Skip to main content

Weekly Crypto Brief 10th June

Weekly Comment:We begin with the hot topic of recent weeks with more Facebook crypto news!  An announcement date of June 18th has been suggested for the social media platforms stable coin to be launched and  at present there is not a huge amount of details about project “Libra” other than it has been called a stable coin and is pegged to various currencies rather than one. (This approach helps with fluctuations that would exist if it were connected to just one currency.) There were talks of it being called “Global Coin” but further information is pointing towards “Libra” as the codename. With the announcement being any week now it is expected that the physical launch will take place in 2020.

Elsewhere, Warren Buffett- the well-known Wall St.legend and crypto-sceptic will shortly be sitting down to lunch with Tron founder and CEO Justin Sun who won a charity auction lot (with a $4.57m bid) for lunch with the “Sage of Omaha”. With Buffets negative comments towards cryptocurrencies and Justin’s crypto surrounded world, this could be a promising lunch with the chance of Warren possibly being converted to a crypto lover and not a hater.  Buffett, although not a fan of Bitcoin has made positive statements towards the future of Blockchain technology, so we stand by to see if he softens his views.

Yesterday a G20 meeting was held in Japan where finance ministers and central bank governors asked the financial stability board and global standard-setting organizations to monitor risks arising from cryptocurrencies. The regulators said crypto assets do not pose a threat to global financial stability at the moment, however they shall remain vigilant to risks related to consumer and investor protection, AML & the financing of terrorism. The latest statement notes that the involved parties look forward to the adoption of the Financial Action Task Force’s notes and guidance on crypto assets. It would appear that more countries now are looking to learn about this new wave and adopt it, as opposed to ignore it or treat it as a gimmick, which can only spell greater adoption and understanding on a global basis- i.e. good news for the whole industry sector.

Have a great week!

 

 

Past Week Talking Points:

  • Apple have quietly released an important update for iOS13 in the form of a CryptoKit
  • “I don’t think I’m a Neanderthal, which is what I’ve been called when I’ve said I didn’t want to own bitcoin.” – Stanley Druckenmiller, American billionaire investor
  • Bitcoin trading volume on Coinbase hits year high
  • Bitcoin analyst says BTC could reach $25,000 by end of 2019
  • Study: over 74% of Bitcoin mining is powered by renewable energy
  • SEC Chairman: Other market protections needed before Bitcoin ETF approval
 

BTC Price:  $7,720

Last 7 Days: -9.67%  1month: 13.41%   12months: 12.12%

Over the past week we saw multiple harsh sell offs on BTC/USD with the first one coming in at the start of last week, pushing the price from $8,600 to $7,700.  Further losses were then seen over the next couple of days from $7,700 down to $7,400.  It is clear that bears have been in control for most of the time with the price struggling to push above $7,800. That was until Friday where bulls started to gain traction moving the price from $7,700 to $8,100 and holding the price in the range of $7,800-8,000. However as we reached the weekend, sellers clawed back which resulted in unsuccessful attempts to settle above $8,300 and triggering a sharp sell-off which pushed BTC/USD down to $7,510 during Sunday’s hours. While we saw a recovery to $7,700 the pair is still vulnerable to further losses.

BTC Volume:

3rd June: $22,004,511,436 (BTC Price of $8,208)

10th June: $17,689,062,029 (BTC Price of $7,744)

19% decrease in trading volume in the last 7 days

 

 

Last 7 Days Big Market Movers:

1              BOMB         BOMB                             $9.65                   792.97%
2              Themis        GET                                $0.047072           285.95%
3              MESG         MESG                             $0.076723           250.30%

 

 

ETH Price: $235.73

Last 7 Days: -9.09%  1month: 24.36% 12months: -56.35%Investors who had high hopes for Ethereum to hit $300 level have been given the stop sign during last week’s trading with $250 struggling to hold, the price declined below the key support at $230 and formed a low just above $226.  Bullish momentum then took it from there back towards $230 and beyond to the current price of $235.  If we can get to $240 then the 100 SMA will push growth towards $257, however ETH/USD must get past the resistance of $260 in order to come out of the bearish range it is in now and get back on path to reach the $300 level.

 

 

Market Cap. Dominance:

BTC: 55.7%
ETH: 10.1%
XRP:  6.6%

Other ALT-Coins: 27.6%

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.