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Weekly Crypto Brief 29th April

Weekly Comment:

Heading into the end of April and in recent hours an announcement has been made, which may interest the crypto community who drive Jaguars or Land Rovers as they have partnered with the major cryptocurrency IOTA. They are currently testing a new service which allows drivers to earn cryptocurrency and make payments whilst on the move. By using “Smart Wallet” technology, owners earn credits by allowing their cars to automatically report useful road conditions such as traffic, potholes or accidents to navigation providers and local authorities. Drivers rewards will come in the form of automatically paying for road tolls, parking fees or for smart charging electric vehicles, drivers can also top-up the smart wallet using conventional payment methods. The company is currently testing the service on a few vehicles now, with no date of launch mentioned, you can expect to hear more about it soon. IOTA is up by almost 17% in the past 24 hours following the collaboration announcement.

In regulatory news, the Indian Government is discussing for a second time banning cryptocurrencies in the country. A recent report from The Economic Times on Friday mentioned that a number of government departments in the country have backed the idea of a complete ban on the issuance and trading of cryptocurrencies. Another part of the report mentioned that the CEO of the Investor Education and Protection Fund Authority, Anurag Agarwal said that “cryptocurrency is a Ponzi scheme and it should be banned”.  Interestingly, for some highly regarded individuals within the crypto and blockchain sector there has some been some voiced anger and frustration at somebody making these statements and claims without any real evidence to back them up!

In the past week, Samsung has invested $2.9 million into Crypto Wallet start-up Ledger. While no further details have been released other than the investment made, it is understood that Samsung may be developing a public-private Blockchain complete with its own cryptocurrency token. Following the delay made by Samsung on their latest phone with claims of breakage issues, the investment made into the wallet technology could also be to do with the cold wallet that is coming with the new Galaxy phone.  Samsung could possibly be looking at a partnership with the wallet manufacturer in order to implement their technology amongst the phones.

Have a great week!

Past Week Talking Points:

  • Nike files trademark application in the US for ‘Cryptokicks’
  • Tether hits back at claims its reserves were used to cover $850 million loss at Bitfinex
  • “An intelligent investor sees an opportunity in dip than risk.”   – Unknown
  • Cosmos soars 27% upon Binance listing, Crypto community raves!

BTC Price:  $5,298
Last 7 Days: -3.73%  1month: 27.77%   12months: -40.77%

We saw a strong start to the week with bullish momentum moving BTC/USD up towards $5500,  and then through to a high of $5509. Once the news broke surrounding Bitfinex and the Tether reserve, Bitcoin fell swiftly from its $5500 highs to its $4905 low before rebounding back above $5100. With next level of resistance at $5250, we can expect as move back toward the $5,500 should we see it break up, which given this mornings price action, could well be on the cards.

BTC Volume: 

23rd April: $15,867,308,108 (BTC Price of $5,572)

29th April: $12,822,072,945 (BTC Price of $5,298)

19% decrease in trading volume in the last 7 days

 

Last 7 Days Big Market Movers:

1              Evimeria               EVI                         $0.000020            163.13%
2              Alpha Token          A                            $0.010366            150.82%
3              CasinoCoin          CSC                        $0.000846            144.41%

ETH Price: $157.44
Last 7 Days: -10.56%  1month: 9.36% 12months: -76%

After a recent fall below $150, the price of ETH/USD soon recovered and gained momentum above the $154 and $155 resistance levels pushing towards the $160 level. However, it didn’t quite get there reaching a high of $159 before breaking the $155 and $154 support levels. A move higher should see short-term price targets in the $160’s as achievable with $140 a target if existing support is broken.

Market Cap. Dominance:

BTC: 54.6%
ETH: 9.7%
XRP:  7.3%
Other ALT-Coins: 28.4%