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Super Tuesday Crypto Brief 3rd March

The week just gone!

The past week showed losses in all parts of every market sector, as it seemed like nowhere was safe from the panic over the coronavirus. An incredible $3.2 trillion in U.S. stocks had been wiped out since early last week, and Bitcoin fell by more than 13%.  Even Gold which is traditionally seen as a safe asset was not immune to the virus shock on the markets.  BTC struggled to defend its 200-day moving average which is a key point in deciding on the health of the bull market, and we can expect further volatility in the markets as more data regarding the virus becomes public. Yesterday, saw some hope return to markets with the Dow having it’s strongest rally of the past 14 months, a sight seen only four times in the last 10 years however BTC was unable to follow suit, recording only a marginal gain over the last 24hours.  Undoubtedly, the media will continue to push the Coronavirus story as long as they can, and so long as this is a factor, turbulence across Global markets will remain.  As far as BTC is concerned, overall feeling is that this pullback is currently not disrupting the greater picture of a move higher, but perhaps with all that is going on globally, this “dip” may last a little longer than expected.

Have a great week

 

 

The Past Week in Crypto

Warren Buffett under fire on Crypto discussions

The other week we saw a live TV interview on the floor of the New York Stock Exchange where Anthony Pompliano Co-founder & Partner at Morgan Creek Digital, interviewed billionaire investor Warren Buffet. Buffet abruptly suggested that digital assets were being used for money laundering to which Pompliano came back accusing Buffet of being a hypocrite. He then went on to say that Wells Fargo, one of the banks Buffet invest in, has helped launder billions of dollars for the notorious Sinaloa drug cartel. Pompliano’s fighting talk came after Buffet had told CNBC that he doesn’t own any cryptocurrencies because they “basically have no value.” If you remember Tron CEO Justin Sun met up with Buffet last year at a charity lunch where he tried to sell the investor on the idea of Bitcoin, but it doesn’t seem like it has worked.  Buffett said “What you hope is that somebody else comes along and pays you more money for it later on, but then that person’s got the problem. In terms of value… zero.” However, there’s a twist. Sun mentions that Buffett does own cryptocurrency because he was given some as a gift, adding that blockchain records can prove it.

 

Revolut will make crypto available in 50 states 

Revolut, a well-known banking app / trading platform used widely throughout Europe after its recent success is now planning to enable Americans in all 50 states to buy and sell everything from Bitcoin and Ether to Litecoin and XRP. Square is being eyed up as Revolut’s biggest competitor in North America. Revolut believe they’re ahead of the curve because they support more than just BTC and have recently raised over $450 milion on a $5.5 billion valuation, the companys general manager, Dan Westgarth has said in the past he believes that investors aren’t put off by its exposure to crypto.

 

 

Past Week Quotes

“I think the price of Bitcoin, on a long-term basis, will quantuple, if that’s a word.”

  • Robert Herjavec, millionaire host on Shark Tank

 

“Without keys, BTC will be confiscated. Code is law, and courts can mandate patching code. Bitcoin is not encrypted. It is economic.”

  • Craig Wright, self-proclaimed Bitcoin creator

 

“Our investors like crypto. They don’t mind the risk as long as it is well-managed, and we are good at it.”

  • Dan Westgarth, Revolut digital manager
BTC Price: $8,730

Last 7 Days: -9.06%  1month: -6.48%  12months: +128.59%

 

BTC Technicals:

Resistance Levels: $8,980 / $9,069

Support Levels: $8,532 / $8,444

 

BTC Volume:

24th February: $45,080,496,648  (BTC Price of $9,650)

2nd March: $38,460,067,120  (BTC Price of $8,737)

14% decrease in trading volume in the last 7 days

 

 

Market Cap. Dominance:

BTC: 63.9%

XRP: 4.10%

ETH: 9.83%

Other ALT-Coins: 22.17%

 

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.