Market report


London Block Exchange

12th January 2017

Markets grow stronger with more real-world adoption.


Markets grow stronger with more real-world adoption.

Cryptoasset markets have grown significantly over the past year and subsequently have become much more resilient to whatever opposition they may face. To put yesterday’s 4% dip in perspective, one year ago the price of a bitcoin was below £590 ($800).

Even if in the next ‘attack’ prices fail to hold support and start a decline similar to the one that took place last July, we all know what happened later in August. Unlike last August, however, there is now a much higher level of adoption — particularly within institutions — which is still growing.

Arizona is even proposing a bill to allow their citizens to pay taxes with cryptocurrencies! While today’s announcement that KFC Canada is accepting bitcoin for nuggets might be a further sign of the current bubble, the mainstream market is coming.

So it’s safe to say that the most consistent way to gain from investing in cryptoassets is not by following the latest announcement-driven pumps, but by promoting adoption and use cases of both blockchain technology and cryptocurrency.


What’s happening in Korea and what’s going on with Ripple’s XRP?

Over the last month, bitcoin has been moving sideways. Everyone was effusive about the parabolic rise in alternative cryptoassets prices, but government officials remained wary of the legitimate problems investment hysteria can create.

So after yesterday’s report was sent out, it was interesting to see that the Korean government decided to intervene. The presidential office came out later in the day to politely say the ban had not yet been finalised.

Further reports remarked that this was akin to a confirmation that there would not be any ban in the short-term. In addition, public officials might be forced to offer a public apology after 50 petitions were submitted against both the ban and the minister.

Meanwhile, two thirds of the top 100 cryptoassets are back in the green and even Ripple’s XRP managed to recover. Why? They announced a partnership with MoneyGram, which resulted with both MoneyGram’s shares and XRP’s price enjoying a slight rise.

However, the move was not significant enough to recoup the losses faced this week. After reaching a peak of £2.45 ($3.3) on January 4th, XRP is now still trading nearly 40% lower at £1.55 ($2.1). This analysis from MIT’s Technology Review explains it all!


To prepare for tomorrow!

Yesterday, Microsoft announced they have “restored bitcoin as a payment option” in their online store after a one day suspension. Click here to learn how you can use them!

Today, Bitcoin Cash supporters are having their first meet-up in London. Join them and discuss tomorrow’s Bitcoin Candy hard fork and Sunday’s address change!

Tomorrow, Saturday, comes with the possibility of the infamous weekend dip. Worry not — read the funny ‘HODL Book’ and strengthen your hands!


An insight a day keeps the red candles away

While Korea gets their crypto together, read here what other governments think about cryptoassets in 2018. Find a UK-focused analysis here!

While Goldman Sachs finally admits bitcoin is currency in their new “Bitcoin as money” research paper, Mike Novogratz wants to build the Goldman of Crypto!

While Telegram’s Open Network multi-million token sale documents are leaked, Line, the Japanese chat app, is also considering a cryptocurrency move!

  • Bitcoin
  • KFC Canada
  • Korea
  • Ripple
  • Microsoft
  • Crypto