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Weekly Crypto Brief 8th April 2019

Weekly Comment:

With such a spike in volume across all crypto currencies last week, Cumberland the Chicago-based trading unit also reported a sudden spike in large-scale Bitcoin transactions on the evening of the 1st of April. A series of thirteen orders were recorded exceeding 1,000 BTC, equivalent to $4.9 million at the press time. Cryptocurrency markets have this week reported their first bullish uptick of 2019 with Bitcoin leading with a 20% rally within an hour.With more interest coming back into the space, it is important that countries are taking the right actions towards ensuring the safety of investors funds and those interested in the digital assets sector. With this, G20 member countries will meet to discuss international cryptocurrency Anti-Money Laundering regulation and Counter-Terrorism Financing on June 8th and 9th in Japan. Central bank governors and finance ministers will take part in the meeting to establish a framework to combat crypto-enabled money laundering and terrorism financing. It is expected that the countries will reach an agreement over the new regulations during the meeting, the main aim of the meeting is to establish stricter identification of individuals transacting in crypto at the moment of transaction, ensuring that asset flow is still transparent.

Elsewhere, Binance has announced that its official digital currency wallet app: Trust Wallet has added staking for cryptocurrencies.  The staking feature, which is scheduled to be launched on Binance by the end of the second quarter of 2019, allows clients to earn dividends or interest on their investment for validating transactions whilst also allowing them to vote on changes in the Blockchain. Trust wallet recently added support for Tezos and is planning to include support for staking in Tezos. Tezos has been one of the strongest altcoins recently with more institutional money entering it and with fundamental events surrounding it- XTZ is looking at a strong few months coming up.

Have a great week!

Past Week Talking Points:

  • Former trading desk manager sues Kraken for $900,000 over alleged failure to pay

  • Artificial intelligence helps South Korea Police end $18 million crypto ponzi scheme

  • “By 2030, some form of Crypto will become the global reserve currency but it will not be based on what exists today. Existing cryptos need to transform or will disappear.”― Tom Golway, Planning and Managing ATM Networks

  • Switzerland paves the way for crypto regulation

BTC Price:  $5,235
Last 7 Days: 27.25%  1month: 34.48%   12months: -17.44%

Some thought it was because of April Fools, some thought it was an accidental trade but the real reason as to why Bitcoin jumped 20% within an hour on April the 1st reaching highs of $5300 could be down to the large amount of stops placed at the resistance of $4200. As the price increased and we hit this resistance many of the short positions had to buy back and close their position creating what is known as a short squeeze. This may be why the price of Bitcoin did rally within such a short period of time however there are many different theories out there.  What we do know is that there is now a new resistance and support. $5360 is being looked at as the new resistance and if we can clear this, BTC will see upside targets towards $5500 or even $5600.

BTC Volume:

1st April: $10,157,794,171 (BTC Price of $3,459)

8th April: $17,090,788,795 (BTC Price of $3,690)

68% increase in trading volume in the last 7 days

 

Last 7 Days Big Market Movers:

1              ShineChain          SHE             $0.03             340.69%
2              MEX                     MEX            $0.002            297.39%
3              EDUCare              EKT             $0.02             286.21%

ETH Price: $180.64
Last 7 Days: 29.38%  1month: 31.80% 12months: -51.45%

Following in the footsteps of its big brother, Ethereum also saw a price increase over the past week, moving from $140 to $155 and throughout the week moving higher with support all along the way reaching a high of $180 ($40 higher than it started within a week.) It is looking like support currently stands at $175 / $174, with resistance up towards $188 / $190  and then again at the round number of $200.  With new yearly highs being noted amongst the top cryptocurrencies could this be the bottom and the end of the bear market for ETH?

Market Cap. Dominance:

BTC: 50.8%
ETH: 10.4%
XRP:  8.2%
Other ALT-Coins: 30.6%

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.