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Weekly Crypto Brief 27th August

Weekly Comment:Fresh off the press- Binance has just revealed its own project named “Venus” which will be aimed to rival the social media giant Facebook’s project “Libra”. With Facebook currently facing regulatory pressure and having to put the project on hold, Binance took the opportunity to start something on its own.  The crypto exchange has said that Venus is “an open block chain project that will focus on developing localized stable coins worldwide.”

Binance has expressed that it is in a strong position currently because of its existing public chain technology and wide client base. It seems that Binance may have the upper hand in the race to launch their stable coin here against Libra, but we can be sure to see Facebook catch up quickly upon launch, this venture will put both Binance and Facebook head to head to launch each of their projects as soon as possible.

In other news on further block chain developments and adoption, democratic presidential candidate Andrew Yang is becoming frustrated with standing in queues and waiting to vote in elections, which has pressed an idea upon the block chain advocates mind. Yang has vowed to implement block chain-based mobile voting if he wins the 2020 race, with ledgers to verify the results. Yang shrugged off fraud concerns by pointing out that the old-fashioned ballot box can equally be susceptible to manipulation and mentioned that block chain ballots have the potential to “revolutionize true democracy and increase participation to include all Americans”.

Finally, Telegram-  a messaging app which boasts more than 300 million users around the world is introducing the ability to send and receive Bitcoin through the app via wallet provider Button. As mentioned previously crypto faces the big obstacle of adoption- so bringing trust and comfort of dealing with these cryptocurrencies online is key in moving forward with the technology. Button Wallet today has unveiled what it claims is the first free crypto testing playground on the Telegram Open Network and is giving away a small amount of Telegrams Crypto to encourage usage and adoption of the feature. Any telegram user can activate Button’s wallet and receive the 6.6 testnet grams on the account (the wallet will reportedly support ETH, LTC, BTC and others.)

Have a great week.

 

 

Past Week Talking Points:

  • Facebook hires lobbying firm to ease regulatory pressure on Libra
  • CoinFlex receives $10 million funding for Bitcoin Futures settlements
  • “I think there is a day in the future where we can’t live without crypto, or imagine a world before crypto.” Cameron Winklevoss, Bitcoin bull
  • Binance launches Crypto lending with up to 15% annual interest
  • IRS sends new round of letters to Bitcoin and crypto holders
BTC Price: $10,107.68

Last 7 Days: -5.27%  1month: +6.85%  12months: +44.74%

BTC Technicals:

In the past week Bitcoin has struggled to make gains above $10,500 and subsequently declined below $10,300.  Currently, the price is trading in a bearish zone below the resistance level of $10,350 and close to $10,100. There is a rising channel or bearish flag forming with a support line near $10,035 on the hourly chart of BTC/USD. If we see a break down through $10,000 then further losses are expected looking towards $9,800 as next major support. Resistance levels are placed at $10,400 and $10,500.  If bulls can take the price upwards of here we can expect to see further gains towards $11,000 which would confirm the next bull run is in play.
 
BTC Volume:

19thAugust:  $16,038,264,603  (BTC Price of $10,916)
27thAugust:  $15,575,060,959  (BTC Price of $10,136)

2.8% decrease in trading volume in the last 7 days

 

 

Last 7 Days Big Market Movers

1                 StarChain           STC                               $0.021409           344.14%
2                 Swace                SWACE                         $0.020234           211.53%
3                 Noah Coin          NOAH                           $0.000374           140.37%

 

 

ETH Price: $185.90

Last 7 Days: -5.66%  1month: -10.84%  12months: -35.49%
 
Ethereum Technicals:

Over the past week we have been trading in a range between $200 and $185 with a steady sideways trading pattern through the 190s.  The weekend saw a harsh dip back through support of $188 down to $184, however through Sunday night and into Monday we saw a bounce back to $193.  Subsequently, bulls have struggled to maintain the force upwards and the pressure from the bears have brought the price drifting back into the $180s region. Expect to see major support at $185 and resistance at $195.

 

 

Market Cap. Dominance:

BTC: 68.9%
ETH: 7.6%
XRP:  4.36%

Other ALT-Coins: 19.14%

 

 

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.