Don’t fight the trend because it is supposed to be your friend! Trading 101, just don’t. Bank of America, the latest behemoth in traditional finance to acknowledge the headwinds they’re facing. After initially throwing the blanket accusation of crypto’s being the go-to for criminals, money laundering & difficulty posed in implementing KYC procedures, they actually say “~cryptocurrencies and payment systems, could require substantial expenditures to modify or adapt our existing products and services as we grow and develop our internet banking and mobile banking channel strategies…” (Full report here)
Danny Masters, founder of Global Advisors extends the battle cry. He compares it to” trench warfare” and believes the crypto world has reached “escape velocity” and the incumbents won’t be able to catch-up or compete.
And positive headlines continue to roll out from Central Asia. The region seems to be moving in unison and suspect the Digital Agenda Forum that took place at the beginning of the month lit the fire for most. The latest 180 comes from Uzbekistan where they are now looking to legalize cryptocurrencies as opposed to designation for “instruments of terrorism financing.”
Following the favourable stance adopted by regimes in Kyrgyzstan & Kazakhstan has done little to entice players back in the game as volumes remain lacklustre below one hundred- thousand-dollar handle as many are just coming back from week-long holidays.
The masala looking enticing while Kimchi toned done a bit and the Samurais tight as ever…
May trend be your friend… Happy trading.