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Weekly Crypto Brief 12th August

Weekly Comment:The United States Federal Reserve left some crypto enthusiasts unimpressed this week when it unveiled plans to release a real-time payments and settlements service. Known as FedNow, it is hoped the infrastructure will lead to faster transactions 24 hours a day, seven days a week. This is due to launch sometime in 2023 or 2024. Morgan Creek Digital Assets co-founder Anthony Pompliano was dismissive of the plans, tweeting: “Bitcoin is already available”.

In recent weeks it has surfaced that Pyongyang has long been hacking crypto exchanges to fund its regime. In the last week the United Nations gave an updated estimate of the illicit proceeds NK has gained through these attacks which resulted in a figure of $2 billion possibly being taken from exchanges. The U.N. has warned that South Korea appears to be the obvious and specific target of the attacks, this comes out after Kim’s recent escapades with his missile launches going against what the US has been saying to them.

Elsewhere, reports have emerged that 15 global jurisdictions with G-7 countries among them are developing a system to track crypto transactions by collecting and distributing personal data on individuals who dabble in digital currencies. The financial action task force is hoping to prevent crypto from being used for money laundering, terrorism financing and other illicit activities, and it is hoped this initiative could pave the way for legal measures to be launched globally. More is expected on this looking into next year and it is believed that the private sector will be responsible for managing the system once it goes into force.  If we look into the future, if countries can work together to stop illegal activity within crypto currencies then more and more people around the world will feel more comfortable using crypto in their every-day life, and that is a huge step towards the vision of mass adoption.

Have a great week.

 

 

Past Week Talking Points:

  • China’s digital currency is ready, Central Bank says
  • Billionaire Mark Cuban: ‘I See Gold and Bitcoin as being the same thing’
  • Insurance giant Allianz is working on a token-based Blockchain ecosystem
  • “Bitcoin is performing as designed during times of global instability.” Anthony Pompliano, co-founder and partner at Morgan Creek Digital Assets’
BTC Price: $11,377

Last 7 Days: -3.74%  1month: -1.57%  12months: +79.65%

BTC Technicals:

In recent days we have seen a decent rise in the price of BTC above the $11,000 resistance and trading further through $11,800. Furthermore there was a break above $12,000 and the price settled well above the 100 simple moving average with a swing high being formed near $12,345 before BTC/USD started a downside correction.
Subsequently, a consolidation pattern formed below $12,000 before the price started a downside correction which opened doors for more losses as the price pushed further towards $11,400 and closed at the support of $11,200. The next key support level is $10,750 as it represents the 50% FIB retracement level of the last upward move from $9,140 low to $12,327 high. On the chart we are seeing a correction here and could find a low of $10,400, however with a successful break through $11,500 we should see $12,000 again shortly.

Major Support Level – $11,000
Major Resistance Level – $11,800

BTC Volume:
5thAugust: $23,875,988,832 (BTC Price of $11,805)
12thAugust: $15,066,139,960 (BTC Price of $11,395)
36% decrease in trading volume in the last 7 days

 

 

Last 7 Days Big Market Movers:

1          Dexter G                DXG            $1.61         263.00%
2          DEXTER                DXR            $820.37     144.19%
3          ThoreNext              THX            $8.67         92.16%

 

 

ETH Price: $211.92

Last 7 Days: -9.22%  1month: -21.86%  12months: -31.23%

Ethereum Technicals:

Gains were seen in ETH/USD over the last week pushing towards the level of $240, however momentum fell away above $235 which is where the bears took control and brought the price tumbling through the $230 support, subsequently breaking a further crucial support area near the $220 level and the 100 simple moving average.  There was also a break below a major bullish trend line with support near $224 which opened the doors for more losses below the $210 support level.  As a result, ETH price revisited the $200-201 support area where the bulls started to take control putting the price back above $210. Currently, the next key resistance is near the $220 level.  A successful close above the $220 level could clear the path for a move towards the $240 resistance. Equally, if the price fails to climb above $215 or $220, it could slide back towards the $200 support once again.

Major Support Level – $200
Major Resistance Level – $220

 

 

Market Cap. Dominance:

BTC: 68.6%
ETH: 7.7%
XRP:  4.34%

Other ALT-Coins: 19.36%

 

 

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.