Trading and investing in markets are all about environments. The environment is improving in the crypto space and we can start to be more aggressive with trades and positioning. With the stock market, the we must tread carefully. The environment is not conducive to adding longer term positions.
Bitcoin took out the 5300 level and this was the move we have been waiting for. We added a couple positions into the pullback and this is not a bad area to add a little more. So we will take a look at a few coins we can add to.
As we mentioned briefly on our Podcast, I thought the whole NY AG petition against Bitfinex is a bunch of smoke and mirrors. In my personal opinion, though there may be some shady stuff going on, this is a push by larger banks and brokers to rid the likes of Bitfinex and Binance.
Now this is good for the market in the long term bringing regulation and transparency to the space. In addition we have several brokers like Ameritrade, E-Trade and Fidelity that are getting close to offering trading on their platforms.
This is clearly in my opinion, about pushing out the competition, discrediting them and driving people to the likes of more regulated exchanges. Also an opportunity to build more inventory for exchanges that will soon be trading Bitcoin and couple others. There are at least four (4) Board and Team members, running Paxos that are from Goldman Sach’s and JPM, including two (2) former Goldman Sach’s partners and the former CEO of the NYSE.
Funny how Paxos has no problem getting a bank to hold their fiat based coin. We actually dove deeper into this on The Henry Raines Show which follows our radio show on Mondays. Really good discussion, and there is an interesting time table I will write about shortly.