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Your weekly Crypto snapshot

Hands Up Who Loves January!

We are almost halfway through January now and slowly but surely everything seems to be coming back up to speed.  Trains are filling up again for that daily commute, volume is coming back into the markets and most importantly Love Island is back for a new never-ending series…

The crypto world as previously noted is shaping up to have a busy year, and as we speak Bitcoin appears to be on the verge of attempting to break an existing 7month downtrend.

As we mention a little later, there is no doubting that Bitcoin is growing in regard of being a store of value, and this is never truer than in times of geo-economical and political turmoil.  In 2015, BTC saw a spike in price when Greece had its sovereign debt crisis and now with recent events in Iran/ US, we have also seen the price move higher.  Some “analysts” are projecting big things for the main crypto this year with geo-political events sure to rumble on and also also with the “halving” event in May.

Let’s also not forget that it is highly unlikely Libra is going to disappear and so this will undoubtedly provide large amounts of comment and articles over the coming year and whilst it is important to differentiate between Bitcoin and other newcomers such as Libra and CBDC (more below), the digital evolution continues at apace and that is exciting- well almost as exciting as watching the human petri dish that is Love Island- shame about Caroline Flack though eh?

Have a great week.

 

 

The Past Week In Crypto
ECB President Encourages a Central Bank Digital Currency

Christine Lagarde, the highly regarded ECB President has shown her support for digital currencies to be implemented into the worlds banking systems a number of times. In recent days she has expressed her support for the institutional efforts to develop a central bank digital currency which would facilitate faster and cheaper cross-border payments. Christine went on to mention that the ECB is continuing to “assess the costs and benefits” of such an asset, as it would enable the public to continue using central bank money even when old-fashioned coins and banknotes decline. It is becoming more common for nations around the world to research and develop digital currencies of their own. An example of this would be the people’s bank of China, who recently said that their digital yuan is “progressing smoothly”. With Europe and China clearly focussing on this area, you have to wonder what the US plan to do as well as the UK.  Surely there is only so long they can bury their head in the sand and ignore the evolution of money?

Court Denies SEC Request to Make Telegram Reveal ICO Bank Records

As mentioned in last week’s edition, Telegram was battling against the SEC in court over its ICO spending. Further updates have confirmed that the request by the U.S. Securities and Exchange Commission was rejected by a judge in New York,  which meant a collective sigh of relief for Telegrams Lawyers and peace of mind for the rest of the company after such a long chase from the SEC. The company went on to say that the regulators request amounted to an “unfounded fishing expedition”. Now with one problem solved, Telegram will still have to face the music by showing its bank records in order to comply with foreign data privacy laws, a review that is expected to take up to seven weeks to prepare. 

Bitcoin Safe-Haven During Iran/ US Tensions

Tensions have been high across Iran and the US in recent weeks throughout multiple missile launches and disagreements between the two countries. Meanwhile in the background of all of this noise, the price of Bitcoin has been reacting accordingly. A whole host of prominent figures, including Galaxy Digital’s Mike Novogratz and Digital Asset Capital Managements Joshua Green, seem to agree with the notion that the recent rally in Bitcoin was definitely linked with the events that recently unfolded in Iraq. The recent rally in the top crypto has followed the likes of other safe-haven assets such as gold and oil, which in respects demonstrates  the trust that investors are putting into digital currencies throughout turbulent and uncertain times.

Binance Charity Launches Relief Effort for Australian Bushfires

Amongst other news in the crypto space, as I am sure you are aware there have been a number of wildfires across Australia in recent weeks and the Binance Charity Foundation is donating $1 million worth of BNB tokens to the Australia Bushfire donations project. Binance CEO Changpeng Zhao has called on the whole crypto community to offer its support as the fires continue to rage. This is a perfect example of a digital currency helping in real life situations, adopting and using it amongst everyday life is just another step forward for the future of crypto.

 

 

Past Week Quotes

Christine Lagarde, ECB President:
“We are working on all aspects of CBDC (Central Bank Digital Currency), with in-depth analysis of costs and benefits of such a new form of central bank money.”

Nikkei Asian, Publicist:
“Free from state interference or geopolitical risk, cryptocurrencies become ‘digital gold’ amid rising Iran tensions”

Mark Zuckerberg, Facebook & Libra CEO:
“One of the big questions for the next decade is: how should we govern the large new digital communities that the internet has enabled”

BTC Price: $8,099

Last 7 Days: +7.43%  1month: +12.79%  12months: +126.22%

 

BTC Technicals:

Resistance Levels: $8,200 / $8,350

Support Levels: $7,780 / $7,660

 

BTC Volume:

January 6th: $23,276,261,598 (BTC Price of $7,769)

January 13th: $22,533,333,335 (BTC Price of $8,141)

3% decrease in trading volume in the last 7 days

 

 

Market Cap. Dominance:

BTC:  68.1%
ETH:  7.2%
XRP:  4.2%

Other ALT-Coins: 20.5%

 

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.