To start off this recap of the past trading week, the FCA published a crypto assets consumer research article and data on the 7th. The research showed that not many consumers fully understand what they’re purchasing when it comes to cryptocurrencies. As an example of this, a part of the data suggested that several of those interviewed talked of wanting to buy a ‘whole’ coin proposing they did not realise that they could buy part of a crypto asset as a different option. Regardless of the fact, there is a lack of understanding amongst those interviewed with those who were holding crypto assets often found looking for ways to ‘get rich quick’ looking up-to influencers as motivation to buy crypto assets.
The survey and qualitative research found that some holders made their purchases without completing any research on the subject beforehand. The FCA also went onto say that despite the lack of understanding surrounding crypto currencies in the UK the “overall scale of harm may not be as high as previously thought”. Data from the survey includes; 73% of UK consumers surveyed don’t know what a ‘cryptocurrency’ is or are unable to define it, those are most likely aware of them are men aged between 20 and 44 and that of those who have bought crypto assets spent under £200 on them. Interestingly Bitcoin appears to be the favourite for consumers with more than 50% of the crypto asset owner having spent their money on this particular one, while one in three chose Ether.
The FCA has previously warned that crypto assets are highly volatile and risky and as such are not regulated within the UK, this means that any transfer, purchase and sale of such tokens currently falls outside their regulatory remit. However the FCA is currently working with the Government and Bank of England, in order to understand and address the harms from crypto assets and encourage innovation in the interests of consumers.
In more recent news The Invesco Elwood Global Blockchain ETF will launch on the London stock exchange initially investing in a portfolio of 48 companies. This will be aimed to generate earnings from Blockchain in a ‘fresh sign of the growing interest among asset managers’. The ETF will start trading today and will invest in companies such as Taiwan Semiconductor Manufacturing, CME Group, Apple, Intel and Advanced Micro Devices. Bin Ren, Elwood chief executive made a statement saying; “We are beginning to see the technology being used by financial services companies in particular, but we expect greater application of Blockchain technology across a wide range of industries”.
Have a great week!
Past Week Talking Points:
Mexico Looks to Bolster Crypto Regulations
Bitcoin and Altcoins Could Decline Before Fresh Increase
Instant Crypto Credit Line Provider Says It Processed $300 Million in Seven Months
“Cryptocurrency is such a powerful concept that it can almost overturn governments” Jamie Dimon- Chairman and CEO of JP Morgan
North Korea Stockpiles $650 Million in Crypto, Hypocritical UN Blames Bitcoin
BTC Price: $3,872
Last 7 Days: 6.12% 1month: 6.49% 12months: -56.02%
What a great week it has been for the bulls in Bitcoin. Monday the 4th saw a drop down pushing just below the $3700 mark, however this didn’t last long as powering through Tuesday morning and early afternoon Bitcoin rallied from $3720 to $3830. Throughout last week there was bullish momentum taking Bitcoins price further towards the $4000 resistance mark with the price moving between a low of $3800 and high of $3910. As with moves like this, we were bound to have a retracement and so on Friday evening the price moved down $130 from a peak of $3900 back to $3770 but bears could not bring it down further and so as we went into the weekend the price was pushed back into the $3900 range.
4th March: $7,253,558,152 (BTC price of $3,847)
11th March: $9,713,267,607 (BTC price of $3,951)
25% increase in trading volume in the last 7 days
Last 7 Days Big Market Movers:
4NEW KWATT $0.009200 623.64%
BitMax Token BTMX $0.053850 171.96%
Beetle Coin BEET $0.027954 171.04%
ETH Price: $135.41
Last 7 Days: 6.72% 1month: 12.01% 12months: -80.06%
Following in the footsteps of Bitcoin, last Monday saw a decline in the price of Ethereum hitting a low of $123, but as we have seen across the board for the big crypto’s the bull rally soon kicked in taking the price of ETH on Tuesday to $137 jumping more than $10, with bull power continuing on throughout the week. Ethereum tested a range of $134 and $138 even reaching $140 at one point but struggled to get through and as a result started to come off a couple of dollars towards the weekend, again power still very much on the bulls side.
Market Cap. Dominance:
Other ALT-Coins: 28.1%