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Weekly Crypto Brief 3rd June

Weekly Comment:The start of a new month and hopes remain of bullish momentum within the crypto space pushing onwards and upwards. In latest news Facebook and its GlobalCoin has been in “very early stages” of conversations with the U.S. Commodity Futures Trading Commission.  These talks should help clarify whether the company’s plans for its payment project Libra and its digital coin would fall under the derivatives regulator’s auspices. This is not the first big move Facebook has made in terms of talks with businesses, in recent times Facebook has had conversations with The Bank of England, Western Union, Visa and Mastercard. It is hinted Facebook are working on a stablecoin project, underpinned by a “basket of foreign currencies”. As you may already know Facebook is looking to debut its GlobalCoin in a dozen countries by Q1 of 2020 as the company looks to start testing its token by the end of this year.

It is reported by Business Korea last week that Samsung may soon integrate cryptocurrencies in some capacity into its Pay network which is an e-commerce/Fintech platform that holds a base of over ten million active users. This move would allow for faster and cheaper payment transactions because the implementation would cut out any unnecessary intermediaries. Interestingly Samsung did not mention if they were implementing their own coin. (It is worth mentioning that Samsung Pay constitutes more than 80% of South Korea’s payment market.)

In more Crypto Trading news, Binance is currently offering margin trading in beta on its custodial exchange, although this service will not be available to customers within the United States. This move by Binance was first discovered through a Reddit thread where a computer programmer was experimenting with Binances public API and noticed a set of code which hinted at the announcement. The beta version of Binance 2.0 seems to support margin trading with 2X leverage for BNB, BTC, ETH, TRX and XRP. In a recent interview with some members in the Coinbase team, it was mentioned that they too would also be planning leveraged trading.

Overall, the increase in interest through margin trading in the crypto space could lead to more awareness within the area and an increase in volume going through- i.e more adoption and more active users!
Have a great week!

Past Week Talking Points:

  • Forbes: Billionaire seeking to secure 25% of all BTC in circulation
  • Bitcoin Blender bites the dust following regulatory concerns
  • “Any time a country transitioned to a fiat currency, they collapsed. That’s just world history; you don’t have to know about cryptocurrency to know that.” – Nipsey Hussle
  • Japan hardens rules for Cryptocurrency storage and trading
BTC Price:  $8,468

Last 7 Days: -4.13%  1month: 48.54%   12months: 14.99%Another interesting week for price action within Bitcoin, remaining positive we saw the price of BTC/USD climbing through $8,800 and breaking the $9,000 resistance level, trading at a new 2019 high, however this was not for long as shortly after the price came crashing back down through $8,500 hitting through the support level of $8,000 and reaching sub $7,900 levels. After this big move the price bounced back to mid $8000s and secured a stable trend in the region of $8,600. Today we have seen a correction with BTC/USD moving down $300 to $8,300.

BTC Volume:

27thMay: $27,949,839,564 (BTC Price of $3,459)
3th June: $20,661,046,130 (BTC Price of $3,690)

26% decrease in trading volume in the last 7 days

Last 7 Days Big Market Movers:

1               Crystal Token      CYL                   $0.015368           1174.49%
2               Mindexcoin          MIC                   $0.273496           919.62%
3               Jewel                   JWL                  $0.936281           802.13%

ETH Price: $262

Last 7 Days: -2.39%  1month: 61.23% 12months: -55.35%ETH/USD met strong resistance on the approach to $290, with a thick layer of sell-orders located on the approach triggering a sharp downside correction which was made worse by the Bitcoin sell-off and global bearish movement within the crypto market. From here, Ethereum dropped to $239.36 on Thursday and shortly after recovered to $250.

$223 is the next solid support and a break through this could see sub $200 levels. In bullish terms, we need to see a sustainable rally above $270 to get the chance to retest the recent highs we had of $288.

Market Cap. Dominance:

BTC: 55.8%
ETH: 10.3%
XRP:  6.9%

Other ALT-Coins: 27%

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.