Morning Steemit, Team Australia and welcome to another overnight wrap. Missed the weekend wrap yesterday as interest in the [SP delegation contest](https://steemit.com/competition/@bulleth/steem-power-4-week-delegation-comp-300-sp-100-sp-and-sp-major-prize) was overwhelming. Entries open til 11PM tonight, so give it a look if you haven't entered yet and want to win a 4 week SP delegation. 

Here's the latest in ...

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# <center>**Crypto Markets**</center>
 
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Bitcoin breached last week's highs overnight, opening the door for a move higher. Currently trading at 2553 with initial resistance at 2590/2600 marked by yesterday's high. A break higher would target 2800, followed by the all time high just above there at 3000. A close below 2300 would invalidate:

![](https://steemitimages.com/DQmX4X7DmoEjCihm5hDUT2nxxSEpi4X8vR3P4nySJrqHu39/image.png)
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When I went long ETHBTC again last week, I said "price action all most too good to be true" ... and it was. Momentum evaporated entirely. I can no longer justify being long this pair at the moment - bitcoin is outperforming:

![](https://steemitimages.com/DQmXaCwvXNLULZhNAFaRWCzEkrgcWFvhcBnfji6gMrvvQ7e/image.png)
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ETHUSD is in slightly better shape, but the relative under-performance is obvious - BTCUSD is trading above last week's highs - Ether isn't:

![](https://steemitimages.com/DQmaNMzLQ9VWRAy2Lryend5oFpmRisQDYEAp2wXuy8PuSVc/image.png)
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Steem continues to hold up well, despite obvious selling pressure over the past few days. Solid buy down here, limited risk if you're willing to cut your losses on a breach below .00060, and if you're committed and playing it longer term, who really cares? Just buy and HODLOR:

![](https://steemitimages.com/DQmSfispgcsuk6HxnArsTf5qdEq36i3JG3B7RVrWURmvXyD/image.png) 

Trading at 2.22 against the Aussie Dollar this morning (bargain much?) and 1.72 against the buck. Steem Dollars are fetching a measly $1.06 at Bittrex after [Saturday's flash crash](https://steemit.com/steemit/@bulleth/is-the-bonus-post-rewards-party-over-steem-dollar-flash-crash-at-bittrex).

With Steem Dollars trading so close to their intended value, I wonder if the witnesses will be thinking about restarting SBD interest payments?

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# <center>**Crypto News**</center>
 
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CNBC reporting a [GS call for Bitcoin to rise another 50%](http://www.cnbc.com/2017/07/03/goldman-sachs-says-bitcoin-could-rise-another-50-percent.html) ... now if you're not too familiar with Goldman Sachs' calls - they are right up their with Gartman's - traditional wisdom is to ignore, or do the opposite. This time might be different though, I actually agree with them and even think they're being a little conservative. 

In other good news, consumption tax no longer applies to Bitcoin transactions in Japan as of July 1. This should contribute to a significant rise in trading interest - Japan is one of the biggest FX traders in the world by daily volume. [Cointelegraph hypothesize](https://cointelegraph.com/news/its-official-japan-has-eliminated-tax-on-bitcoin-rise-in-trading-expected) this change may be driving recent bitcoin strength . We also have some great news on this front at home (see below).

Elsewhere in Asia, the PBOC (Central Bank of China) have opened a Digital Currency Research institute which just happens to be housed in the same building as the state-owned corporation responsible for minting/printing all of China's currency. I have a feeling we'll be seeing a state backed crypto-coin in China sooner rather than later. [Coindesk with the story.](http://www.coindesk.com/chinas-central-bank-opens-new-digital-currency-research-institute/)

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# <center>**Aussie News**</center>
 
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No GST on sale of Bitcoin from July 1! Woot. Australian miners were at a huge disadvantage prior to this - they simply couldn't compete (without breaking tax law anyway). Also anyone paying for goods and services with bitcoin  was essentially being hit with GST twice. Then again, most Aussie exchanges had circumvented this law by simply 'acquiring' bitcoin for the client, instead of selling their own coins. This means they only had to charge GST on their fees, rather than the BTC itself. As such, it is unlikely we will see a meaningful reduction in the AUD price of Bitcoin. Still, awesome news for anyone thinking of starting a commercial mining operation.

In other local Crypto news, a reporter from the Guardian managed to buy his own medicare details on the 'darkweb' for $22 USD and was having a good chat to Franga this morning on RN. Just one thing after another with DHS isn't it? Thank fuck our local @Centerlink team are more competent. [The Guardian has more.](https://www.theguardian.com/australia-news/2017/jul/04/the-medicare-machine-patient-details-of-any-australian-for-sale-on-darknet).

In normal news a "Class action begins against maker of vaginal mesh implants" - I'm not even going there - [ABC has the full story.](http://www.abc.net.au/news/2017-07-04/class-action-vaginal-mesh-implants-johnson-and-johnson/8674106)

That's me for the day folks. I'm off to verify and confirm all the [SP delegation contest](https://steemit.com/competition/@bulleth/steem-power-4-week-delegation-comp-300-sp-100-sp-and-sp-major-prize) entries from overnight, swing by and put your name in the hat if you haven't entered yet.

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<center>**As usual, 20% of the rewards from this post will be with @centerlink for the communal benefit of #TeamAustralia**<br>![](https://steemitimages.com/DQmX3ZnHTASnhqw64C9ibLUqyVDwVioWFYjTT4Ysy15WTH5/image.png)</center>