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Weekly Crypto Brief 27th January

The week that was!

They say that there is no such thing as bad publicity but the jury may be out on that when your beer is associated with the most recent outbreak of mutated virus currently spreading around the world.  The Coronavirus has very much been the main topic of the last week sweeping aside any main talking points from Davos. (we still can’t quite believe that google saw a trend in people searching Corona Beer virus..)  As the hysteria and impact builds, there is very real rhetoric about how global markets will be affected and of course the inevitable conversation surrounding how this could affect crypto prices, particularly for those that see Bitcoin as a growing viable safe haven.

In acknowledgment of the conclusion of Davos though it was noted that global economists admitted that Libra (whilst currently relatively stalled) had played a key part in getting the world to evaluate CBDCs (Central Bank Digital Currencies) — and to potentially challenge the U.S. dollar’s role as the main global currency.  There was firm debate surrounding next steps here, but rest assured this is a topic and area that we feel is only going to gather traction as the year rolls on with much development expected in this area for 2020.

Have a great week.

 

 

The Past Week In Crypto

Square Awarded Crypto Patent

U.S payments company Square which is famously owned by Twitter founder Jack Dorsey, has recently been awarded (January 21st) a patent from the U.S. Patent and Trademark Office for technology to convert crypto to fiat.  One of the main barriers to date on cryptocurrency adoption has been the price volatility and this patent appears to vanquish these concerns as it will convert crypto to fiat transactions in real-time.  All of this means that consumers will effectively be able to spend crypto directly with retailers who would rather have their income in a fiat currency of their choice.

Bitcoin Gold Hit by 51% Attack

Bitcoin Gold, the cryptocurrency that forked from Bitcoin in 2017 was apparently attacked on Thursday with losses amounting to around the $87,500 mark at current market prices.  A 51% attack can occur when those implementing the attack are able mine a blockchain network with more than half its hashing power.  The result to this attack effectively means that transactions can be re-written i.e. funds can then be double spent.  This is not the first time that Bitcoin Gold has been attacked, with the first being back in May 2018 when $18 million was reported to have been double-spent.

Binance Philanthropy Continues

Binance CEO- CZ  has continued to make headlines by announcing that he would be donating $1.5million to the victims of Coronavirus which is currently spreading predominantly around China but now much further afield.  His announcement of the donations comes hot on the heels of just a couple of weeks ago when he donated $1million to the victims of the Australian bushfires.

 

 

Past Week Quotes

David Marcus – Calibra CEO

“When we started this journey almost six months ago, the whole idea was not around a certain way of doing things, but more around ‘let’s come together and try to figure out how we solve a problem that is unacceptable’ — 1.7 billion people who are currently unbanked, another billion underserved.”

Brad Garlinghouse- Ripple CEO

“In the next 12 months, you’ll see IPOs in the crypto/blockchain space. We’re not going to be the first and we’re not going to be the last, but I expect us to be on the leading side… it’s a natural evolution for our company.”

Sheila Warren- World Economic Forum Head of Blockchain

“Given the critical roles central banks play in the global economy, any central bank digital currency implementation, including potentially with blockchain technology, will have a profound impact domestically and internationally.”

BTC Price: $8,611
Last 7 Days: -0.6%  1month: 19.1%  12months: 148.3%

BTC Technicals:
Resistance Levels: $8,800 / $9,100
Support Levels: $8,200 / $8,000

BTC Volume:
20th January: $29,990,357,294 (BTC Price of $8,667)
27th January: $23,413,868,772  (BTC price of $8,611)
21.9% decrease in trading volume in the last 7 days

 

 

Market Cap. Dominance:

BTC:  65.8%
ETH:  7.68%
XRP:  4.16%

Other ALT-Coins: 22.36%

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.