2020 Vision and Beyond: Open to Opportunity – International Banker

By Eli Rosner, Chief Product and Technology Officer, Finastra

2020 is already shaping up to be exciting for financial services, especially for banks as they continue to try to differentiate and remain relevant in an increasingly digital environment. Some financial institutions have already embraced the move, realizing that collaboration and platform models can ease access to innovation and open a path to working more closely with fintechs to ultimately better serve customers. The proliferation of cloud infrastructures and emerging technologies within the new financial-services ecosystems has also accelerated the need for an expanded remit of regulation as well as artificial intelligence (AI) and data capabilities. So, what can we expect to see over the next year?

Acceleration towards Open Finance and collaboration

Just recently, Open Banking in the United Kingdom surpassed its millionth customer[i], and the cloud economy in the United States alone has tripled over the last 15 years[ii]. Far from slowing down, we can expect the global banking sector to witness positive disruption driven by fintechs, which continue to flourish, not least in London, which houses more than 10 fintech unicorns.

Further afield, Africas fintech scene has enjoyed a growth rate of 24 percent over the last 10 years, and this is set to continue as the movement begins to reach unbanked populations. In sub-Saharan Africa, the unbanked population is currently as high as 60 percent, according to EY[iii].

In Southeast Asia, the regions internet economy crossed the US$100-billion valuation mark last year, tripling in barely four years[iv]. The region remains a potential goldmine for challenger banks and fintechs wishing to bring digital financial services to the unbanked population. According to the e-Conomy SEA 2019 report[v], 198 million adults in Southeast Asia do not own a bank account, with another 98 million having a bank account but insufficient access to other financial services, such as credit. This year will see fintechs and the region acting quickly to attract this user base, many using cloud technology to scale up affordability.

As Singapore is finding out[vi], a saturated market can be challenging to access. More than 20 companies have applied for the few digital banking licenses on offer in the city-state, ranging from local ride-hailing company Grab to the online payments arm of Alibaba. Only two of the five licenses offered by the Monetary Authority of Singapore (MAS) allow digital banks to take deposits and provide banking services to retail corporate customers. At the same time, Singapores big three banks have invested considerably in technology, moving their operations online, making it harder for new virtual banks to tempt customers from them. As the year progresses, we can expect a growing emphasis on collaboration between banks and fintechs to deliver services to end-users across the region and beyond.

Facing tech-driven competition for their core businesses, established banks will continue to innovate in 2020. This will be driven in part by fear of elimination. McKinseys banking casualty forecast shows 60 percent of banks printing returns below their cost of equity[vii]. Meanwhile, fintechs will create new payments and financing models, and tech companies will continue to attract money beyond traditional banking rails. This will lead to legacy banks seeking to collaborate with bigtech and fintech players alike, as they aim to supply end-users with cheaper connected products and services, underpinned by software on demand.

Finastra recently surveyed more than 600 banking professionals across the United States, Europe and Asia and found that all markets surveyed have noticed the positive impact that Open Banking has had on their organizations. Eighty-six percent of the responses suggest it is the future of banking, improving services for customers and widening product offerings. This continuing opening up of the marketopen collaboration, driven by the API (application programming interface) economy on the one hand and the need to deliver a great customer experience on the otherwill create a new role for banks and democratise finance.

As the decade progresses, look out for banks also acting as aggregators of financial services via fintechs. This will create new revenue streams as collaboration helps to connect parties, data and technologies to provide new opportunities and bring greater transparency and inclusion to the industry.

Cloud, data and emerging technologies and associated regulation will come to the fore.

This year will see the developer becoming critical to the future of the bank. Open platforms will underpin innovation, as big data and advanced analytics (BD&AA) and machine learning (ML) evolve across the banking industry. Recently the European Banking Authority (EBA) published a report[viii] on the recent trends of BD&AA in the banking sector, noting that while most institutions are currently using simple algorithms to leverage their core banking data, there is growing interest in the use of BD&AA.

Accordingly, were seeing banks partnering with AI providers to help them manage data and provide mobile banking services. Well see an increase in financial institutions using predictive analytics and voice-recognition tools to provide tailored services to customers.

Looking further ahead, quantum computing will have a progressively greater role to play in banking, the latter driven by IBM, Google, Microsoft and D-Wave Systems. Time will tell how engaged financial institutions will become in helping to develop uniform quantum practices and standards. Nevertheless, we will see the continued growth of cloud and technology adoption driving opportunities in regtech to respond to more diverse regulatory and compliance requirements.

An inflection point for digital challengers, enhanced through collaboration

This year will be important for digital challengers, as they face profitability and growth challenges. Fifty percent[ix] of consumers anticipate using bigtech for financial services within the next three years, and payment initiatives such as Amazon Pays Cash-Load and Uber Moneys driver benefits continue to move money away from deposit accounts, for both legacy banks and challengers alike. Exacerbating the competitive challenges is regulatory mobilization to stimulate competition. This underscores the need for standardised regulation across the entire ecosystem, particularly in regard to the use of cloud and emerging technologies. Standardised regulation will also be used to counter overreliance on single fintechs and cloud providers and will protect against service outages. Expect the growth of multi-cloud networks to guard against disruption.

Despite stagnant economies and regulatory uncertainty, models such as banking-as-a-service (BaaS) will provide the critical inflection points for challengers to move into profitability, backed by low-cost bases, low infrastructure overheads and automated back-end operations. The rise of banking-as-a-service will be driven by transparency.

From the entry of bigtech into financial services to regulatory mobilisation, financial institutions of all sizes face the challenge of attracting and retaining an increasingly discerning user base. Furthermore, they find themselves operating in a febrile atmosphere, between conflicting economies and between established and emerging technologies. Collaboration and customer service will lead the way.

With half of consumers expecting their financial providers to offer products and services that address their needs beyond traditional financial services, data security, trust and personalisation will remain the guiding lightsin the new decade.

References:

[i] Open Banking, which this month surpassed its millionth customer.

[ii] The US cloud economy has tripled over the last 15 years.

[iii] Africas fintech scene has enjoyed a 24-percent growth over the last 10 years. In sub-Saharan Africa, this is currently as high as 60 percent, according to EY.

[iv] In Southeast Asia, the regions internet economy crossed the US$100-billion valuation mark.

[v] The e-Conomy SEA 2019 report.

[vi] Singapores Digital Licenses.

[vii] McKinseys casualty forecast.

[viii] European Banking Authority (EBA) report.

[ix] World Retail Banking report 2019.

Link:
2020 Vision and Beyond: Open to Opportunity - International Banker

The Costs of Spying – GovExec.com

Privacy advocates were right all along: The costs of one of the most controversial spy programs revealed by Edward Snowden far outweighed its benefits. Thats obvious from a 103-page study of recent efforts to log, store, and search phone metadatae.g., the time a call was made, its duration, and the phone numbers involvedabout most calls that Americans made or received.

Researchers at the congressionally created Privacy and Civil Liberties Oversight Board found that from 2015 to 2019, the NSAs call-metadata program cost taxpayers $100 million. Only twice during that four-year period did the program generate unique information that the F.B.I. did not already possess,reportedCharlie Savage ofThe New York Times, who read a copy of the findings and went on to quote a passage characterizing those two pieces of unique information: Based on one report, F.B.I. vetted an individual, but, after vetting, determined that no further action was warranted. The second report provided unique information about a telephone number, previously known to U.S. authorities, which led to the opening of a foreign intelligence investigation.

The NSA shuttered the program in 2019, due in part to the fact that it repeatedlycollected more data than was legally permissible. The law that allows the NSA to search the data trove, moreover, expires next month, on March 15. But the Trump administration wants Congress to reauthorize the metadata program permanently, giving the NSA the discretion to restart it at any time and run it indefinitely.

Thats a bad idea for reasons beyond its dismal return on investment. Fundamentally, the program is impossible to responsibly overseeeven after a 2015 reform that required judges to sign off on spy-agency queries.

Savage explained that in 2018, the N.S.A. obtained 14 court orders, but gathered 434 million call detail records involving 19 million phone numbers. At that scale, the need to get a judges okay doesnt offer much protection to citizens.

Had Donald Trump supporters understood this program in 2016, many would not have trusted the Obama administration to refrain from abusing it. Same goes for Bernie Sanders supporters and the Trump administration today.

And one neednt even mistrust American politicians to object.

A centralized, searchable database of this sort is in itself a security risk. A foreign state that gains access to that data could map the social networks of high-ranking administration officials and their families, members of Congress, nuclear scientists, business leaders in industries with foreign competition, and more. National security would arguably be better protected if the U.S. government was forcing telecom companies to destroy its troves of data.

If ever there were a case for letting authorization of a national-security program expire, this is it: The expense to taxpayers is great, the benefits meager, and the potential for abuses tremendous. But once an authority is given to the executive branch, presidents are loathe to let it lapse.

Congress should ignore the Trump administrations preference and return the country to a place where the private communications of Americans are not stored for the federal government and its spies.

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The Costs of Spying - GovExec.com

J. Hoberman on Corneliu Porumboiu’s The Whistlers – Artforum

THE ROMANIAN DIRECTOR Corneliu Porumboiu may be the most epistemologically preoccupied filmmaker this side of Errol Morris, but, having spent his first fourteen years living under the dictator Nicolae Ceauescus Pre Ubuist regime, his sense of the absurd is second nature.

12:08 East of Bucharest (2006), Porumboius first feature, is predicated on a ridiculous controversy as to whether an actual revolution did or did not occur in the directors hometown. (The Romanian title translates as a question that might be the prelude to an Eastern European folktale: Was There or Not?) Police, Adjective (2009), the movie that confirmed Porumboius international reputation, is an investigation of an investigation, hinging on the use of the word police as a noun, verb, or adjective. The wildly self-reflexive When Evening Falls on Bucharest or Metabolism (2013) concerns the making of a never-made movie that uses footage of an actual endoscopy as fake evidence of the filmmakers supposed authenticity.

Porumboius fondness for metaphysical farce and for the shifting rules of Wittgensteinian language games is equaled by his passion for soccer. The sport has provided him with material for two analytic documentaries: The Second Game (2014), wherein the filmmaker and his father, a retired soccer referee, annotate an ancient VHS tape of a disputed match between teams representing the Romanian army and the state secret police, and the similarly discursive Infinite Football (2018), in which the laws governing the game are called into question.

As demonstrated by these perversely intellectualized sports dramas and by Police, Adjective, Porumboiu enjoys working against genre. The critic Michael Atkinson described The Treasure (2015), a deadpan account of an idiotic get-rich-quick scheme entailing a hunt for the buried booty of pre-Communist Romania, as the quietest heist movie ever made. Consequently, there has been something of a critical reaction against Porumboius relatively showy and superficially conventional thriller La Gomera, named for the second smallest of the Canary Islands and released in the United States as The Whistlers.

Heralded by a blast of Iggy Pops insouciant anthem The Passenger, and nearly three times as expensive as any previous Porumboiu film, The Whistlers suggests an updated, if still scaled down, version of glitzy mid-1960s international caper films like Topkapi (1964) or Charade (1963), complete with Pop-art color coordination. Bucharest scenes aside, the locations are exotica paradisal Spanish isle off the coast of Africa, with a surprise detour for a rhapsodic light show in Singapores Garden by the Bay. The characters are standard-issue noir types, with a rogue cop-cum-patsy called Cristi (Vlad Ivanov) falling hard for a glamorous femme fatale with the archetypal name Gilda (Catrinel Marlon). The register, however, is comic. While some gags, such as those involving a stray filmmaker scouting locations on La Gomera, get laughs, The Whistlers is primarily stocked with low-key jokes that dont provoke guffaws so much as sustained bemusement.

In its offhand way, the new movie brings back two characters (and their actors) from Police, Adjective. The pedantic provincial inspector Cristi has been relocated to Bucharest and apparently demotedhis tough-minded boss is another femme fatalewhile one of the delinquents he arrested in the earlier film (Sabin Tambrea) has grown into the shady businessman with whom he becomes entangled and who lures him to the Canaries. The Whistlers also elaborates on, and perhaps parodies, the earlier films linguistic concerns. The most Porumboiuvian element is La Gomeras indigenous whistling language, which transposes Spanish phonemes into shrill chirrups and warbles that can be heard for miles. Used by the islanders to exchange messages from hilltop to hilltop, it functions for the stoic Cristi and the crooks he serves as a coded alternative to cell phones or email.

The Whistlers second-most characteristic element is the ubiquity of surveillance. Eavesdroppers monitor other eavesdroppers. Characters deploy spy cams and also playact for them. One elaborate bust takes place on an abandoned movie set that is in fact a trap with hidden police secretly documenting the scene before moving in to decimate the crooks. Given the sense of a global panopticon, The Whistlers feels like it might have been dreamed by someone falling asleep during a screening of Laura Poitrass 2014 Edward Snowden doc, Citizenfourwhich, like Porumboius, is a gadabout movie dealing with mass surveillance and featuring frequent discussion of whistleblowers.

As the viewer ponders the various double (or triple) games that Cristi and Gilda play, the story unfolds in discontinuous sections, somewhat like an origami cube. When two characters rendezvous at a movie theater showing The Searchers, its obvious that Porumboiu references the 1956 classic because he cant resist referencing another genre flick that features a whistling language (in this case, that of the Comanche). The screen within the screen speaks. But why is Jacques Offenbachs soothing, dreamy Barcarolle, often employed to evoke Venice, heard throughout? Could Porumboiu really be alluding to the melodys use in the 1931 Disney Silly Symphony Birds of a Feather (the subject of a lengthy footnote in Theodor Adorno and Hanns Eislers Composing for the Films)? Lapping in our ears throughout Porumboius droll vision of totaland thus naturalizedspycraft, these pensive strains seem an appropriate theme for that vast invisible network in which virtually everyone is a willing participant, packing their own personal tracking device.

J. Hobermanwas a Village Voicefilm critic for thirty years and has been contributing toArtforumfor even longer. His new book isMake My Day: Movie Culture in the Age of Reagan(The New Press, 2019).

Originally posted here:
J. Hoberman on Corneliu Porumboiu's The Whistlers - Artforum

City Pages: Behind the scenes at Facebook, the secret lives of extremists and a Silicon Valley memoir – City A.M.

Facebook: The Inside Story by Steven Levy

Review by Emily Nicolle

In the past four years, Facebook founder Mark Zuckerbergs world has been turned upside down. From a simple social media platform he created while studying at Harvard university first blossomed a networking supersite, that later became a regulatory and ethical data minefield which holds a terrifying amount of power over the way we communicate and form decisions.

At the centre of this, Zuckerberg maintains a significant amount of influence that has most certainly dictated Facebooks trajectory owning around 60 per cent of the companys voting shares, despite having raised billions of dollars in private and public investment.

Steven Levys Facebook: The Inside Story aims to chart one mans rise from a coder with a voracious appetite for challenging computer projects to the head of a global empire. Levy, having previously written one of the most definitive books on Google, was given unprecedented levels of access to Zuckerberg and senior company executives over three years to achieve this goal.

We follow Zuckerberg and the team as he almost gets expelled from Harvard for stripping its servers for college student data to create Facebooks earlier brother, Facemash. Later, we see a more human side to Zuckerberg as he gets upset at having to turn down a favoured investor.

Read more: Facebook and Google ad revenue to surpass TV for first time

But the narrative that runs through the entire work is one of a tech founders lust for control, having fallen in love with strategic computer games such as Civilisation as a teenager and developed an awe of the (questionable) empire tactics of Roman leader Augustus.

The young entrepreneur regularly shouted out Domination! at the end of company meetings at Facebook, as the company absorbed smaller rivals such as Instagram and ignored the warning signs of misusing the personal data of billions.

Facebook: The Inside Story provides unparalleled insight into one of the worlds most prominent tech companies, and is required reading for anyone seeking to understand Facebook or its infamous founder.

But the access given to Levy in the writing of this book has ultimately forged a saccharine view of Facebooks transformation into a company for which scandals have become the norm. Attempts to remind the reader of the consequences of Facebooks power are briefly passed over, in favour of depicting Zuckerberg as a teenager with good intentions who was awarded too much power at an early age.

Be careful not to come away from Levys writing with a sense of pity for the man for whom it all seemingly accidentally happened to, rather than techs next calculating megamind.

Review by Poppy Wood

As a disillusioned twenty-something, Anna Wiener abandoned her publishing job in New York and swapped her silk blouses for hoodies and high-tops as she headed for the rapidly mobilising oasis of Silicon Valley.

With little experience of tech culture beyond hours of endless scrolling on the social media network that everyone hated, Wiener managed to land jobs at a string of startups and gently wing her way into a world of coding and customer support. The result is a wry and intelligent reality check for startup culture written from the perspective of a rank outsider.

As much a critique of millenial consumerism as the tech world, Uncanny Valley paints the San Francisco startup scene as the male version of green smoothies and yoga. Both swear by self-help books; both dabble in veganism and semi-spiritualism but both are not treated equally.

With a fine balance of comedy and caution, Wiener prises open a world where sexism is rife, like wallpaper, like air. Though this is mainly handled with the same casualness with which it is dished out, at some points her anecdotes of workplace sexism hit some rather alarming decibels this is a world where women are discouraged from asking for a raise and encouraged to trust karma; where CEOs create lists of the most bangable women in the office; and where one woman is raped by an engineer and then pushed out of the company when reporting it to HR.

Read more: Reality is finally catching up with overblown Silicon Valley rhetoric

The book is consistently sharp and incisive, and scattered with thinly-veiled allusions to the brightest stars on the tech walk of fame. At one point, Wiener splurges her whopping new salary by attending hypnotherapy to stop her from biting her nails, during which I accidentally fell asleep and had an unerotic dream about the founder of the social media network everyone hated.

But Uncanny Valley is also a fable for the digital age. Wiener nonchalantly dismantles the jargon of Siliconese, as if trialling a new Dualingo feature but in doing so undergoes the slow dawning that her many perky office jobs filled with pool tables and trailer mix might have been up to slightly more sinister things. My throat felt like acid, she says, as the shadow of Edward Snowden seeps into the cracks of each chapter and she slowly realises what a data collection startup might entail.

As a result, Wiener is forced to tackle the big bad wolf of surveillance one of the moral quandaries of our time and wryly illustrates how the perceived monolith actually boils down to a bunch of software firms run by 25-year-old tech bros who genuinely believe they are splitting the atom.

Though well-written and brilliantly sardonic, Wieners experience ultimately serves as an interrogation of a world teetering on the edge of illegality a world whose uncanny consequences we are only just starting to feel.

Review by Jess Clark

Most of Going Dark: The Secret Social Lives of Extremists plays out online.

Assuming a variety of identities, Julia Ebner reports from the frontline of far right messageboards, jihadi forums and anti-feminist communities, in a thorough and shocking exploration of how the internet has facilitated the spread of extremism.

Read more: We must not let fear of terror attacks compromise our human rights

However, the book is the most unsettling when Ebner shows the physical manifestation of online extremism. Ebner, who by day is a senior research fellow at the Institute for Strategic Dialogue, visits a neo Nazi music festival and goes undercover at a far right meeting in a London pub.

If those events are unsettling, then more harrowing is when Ebners research demonstrates how online extremism can transform into real world violence that readers will recognise from recent news headlines. Ebner depicts the vast and rapid spread of online extremism, and the challenge we face in fighting it.

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City Pages: Behind the scenes at Facebook, the secret lives of extremists and a Silicon Valley memoir - City A.M.

Factbox: News and Quotes From Julian Assange’s Extradition Hearing – The New York Times

LONDON Julian Assange appeared before a British court for a third day on Wednesday to fight an extradition request from the United States which wants to put the 48-year-old on trial for hacking government computers and violating an espionage law.

The Wikileaks founder is being sought by the United States on 18 counts of hacking U.S. government computers and an espionage offense, having allegedly conspired with Chelsea Manning, then a U.S. soldier known as Bradley Manning, to leak hundreds of thousands of secret documents by WikiLeaks almost a decade ago.

Assange's lawyer Edward Fitzgerald said his client should not be extradited because the case was political and he was not violent.

Below are the other main developments and quotes from the hearing.

* At one point, Judge Vanessa Baraitser asked whether Assange's lawyers needed to check on him because his eyes were closed.

Assange said he could not hear in the dock and was unable to instruct his legal team. Asking to sit closer to them, he complained: "I am as much a participant in these proceedings as I am at Wimbledon," referring to the crowd at the British tennis tournament.

Assange said his legal team has been spied on and therefore he could not give comments to them in confidence.

In response, the judge said: "I can't make an exception in your case".

However, after his lawyers said it was unfair Assange could not sit with his legal team, and the lawyer for the U.S. government also said he would be largely supportive of the move, the judge said she would hear an application for Assange to sit with his lawyers on Thursday morning.

"There are two microphones in here. There are a number of unnamed embassy officials here," Assange said.

* Judge Baraitser said earlier they had become aware that someone has taken a photograph in the courtroom this week. She said that if anyone is found taking or trying to take a photo they will be considered in contempt of court and will be dealt with accordingly.

"I want to make it absolutely clear that it is a criminal offence to attempt to take a photograph ... in any court," she added.

* Fitzgerald said the case against his client was political and that extradition for political offences was unlawful under the 2003 Anglo-U.S. extradition treaty.

"It is an essential protection, which the U.S. puts in every single one of its extradition treaties," Fitzgerald told the court. He said it was also illegal under the European Court of Human Rights and UK domestic law.

He added it was a "virtually universal" legal principle that non-violent people should not be extradited for political offences. "If it is not a terrorist case, a violent offence, you should not be extradited for a political offence," he said

Fitzgerald added that the Wikileaks founder was on some medication, so may need regular breaks.

* Fitzgerald said Assange should not be extradited because his work is similar to that of many non-governmental organizations. He said for example a non-governmental organization may reveal how many people China execute each year. Extradition may be sought by China or Russia based on disclosures that are uncomfortable or threatening, he said.

(Reporting by Andrew MacAskill; editing by Stephen Addison)

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Factbox: News and Quotes From Julian Assange's Extradition Hearing - The New York Times

Here’s Why Bitcoin Could Rally 100% to $18000 by the 2020 Halving – newsBTC

Bitcoin hasnt fared too well over the past week; after hitting $10,000 last weekend, the price of the leading cryptocurrency fell, tumbling from that key psychological resistance to a price as low as $8,450 (TradingView data) a drop of 15%.

While there are a number of analysts hinting that this retracement is a precursor to a deeper correction, a growing number of commentators claim that BTC is on the verge of rallying 100% (or more) towards the previous all-time high of $20,000.

Whats even more interesting about these predictions is that a few traders expect such price action to transpire over a couple of months, not the years it took BTC to move out of a bull market in 2014-2015.

Despite the fear floating around the crypto industry at the moment due to last weeks severe correction, Polar Hunt recently shared the below analysis.

The analysis, which attempts to compare the price action between the market structure in 2014-2016 to the market structure, suggests that Bitcoin is currently holding up nicely against the previous market cycle.

BTC following the previous market cycle to T, per Polar Hunts charts, will mean the asset surging to $18,000 a gain of over 100% from the current price of $8,550 by the time of the block reward reduction in May 2020.

While this may sound overly optimistic, the below chart shows eerie similarities in the market structures between the previous market cycle and the current, similarities that Polar Hunt suggests adds credence to his bullish argument.

Polar Hunt is far from the only analyst to have suggested that Bitcoin will rally near $18,000 in the coming months.

Speaking to CNBC in an interview published two weeks ago, Mike Novogratz the CEO of Galaxy Digital and a former partner at Goldman Sachs argued that Bitcoin may trade around $20,000 literally by the halving, which is in a couple of months.

While he didnt cite catalysts for such a frenzied move in that interview, the investor has previously cited central bank policy, the halving, and institutional involvement as crucial catalysts for BTCs growth in the future.

Also, Financial Survivalism the trader who called Bitcoins price action in January weeks in advance suggested in a TradingView post entitled Why I believe Bitcoin will retest All Time Highs by July 1, 2020 that BTC will trade at or above $20,000 by July 1st. He cited a confluence of technical indicators to back his point.

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Here's Why Bitcoin Could Rally 100% to $18000 by the 2020 Halving - newsBTC

Bitcoin Price Falls $1,400 in One Week Is the Bear Market Back? – Cointelegraph

This week the equity markets experienced their worst week in 12 years and as this meltdown took place the crypto market also took a hit.

Bitcoin (BTC) and the cryptocurrency market saw a significant selloff this week and this outcome is relatively reasonable given that people sell their assets out of fear of potential economic instability. Other safe-haven assets like gold and silver also saw a massive selloff on Friday.

Are the crypto markets going to find support in the coming weeks, or will we see a continued downtrend in momentum?

Crypto market daily performance. Source: Coin360

The price of Bitcoin found resistance at the $10,400 level, after which a test of the $9,400 support was heavily needed. The $9,400 level was unable to provide sustainable support and as the price fell through it this caused a significant selloff throughout the crypto market.

BTC USDT daily chart. Source: TradingView

The sell-off led to the next support area at $8,200-8,400 and many horizontal levels are lining up here, providing potential temporary support and space for a relief rally.

However, for the short term, many believe that the upwards momentum is out of the markets as the price of Bitcoin is making a lower low (a key indicator for downwards momentum) on the daily timeframe.

Does this mean that the entire crypto market will reverse course and enter a bearish trend? Not at all. The price of Bitcoin is still 27% higher as on the 1st of January, which makes Bitcoin one of the best-performing assets of the year.

BTC USD 1-week chart. Source: TradingView

The weekly chart is currently resting on an exciting MA (Moving Average), namely the 21-week MA. The previous bull cycle held this level as support towards the bull peak in December 2017, which makes this an interesting indicator for bulls to hold on to.

If the price could find support at this level, it could mean a continuation of bullish momentum in the coming period.

BTC USD 1-week chart. Source: TradingView

The weekly chart also clearly shows the massive selloff of the past week. However, its currently resting on potential support. Holding the green zone around $8,400 would line up with the 21-WMA and possibly grant a relief rally.

For sustained upwards momentum, its crucial that a breakthrough of the past high at $10,400 takes place but such a move could take some time. The market must find support before these levels can be targeted.

If Bitcoin price cant find support at $8,400, the next level to target is at $7,500-$7,700.

Total market capitalization cryptocurrency chart. Source: TradingView

The total market capitalization for cryptocurrencies was unable to break above $300 billion and also couldnt find support at $250 billion so further downwards momentum was expected.

Currently, an exciting level is approaching as the 21-WMA is also showing up on this chart. Through the whole bull cycle of 2016-2017, the 21-WMA granted support on the total market capitalization as a whole. Providing support in this area would give bulls arguments for upwards momentum.

Aside from the 21-WMA, a crucial horizontal level can be seen here. During 2018 and 2019, the market capitalization found support at the $225 billion level several times. Showing support here would grant potential upward continuation, as the total market capitalization had been making higher lows since the bottom in December 2018.

Total altcoin cryptocurrency market capitalization chart. Source: TradingView

The altcoin market capitalization shows a similar outlook as the rest of the market. There was a massive rejection at the horizontal level at $115 billion, through which the altcoins are searching for support also.

The next significant level is found around $73-$75 billion, which is similar to the $225 billion of total market capitalization. Since the bottom in December 2018, altcoins have been consistently made higher lows, warranting a new upwards trend to occur. Finding support around the $73 billion levels would warrant another higher low and potential continuation upwards.

If the scenario turned bullish, a relief rally towards $9,200-9,400 would be the first step. To do this, Bitcoin price needs to find support at $8,250-$8,400 in order to sustain some upwards momentum to retest previous support levels for resistance.

BTC USD 12-hour bullish scenario chart. Source: TradingView

The next important question investors will ask will be: Can Bitcoin price break through the resistance and continue its upward momentum? If the answer is no, a likely retest of the $8,200-$8,400 area is next to occur.

However, breaking the resistance around $9,200-$9,400 and making it support would open the door for a move to the next levels near the $10,400 highs of two weeks ago.

And finally, finding support around this area would confirm the 21-WMA to be supported again, which is a massive indicator for bull/bear momentum.

BTC USD 4-hour chart. Source: TradingView

Theres no clear guideline for a bearish scenario at this point, but the chart is showing several perspectives. What traders should look for are potential bearish retests. If the price of Bitcoin rallies upwards without any volume and rejects at $8,950 or even $9,175, a bearish retest is confirmed, and the price should trend further down.

If such a bearish retest occurs, the price will likely retest the support around $8,200-$8,400 one more time.

However, the more support gets tested, the weaker it becomes. Heavy retests of this support would typically induce further continuation downwards to $7,500-$7,700 as the next primary support after this zone.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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Bitcoin Price Falls $1,400 in One Week Is the Bear Market Back? - Cointelegraph

Peter Thiel-Backed Startup Says Texas Is the Best Place to Mine Bitcoin – Cointelegraph

Alex Liegl, CEO of Layer1 Technologies, a US-based Bitcoin (BTC) mining company that recently announced its intention to repatriate 30% of Bitcoins hash power by 2022, has described Texas as offering miners the cheapest power in the world, at scale.

Less than two weeks ago, Layer1 commenced mining operations at its facility in western Texas, bringing multiple 2.5-megawatt container rigs online.

Texas is the largest producer of wind power in the United States, outproducing the second, third, and fourth-largest producers combined. If Texas were an independent nation, it would be the worlds fifth-largest generator of wind power worldwide.

Despite the cheap electricity, many miners have avoided the Lone Star state due to its heat with temperatures regularly exceeding 90 degrees for half of each year. To combat the heat, Layer1s mining apparatus comprises 20-by-8 shipping containers filled with miners that are suspended in a non-conductive liquid.

If they were air-cooled, the processors would burn up," Liegl told Forbes.

During October 2019, Layer1 raised $50 million for its venture capital investors, led by Peter Thiel alongside Digital Currency Group and Shasta Ventures.

The cash infusion funded Layer1s acquisition of an electric substation capable of generating 100 megawatts situated on 30 acres in western Texas and rose the companys value to $200 million.

Layer1 also plans to take advantage of skyrocketing summer electricity prices and selling its power to the grid, with Liegl stating: We can stabilize the grid by selling capacity for curtailment at the push of a button.

During January, Whinstone, a subsidiary of Frankfurt-based mining company Northern Bitcoin, announced that it had inked partnerships with Japanese internet provider GMO and financial services company SBI to process transactions at its forthcoming facility in Rockdale, Texas.

Whinstones facility is slated to launch with a capacity of 300 megawatts, with the company to expand to 1 gigawatt before 2021.

When constructed, Whinstones facility will have three times the capacity as Bitmains mining site in Rockdale which is held to currently comprise the largest mining operation in the world.

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Peter Thiel-Backed Startup Says Texas Is the Best Place to Mine Bitcoin - Cointelegraph

Julian Assange, The Glass Cage And Heaven In A Rage …

Thursday, February 27, Woolwich Crown Court. The first round of extradition hearings regarding Julian Assanges case concluded a day early, to recommence on May 18th. It ended on an insensible note very much in keeping with the woolly-headed reasoning of Judge Vanessa Baraitser, who is of the view that a WikiLeaks publisher in a cage does not put all heaven in a rage. On Wednesday, Assanges defence had requested whether he would be able to leave the confines of his glass cage and join his legal team. As Assange had explained in response to his nodding off during proceedings, I cannot meaningfully communicate with my lawyers. There was little point in asking if he could follow proceedings without enabling his participation.

This was not a point that fell on reasonable ears. The judge felt it came too close to a bail application, and was initially refused as posing a potential risk to the public. Gibberish was duly thrown at counsel for both sides, with health and safety, risk assessment and up to Group 4 featuring as meaningless terms on the obvious: that Assange could pose no threat whatsoever, as he would be in the continuous company of security guards. As former UK diplomat Craig Murray observed, She started to resemble something worse than a Dalek, a particularly stupid local government officer of a very low grade.

According to the judge, to permit such a measure of access between Assange and his team effectively constituted a departure from court custody, a striking nonsense of Dickensian dimensions. Not even the prosecution felt it unreasonable, suggesting that one need not be so technical in granting such applications.

Thursdays proceedings reaffirmed Judge Baraitsers stubborn position. Her first gesture was to permit Assange a pair of headphones to better enable him to hear the proceedings, followed by a brief adjournment to see if his hearing had, in fact, improved. Assange was unimpressed, removing them after 30 minutes.

Her stretched reasoning found Assange sufficiently accessible to his lawyers despite his glassed surrounds; he could still communicate with them via notes passed through the barrier. It is quite apparent over the past four days that you have had no difficulty communicating with your legal team. The judge was willing to permit Assange a later start in proceedings to enable a meeting with the legal team and adjourn should the defence wish to meet their client in a holding cell.

That so complex a case as extradition can be reduced to sporadic notes passed to legal counsel and staggered adjournments suggests the continued hobbling of the defence by the authorities. Its invidiousness lies in how seemingly oblivious the judicial mind is to the scope of the case, complexity reduced to a matter of meetings, small points of procedure and law.

The defence team submitted that the process of consultation suggested by the judge unduly prolonged proceedings, rendering them cumbersome and insensible. The court might have to adjourn ever three minutes for a 20-minute break. To constantly take Assange to and from his holding cell was would unnecessarily lengthen proceedings and complicate matters. Judge Baraitser was dismissive of such argument, claiming that the defence was merely exaggerating.

The legal issues discussed on the fourth day centred on quibbling over the issue of espionage and its nexus with political activity. Espionage, suggested James Lewis QC for the US-driven prosecution, need not be political. Nor did it seem that Assange was intent on bringing down the US government. It cant possibly be said that there is a political struggle in existence between the American government and opposing factions.

Lewis, as has been his approach from the start, preferred a more restrictive interpretation about what a political offence might be, notably in connection with extradition. Extradition is based on conduct, it is not anymore based on the names of offences. In a rather crude, end-of-history line of thought, Lewis argued that political offences were dated matters, hardly applicable to modern societies which no longer see dissidents upholding the values of liberal democracy. (It seems that the tree of liberty, according to the US prosecution, no longer needs urgent refreshment.)

Besides, argued Lewis, the court did not need to resolve these issues, but they demonstrate that any bare assertion that Wikileaks was engaged in a struggle with the US government was in opposition to it or was seeking to bring about a policy change would need to be examined far more closely.

That is exactly what the defence contended. Assanges core activities in publishing had been based on altering US policy, with Iraq and Afghanistan being key theatres. Why was he seeking to publish the rules of engagement?, posed the defence. They were published to show that war crimes were being committed, to show they breached their own rules of engagement. Ditto the publication of the Guantanamo files, an act done to reveal the extent of torture being undertaken during the course of the war on terror. All these, contended Edward Fitzgerald QC for the defence, did change government policy. WikiLeaks didnt just seek to induce change, it did induce change.

The documentary record on Assanges political activity in this regard is thick, much of it from the contentions of US officials themselves. The US State Department preferred to see him, as former spokesman PJ Crowley did in 2010, a political actor with a political agenda, rather than being a journalist.

Incidentally, Crowleys link with WikiLeaks has a curious end, with his resignation in 2011 following comments made about the treatment of Chelsea (then Bradley) Manning at the Quantico marine base in Virginia. What is being done to Bradley Manning, he claimed at an MIT seminar that March, is ridiculous and counterproductive and stupid on the part of the department of defence. Not an entirely bad egg, then.

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Julian Assange, The Glass Cage And Heaven In A Rage ...

Assanges supporters say concerned over his … – presstv.com

Demonstrators hold signs during a protest called by Catalan National Assembly (ANC) under the motto "Journalism is not a crime" to support WikiLeaks founder Julian Assange in Barcelona on February 24, 2020. (Photo by AFP)

Ahmed KaballoPress TV, London

The world watched the proceedings at Woolwich Crown Court in London as Julian Assange the co-founder of Wikileaks fights extradition to the United States. In what amounts to a virtual death sentence, if found guilty, he could face up to 175 years in prison for publishing material that his supporters argue were in the public interest as they exposed US war crimes.

His case is historic as it is the first time a journalist based in the UK faces extradition to the United States for distributing information. Yet some worry that that Assange's right to a fair trial is not being respected.

The key contention between the prosecution representing the United States government and the defense representing Julian Assange is whether or not the Wikileaks co-founder can legally be extradited under the 2003 extradition treaty between Washington and London which appears to prohibit extradition for political offences.

The extradition hearing will continue on May 18, with an expected three weeks of evidence, but a decision could take months and is likely to be appealed against by the losing side. Whatever the outcome and for Assange's supporters and journalists worldwide, the stakes could not be higher.

JulianAssange's extradition case is being described by many as history in the making because of its implications and what it will mean for the future of journalism.

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Assanges supporters say concerned over his ... - presstv.com