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Weekly Crypto Brief 17th June

Weekly Comment:At the current time of writing, Bitcoin is trading at $9,180!

This time last week it was $7,700, and with that in mind I think it’s only right to have a look into why there has been such an increase in the price. With some saying this rebound has been a long-time coming and some suggesting it is massively overbought, you could argue that the overall increase in price has rooted from the upsurge in adoption and interest that has been building up over the past few months. With U.S-China trade tensions, uncertainty has been placed within global markets which is leading to what some see as Chinese investors seeking security by moving from the yuan to bitcoin and with this large crypto investments have been made, but not only in China. Wall Street firms are continuing to support cryptocurrencies and some are taking it in to the company and working with it to increase revenues and deliver services such as OTC trading to institutional buyers as well as retail.

Another factor helping the bulls would be the social media giant, Facebook’s Project Libra/Stable coin cryptocurrency. Reports have emerged that Facebook is due to roll out an official announcement for its crypto tomorrow, with the full launch set for 2020, which is huge news for the crypto space and many investors will be watching for it. As previously mentioned Facebook has multiple well known financial organisations backing them with names such as Visa, Mastercard, Paypal, Uber, Stripe and Booking.com with each of them investing around $10 million to fund the development of the currency which will include them into the Libra Association.

In other Cryptocurrency news, Binance has announced that it is to block US customers from Trading. This decision has been made after the exchange is looking to revamp its internal policies and crack down on wayward users. They are reviewing user accounts to ensure KYC is followed appropriately and that accounts who violate policies will be removed. This crackdown on security and customer knowledge is believed to have come around as interest for crypto increases, so does the interest for attackers to target vulnerable exchanges, hence why major exchanges are ensuring client’s financial safety is their number one priority.
Have a great week!

 

 

Past Week Talking Points:

  • Coinbase custody holds $1.3B in assets under custody and expects to hit $2B ‘soon’
  • Facebook to unveil ‘Libra Association’ and launch testnet next week
  • Twitter founder Jack Dorsey expounds on planned Crypto team
  • “Some short term pains may be necessary for long term gains. And we always work hard to turn every short term pain into a long term gain.”— CZ, Binance CEO
  • Lithuania to regulate cryptocurrency exchange sector with obligatory ID checks
 

BTC Price:  $9,186

Last 7 Days: 14.99%  1month: 25.74%   12months: 39.21%

Over the past few days Bitcoin has pushed higher, gaining traction above $8,800 and exceeding many analysts bullish targets of resistance including the major $9,000 mark. We even saw a break of the level of $9,325 and settling well above the 100 hourly simple moving average. With bulls consistently pushing the price of BTC we nearly saw a level of $9,400 stopping just short at a new yearly high of $9,391, before the bears engaged and attacked bringing a sharp downside correction spiking below $9,110 and dabbling through $9,000. However with a quick reversal bulls still decided that the price will remain within the $9,000 range. With many supports sitting around $9,100 / $9,080 the main support is near $9,040 and with a break through this we would be looking at a downside towards $9,000.  However, a bullish trend line is forming with a support by $8,810 and if we look to the upside an initial resistance is placed around $9,275 and strong resistance by $9,300. A key level to watch for will be $9,400 and $9,550. With bulls happily in control a sensible target for the coming weeks would be $10,000.
BTC Volume:

10th June: $18,689,275,118 (BTC Price of $7,700)

17th June: $19,852,057,631 (BTC Price of $9,180)

6% increase in trading volume in the last 7 days

 

 

Last 7 Days Big Market Movers:

1              ERC20               ERC20                   $0.106230            236.38%
2              Ifoods Chain      IFOOD                    $0.000566            235.34%
3              W Green Pay     WGP                       $0.431381            200.09%

 

 

ETH Price: $270.35

Last 7 Days: 11.25%  1month: 14.74% 12months: -45.97%ETH/USD has showed steady growth over the past week, starting the week with a $10 bull jump from $233 to $244.  Subsequently, the price slowly started to creep up forming a strong bull trend line and jumping another $10 later in the week moving from $249 to $259. Keeping in mind that where BTC goes ETH tends to follow as we went into the weekend we saw a push from $263 to a high of $278 where the bears took back control and dragged the price down to a low of $265. Support is sitting around $267 for now with resistance at $274.

 

 

Market Cap. Dominance:

BTC: 57.1%
ETH: 10.1%
XRP:  6.3%

Other ALT-Coins: 26.5%

 

 

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.