Market report


London Block Exchange

5th February 2017

We’ve spent the past month covering why the markets were dipping.


We’ve spent the past month covering why the markets were dipping

As discussed last week, the crypto markets are weathering a storm. In fact, this current bear market has been one of the worst since 2012, lasting for at least 50 days as of today, and weekends are notoriously difficult periods within such times.

Those who believed in Twitter traders’ calls of the bottom on Friday missed cheaper entry points yesterday and may see that trend continue if bitcoin keeps drifting down and dragging the other cryptoassets with it.

Not even Korea’s Finance Minister’s positive remarks — where they noted that strict regulations are only for “negative uses of cryptocurrencies” and that “cryptocurrencies are necessary as incentives” for blockchain innovation — helped crush what was left of the January bears!


Will this month bring us better news, or will it be a long winter?

The total crypto market cap jumped 20% from its bottom of £260B ($372B) last Friday to a weekend high of £320B ($450B) on Saturday. It’s now back down at £280B ($395B) as investors failed to push bitcoin above the £6.7k ($9.5k) resistance level.

Bitcoin is now back testing the key £5.7k ($8k) support level and the downtrend can continue further if it fails to hold that line, as investors will either lose patience or will wait for the push down to accumulate more at cheaper prices.

Keep following the price level as it reflects the sentiment of traders of a given asset. We know some economists from the London School of Economics believe bitcoin is only worth £14 ($20), but do they understand that this is a new asset class that requires a different method of valuation?


Filter the noise and stay ahead of the pack

Litecoin announced it will launch LitePal — a payment processor to facilitate adoption by merchants — later this year, but LitePay will be arriving this week!

Bitmex, a Hong-Kong based cryptoderivatives exchange, is launching NEO futures this Wednesday along with another one of its traditional £70k ($100k) giveaways!

China is trying to put the final nail in crypto trading’s coffin by blocking all websites related to ICOs and cryptoassets trading — including foreign platforms!


An insight a day could give you more profits to play

While China tries to ban crypto, Puerto Rico is becoming a utopia for blockchain and cryptoassets! Read the full NY Times coverage here!

While on Friday we shared a Wired article about the dangers of ICO investments, some argue that 2018 might be the last year we see ICOs at all! Read the full TokenEconomy case here!

While some are bored with banking, others leave the old mammoths behind and create cryptoderivatives exchanges! Read the full Bloomberg story on Bitmex here!

  • January Bears
  • Bitcoin
  • Bitmex
  • NEO
  • ICO