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Weekly Crypto Brief- 16th September

Weekly Comment

The head of Facebook’s Libra digital currency has said he is confident that seemingly endless regulatory difficulties can be ironed out; meaning launch in the second half of 2020 is highly likely. Bertrand Perez’s comments came on Thursday, the same day French Finance Minister Bruno Le Maire warned “we cannot authorize the development of Libra on European soil.” He fears that the stablecoin puts monetary sovereignty of European Union nations at risk, with American lawmakers equally concerned that Libra could undermine the U.S. dollar.

Bitcoin the world’s dominant cryptocurrency is reportedly close to breaking hash rate records. Data reported last week suggested that BTC was heading for 100 quintillion hashes per second for the first time in history. This metric refers to overall levels of computing power involved in processing Bitcoin transactions, more power means the network is more secure and also more profitable. Analysts such as RT host Max Keiser argue that gains in BTC prices traditionally follow leaps in hash rate. Back in September 2017, the hash rate stood at just 6 quintillion, expect a celebration from the community when the next milestone is reached in the coming weeks or so.

In a different turn of crypto news, Domino’s Pizza in France announced last week that it plans to give away BTC worth 100,000 euros ($110,000) to mark its 30th anniversary. Customers of the well-known fast food chain will be given a code for every pizza they purchase until Oct. 2 and from here they can play a game for the chance to choose cash over crypto if they wish, with the windfall transferred to their wallet by Dec. 16th I guess this has somewhat of a relation to the Pizza BTC event that took place in 2010 when Laszlo Hanyecz bought two pizzas for 10,000 BTC which at today’s rate would be worth around $103 million!

Have a great week.



Past Week Talking Points:
·         Binance CEO: Bitcoin Futures Platform ‘SAFU’ After Attack False Alarm

·         Central banks to meet with Libra founders in Switzerland on Monday

·         “They go down in value like a yoyo, they’re useless and unstable. And even if crypto companies do make it stable, it’s still a basket of currencies.” – SWIFT representatives

·         Hacker spends $1K to win over $110K in EOS betting game using REX

BTC Price: $10,298

Last 7 Days: 0.50%  1month: 0.89%  12months: +60.94%

BTC Technicals:

In the last weekly forecast, we saw the Bitcoin price holding the key $10,000 support area against the US Dollar. The BTC/USD pair rallied and traded above the well-trodden resistance area of $10,000 but more importantly we saw a break through $10,750 and the 100 simple moving average.  However, the bears of the pair put this rally down swiftly resulting in the price failing to continue higher and topping out below the $11,000 resistance. A swing high was formed near $10,950 and since then a decline has been engaged resulting in the key support area of $10,500 being triggered and even declining further below $10,000. Finally a swing low was formed by the level of $9,900 and since then the price is correcting higher. Looking upwards we can see hurdles by the levels of $10,400 and $10,550 and alongside this the price is struggling to climb above the 50% retracement level of the last decline from the $10,954 high to $9,903 low. If we can see a break above the key resistance of $10,500 then the next level to watch would be $10,800.

BTC Volume:

9th September: $17,595,943,368 (BTC Price of $10,334)
16th September: $12,376,858,561 (BTC Price of $10,365)
29% decrease in trading volume in the last 7 days



Last 7 Days Big Market Movers

1              Molecular Future      MOF                           $0.939381              276.00%
2              adbank                     ADB                            $0.001109              158.93%
3              Jarvis+                     JAR                             $0.013039              147.79%



ETH Price: $193.56

Last 7 Days: 7.81%  1month: 4.26%  12months: -8.93%

Ethereum Technicals:In recent analysis we have mentioned the chances for an upside break in ETH/USD above the resistance level of $185.  We have now seen this break pushing through the level and closing above $186 and the 100 hourly SMA.  This subsequently opened doors for the bulls to take the price above $190, breaking the $192 level and trading to a new weekly high at $195. If there is a downside correction, initial support is near $193 and it coincides with the 23.5% Fib Retracement level of the recent upward move from $187 swing low to $195 high. On the upside, a convincing break above $195 could open up doors for the ETH bulls to take the price towards the $200 mark with the next main resistance sitting at $205 (previous support).



Market Cap. Dominance:

BTC: 69.5%
ETH: 7.8%
XRP:  4.2%

Other ALT-Coins: 18.5%



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.