20181120-Watch SPY at 259 level-ICO's to registered as securities


Cryptobud:

Technology stocks are weak.  That usually signal weakening stock markets and overall economy since they are the leaders of the economy and where the growth is.

S&P 500 (SPY) needs to maintain the 200 day average at 259 level.   Since crypto market is tied to the S&P 500, if the S&P goes below 259, it might crash and take the crypto market with it!   We don’t want a full blown recession where everything collapses.  If we enter this prolonged bear market, it will be hard for crypto market to go up and it might lasts for 1 to 2 years.     So if we are heading to a financial crisis, the institutions are NOT going to put more money into more risky market like crypto market.   We have to watch the stock markets closely.


Teeka:

Bakkt approval is pushed off until January 24th, 2019.

The crypto market crash is caused by SEC requiring almost all ICO’s to register as securities.  They are hitting some ICO’s with fines and told them that they have to return all the money to the investors.  This is causing panic selling across the board.  These ICO’s have to sell to raise money to pay for legal issues with SEC and there are really not very many buyers and the prices just kept going down.  

There will be more selling ahead.

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