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Weekly Crypto Market Brief 18th February

The week ahead!

With the usual miserable January out of the way and business as usual restored in the West, attentions within Crypto continue to be focussed on the halving event that is due in May.  In the past week we have seen the crossing of the 50 day and 200 day moving averages on BTC, otherwise known as a golden cross and as such several regarded commentators are now garnering journalistic column inches with their predictions for post the event and price expectations for the next couple of years.

As is expected and with recent market moves, the feel-good factor is back for Bitcoin, and when outspoken critics of BTC concede some ground (such as Peter Schiff most recently) it is hard not to feel that this could be a good year for crypto.

Have a great week all

 

 

The Past Week In Crypto
U.S. Treasury Secretary speaks on “significant new requirements” for cryptocurrency’s

Steve Mnuchin has told the U.S. Senate that the Financial Crimes Enforcement Network will soon roll out “significant new requirements” that will target cryptocurrencies. The Treasury Secretary is keen to see the technology move forward, although he left a warning that action must be taken to “make sure cryptocurrencies aren’t used for the equivalent of old Swiss secret number bank accounts.” Over the past week we have seen further developments within the Crypto space through the US when Donald Trump’s nominee to the Federal Reserve Board, Judy Shelton, said the U.S. should be proactive in developing a digital dollar, adding that it could help ensure the greenback remains dominant on the global stage. Of course with this there would be many hurdles that need to be crossed but we have no doubt that a digital dollar has its advantages.

 

Crypto community loses its 2020 presidential candidate Andrew Yang

In recent times, Andrew Yang an American entrepreneur, philanthropist, author and lawyer announced that he is suspending his campaign to become the Democratic Party’s presidential nominee. Although Yang did not have much political experience, he was a benchmark for block chain voting and crypto regulation, at one point creating the possibility to donate to his campaign with Bitcoin. However his recent policies had failed to meet a strong performance that was required during voting in Iowa and New Hampshire. He told supporters last week that “It is clear from the numbers that we are not going to win this race”.

 

Bitcoin “whale” secures $10 million in five minutes

Bitcoin has struggled to maintain its position around the $10,000 mark in recent days.  The market was close to making it towards $10,500 last Thursday, but faced a sudden denial and watched as the price drop by $300.  This was the second time in a week that BTC had failed to crack this resistance level, however what occurred on Saturday night over a two hour period made many sit up and take notice.  Bitcoin plunged 3.8% hitting the $9,836 mark with some traders suggesting that well known Bitcoin whales were to blame for the move.  Some will say that Bitcoin was due to have a correction following its recent impressive rally with the price of bitcoin standing at $6,560 only a couple of months ago.

 

 

Past Week Quotes

“What is the thing facilitating all this activity that’s getting people excited about crypto again? It’s Ethereum. That’s where everything is happening.”

  • Kain Warwick, Synthetix founder

“BTC started rising during the market sell-off triggered by coronavirus. That was just the short-term catalyst. The underlying driver is the Bitcoin halving event in May.”

  • Gavin Smith, Panxora CEO

“Ask yourself why would someone claim to be Satoshi and offer zero proof? Either put up or shut up, right?”

  • William Shatner, Canadian actor
 

BTC Price: $9,724.20

Last 7 Days: -0.82%   1month: +10.54%  12months: +164.24%

 

BTC Technicals:

Resistance Levels: $9,900 / $10,000

Support Levels: $9,600 / $9,750

 

BTC Volume:

10th February: $39,386,548,075 (BTC Price of $9,856)

17th February: $45,391,829,996 (BTC Price of $9,758)

15% increase in trading volume in the last 7 days

 

 

Market Cap. Dominance:

BTC: 63.6%

XRP: 4.3%

ETH: 9.7%

Other ALT-Coins: 22.4%

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.