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Blue Monday Crypto Brief 20th January

Happy Blue Monday! 

The standout move on the markets last week was the blast upwards of Bitcoin SV which in a little over 24hours went from a price of $161 to $435 which represents a move of roughly 170%

The move was attributed to speculation that Craig Wright had taken delivery of a list of public keys which would give access to over $8.9billion of Bitcoin that is held in the Tulip Trust and would give credence to his proclamations that he is indeed the creator of Bitcoin- Satoshi Nakamoto.

Later in the week however, it became apparent that Mr. Wright had not submitted any information surrounding public keys and the inevitable collapse followed taking the price all the way back down to roughly the $250 level.  There has been suggestion that the move itself was artificially created in order to allow a cash out to pay legal bills that are mounting up which is an interesting (but unproven) notion, however one thing is for sure, the rise and subsequent fall has done nothing to sway non-believers into believers as far as the real identity of Satoshi is concerned.

Have a great week.

 

 

The Past Week In Crypto
North Korean crypto conference

Great news for all you fans out there of North Korea,  they are reported to be hosting their own cryptocurrency conference in February to which the public are being warned not to attend as it could violate sanctions. Reports have come in that the discussions will be focused on how crypto can be used to evade sanctions and launder money. One British government spokesman said attendance would effectively support the isolated state’s use of this technology and “unavoidably increase” their ability to generate revenue for prohibited weapons programs. It was not long ago reported that Ethereum Foundation researcher Virgil Griffith was charged with conspiracy to violate the international Emergency Economic Powers Act; amid allegations he attended last year’s conference. Experts have suggested that even though North Korea is and has been under strict U.N. sanctions since 2006 which include a number of rules including that of using a cryptocurrency, North Korea do still have a crypto of their own and are running a live blockchain within the country.

 

World’s first “Crypto city”   

There has long been discussion of a city which could be completely run by cryptocurrencies, and whilst this has not become a reality yet, it could be getting closer.
Singer Akon has said he has finalized an agreement to launch a “crypto city” in West Africa. The city will be in Senegal and is due to open by 2025.  Akon claims that it will be “100% crypto-based” and hopes that from building this he will empower “rising entrepreneurs with digital and real-life tools and services, to enable brands to unlock the power of Africa’s rising economy.” His overall feeling is that this is a huge positive for the country as a whole and will open up a whole new area to the economy.  He went on to say it could potentially make the country a lot stronger financially, and also help to educate the masses on digital currencies and how they can adapt them into their everyday lives to unlock a brighter future for the people of the country.  No word on whether you will be forced to listen to his music within the city confines- fingers crossed….

 

Russia’s Prime Minister eyes digital economy

The Prime Minister of the Russian Federation has called on the country to prioritize the development of the digital economy. Mikhail Mishustin said that the country should implement modern information technologies including the development of a national digital economy program, adding: “the state should become a digital platform that is created for people.” Major Russian firms, including some in which the state holds a significant stake, are beginning to test and apply blockchain tech to various aspects of their operations. Major players in the cryptocurrency and blockchain space have also praised Russia’s role in the industry’s development. Not long ago the CEO of major cryptocurrency exchange Binance, Changpeng Zhao, admired the programming talent coming out of Russia and named Putin as the most influential person in the blockchain industry.

 

 

Past Week Quotes

Heath Tarbert, Commodity Futures Trading Commission chairman-

“So right now, Bitcoin and Ether are the two that we think fall under our jurisdiction.”Eyal Hertzog, Bancor co-founder and product architect

“We’re not looking to build a service here, make money and enjoy the revenue, we’re looking to create a standard”

Mikhail Mishustin, new Russian prime minister

“The state should become a digital platform that is created for people.”

BTC Price: $8,630
Last 7 Days: +6.11%  1month: +20.95%  12months: +144.08%

BTC Technicals:
Resistance Levels: $9,100 / $9,200
Support Levels: $8,600 / $8,400

BTC Volume:
13th January: $22,482,910,688  (BTC Price of $8,144)
20th January: $29,990,357,294 (BTC Price of $8,667)
33% increase in trading volume in the last 7 days

 

 

Market Cap. Dominance:

BTC:  66.4%
ETH:  7.6%
XRP:  4.2%

Other ALT-Coins: 21.8%

This newsletter is not intended and should not be construed as an offer, solicitation or recommendation to buy or sell any specific investments  or participate in any investment (or other) strategy.