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Weekly Crypto Brief- 4th March

Weekly Comment:
Picking up from where we left off last week, starting with the updates to Ethereum’s network (hard fork) known as The Constantinople and St.Petersburg network upgrades, which took place on Feb 28th. The update went live on the main network at block 7,280,000 which was previously scheduled  and had two names that were initially separated but they have subsequently been pooled into one.  The Constantinople update is agreed to bring forward multiple efficiency enhancements to the platform, such as cheaper transaction fees for some tasks on the Ethereum Network, while also laying fundamentals for scaling solutions such as off-chain transactions. With the St. Petersburg upgrade, it was designed to delete a previous update (EIP) 1283 from Ethereum’s tests network due to security vulnerability issues that were spotted. Back in January exchanges such as Kraken and Coinbase came forward to support Ethereum’s upgrade, this was after exchanges Binance, OKEx and Huobi had started to observe the event before it had even begun.

With the upgrades being successful completed you may be wondering if all of the users adopted the upgrades. Data on ethernodes.org show that not all ETH users have adopted the updates, which is not currently anything to worry about as the update is still new and Ethereum users will be on lookout for any potential floors/bugs that may arise. With the update going through successfully and no delay, this has put many ETH fanatics at ease with Ethereum being notorious for delaying upgrades and this one previously being put off.

In other major cryptocurrency news, The Chicago Board Options Exchange (Cboe) recently refiled an SEC application for the planned VanEck and SolidX Bitcoin ETF, arguably one of the most likely to win SEC approval due its pure nature. VanEck will price its security using the MVBTGO index, which prices Bitcoin on over-the-counter (OTC) platforms, as OTC markets tend to be more liquid than futures markets.

The public now has until March 13th to file comments on this application. The commission has authority to deny or approve the proposal by April 5th or request a 90-day extension, which could delay any sort of conclusion until July 5th. If we were to see an approval from the SEC for a Bitcoin ETF, an increase in the level of investments into Bitcoin and interest from more firms and individuals would surge significantly. This could be just one way to turn Bitcoin around and inspire a new set of investors to jump on the train.

Have a great week!

Past Week Talking Points:
·         Putin’s Order: Russia to Adopt Crypto Regulation by July

·         Coinbase acquired Neutrino (Hacking Team) after losing control over customer data being sold and clients are not happy

·         New Zealand-based troubled cryptocurrency exchange Cryptopia failed to reopen on Monday due to unspecified reasons.

·         “Bitcoin has a couple of things going for it: one is that it is distributed, with no single point of failure, no ‘mint’, no company with offices that can be subpoenaed and arrested and shut down.” – Hal Finney (Computer Scientist & developer for PGP Corporation)

·         Bitcoin and crypto use is growing in Venezuela, though is still a ways from widespread adoption.

 

BTC Price:  $3,746

Last 7 Days: -4.45%  1month: 6.56%   12months: -66.32%

The start of last week saw another channel of trading for Bitcoin where we saw the price bounce between lows of $3755 and highs of $3850.  This continued until Wednesday evening where BTC fell $150 before rallying back to its starting place- $3800 in only a few hours. During the next day around 3:30pm UK time, bears and bulls were battling for a short 10 minutes with the price falling another $100 but instantly jumping $100 with no time to secure a close in any trade the market was moving. As you could predict the price swiftly moved back into the $3800 channel not long after. The weekend was quiet for the #1 cryptocurrency up until this Monday morning where the price of Bitcoin, falling from $3800 to $3667 (as of now).

BTC Volume:
24th February:   $10,794,227,451 (BTC price of $3,810)
4th March:  $7,253,558,152 (BTC price of $3,847)
32.8% decrease in trading volume in the last 7 days

Last 7 Days Big Market Movers:

Snapcoin                           SNPC            UP 297%          Price: $0.022
GoNetwork                        GOT              UP 211%          Price: $0.037
ABBC Coin                        ABBC            UP 198%          Price: $0.309

ETH Price: $125.92

Last 7 Days: -10.01%  1month: 14.95% 12months: -84.89%
Ethereum has had surprisingly quiet week of trading movements taking into an account a big network upgrade that took place. Still struggling with the $139/140 resistance in place, ETH tried to move to $145 but failed on multiple occasions. On Wednesday leading up to the update sellers started to gain traction moving the price down from $138 to $128 with not long after bulls taking control again and moving the price comfortably back to $136 over the night and into Thursday. The rest of the week continued to show the channel we know drifting between $130 and $139. Sunday midday put ETH on a downwards spiral pushing through the $128 support and taking the price to $122 this Monday morning.

 

Market Cap. Dominance:

BTC: 52.6%
ETH: 10.5%
XRP:  10%
Other ALT-Coins: 26.9%