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First Brief Of The New Decade!

A New Decade!

Christmas trees have been put back in the loft or lobbed out in the garden/ on the pavement, two out of three new years resolutions have been broken and all over the UK, regular gym goers are complaining about how busy it is- welcome to another New Year!

The 3rd of January saw the 11th Birthday of Bitcoin- more specifically the date of the “Genesis block” which had the attached memo of:  ““Chancellor on brink of second bailout for banks”.  Since that first day back in 2009, Bitcoin has gone from flash in the pan and novel, often derided and irrelevant-  to become an established digital asset that has commanded more and more time and attention from the mainstream.

If we round up the past year alone for BTC we can pick out the following stats:

  • A price increase of 85% (from $3,860 to $7,180)
  • A doubling of BTC market capitalisation from $65.5bn to $131bn
  • An increase in market dominance from 51.8% to 68.3%
  • A supply increase of 17,457,634 BTC up to 18,135,846 BTC

As we alluded to last week, there is plenty to watch out for in 2020 which will no doubt provide talking points and implications for the main cryptocurrency.  Arguably the main focus to watch out for is the expected halving in May which many are excited about in terms of previous halving events and the price action that follows.

Whatever happens, 2020 will be yet another year where Blockchain and Crypto continues to gather traction and that is something to be truly excited about!

Have a great week!

 

 

The Past Week In Crypto
SEC knocking on Telegrams door 

With 2020 in full swing now, it seems that Telegrams lawyers have been busy fighting fires. A judge gave them less than a single business day to respond to a request from the US & the SEC to hand over details of how the company spent the proceeds of its $1.7 billion initial coin offering. Telegram’s lawyers were not impressed with this request and replied saying that the “voluminous and highly sensitive bank records” have little relevance to the case in question. Now people are waiting to see Judge P. Kevin Castel’s final decision on whether Telegram has to disclose the information. This has been a long term battle for the SEC & Telegram, rooting from a potential law being broke by selling unregistered securities.

 

UK to launch first regulated crypto bank from ex Barclay’s exec

It is reported that an executive member who served as the head of technology at Barclays and co-founded the British challenger bank Starling has unveiled plans to launch a multicurrency account for fiat and crypto in the first quarter of 2020. Mark Hipperson’s new venture, called Ziglu is set to allow users to spend their funds using a MasterCard debit card with cryptocurrencies converted instantly at the point of sale. This operation is set only for the UK to begin with; however Ziglu has applied to the FCA to become an official issuer of electronic money. As well as enabling consumers to buy and sell foreign currencies at interbank rates, crypto purchases and sales are set to be available at the best price across multiple exchanges. This is a huge advancement into further adoption for the UK with regards to cryptocurrencies and implementing them into everyday use.

 

European Central Bank proposes “unattractive” rates for digital currency 

With Libra still in the air, the ECB have put suggestions out that they are also keen to launch a digital currency of their own. But according to a brand-new working paper, the organisation wouldn’t want such a coin to be too attractive to consumers. The recent document outlines the pros and cons to launching a central bank digital currency but shows concern that there must be some sort of action in place to stop savers selling their fiat in time of crisis. The author of the paper, Ulrich said a possible solution could be to introduce a two-tier interest rate system that would offer “unattractive” rates to holdings above a certain threshold. Of course this is controversial in the crypto world with many Bitcoin fanatics suggesting that putting off savers is a common failure of the fiat currency system.

 

 

Past Week Quotes

Erik Voorhees, founder and CEO of ShapeShift

“For 2020, I’d like to see perception of crypto assets return back to a balanced state. I’d like to see the quality projects start to be differentiated more clearly from the garbage projects.”

Changpeng Zhao, Binance CEO

“One of our key goals for 2020 is to bring crypto to the masses. For this, we aim to enable fiat-to-crypto trading for 180+ fiat currencies.”

Alex Mashinsky, founder and CEO of Celsius Network

“I know our crypto community is not currently equally distributed and I would like to see more women join us to reach half of the community. I would also like for some of the projects to hit mass scale and deliver mass adoption.”

BTC Price: $7,542

Last 7 Days: +4.04%  1month: +0.16%  12months: +87.29%

 

BTC Technicals:

Resistance Levels: $7,600 / $7,448

Support Levels: $6,750 / $6,550

 

BTC Volume:

December 30th: $22,874,131,672  (BTC Price of $7,293)

January 6th: $20,451,026,878  (BTC Price of $7,571)

11% decrease in trading volume in the last 7 days

 

Market Cap. Dominance:

BTC:  67.7%
ETH:  7.6%
XRP:  4.5%

Other ALT-Coins: 20.2%

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.