Skip to main content

Weekly Crypto Brief 9th September

Weekly Comment:Apple has been mentioned in the same breath as cryptocurrencies over the weekend, with Jennifer Bailey the vice president of Apple Pay, dropping a hint that the tech giant is keeping a close eye on developments in the crypto industry. She told the CNN journalist at an event in San Francisco: “We’re watching cryptocurrency and we think it’s interesting, we think it has long term potential.”

It comes as no surprise that Apple has made a statement like this with the recent release of Facebook’s Libra white paper.  Analysts have said that a similar project to that of Facebook’s would be a “major shot in the arm for crypto” and there would also be intense scrutiny from U.S. politicians.

Ripple also known as XRP turned investors heads last week when data from Whale Alert suggested the fintech start-up transferred 500 million XRP tokens from its escrow wallet, totalling an amount of $130 million. This isn’t the first time that the California-based company has executed such an enormous transaction and it has left XRP community frustrated on multiple occasions. A twitter user Crypto Bitlord started a Change.org petition urging XRP  to stop dumping, adding: “It’s amazing this sort of behaviour is widely accepted in the crypto world.”

Finally, major Cryptocurrency exchange Binance will launch its US branch in the coming weeks according to a Medium post published by Binance.US on Sept 6th. While the launch of the trading platform itself is expected in the following weeks, KYC onboarding will start a few days earlier. The aim of this is to ensure that users will have time to verify their accounts and deposit their funds. A US Binance platform has been in talks for a while with users previously having to find various ways in to the platform from a different country but now the launch is official.  I am sure US officials will be watching/ monitoring with great interest!

Have a great week.

 

 

Past Week Talking Points:

  • Craig Wright challenges court order requiring him to pay 500,000 BTC
  • Burger King starts accepting Bitcoin for online orders in Germany
  • “Satoshi should win the Nobel Peace Prize. We finally have a currency that can assume global reserve status without anyone having to engage in violence.” – Anthony Pompliano, co-founder of Morgan Creek Digital Asset
  • Binance charity accepts Cryptocurrency donations for hurricane relief
  • Jack Dorsey: Twitter has no interest in creating Libra-like Crypto
BTC Price: $10,164

Last 7 Days: +0.21%   1month: -13.31%  12months: +61.66%

BTC Technicals:It was feared that $10,000 would prove to be a strong resistance for a while however BTC/USD remained well bid and managed to get through this level with a break through the $10,500 resistance, surpassing the 100 simple moving average and closing at a level just below $11,000. A swing high was formed near $10,949 before the price started a downside correction where we saw a sharp drop below $10,799 and then $10,505 support levels. More importantly there was a break below the 23.6% Fib retracement level of the last wave from the $9,286 low to $10,430 high. Finally we saw a bear push downwards through the $10,400 but stayed above the $10,000 support level. On the upside there is an initial resistance near $10,650 and a break through this could take bulls towards the next resistance of $10,850. If the fight goes through this level then levels above $11,000 would be the next space to watch for. Currently it seems the price is correcting gains but is trading nicely above the $10,200 support level with main support at $10,000 a bearish push below this could see levels of $9,800.

BTC Volume:
September 2nd: $17,248,102,294  (BTC Price of $10,346)
September 9th: $14,733,500,440  (BTC Price of $10,164)
15% decrease in trading volume in the last 7 days

 

 

Last 7 Days Big Market Movers

1              Alpha Token                   A                      $0.891866            5685.20%
2              Molecular Future           MOF                $0.228558             548.34%
3              Silverway                      SLV                  $0.288217             173.04%

 

 

ETH Price: $179.18

Last 7 Days: 0.80%  1month: -14.60%  12months: -8.54%

Ethereum Technicals:ETH/USD is currently finding strong buying interest near the $165 level and in recent days has been testing a major resistance level near $180 (we recently saw a break above a major bearish trend line with resistance near $175 on the 4 hour chart).  There are some bullish signs emerging for the Ethereum market leading to an insight of a bull run towards $180 and hopefully a break above the $182 resistance. The main support level to watch is $165.

 

 

Market Cap. Dominance:

BTC: 69.7%
ETH: 7.3%
XRP:  4.2%

Other ALT-Coins: 18.8%

 

 

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.