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Weekly Crypto Brief 24th April

Weekly Comment:

In news released over the past week, the United States SEC reported that two ETF’s have been asked to eliminate the word “Blockchain” from their tickers said Bloomberg. In addition to this, other Blockchain-related funds followed in changing their names following the request made back in 2018 which made clear that the SEC had warned that US companies who change their name to include the word Blockchain would soon face increased scrutiny from the regulators. This all comes after the SEC chairman Jay Clayton recently stated that the crypto space will stay in the regulator’s focus in the near future.

Over the past week, Bitcoin SV has been making crypto news headlines for the wrong reasons. Craig Wright who is responsible for the Cryptocurrency has recently claimed he is the Bitcoin creator; Satoshi Nakomoto. In accordance with this, Wright and the rest of his team have sent legal letters to a number of industry leaders leaving many unhappy with his claims. Because of this the community have decided to have their own say and with this multiple exchanges have decided to delist the asset BSV (Bitcoin SV),  thereby reducing the market price.

In more regulation news; Japan has prepared a “manual” of cryptocurrency regulation proposals that it will hand out to G20 leaders and international financial chiefs. Tokyo is keen to bring regulation for cryptocurrency around in order to help other countries also adapt to crypto’s and to help bring proper security to the assets. The Japanese government has created this handbook which offers proposals and justifications, aiming to exchanges in particular. Mentioned in the hand out will be the two damaging hacks the Japanese exchanges Coincheck and Zaif received which took place last year.

Have a great week and Happy St. George’s Day!

Past Week Talking Points:

  • Crypto-exchange Bittrex denies claim of North Korean users on its platform
  • Indian banks consider promoting Blockchain tech use for payments
  • “The currency (BTC) isn’t going to work. You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart.”– Jamie Dimon (JP Morgan Chase & Co)
  • Coinbase announces Crypto-Powered Visa Debit Card for UK customers

BTC Price:  $5,565
Last 7 Days: 7.06%  1month: 41.64%   12months: -35.93%

In the past week; Bitcoin has struggled to break the $5,350 resistance level.  We saw the price inch above it however returned soon after to the $5,250 support levels, even breaking below the $5,220 level for a short amount of time but not dipping below the strong $5,200 support area. Further on towards the Easter weekend, we saw Bitcoin test the $5,300 mark a few times before pushing through the resistance and not by a little but by $200; moving Bitcoin to $5,500 and beyond.

BTC Volume:

15th April: $12,290,155,061 (BTC Price of $5,067)

23rd April: $16,323,558,631 (BTC Price of $5,561)

32% increase in trading volume in the last 7 days

 

Last 7 Days Big Market Movers:

1              Atomic Wallet Coin          AWC             $0.19             522%

2              Bitcoin File                       BIFI              $0.008           252%

3              Quadrant Protocol           EQUAD        $0.003            230%

ETH Price: $175.51
Last 7 Days: 5.62%  1month: 30.39% 12months: -72.7%

Recently we saw a sharp downside correction in Etheriums price from the $178 high down through the $170 support level and trading closer to the $165 support area. Not long after there was a break above the $169 and $170 resistance levels, pushing the price back in a positive zone. With the price of ETH/USD now floating above $170 and currently trading at $175 we can see resistance levels being tested around here, however if we get through them then could be looking for $180 as the next target, however if support breaks, the price will move back down to the area of $166.

Market Cap. Dominance:

BTC: 53.2%
ETH: 10%
XRP:  7.4%
Other ALT-Coins: 29.4%

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.