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Weekly Crypto Brief 28th May

Weekly Comment:We feel it is fair to say that May has been a positive month for the cryptocurrency space with the recent increase in prices of coins, and further adoption and regulation for the space making progress each day.  Last week saw more details about Facebook’s rumoured cryptocurrency “GlobalCoin” which is set to launch in the year 2020, with the social media giant launching the crypto-based payments system early next year, with some saying that Facebook are looking for trials for the crypto to begin towards the end of 2019.

Facebook is looking to be stocked up with information regarding the opportunities it has and the possible regulation concerns that are carried with crypto currencies. It is reported that Facebook has approached both Coinbase and Gemini with a view to having regulated third-party platforms that its users can go to for storage and exchange of the “GlobalCoin”. However the decision to go to Gemini would not have been an easy discussion as founders Tyler and Cameron Winklevoss have had disagreements before in Mark’s early career through legal battles against Facebook. The FT also reports that Facebook has been in talks with Chicago-based trading platforms DRW and Jump, the idea being to get information regarding market creation and crypto liquidity.  It appears that Facebook’s crypto will be centralized therefore falling into a faux cryptocurrency category.

In other news, a number of high-profile retailers now can accept payments in crypto thanks to a new partnership and a new app that has been created from the partnership. Businesses such as Barns & Noble, Baskin Robbins, Whole Foods, GameStop and more have decided to reconfigure their digital scanners so that they may accept payments in various cryptocurrencies such as Bitcoin, Ethereum, Bitcoin Cash and stablecoin Gemini Dollar. The masterminds behind the latest adoption is Flexa a payment startup and well known crypto currency exchange Gemini. Tyler Winklevoss said that a new app, called SPEDN is now available which allows consumers to spend crypto at the mentioned retailers. This is good news for the retailers as it will save billions of dollars for them which is used for processing costs (retailers will be paid in fiat, not crypto.)

If you have not heard of BSV, you may have seen the sudden price spike last week, which comes after self-proclaimed Satoshi Nakamoto- Craig White, filed United States copyright registrations for the bitcoin white paper and the BTC source code.  There is still much argument in the crypto community as to the legitimacy of his claim, however news of the filing saw the SV price spike dramatically and whilst it has fallen back slightly, it still represents significant price gains. (Interestingly, the copyright registrations office has stated that it does not investigate whether there is a connection between a claimant and a pseudonymous author, and that registering the source code does not protect the intellectual property of bitcoin as an invention.)

All in all, May has been a great month for crypto and long may that continue!

Have a great week!

Past Week Talking Points:

  • US SEC postpones verdict on VanEck ETF application…..again.
  • US telecoms giant AT&T now accepting Crypto payments via BitPay
  • “We urge lawmakers to recognize the unparalleled economic power that permission less innovation has unleashed and to act to let crypto and blockchain technologies flourish.  We know lawmakers want to support economic growth and want them to seize the opportunity to lead the charge” – Jeremy Allaire- CEO of Circle
  • Authorities shut down Cryptocurrency laundering service
BTC Price:  $8,725

Last 7 Days: 8.41%  1month: 68.04%   12months: 20.62%After Bitcoin formed a support base in mid $7,800 levels, the price of BTC increased through key resistance levels of $8,150 and into more bullish territory with a close above $8,200 which allowed for gains to exceed through $8,300 and into the $8,450 resistance levels. This push upwards gained momentum to take the price of BTC/USD closer to $9,000 with a new 2019 high formed at $8,955 with a recent correction showing now, strong support is located at $8,600 and below that is $8,440. Many support levels are not far down from here and if the bulls manage to push it upwards through $9,000 we will see $9,250 – 500 in times soonafter.

BTC Volume:

20th May: $23,843,404,340 (BTC Price of $7,978)

28th May: $26,590,943,724 (BTC Price of $8,693)

10% decrease in trading volume in the last 7 days

Last 7 Days Big Market Movers:

1              ThoreNext            THX                $11.13                 581.53%
2              SoPay                  SOP                $0.005684           279.15%
3              Aeon                    AEON              $1.61                   243.12%

ETH Price: $270.09

Last 7 Days: 3.29%  1month: 76.99% 12months: -47.44%The other week we saw Ethereum push through the $255 resistance and breaking through the second resistance of $265. The upward move created a spike above $274 and trading close to $280 however bulls were not able to break the barrier and the price is now currently correcting below $270. $265 acted as a strong support area with resistance sitting at $276, if we see a break above this then $280 will be the next target heading closer to $300 however, the price is more likely to hit the support levels first and if they fail to hold then $258 is the next immediate level.

Market Cap. Dominance:

BTC: 56.8%
ETH: 10.5%
XRP:  6.5%

Other ALT-Coins: 26.2%

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.