Weekly Round-Up...005
Mostly negative news, little impact on the market.
The Numbers
Over the past week we have seen very little overall movement in the market, starting out at 118 billion overall market cap and looking to close in the realm of 122 billion. A very slight uptick, despite all the news / events that are going on.
Let’s have a look at what BTC has been doing this week:
Bitcoin’s weekly low was around 3,560 USD
Bitcoin’s weekly high was 3,800 USD
Bitcoin looks to close this week around 3,650 USD.
Overall trading in a range of 6%, which is very insignificant for the crypto market. In other words, this week we have been moving sideways.
Weekly Headlines
The Good News…
BTC to avoid sanctions?
Russia have allegedly hinted at using Bitcoin and cryptocurrencies to avoid sanctions. Let’s see how this plays out.
Binance launch GBP and EUR Fiat Exchange: Great news for adoption!
Near The End Of The Bear Market?
If the 2018/19 bear market resembles the 14/15 bear market like is has to date, then only 30 days are left before a v reversal.
The Bad News…
Cryptopia hacked:
Losses still not clear, estimated in the realm of 3-10 million USD.
Ethereum Classic 51% attacked:
Luckily, the hacker was an ethical hacker so funds were returned.
Bakkt Delayed & ETF Delayed Further:
The US Government shutdown is having a spill over effect on regulatory approval.
BTC to avoid sanctions?:
Russia have allegedly hinted at using Bitcoin and cryptocurrencies to avoid sanctions. Let’s see how this plays out.
Weekly Take-Away
It is clear that the negative news far outweighed the positive news this week. In fact, the only real good news we had was the fact binance have expanded to introduce a fiat exchange to the EU / UK market.
With that said, the market has not dropped anywhere nearly as much as I thought it would with multiple exchange issues, delays and negative news all occurring within the same week. Is this a signal of exhausted bears?
Well, only time will tell. But it certainly does look like the panic selling is wearing off.
Hope you’ve enjoyed the first week of my daily newsletters. Feel free to send me suggestions on how to improve / what you want added.
If you know anyone that would benefit from this newsletter, here’s a 50% off discount they can use to join:
Have a great weekend!
Devin