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SEC on the hunt for ‘Cryptocurrency Analyst’ as demand for decentralised currency experts grows

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SEC on the hunt for ‘Cryptocurrency Analyst’ as demand for decentralised currency experts grows
Source: Pixabay

Cryptocurrency and blockchain related jobs are on the rise with regulatory heavyweights looking to hire experts in the field. The United States’ Securities and Exchange Commission [SEC] is also looking to further its understanding of the field after it released a job posting, signaling their intention to hire a cryptocurrency analyst.

Although the position itself has the designation of “Financial Analyst Cryptocurrencies – SEC,” the industry specified in the job listing stated “Securities Regulation.”

According to the job posting, the crypto-specialist will provide “expertise and coordinate TM activities regarding crypto and digital asset securities.” The candidate will have to work with several stakeholders in the regulatory realm including, domestic and international regulators, market participants and the public. The posting outlined the duties of the analyst,

“Duties include coordination with Division staff to establish a comprehensive plan to address crypto and digital asset securities; engage with other Divisions and Offices on such matters.”

The candidate will also have to be well versed in legal and policy-related developments in the cryptocurrency realm, across all stages of trade. The candidate will serve as the division’s lead representative in the SEC’s FinTech Working Group and as liaison with the FSOC’s Digital Assets Working Group.

However, the SEC made it crystal clear that no payment of salaries will be disseminated in cryptocurrencies.

If the candidate is confirmed, they will have a major role in the Bitcoin [BTC] ETF decision to be tabled before the higher-ups of the SEC on May 16, 2019. Presently, two applications have a strong chance of rolling out a publicly traded BTC product, VanECK/CBOE, and Bitwise and NYSE Arca.

Several other financial and technology companies are also veering towards hiring a cryptocurrency expert, given the evolution of the decentralized currency industry. Recently, Visa, the payments giant, posted a job for a “Technical Product Manager,” in its FinTech wing, with a member of the company’s partnerships team suggesting that the candidate should be interested in “the intersection of crypto and retail payments.”



Jack Dorsey, CEO of Square, was also looking to hire ‘crypto engineers and designers,’ for Square Crypto, the company’s crypto-project. He added that they will be paid in Bitcoin [BTC], which Dorsey had previously called the native currency of the internet.

Facebook has also been bullish towards cryptocurrencies and its underlying blockchain technology. As their LinkedIn job postings revealed, the social media giant was in search of 22 blockchain experts. With the Facebook Coin project in gear, the Menlo Park company is also covertly approaching cryptocurrency exchanges for eventual listing support.





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JP Morgan: Big banks stand corrected as Bitcoin rally past intrinsic value; admits current surge mirrors 2017 rise

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JP Morgan: Big bank stands corrected at Bitcoin rally past intrinsic value; admits current surge mirrors 2017 rise
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Big banks are riding a FOMO wave as the Bitcoin bull-run is just beginning. Spearheaded by the changing colors of JP Morgan, which recently forayed into the digital assets world, the banking elite is now suggesting that their initial stance on Bitcoin and the larger cryptocurrency world might have been off.

A recent chart by JP Morgan shows the current BTC price veer upwards chiding the “intrinsic value” the big bank placed on the virtual currency.

Based on the article by Bloomberg, the price of the coin would reverse towards the end of December 2018 and then make marginal gains until May 2019, all under the $5,000 mark. In reality, the BTC price, after dropping to “rock bottom” at just above $3,100 in early December 2018, edged upwards.

Several spurts of growth were seen in early January and February, prior to a massive April ascendance. On April 2, Bitcoin did away with the bank’s value mode and amassed a daily gain of over 15 percent, fuelling its current rise. Breaking the $5,000 ceiling in the process, which was pegged to remain intact well into May 2019, the king coin is now almost $3,000 ahead of the mark and is not looking to stop.

Source: Bloomberg

It should be noted that JP Morgan’s “intrinsic value” is calculated on the basis of the marginal cost of production, electricity prices, and hash rates. This model does not take into account, at least on absolute terms, the anticipatory effect of the 2020 halving, which, according to a slew of analysts is the behind the price rise.

Nikolaos Panigirtzoglou, the MD in the Global Market Strategy team at JP Morgan stated that Bitcoin breaking through its “intrinsic value” showed signs of mirroring its 2017 bull run. He evidenced this move by comparing the pre-December 2017 slump to the one seen prior to the current bullish swing.

The analyst added:

“Over the past few days, the actual price has moved sharply over marginal cost. This divergence between actual and intrinsic values carries some echoes of the spike higher in late 2017, and at the time this divergence was resolved mostly by a reduction in actual prices.”

With the analyst admitting that the imparting of an “intrinsic or fair value” to a cryptocurrency, much less a volatile one like Bitcoin, is a “challenging” ordeal, a mere JP Morgan acknowledgement of a Bitcoin bull-run is a remarkable sign for the digital assets industry, especially given the bank’s and its CEO Jamie Dimon’s Bitcoin-bashing in the past.

Mati Greenspan, senior market analyst at eToro attested to the same, adding a key point that JP Morgan failed to take into account in their calculation. He stated:



“Great to see JPM finally admitting that Bitcoin has intrinsic value.
Now wait till they understand that miners who run a surplus tend to begin hording.”

Despite Bitcoin slumping at press time, recording a 1.23 percent decline against the dollar, the prospects look positive. After recording a massive gain on 19 May, briefly surging past $8,000 for the second time in a week, Bitcoin created a High-Low [HL] at $7,100, which many analysts look at with glee.

This HL immediately following last week’s pull-back caused due to post-Consensus bears, a Bitstamp sell-order and market correction showed the king coin’s bullish persistence and can even be a foundation for a $9,000 ascendance, defying any “intrinsic value” expectations.





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