Market Analysis

Bitcoin continued its volatile movement last week, touching high of $10,480 and low of $9,880. However, the range of price movement contracted to around 600 points compared to the last two weeks where Bitcoin traded in 1,100–1,300 point range. Further, the topmost token by market capitalisation has made higher lows over the past three weeks. Symmetrical triangle pattern of Bitcoin remains intact for the fifth month in a row, reiterating the looming uncertainty over the price movement in a specific direction. Traders should be extremely cautious since the pattern has continued for over five months and the movement either side can be huge with Bitcoin moving at least 3,000- 5,000 points on either side. On the fundamental side, Bitcoin mining power keeps on hitting new highs with nearly 600,000 new ASICS joining the force over the past three months.

Overall Crypto market also followed Bitcoin footsteps with Ethereum continuing its sluggish price movement although in the positive direction. Ripple, on the other hand, remained sideways throughout the week.
Overall, traders could expect any upward movement only above the level of $10,500 levels, which as of now is acting as a major resistance. On the downside, support is seen around $10,250. On a weekly basis the price range is seen between $9,700 and $10,500.

Weekly Growth Blockchain Wallet Users

Weekly Gainers & Losers

Major Developments this Week

Bitcoin — Bitcoin mining power hits a new high with new ASICS added over the quarter. This also gives a glimpse of the revenue that the major manufacturers might have earned over the past three months.

Ethereum — Santander, Spain based Banking giant announced that they have issued and settled $20 million bonds through ERC20, becoming the first institution to use the public blockchain.

Litecoin — No major update on the token in the past week.

NEO — BlaCat, the NEO based gaming platform is prepping to raise $10 million with Security token offering.

Wider Market Update: Weekly News Analysis

-> Ethereum founder Vitalik Butterin stated in an interview that Facebook Libra is a wake-up call for the Governments irrespective of the security issues that the project has as of now.

-> CME has filed a letter to the United States Commodity Future trading commission for doubling the number of Bitcoin open contracts.

-> The association of Banks in Russia suggest a special program to identify the owners of digital currency.

-> Wealthy millennials are increasing their investment in Bitcoin according to a research report by British legal firm Michelmores LLP.

-> Mastercard entered in a partnership with enterprise blockchain tech R3’s Corda network to build International payment solution.

-> France and Germany released a joint statement affirming that “no private entity can claim monetary power, which is inherent to the sovereignty of nations.”

Weekly Dapp Statistics

Fiat to Crypto Trade

Disclaimer

Every effort is made to provide accurate information in this newsletter. However, XDAT cannot guarantee that there will be no errors. XDAT makes no claims, promises or guarantees about the accuracy, completeness or adequacy of contents herein and liabilities for errors and omissions. Information provided in this correspondence is intended solely for information purposes and is obtained from sources believed to be reliable. XDAT is not responsible for any losses incurred as a result of using any information contained here. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Any third party opinions, links, news, research, analysis, prices, or other information contained in this newsletter are provided as such as general market commentary and do not constitute investment advice.

None of the content published in this newsletter constitutes a recommendation that any particular cryptocurrency, portfolio of cryptocurrencies, transaction or investment strategy is suitable for any specific person. The services and content that we provide are solely for informational purposes. The generic market recommendations provided by XDAT are based solely on the judgment of its personnel and should be considered as such. You acknowledge that you shall enter into any transactions relying on your own judgment. Any market recommendations provided by us are generic only and may or may not be consistent with the market positions or intentions of our company and/or our affiliates.

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