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Weekly Crypto Brief 23rd September

Weekly Comment

On September 17th, the Chicago Board Options Exchange’s BZX Equity Exchange withdrew its VanEck/SolidX Bitcoin exchange-traded fund (ETF) proposal a month ahead of the review deadline. The United States Securities and Exchange Commission (SEC) who are the regulatory body on behalf of this request, had until October 18th to green light or reject the financial product.  For now it would seem that the race for the first Bitcoin ETF seems to be postponed once again. Whilst the SEC is still reviewing two other proposals of this kind, (the VanEck/SolidX Bitcoin ETF was generally perceived as the strongest contestant to get regulatory permission), it is looking like the industry will not see a crypto-based ETF until 2020 at the earliest.

In other news, it seems that Mark Zuckerberg is trying his hardest to smoothen out regulatory concerns for Project Libra by dining with Democrats concerned about the proposed stablecoin. Reports from the meal suggest the CEO heard “consistent concerns about privacy and concerns about vile content” and while some guests believe the CEO had acknowledged their issues, others are starting to think the billionaire may just launch the project in other countries if it fails to gain regulatory approval and traction within the United States.
Despite a promise made in front of the Senate to pause the project until getting further confirmation, in another meeting Sen. Josh Hawley urged Zuckerberg to consider selling Whatsapp and Instagram, a request that was flatly rejected.

Finally, recent reports have suggested that North Korea has started work to create a cryptocurrency similar to Bitcoin.  This comes after a Vice News report on Wednesday claimed the project is designed to help the country evade international sanctions and find a way around “the U.S. dominated financial system”.   Alejandro- a Spanish-North Korean who is in charge of Pyongyang’s crypto conferences, said officials are studying goods that will give the coin value, but there are no plans to digitalize anything just yet.  Watch this space!
Have a great week.



Past Week Talking Points:

  • Bakkt launches and trades 18 BTC in first 7 hours as Bitcoin price falls below $10K
  • Kraken and Coinbase among the cleanest Crypto Exchanges according to a BTI Report
  • Facebook set on 2020 launch for Libra, despite regulators’ pushback
  • “Blockchain technology is a very good idea, and it will end up being adopted because it’s good technology. Applying it to the creation of money is sort of, for my taste, pretty odd.”  Steve Schwarzman, Blackstone CEO
BTC Price: $9,934

Last 7 Days:  -1.91%  1month: -0.67%  12months: +49.67%

BTC Technicals:

Over the past week we have seen a change in trend for BTC/USD.  There was a swing move below the $10,400 resistance area and it was not long after that the price pushed further below $10,000 which has shown strong support for the past couple of weeks.  With this decline, the price tested a level as low as $9,650 but bounced back above $10,000 soon after. Bulls struggled to take it past the resistance level of $10,400 and the 100 simple moving average over 4 hours. As a result of this move a short term top was formed near $10,370 and a new bear push began, breaking a support level of $10,200 and settling well below the 100 SMA.  Alongside this, there was a break below the 50% Fib retracement level of the last major wave from 9,630 to 10,380. More importantly, there was a break below a crucial contracting triangle with support near $10,010 on the 4 hour chart. We can see the price of BTC/USD is trading just under $10,000 now with a major support level placed at $9,500 and a major resistance level at $10,400.

BTC Volume:

16thSeptember: $15,160,167,779 (BTC Price of $10,276)
23rdSeptember: $12,574,227,066 (BTC Price of $9,990)
17% decrease in trading volume in the last 7 days



Last 7 Days Big Market Movers

1               Gexan       GEX           $0.240233           196.83%
2               Loki           LOKI          $0.328927           147.70%
3               SONM       SNM          $0.020483           147.13%



ETH Price: $209.86

Last 7 Days: +9.34%  1month: +11.18%  12months: -11.12%

Ethereum Technicals:

In the past week it has not only been Bitcoin which has had a change in trend. The ETH price surged higher above the $200 and $210 resistance levels where bulls took control, before there was a break below a major bullish trend line with support near $216 on the 4 hours chart.  The pair is currently declining but it is likely to find strong bids near $202 and $200. For once Bitcoin is declining whilst Ethereum is increasing/correcting gains. Current support is sitting at $202 and a major resistance level is placed at $215.



Market Cap. Dominance:

BTC: 68%
ETH: 8.6%
XRP:  4.5%

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.