Skip to main content

Weekly Crypto Brief 15th July

Weekly Comment:The usual suspect for making social media headlines- Don Trump, has been flexing those tiny fingers once again on his Twitter keyboard this time blasting cryptocurrencies, specifically Libra and Bitcoin. In a tweet put out last week on Friday, Mr President declared that he isn’t a fan of Bitcoin and other cryptocurrencies, in a tweet to his 61.9 million followers.  He commented that they fuel unlawful behaviour and warned that Libra, (Facebooks upcoming digital currency) will have “little standing or dependability”. He finished the tweet by reminding his followers that there is only one real currency in America! In reaction to Trumps tweet, Bitcoins price surprisingly reflected a positive growth, before the eventual weekend sell off.

Yesterday it was reported that Japanese cryptocurrency exchange Bitpoint has discovered over 250 million yen ($2.3 million) in cryptocurrency after a $32 million (3.5 Billion yen) sum was stolen last week. According to reports, Bitpoint found the stolen cryptocurrency on overseas exchanges that were using a trading system provided by Bitpoint Japan.  The recent findings have brought down the total sum of lost crypto down from 3.5 Billion to 3.02 Billion yen ($28 million). The initial hack started on July 12th with $23 million of stolen funds belonged to customers while $9.2 million belonged to the exchange. Hackers stole BTC, LTC, ETH and XRP from the exchanges hot wallets. All services on the exchange were suspended following the hack.   The recent incident involving Bitpoint follows a record-breaking hack of Japanese exchange Coincheck in January 2018, wherein $543 million of NEM tokens were stolen from Coincheck’s low security hot wallet.  Unfortunately, exchanges once again doing very little to boost the PR of Crypto, particularly when you consider that there are alternative ways to purchase, sell and store crypto whilst avoiding exchange risk altogether!

Finally, the Bank of England governor Mark Carney said that people need to acknowledge the issues Facebook are attempting to solve with Libra, regardless of the project’s potential downsides. Carney delievered his positive outlook at the Financial Stability Report press conference as seen on the Bank of England’s Youtube channel on July 11th. Mark believes that due to the size of Libra and how big the project actually is, it has to be virtually perfect at the outset, at least from a financial security standpoint in order for it to be released at all. This is not the first time this type of comment has been made, not long ago U.S. Federal Reserve Chair Jerome Powell made a remark about Libra, indicating that it needs to reach a high bar before the cryptocurrency project can proceed. With more politicians becoming involved in Libra and its progression, it is shedding more light on the crypto space as a whole bringing more interest towards the sector and how the world is adapting to it.

Have a fantastic week!

 

 

Past Week Talking Points:

  • Miami Dolphins to endorse Litecoin as team’s official Cryptocurrency
  • Tether mistakenly minted 5 Billion USDT and immediately burned them
  • European Central Bank won’t add Bitcoin to reserves — says it’s not a currency
  • “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.” – Trailblazing Visionary Donald Trump, U.S. president
BTC Price:  $10,271

Last 7 Days: -16.65%  1month: 18.59%   12months: 62.78%In recent days we have seen heavy losses in the price of Bitcoin below the $11,000 support and breaking a major key support of $10,800 decreasing the price further towards $10,400.  Eventually, bears ran out of steam and bulls managed to claw back a close below $10,800 as a level and the 100 hourly simple moving average. It has been mentioned that $8,880 seems to be a bearish target and is now seeming more realistic than ever within the short term. The price is currently trading around the 23% Fib retracement level of the recent dip from $11,400 to $9,800, however we can see many resistance levels on the upside towards $10,550 and $10,620. Main resistance is near $10,800 which was the previous support and for a strong recovery we would need to see bulls take the price upwards of this mark. Immediate support is placed at $10,000 on the nose however a dip below this we could see a slide towards $9,500 / $9,200. Looking at the chart it seems that the price of Bitcoin is in a downtrend from the $13,200 yearly high and if bears remain in control $8,880 is an achievable target.

BTC Volume:

8th July: $23,482,551,458 (BTC Price of $12,285)

15th July: $26,843,346,115 (BTC Price of $10,319)

14% increase in trading volume in the last 7 days

 

 

Last 7 Days Big Market Movers:
1              Bezant               BZNT                         $0.074192            258.66%

2              EveryCoin          EVY                           $0.000277            138.03%

3              DEXTER            DXR                           $84.79                  136.67%

 

 

ETH Price: $228.15

Last 7 Days: -27.71%  1month: -14.54%  12 months: -50.15%In recent trading sessions, Ethereum declines have been seen after the rumble that took place against Bitcoin. ETH/USD started a solid drop off after it broke the key $275 and $260 support levels, declining more than 20% and even pushing through the support area of $230. Moreover $222 was another support level investors watched for and bears took it through that also settling well below the 100 hourly simple moving average and trading close to $210, forming a new monthly low at $212. Looking at the chart we can see that major support is placed at $200 and strong resistance at $225, which today it has pushed through, currently trading at $228, so we will see where it goes from here.

 

 

Market Cap. Dominance:

BTC: 65.8%
ETH: 8.6%
XRP:  4.7%

Other ALT-Coins: 20.9%

 

 

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.