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Weekly Crypto Brief 1st April

Weekly Comment:

Start of a new month and with that comes some exciting news in the cryptocurrency markets.  Tezos, also known as XTZ on exchanges, rallied 57% over the weekend as news emerges of Coinbase allowing its clients to stake their XTZ holdings and earn attractive annual returns. This new service which is being offered via Coinbase Custody will allow investors to take part in the running of Tezos Blockchain by staking their holdings and validating blocks. What makes this even better is the fund security Coinbase will be offering.  The San Francisco-based firm confirmed that all staked XTZ tokens will be kept in fully-insured cold storage. Not only this, but Coinbase will also issue necessary bonds to Tezos validators out of its pocket. With Tezos moving up more than 17% in the last 24 hours speculators in the Tezos market are starting to build their long position as expectations surround big investors to purchase XTZ tokens to stake via Coinbase Custody, thereby increasing the demand of its limited supply.

Do you remember Coincheck? Maybe if I say $532 million hack back in January 2018 that may ring a bell. Well since the acquisition by Japanese broker Monex Group around this time last year, the business has been working on something quietly, and announced today is Coinchecks large-scale institutional OTC trading desk for their big clients. Bitcoin trades will start from 50 BTC (equivalent to $207k currently), and following in the footsteps of Coinbases OTC trading desk launch, Coincheck hopes that this move will bring back more volume into the industry and trust within the business since it has been taken over.  Other measures such as improvements to protection and trading systems have also been put in place as well as reimbursing those customers who were affected by the hack.

As mentioned in previous weekly briefs, an important topic for the crypto space is the US SEC decision on Bitcoin ETF’s from VanEck and Bitwise. Announced on Friday, a further delay on the decision making, with the deadline now May 16th 2019.  The application process has been subject to multiple delays as the SEC pushed back the decision on more than one occasion. With some industry experts expressing doubt in the possibility of a Bitcoin ETF, it doesn’t look good when the deadline keeps getting moved. In January crypto entrepreneur and CNBC contributor Brian Kelly said that there is “no shot” for a Bitcoin ETF approval in 2019.

Final thing to mention, ahead of wishing you all a great week is to keep your eyes open for our latest article which looks to talk a little more about exchange hacks and alternative ways to reduce your risk in this burgeoning marketplace.

Have a great week!

Past Week Talking Points:

  • Pakistan Regulates Cryptocurrency to Prevent ‘Terrorism Financing’
  • CELR Dives After Exchange Listing
  • “Just as it got easier to use email, it will be easier to use Bitcoin as people invest in it and become more familiar with it.” – Gavin Andresen (Core Developer of Bitcoin)
  • North Korea Amassing $670 Million in Crypto Proves US Dollar is Losing

BTC Price:  $4,136
Last 7 Days: 6.78%  1month: 9.45%   12months: -36.56%

With some saying the Bitcoin bear market has ended, over the last week Bitcoin has had an extremely bullish run, bottoming out at $3,961, the price pushed up to the $4,050 price level and extended the bullish pressure towards $4,130 and more recently rallying towards the resistance level of $4,254. Further increase in the Bulls’ momentum will further increase the BTC price in which the resistance level of $4,254 may be its target.  If this was to happen then we would expect a pullback at the $4,254 mark before it continues its uptrend movement. There is also a new contracting triangle forming with support near $4,100 on the hourly chart of the BTC/USD and we could see the pair decline in the short term, but it remains supported near $4,100 and $4,050 for now.

BTC Volume:

25th March: $10,359,818,883 (BTC Price of $3,459)

1st April: $10,007,998,093 (BTC Price of $3,690)

3% decrease in trading volume in the last 7 days

 

Last 7 Days Big Market Movers:

1              BlockCDN        BCDN         $0.018985            985.43%
2              Hurify               HUR            $0.009550            492.51%
3              Everex              EVX            $1.28                    245.54%

ETH Price: $142.34

Last 7 Days: 8.79%  1month: 7.82% 12months: -60.47%

Over the past week, the ETH price started a downside correction after testing the $145-146 resistance area, with the pair correcting below the $142 level. The price even broke the $140 support level and tested the key $139 support area. Bullish buyers emerged near the $139 support after a weakness show in price, with the price starting a fresh upward move and trading back above $140 level towards the end of the week. With bulls taking control of ETH’s price in recent days, so long as we keep above the $139 I believe we will see an upside towards the $145-$150 mark in weeks to come.

Market Cap. Dominance:

BTC: 50.1%
ETH: 10.30%
XRP:  8.9%
Other ALT-Coins: 30.7%