued over fees
Boxmining
over 7 years ago
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Executive Summary
The crypto market just experienced an unexpected surge, with Bitcoin jumping from $6,000 to $8,000 in an hour, and many altcoins also seeing significant gains. This bull run comes amidst shifting market sentiment, with new liquidity entering the space and countries like Malta actively welcoming crypto exchanges. On the flip side, JPMorgan is facing a class-action lawsuit for surprisingly reclassifying cryptocurrency purchases as cash advances, highlighting the ongoing tension between traditional finance and the decentralized crypto world.
The crypto market cap is nearing $300 billion, driven by Bitcoin's rapid ascent from almost $6,000 to $8,000 within a single hour, catching the entire community by surprise.
Altcoins were already leading the charge before Bitcoin's big jump, with impressive gains like EOS seeing a 40% increase due to its new Dawn 3.0 update and associated airdrops.
Other strong performers included Cardano (up 20%) and Stellar (up 10%), with most major coins experiencing double-digit growth.
Mithril, a decentralized Instagram-like app developed by Taiwanese rapper Jeffrey Huang (who previously created the successful live streaming app Yiqi17), was the most outrageous performer, surging after being listed on the Korean exchange BitThumb. The excitement stems from Huang's proven track record.
Decentralized social media is clearly gaining traction, as evidenced by Steem's 42% increase in value.
One potential reason for Bitcoin's strong push is the commentary from Mr. Green (Greenspan, known from eToro ads), who appeared on CNN suggesting new liquidity is entering the crypto space.
After two months of sideways market movement, during which money likely transferred from "weak hands" to "stronger hands," there's a strong market sentiment that "new blood" and "smart money" are coming in, fueling the current bull charge.
While a long-term bull run isn't guaranteed, it's a good sign that search phrases like "Bitcoin bubble" have significantly decreased since their peak in late 2017, suggesting growing acceptance and a shift in perception as the technology progresses, potentially boosted by mainstream shows like Silicon Valley.
OKEx is following Binance's lead and relocating to Malta, a country rapidly becoming a hub for crypto exchanges.
Malta's attractiveness stems from its more "reasonable laws" regarding cryptocurrencies, showcasing a global competition among countries to welcome crypto innovation.
Any country that blocks or ignores crypto innovation will likely struggle in the future as decentralization gains prominence; Malta aims to lead this charge by actively bringing in more exchanges.
JPMorgan is facing a class-action lawsuit due to a controversial policy change in late January where they surprisingly reclassified cryptocurrency purchases as "cash advances" rather than standard product purchases.
This sudden change resulted in significant problems for customers, as cash advances incur higher interest rates and additional fees, essentially billing customers extra without prior clear notification.
The larger issue highlighted here is the excessive power banks currently wield, allowing them to unilaterally decide policies with no real recourse for customers, underscoring the lack of alternatives to traditional big banks.
This situation ironically reinforces the core value proposition of cryptocurrency: creating a trustless system for value transfer that eliminates the need for centralized services like banks.
It's quite funny and ironic that JPMorgan, which currently has no competitive solution for future cryptocurrency products, is now being sued over their handling of crypto transactions.
Telegram initially planned a token sale, but their private sale was so incredibly successful, raising billions of dollars, that they decided a public sale was no longer necessary.
The decision to forgo a public sale also helps them avoid potential future issues with the SEC (U.S. Securities and Exchange Commission).
It's important to be aware that there are many fake websites claiming to offer a public Telegram token sale; this is a clear confirmation that it's not open to the general public.
Transcript
Transcript
Release the balls! So the moment that we've been waiting for is finally here. Bitcoin prices took off to the moon from almost $6,000 to $8,000 in the space of one hour. It got the whole community wondering what the hell is going on. So in this episode of BoxMining Daily, we're going to take a look at what's causing this price surge. Does it mean that the market's turning around? We also have an update from JP Morgan. They are being sued by a class action lawsuit because they classified previously in January Bitcoin transactions not as purchases, but as cash advances and billed customers extra. So we're going to talk all this and more in today's BoxMining Daily. I do want to say that everything covered here is my personal opinion and not financial advice. So let's start off with a look at the market so far. So the market cap is almost hitting $300 billion. All of a sudden, just within one hour, Bitcoin prices shot up. And even prior to that, the altcoins were really leading the charge. We have NIO going up yesterday. Today, EOS took almost a 40% increase in value. I had an extra video explaining what's happening on EOS with the new Dawn 3.0 update. I put a link up there, but I explained what's happening with the recent updates, the airdrops, and what's leading to the price increase. We also have other coins up here too. Cardano's up 20%, Stellar up 10%. So it seems like most of these coins are going to the double-digit growth. The most outrageous being Mithril. So what the hell is Mithril? So Mithril is developed by Jeffrey Huang. He's not only a very successful rapper in Taiwan, but he's also behind one of the most successful live streaming apps in Asia called Yiqi17. Well, right now he's making a app called Lit and it's pretty much decentralized Instagram. So the excitement here is because he's already built one successful app. There's a lot of people interested in the second one. And today it really popped because it got listed. Mithril got listed on a Korean exchange, BitThumb. We also have Steamed the social platform going up by 42%. So definitely decentralized social media is taking a foothold right now. So now moving on to the reason why Bitcoin is pushing so hard up today. So one of the reasons might be because I'm seeing Mr. Green's Monte Carlo. Mr. Green's Monte Greenspan, you know, the guy who makes all those ads that used to appear for eToro. Well, well, that guy went on CNN and started saying, you know what? There's new liquidity coming into the space. This is something that we've been anticipating for a while now. And the market was moving sideways for pretty much two months. And probably money was changing hands, moving away from weak hands to those stronger hands. Right now, it does seem like there are this overall sentiment on the market that new blood is going to come in. And new, maybe even smart money is going to come in and move into the space. And that's what's really leading the bull charge right now. Does it mean that we will have a long term run? That's not very guaranteed right now. But what we do know is that the search phrases for something like Bitcoin bubble has been decreasing over time. Now, it's taking a break from what was its height at pretty much November, December. And now people are feeling, oh, you know what? Maybe this technology is moving forward, especially with popular media pushes like Silicon Valley. Next up in the news, we have OKEx. They're also moving to Malta. You know, we saw Binance moving to Malta. Now we're seeing OKEx moving to Malta. The reason why these exchanges are moving to Malta is because of Malta's more reasonable laws regarding cryptocurrencies. It's the case where, you know, this crypto is global. So any country that welcomes crypto with open arms, they're going to have an advantage moving forward. So we definitely see this competition for countries all to welcome crypto in. And some countries are ignoring it. But the problem is that any country that kind of blocks crypto and blocks that innovation, they're going to struggle in the future when decentralization really starts to take off. So this is why Malta wants to lead the charge and want to bring in more and more exchanges. Also on top news today, JP Morgan is being sued over fees related to cryptocurrency purchases. This is something quite ridiculous that happened earlier on in our late January. Basically, what happened in this case was that JP Morgan surprised customers in late January by charging a cash advance by regarding cryptocurrency purchases as cash advances instead of product purchases. So this was a sudden change. So there were like pretty much two major problems with this. One was that they built extra up the interest rates for cash advances or higher and those extra fees. So they incurred extra fees to customers. But what was even more stupid, I think, is the fact that they can do this. You know, banks right now, they have way too much power. They can really decide any policy and customers really have no choice to fight against it. There weren't really any alternative to the big banks. And that's really what cryptocurrency is about. Crypto is all about having this kind of a trust system, a trust system that can transfer value without the need for big centralized services like banks. So that's really what the revolution is about. It's kind of funny that JP Morgan is sued and it's kind of ironic that they have no solution to compete with cryptocurrency products in the future. So last on the news today is the Telegram ICO. So Telegram announced early on that they were potentially holding an ICO or at least a token sale. So it turns out that their private sale was so successful they raised billions of dollars in private sale. And they decided, you know, we don't really need a public sale anymore. They don't want to go for the trouble of announcing a public sale and then getting through, you know, potential problem with the SEC in the future. They decided, you know what, let's keep it private. Do be aware, of course, that there's these fake Telegram websites as claiming that Telegram is having a public sale. But this is just full confirmation that, you know what, it's not open to the general public. Guys, what do you think of this bull rush today? Do you think it's absolutely crazy? And I would love to hear what you guys think in the comments section below. Thank you guys so much for watching. Remember to subscribe to this channel for more daily updates and summaries of different cryptocurrencies. Thank you guys so much for watching. See ya.