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Weekly Crypto Brief 1st October

Weekly Comment

In latest crypto news, the CEO and founder of Kik, the Canadian social media and messaging app, had a defiant message for U.S. regulators this week: “We’re not going down without a fight!”  The company has been tangled with an expensive legal battle with the SEC over the initial coin offering for its Kin cryptocurrency, and in latest updates the SEC has claimed that the $100 million sale was unregistered and Kik’s CEO Ted Livingston, told a conference in Toronto on Wednesday: “We have to keep going, until that’s it, we don’t have a dollar left, a person left. We will keep going no matter how hard it is”. Also this week, Livingston confirmed that the company will shut down the Kik app and reduce its headcount from 151 to 19 as it fights for its crypto’s survival. The company is hoping to go to trial in May 2020 and is raising $5 million to fund its lawsuit against the SEC.

In recent adoption news, Paris retail week has brought news that support for Bitcoin payments is going to be launched at more than 25,000 sales points for 30 French retailers next year. Big brands such as the sportswear giant Decathlon and cosmetics chain Sephora are among those involved in the project. Global POS, the company providing the technology, described it as an “important symbolic step in the evolution of payment methods in France” Even though thousands of stores are embracing crypto, ECB President Draghi continues to be pessimistic about the future of crypto assets, insisting they are “not designed in ways that make them suitable substitutes for money”.

Justin Sun’s charity meal with Buffett has been delayed for some time now. The Tron founder had paid $4.56 million for the privilege during a charity auction back in June, but was postponed due to medical reasons. Now, Sun has said he plans to schedule his brunch with the billionaire “very soon” and that he even wants to add other special individual to the guest list. In a tweet to President Trump, a crypto skeptic, Justin said “Mr. President, you are misled by fake news. Bitcoin & Blockchain happens to be the best chance for US! I’d love to invite you to have lunch with crypto leaders along with Warren Buffett on July 25. I guarantee you after this lunch, nobody will know crypto more than you!” He hasn’t had a reply yet. And I’m sure he won’t! but it shows the lengths Sun is willing to go to push his crypto future and knowledge onto others who are not open to the space- yet!

Have a great week.

 

 

Past Week Talking Points:

  • Bittrex announces new trading platform based in Liechtenstein
  • Court orders purported Crypto company Longfin to pay $6.7M penalty
  • BitPay undergoes security and confidentiality certification audit
  • Binance introduces market maker program for high-volume users
  • “If Libra is introduced, it could have a huge impact on society.”  -Haruhiko Kuroda, Bank of Japan governor
BTC Price: $8,342

Last 7 Days: -1.58%  1month: -13.02% 12months: +27.54%

BTC Technicals:

In recent days we have seen a relatively small upside correction in BTC above the $8,000 mark. The BTC/USD pair climbed its way above the $8,200 resistance level and finally, the price jumped towards $8,410 through bullish momentum but then to move any further.  More importantly there was no proper close above $8,200 and the 100 hourly simple moving average. Because of this the price started a new decline where the bears of the market took the price below the $8,000 support.  We even saw BTC break the $7,700 level and trade at a new monthly low of $7,650.  The general feel for the market is pointing towards a bearish side for now with an immediate resistance sitting at $7,900 there is a key bearish line forming with resistance by $8,000. If the bulls fail to win their way above the $8,000 resistance level, the price of BTC could continue to come off. An immediate support is near the $7,600 level which is likely to test the bearish target of the week and a kick through this level would see a downside towards a further support of $7,230. Bears seem to be happily in control in this terrain but should be careful since a strong bounce is likely once this wave is complete.

BTC Volume:

September 23rd: $15,144,925,408 (BTC Price of $9,729)
October 1st: $16,464,551,644 (BTC Price of $8,373)

8% increase in trading volume in the last 7 days

 

 

Last 7 Days Big Market Movers

1              Custody Token        CUST                     $0.009945            644.73%
2              Tronipay                  TRP                        $0.088784            353.61%
3              FNB Protocol           FNB                       $0.366215             261.95%

 

 

ETH Price: $178.72

Last 7 Days: +8.39%  1month: +4.89%  12months: -21.40%

Ethereum Technicals:

The bulls have managed to close Ether (ETH) above the all-important support of $163 over the past few days. This shows a strong demand at lower levels for the players within ETH market. The RSI continues to form a positive turning, which is a sign that bulls are willing to take control here. If the bears fail to push and hold down the ETH price below $163, we could see the start of aggressive buying that might start bottom fishing. The recovery from current levels is likely to face a strong resistance at the 20-day EMA, which is sloping down. If the price drops below $150-$163.75 support zone, the decline can extend to $122.

The ETH price has managed to recover above $172, but it failed to continue above the $180 resistance level. It is possible we could see a retest for the $165 or $162 support level and it is looking like a flag pattern is forming with resistance near $171 on the hour chart. If bulls take control here the price could correct towards the $180 level in the coming sessions as long as the price of ETH stays above $162.

 

 

Market Cap. Dominance:

BTC: 67.6%
ETH: 8.6%
XRP:  4.9%

Other ALT-Coins: 18.9%

 

 

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.