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Financial Advisors Loading Up On Bitcoin | Micky.com.au

Originally featured on Micky.com.au

Australia’s largest cryptocurrency brokerage service says financial advisors around the world are investing in Bitcoin, but can’t advise their clients to do the same.

Dr Prash, the CEO and Founder of Caleb and Brown, told Micky that dozens of advisors have used his service to buy hundreds of thousands of dollars worth of digital assets.

“These are wealth managers, who have their own personal cryptocurrency portfolios,” Dr Prash said.

“They see value in it … I’ve dealt with five or six of them personally already.”

International interest

Dr Prash says the majority of financial advisors contacting his staff are from overseas.

“The Australian market is still a bit behind in crypto terms,” he said.

“About 50 per cent of our clients are international – predominantly American – and the Americans are definitely a bit more ahead of the curve.”

Interestingly, while financial investors are taking the plunge into digital assets, regulation prevents them from telling their clients to do the same.

“They can direct their clients to us as a resource, but they can’t technically advise their clients (to buy) crypto. So it’s still very much a grey area. Their hands are tied.”

Will regulation change?

Dr Prash says financial advisors may be able to advise their clients to purchase digital assets once there is greater clarity from regulators.

“The fact that regulators have been ‘umming and ahhing’ and not giving us anything concrete has been an issue,” he said.

“As soon as that becomes a bit more concrete, I think we will see mainstream players start to enter the market. That’s where the money is.

“At the moment, they’re afraid. They’re scared because there’s no consistency in the messaging from the top down. Once we get some consistency, once crypto becomes a regulated financial instrument, which it isn’t at the moment, we will see the financial incumbents being able to invest in it.”

Mr Prash pointed out that there is $70 trillion being held in funds for high net worth individuals and the current cryptocurrency market cap of around $100 billion is “coffee money” to them.

“We just need a bit more of their coffee money and I we will see another spike,” he said.

Bitcoin ETF

When asked about the potential of a Bitcoin Exchange Traded Fund, Dr Prash laughed and said: “I feel like we’ve been talking about this forever!”

He’s right.

There has been delay after delay by the Securities Exchange Commission (SEC) as it decides whether to approve an application for an ETF by investment firm VanEck.

“The interesting thing is the number of times there have been delays and no cancellations,” Dr Prash said.

“The one true hope this gives me is that …. a lot of this is designed for those mainstream investors to get their ducks in a row before that next bull run gets started.”

(It’s not the first time somebody has drawn that conclusion, with Micky reporting one well known investor’s “Great Cryptcurrency Conspiracy” earlier this year.)

“There’s nothing to prove that, but if there’s anything we’ve learned from past financial history is that these guys are much smarter than we perhaps give them credit for,” Dr Prash said.

“They’re not ignoring the crypto market. They see a market that got away from them before they had a chance to capitalise on it and they – by way of having influence over regulation – have power over this market in ways we don’t know that they do.”

Bakkt

Dr Prash says Bitcoin futures exchange Bakkt is good for the cryptocurrency community.

“We forget that the rest of the world doesn’t understand the intricacies of the highly technical cryptocurrency field,” he said.

“But something like what Bakkt is offering is something akin to what the traditional financial investor understands. It gives them a way into the market.”

Will prices ever recover?

“Absolutely,” Dr Prash said.

“I think we’ll see a few more cycles like this. While the market cap is still small, we will continue to see that volatility. So I think the bounce back will be hard.

“There are some investors who’ve been holding out and holding out waiting out for a price point like this.”

Dr Prash said he can’t give a timeline, but expects the new bull run to be triggered by increased regulation.

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Top Cryptocurrencies of the Week | Crypto News Australia

Weekly segment featured on Crypto News Australia

Week: 8th Dec 2018

1. Bitcoin Analysis

Bitcoin: USD $3853 (as of 8 December 2018)

Last week, Bitcoin saw almost a 19% recovery since our weekly update, to test the resistance on the descending trend over the last 14 days. It appears steep short-term trend line have broken but bulls are struggling to keep levels above $4000. Market volatility likely to continue between a $4400 resistance and $3500 support. Short trader volume continues to climb, with Bitfinex margin volume leaning towards shorts by 37%.

2. Crypto in the News

This week crypto “in the news”is Tron (TRX). This week Tron (TRX) surged back into top 10 cryptocurrencies list overtaking Cardano (ADA) and Monero (XMR) on Coin Market Cap.

Tronover took Ethereum in Google searches, Daily Transactions and DApp users. This week also marks the launch of The Tron Accelerator Initiative. Aimed at empowering developers and bring about innovation in the blockchain industry, more specifically, using Tron’s third generation blockchain technology. Finally, the news emerged that Tron (TRX) will hit gigantic South-East Asia trading platform MBAex.

3. Caleb and Brown’s Most Traded Coin of the Week

Caleb and Brown has experienced strong buy action across the board. Apart from Bitcoin, our clients have shown increasing interest in DigiByte (DGB).

DigiByte (DGB) is a comparatively old community coin that emerged just prior to the 2014 bear market. The decentralised blockchainfocuses on cyber security, payments & secure communications. DGB claims to be the ‘fastest, longest, most decentralized & secure UTXO blockchain in the world’.

4. Best Performer of the Week

Waves (WAVES), a decentralised exchange platform for cryptocurrencies, is one of the few cryptocurrencies this week to see a positive price movement. The cryptocurrency experienced a 50% price increase throughout the past 7 days as trading activity increases steadily on their decentralised exchange.

Moreover, the project just announced an update for their WAVES mobile app which allows users to deposit, store, withdraw and trade their cryptocurrency directly via smartphone.

5. Caleb and Brown’s Pick of the Week

Bitcoin (BTC) still remains the pick of the week with a market dominance of 54%. Experts believe it will move up at the expense of altcoins.

connect with us

Call us on 1800 849 149 (AU) | (844) 494 6515 (US and International) or Contact Us to discuss further.

Image source: Crypto News Australia

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Top Cryptocurrencies of the Week | Crypto News Australia

Weekly segment featured on Crypto News Australia

Week: 27th Nov 2018

1. Bitcoin Analysis

Bitcoin: USD $3660 (as of 27 November 2018)

Multiple support levels have been broken in the last two weeks of dramatic selloffs, falling past USD $6000, $5000, $4000, and $3800. Now trading at a brutal 38% below the 50-day moving average, BTC had a 15% dead-cat bounce off the USD $3500 level yesterday, attempting to bring levels back around USD $4000. The recovery didn’t achieve enough momentum, so BTC is falling back to yesterday’s lows towards USD $3500. While all technical indicators are screaming ‘oversold’, a rapid recovery is unlikely due to a prolonged11 month bear market. The next level to look for re-entry appears to be the 2017 resistance-turned-support level of USD $3000.

2. Crypto in the News

In these times of high volatility, and with daily Bitcoin price movements of up to 15%, all eyes are on Bitcoin. As the cryptocurrency is still considered the main market mover, the main point of speculation and news revolve around Bitcoin finding its bottom.

3. Caleb and Brown’s Most Traded Coin of the Week

As the market continues to make new yearly lows, Caleb and Brown is experiencing strong buy action, predominately in Bitcoin. As Bitcoin has now fallen over 80% from its all-time high, our clients view the current discount as a great opportunity to dollar-cost-average into Bitcoin.

4. Best Performer of the Week

Disagreements around Bitcoin Cash divided the community into two different camps, Bitcoin Cash ABC and Bitcoin Cash SV.

Whilst both cryptocurrencies have been trading significantly below the previous Bitcoin Cash price, Bitcoin Cash SV took especially big losses in terms of value and was trading over 90% lower than the previous Bitcoin Cash price just prior to the hard-fork.

However, over the last seven days, Bitcoin SV has increased in value by 85% and outperformed the top 100 cryptocurrencies on the short term.

5. Caleb and Brown’s Pick of the Week

With Bitcoin continuing its downtrend and approaching its next support level, we are looking to be averaging into Bitcoin incrementally around the USD $3000 level.

An alternative cryptocurrency we consider attractive is Nexo. The Nexo platform offers fully crypto-backed instant loans, all backed by Credissimo – a leading European fin-tech group for over ten years. The platform is currently live and offers a real-life use case which to this day is a rarity in the crypto market.

The cryptocurrency experienced a strong bounce back and is one of the few top 100 cryptocurrencies that has been able to hold its value throughout the past week while the rest of the market has been in a downtrend.

connect with us

Call us on 1800 849 149 (AU) | (844) 494 6515 (US and International) or Contact Us to discuss further.

Image source: Crypto News Australia