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Help For Crypto Addicts…in Scotland

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Cryptocurrency is still a relatively new asset class, but it is still possible that some traders are becoming addicted to trading bitcoin and other digital currencies.

For those that believe they are truly addicted to trading crypto, help is on the way in the form a treatment center in Scotland. The Castle Craig Hospital in Peeblesshire, Scotland “already runs treatment programmes for drug and alcohol addiction and hopes to treat people addicted to trading cryptocurrencies with techniques developed for gambling addicts,” reports Sky News.

Addiction to trading crypto, or any asset class for that matter, is more comparable to gambling addiction rather than addictions to alcohol or drugs. Some experts believe addictions to trading trigger similar behavior as gambling addictions.

“In the 1980s, while updating the Diagnostic and Statistical Manual of Mental Disorders (DSM), the American Psychiatric Association (APA) officially classified pathological gambling as an impulse-control disorder—a fuzzy label for a group of somewhat related illnesses that, at the time, included kleptomania, pyromania and trichotillomania (hairpulling),” according to Scientific American.

In other words, it took significantly longer for gambling to be recognized as an addiction than it did for the medical community to apply similar views to alcohol and narcotics.

More On The Treatment

While there are millions of crypto market participants that label themselves “traders,” it remains to be seen how many actually believe they are addicted and need treatment.

“The high risk, fluctuating cryptocurrency market appeals to the problem gambler,” said Chris Burn, a gambling therapist at Castle Craig Hospital, in an interview with Sky News. “”It provides excitement and an escape from reality. Bitcoin, for example, has been heavily traded and huge gains and losses were made. It’s a classic bubble situation.”

By some estimates, 10% of U.S. traders are addicted, but that statistic does not breakout what particular asset classes the addicted traders are keen on.

“Some of the symptoms that cryptocurrency users should look out for (suggesting an addiction) are: feeling muscle tension and anxiety, constantly checking the prices online (even in the middle of the night) and thinking about cryptocurrency trading when doing other things,” according to Castle Craig Hospital.

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Bitcoin

Bitcoin Price Hits 8-Month High Close to $7K

There seems to be no stopping the bitcoin (BTC) freight train.

The leading cryptocurrency by market value jumped to $6,964 at 06:00 UTC today on Bitstamp, the highest level since Sept. 5, 2018, having found acceptance above the crucial 200-week moving average at $6,500 in early Asian trading hours.

Prices have set a new multi-month high for the fourth straight day and have rallied in excess of over 70 percent in the last 5.5-weeks.

Notably, with the sharp rally, the 100-day MA of bitcoin’s price has moved above the 200-day MA. That is the first bullish crossover between the two averages since July 2015.

The development further confirms the long-term bearish-to-bullish trend change signaled by several technical indicators, including a golden crossover, over the last few weeks.

The moving average studies, however, are lagging indicators and have limited predictive abilities, as they take old price history into account.

Even so, investors may take heart as a similar crossover in July 2015 was followed by a 2.5-year bull run.

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Binance

Binance got hacked for $40 Million Dollars in Bitcoin, is your money safe?

The short answer is Yes, your money is safe.
Fortunately, Binance was prepared and your money is safe in due to SAFU. Meaning the ‘Secure Asset Fund for Users’ will cover this completely. This is the very reason Binance is self-insured.

Technically speaking the Binance exchange itself was not hacked, it has officially been stated by Binance that a large number of API Keys, 2FA Codes, and other user info was acquired by said hackers utilizing techniques such as phishing, viruses and other types of digital attacks. This means that it was user accounts that were compromised by the users themselves and not Binance.

In an age where digital security is more important than ever, this is a stark reminder to keep your data safe and secure at all times.

TLDR About the Binance Hack:

• 7000 BTC was stolen
• The BTC was stolen from Binance’s Hot Wallet
• Binance’s Hot Wallet holds only 2% of their total holdings
• All funds are insured and do not affect users

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Bitcoin

Why Is Bitcoin Not Taking Off In 2019?

PEAK BITCOIN

As you are likely referring to the price, Bitcoin is quite frankly doing what it has always done, as in go through a cycle. Right now it appears to be in the accumulation phase before it starts to climb and then vault higher than it was before.

If you take a look at this Bitcoin chart and go back to what happened in the run up to late 2013, it extremely similar to 2017, and then what happened directly after in 2014, 2015 and 2018, 2019 is quite similar.

 

We can see from the chart that there was a prior accumulation phase happening throughout 2015 and 2016 after the drop in 2014 subsequent to the spike in 2013. But this is dwarfed by the spike that happened in late 2017.

The other point to note is that Bitcoin is not unique when it comes to this cycle, it has happened before in many different markets. It’s just that Bitcoin is a new technology phenomenon that is following a very similar path. Of course we can never be certain as to how long the current phase will last, but when it’s done I suspect a lot of people will look back once again and wish they had accumulated during this phase.

Finally, whether it still has further to drop or not won’t really have any substantive bearing on the ultimate long term trajectory in our honest opinion.

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