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Weekly Crypto Brief 25th February

 

Weekly Comment:
With the last week of February upon us, in recent weeks the cryptocurrency markets have been making headlines for recent volatility. This has not slowed as over the weekend we have seen a fairly bearish market mood- turn positive just before Sunday set in. At Sundays peak, Bitcoin was up just over 22% for the month which is an $800 increase in value from February 1st to Sunday 24th.

However, this did not last long as we then saw the price of BTC fall just under 10% bringing the price back down below the $4,000 barrier. Ethereum also followed accordingly, reaching just above $165 level and then quickly falling soon after to around the $136 mark. EOS reached a level of 4.45 before declining 15% breaking the $4 support and hitting a price of $3.40. Ripple struggled to push above $0.340 and as a result also came back to $0.300 which is now acting as a support. Leading derivatives market CME group tweeted on Feb. 21 that the recent surge in Bitcoin’s price at the beginning of the week meant that Bitcoin saw a record for futures volumes on Feb. 19 with over 18 thousand contracts traded.

Have a great week!

Past Week Talking Points:
·        Russian State Duma to Review Crypto Regulation, Oil-Backed Crypto in Development

·        Confirmed: Samsung Galaxy S10 Will Have In-Built Cryptocurrency Wallet

·        Fidelity Digital Assets, the digital assets branch of financial services giant Fidelity Investments, in an unprecedented first, has become the first investment bank to receive the torch signalling the entry into the Bitcoin [BTC] payments realm via the Lightning Network.

·        “Mobile was Internet 2.0. It changed everything. Crypto is Internet 3.0.” Gil Penchina- former VP of eBay and Founder of angel investor syndicate Flight VC.

·        Put Your Money On Crypto for the Long-Term, Says Major Wealth Manager for Pensions

A major consultant for pensions and endowments has recommended institutional investors to pay attention to cryptocurrencies like bitcoin.

BTC Price:  $3,836

Last 7 Days: -3.56%  1month: 6.3%   12months: -59.19%

Good start to the Bitcoin market last week with Monday seeing a push through the $4000 resistance and grinding higher each day, gradually moving between $4000 to $4050 for the rest of the week until Saturday where we saw the price of Bitcoin soar from $4050 to just under $4300.  Unfortunately, this bull run was put to a quick end on Sunday as the price fell from $4200 to $3850.

BTC Volume:
18th February:   $8,178,565,910 (BTC price of $3,746)
24th February:   $10,794,227,451 (BTC price of $3,810)
8.2% increase in trading volume in the last 7 days

Last 7 Days Big Market Movers:

S4FE                                  S4F              UP 408%          Price: $2.15
Paragon                             PRG             UP 198%          Price: $0.29
Moss Coin                          MOC            UP 132%          Price: $0.09

ETH Price: $138.66

Last 7 Days: -5.89%  1month: 18.31% 12months: -83.02%
Looking back on Monday 18th Ethereum had a great open with a rally from $133 in the morning to $144 just after lunch, then throughout the week having a balanced flow through $140 to $150 then along comes the weekend and just like other crypto’s we saw over the weekend, ETH being no exception launched from $146 to a peak of $165 before falling back down to $136 towards the end of the weekend, resulting in a very volatile weekend for Ethereum.

Market Cap. Dominance:

BTC: 52.4%
ETH: 11.3%
XRP:  9.7%
Other ALT-Coins: 26.6%