Market report

CRYPTO’S UPSIDE DOWN

London Block Exchange

1st February 2017

We’re still in a downtrend even if it appears to be the bottom

CRYPTO’S UPSIDE DOWN

We’re still in a downtrend even if it appears to be the bottom

After yesterday’s dip, only 9 out of the top 100 cryptoassets by market cap are currently in the red — and just by a meagre average of 5%. The remaining projects are only up 6%, however, as few feel bullish.

Some analysts believe that the latest news from Korea (shared below) will mark a change in sentiment — but, outside Venezuela, where crypto mining has finally become legal, it seems like we are still in a downtrend that nly ether appears to be escaping from!

Bitcoin is hanging around the £7k ($10k) zone for too long. Ripple’s XRP is almost back at £0.7 ($1). Even litecoin is edging closer to £100 ($150). Besides ether, NEO is the only coin making gains for the past week — but, even then, those gains are slowing down now too!

Even bitcoin cash is failing to appreciate against bitcoin, despite being called ‘the official blockchain’ in a poorly drafted and controversial report by the National Institute of Standards and Technology, an agency from the U.S. Department of Commerce.

If you missed yesterday’s report summarizing the issues surrounding USDT, the token many hold accountable for this drop, here’s an overview from Wired on why its collapse would be bad for cryptocurrencies. Welcome to February!

MEDIA’S ROLE IN THE GAME OF CRYPTO

What should we read for information?

Mike Butcher, TechCrunch’s ‘Editor-at-large’ and one of tech media’s key figures, was interviewed by CoinTelegraph on his blockchain and crypto views. The key point to take away from this is that although mainstream media is catching up, they are still making key mistakes.

You don’t want to be reading incorrect information. So, following our January 24th suggestion to utilise crypto learning resources in slower trading periods, let’s share a source you should review — Upfolio. Check out their simple and visual guides on all things crypto.

Once you feel as if you are able to explain the intricacies of blockchain to a child, proceed to master these 101 rules of crypto. After that, it’s time to dig deeper and look into cryptocurrency analytics and metrics as well as at these network charts!

WHAT TO LOOK OUT FOR

Filter the noise and stay ahead of the pack

The rumours that Raiblocks (XRB), a cryptocurrency focused on instant and ‘free’ transactions, was rebranding to Nano were true!

The rumours that Line, a popular Japanese chat app, was following Telegram on the ICO route were true. Check out all the official details here!

The rumours that Goldman Sachs were launching a crypto trading desk this July were false, because their CEO confirmed that they own a crypto trading desk already!

WHAT TO READ TODAY

An insight a day could give you more profits to play

Square — the fintech company spearheaded by Jack Dorsey, who is also Twitter’s CEO — launched its ‘My First Bitcoin’ guide and opened trading to most of its users!

Korea’s Finance Minister confirmed to Reuters that there are no plans to ban crypto exchanges, clarifying conflicting statements by other public officials!

The UK’s Royal Mint, the institution responsible for minting currency, is starting to promote its RMG token, which is a cryptoasset that follows the price of a gram of gold!

  • cryptoassets
  • NEO
  • Media
  • Raiblocks
  • Nano
  • Reuters
  • USDT
  • Bitcoin