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Weekly Crypto Brief 3rd December

Weekly Comment:

Fast forward a week from our last piece of commentary and at last some small respite from the big sell off in the crypto markets. BTC seemed to find a bottom earlier on in the week at $3,643 before we saw a bounce back up to $4,407 and as the week came to close, we once again tested back lower and perhaps significantly- managed to hold the $4,000 level.  Interestingly, unlike the recent move which had BTC price falling along with substantial volume which is indicative of sell orders hitting the market, the fall over the weekend towards $4,000 was accompanied by a drop in volume which is perhaps reflective of low momentum.

Many are still hoping that possible good news form the SEC will come shortly with respect to a Crypto ETF to give BTC a much needed boost and kick start, but as you can see from our comment below- the decision may not be as ground-breaking as some think!

Elsewhere, we are reaching that time of year where analysts and forecasters all go to press with their predictions for prices in 2019, so watch this space as we hope to amalgamate all of the main players projections into one place and one handy email for all of our subscribers.

Finally- the second part of our “in-focus” series will be out a little later this week.  Following our first article on Blockchain within Shipping, we now turn our attention to Blockchain within the Pharmaceutical sector so please keep an eye out for that in your inbox.

Have a great week!

Past Week Talking Points:

  • Global funds network Calastone are switching their entire system for fund trade clearing services over to Blockchain.  Calastone processes mutual fund trades for over 1700 financial companies including JP Morgan and Invesco.
  • According to Japanese news outlet, G20 countries have called for the taxation of cryptocurrency, as well as regulation to combat money laundering.
  • Following one of the Top 5 ICO’s of 2017, Sirin Labs has launched Finney, the worlds first Blockchain Smartphone for $999 with endorsement from Lionel Messi and a $157.8 million token sale behind it.
  • Ex JP Morgan executive and Professor of Mathematics Alex Gurevich believes that Bitcoin is edging closer to becoming digital gold “with every day that it doesn’t die”.
BTC Price:  $4,029

Last 7 Days: +1.5%  1month: -37%      12months: -64%

BTC Commentary:

As mentioned in our opening comment- BTC has seen a tumultuous few days and whilst an initial bounce off of $3,600 low levels and back through to $4,400, unfortunately the boost was short-lived and we then found the market back testing the $4,000 level.  As things stand today this level seems to be holding, however any negative move to the downside would then trigger expectations of another push to the low at circa $3,600 with $3,000 the next level after that.  Any hold of the $4,000 would be significant whereupon we would expect a short-term squeeze back up to $4,200 and then $4,400.

BTC Volume:  
26th November:  $6,680,529,583 (BTC price of $4,007)
3rd December:    $5,232,066,294 (BTC price of $4,029)
21% decrease in trading volume in the last 7 days

Last 7 Days Big Market Movers:

Olive                                         OLE         UP 127%      Price: $0.0034
NaPoleonX                               NPX         UP 123%      Price: $0.28
Bezant                                      BZNT       UP 118%      Price: $0.033

ETH Price: $113.76

Last 7 Days: -0.3%  1month: -43% 12months: -76%

Another incredibly tedious week for Ethereum with very little price action and no real indication that a strong positive move is on the horizon.  It is incredibly important that the bulls keep the $100 level intact for ETH as any break to the downside of this would then result in a price target of somewhere around $66.  Ethereum have started their work towards the upgrade of Ethereum to Ethereum 1 x which will allegedly will improve the network’s usability and should be activated by June 2019. Fingers crossed this keeps enough parties interested and enthusiastic enough to support ETH over the coming months.

Market Cap. Dominance:

BTC: 53.5%
XRP: 11.11%
ETH: 8.99%
Other ALT-Coins: 26.4%