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Weekly Crypto Brief 7th May

Weekly Comment:

Moving into May, and in recent news Craig Wright- the self-proclaimed Bitcoin creator has been forced to produce BTC addresses in court. This has come after Wright has been sued for the alleged theft of 500,000 to 1 million Bitcoins (at the time of the lawsuit the coins were equivalent to approximately $5 billion!)  The court order has put Wright’s Satoshi identity on a countdown with only today and tomorrow to provide a list of his Bitcoin Addresses as proof against the alleged theft. Although the US District Court of the Southern District of Florida have put out an order to receive these addresses, the order is not linked to Wright’s claims to be the creator of Bitcoin, however these addresses when provided will give an indication as to if his claims are true or in fact false.

Earlier on in the year, Fidelity Investments began a custody service to store Bitcoin for its clients and in recent announcements they will start offering a buying and selling of crypto currency (trading service) for their institutional clients according to a person familiar with the matter. Fidelity would join select other brokerages in offering cryptocurrency trading to clients, with asset managers targeting institutional customers rather than retail. It is believed the trading will start in a matter of weeks and is already accessible to a select number of clients who are testing it out with Bitcoin mentioned to be the main focus of the platform for now.

As more and more businesses are looking into implementing Blockchain technology into their product operations, US based coffee chain Starbucks has also jumped on the bandwagon; implementing Microsoft’s Azure Blockchain Service to track coffee production, GeekWire reports. Starbucks first announced its “bean to cup” initiative in 2018, stating that it would work alongside farmers in Costa Rica, Colombia and Rwanda to pilot a Blockchain-based coffee-tracking system. What the system will allow for is customers to track the production of their coffee and will also open up the potential for financial opportunities for coffee bean farmers on the backend. This comes after recent details announced suggesting Starbucks will accept Bitcoin based payments following an equity deal with American cryptocurrency trading platform Bakkt, although no Bitcoins will actually come into the hand of Starbucks as they will be instantly transferred into fiat currency.

Have a great week!

Past Week Talking Points:

  • Facebook acquires ‘Libra’ trademark to work on its secretive cryptocurrency
  • Single address behind more than 50% of Bitcoin Cash transactions- recent report shows
  • “Blockchain is the tech. Bitcoin is merely the first mainstream manifestation of its potential.”– Marc Kenigsberg, the founder of BitcoinChaser.com
  • Survey finds majority of Bitcoin users trust decentralized crypto wallets over Coinbase

BTC Price:  $5,917
Last 7 Days: 12.70%  1month: 14.73%   12months: -38.21%

Over the past week, Bitcoin has had a strong rise in price powering through the $5,700 resistance and going further through $5,800 settling well above the 100 hourly simple moving average. The price traded at a new 2019 high at $5,837 but saw a small downside shortly after which is just part of a small correction as in recent hours Bitcoin has had another big uptick, demanding any current resistance levels to be tested as it trades closer to and marginally beyond  $6,000.
BTC Volume:

29th April: $13,735,490,672 (BTC Price of $5,247)

7th May: $17,410,380,684 (BTC Price of $5,900)

26% increase in trading volume in the last 7 days

 

 

Last 7 Days Big Market Movers:

1              Japan Content Token     JCT                $0.347714            1036.21%
2              Kcash                             KCASH          $0.048280             331.18%
3              SpectrumNetwork          SPEC             $0.000013             224.12%

ETH Price: $175.71
Last 7 Days: 12.95%  1month: 4.89% 12months: -76.40%

ETH/USD has had a strong bull push this past week.  Starting off in mid $150s we saw the price increase through into $160s with resistance sitting at $165 to $170, however multiple sharp spikes pushed the price into the $170s, trading to a new weekly high near the $180 level.  Currently, the price is consolidating gains above the $175 level with an immediate support level sitting here, and main resistance placed at $180-181.  With a clear close above the resistance level we could see an open push for $185 and $190 as the next mark.

Market Cap. Dominance:

BTC: 55.8%
ETH: 9.96%
XRP:  6.79%
Other ALT-Coins: 27.45%

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.