Market report

BITCOIN CASH UP, EQUITIES DOWN

London Block Exchange

9th February 2017

A rather uneventful day might pave the way for a problematic weekend

BITCOIN CASH UP, EQUITIES DOWN

A rather uneventful day might pave the way for a problematic weekend

Apart from Binance's unforeseen maintenance, which initially triggered fears of a Kraken-like longer downtime, but now seems to be resolved with all engines back online as of 07:00 GMT yesterday was quite an uneventful day.

So let's focus on the potentially dangerous weekend. As of this moment, stock markets around the world are officially crashing, as they experience a 10% dip since their January top. This might be a sign of the true flippening we talked about yesterday, in which capital flows from equities to crypto.

However, it could also signal an overall negative outlook on investments, in which cryptoassets will continue to be correlated with the stock market. We looked at this on Tuesday and it is a relationship that seems to be holding true for bitcoin.

Moving back to cryptoassets, we did have some interesting action from bitcoin cash, which rose 28%. This can give us some potential clues for the movement over the next few days, as positive moves of bitcoin cash against bitcoin usually signalled a bitcoin dip in 2017.

So, to withstand the weekend, keep an eye on stock market commentary today. Those markets close during the weekend, however, so also watch bitcoin cash's price and check if bitcoin's price leaves the past day's trading range of £6.1k ($8.5k) to £5.3k ($7.5k). Move slowly!

ANOTHER UNEXPECTED FLIPPENING

MyEtherWallet forked into MyCrypto but wait until the dust settles!

Taylor Monahan, former CEO of MyEtherWallet, a popular service to interact with Ethereum's blockchain parted ways with her co-founder, forked MEW and rebranded into MyCrypto together with the rest of MEW's team.

This seems to be a legitimate move, although it was executed in a confusing way. Meanwhile, MEW is continuing to run under the other co-founder, who wasn't informed of the change. Do note, however, that he wasn't very active on social media until today.

We advise caution and would be patient before using either service regardless, as it's still possible a sophisticated kidnapping or duress has taken place. Proof of selfie means nothing in this space and a kidnapped person could still make jokes about it under threat.

It's a farfetched possibility, but the two Medium posts outlining the move have a poor writing style compared to previous content shared by MEW and PGP signatures are also vulnerable. In addition, there are other potential red flags being shared on Twitter.

On the bright side, at least without an unexpected change of code in case the hacking scenario turns out to be true, both MyCrypto and MEW are only client-side interfaces and do not hold anyone's tokensthe accounts are on the blockchain!

WHAT TO LOOK OUT FOR

Filter the noise and stay ahead of the pack

The car of a famous Twitter trader was attacked in Los Angeles. This could have just been a coincidence, but no one is safe in the crypto world!

Don't fall for E-Coin's scam, an abandoned project from 2014 which has jumped 1400% yesterday alone! More details here!

DFNITY, a non-profit blockchain project that was flying under our radar, just raised $43 million from Andreessen Horowitz, a renowned VC.

WHAT TO READ TODAY

An insight a day could give you more profits to play

Binance eased tensions by proving their funds weren't hacked with the help of Bitcoin's and Ethereum's blockchain records. More details here!

Mario Draghi, president of the European Central Bank, has announced that European banks could hold cryptoassets soon, specifically bitcoin! Full story here!

The New York Times funnily defends cryptoassets by asking whether boyfriends are more real than bitcoin! Read through it here

  • Binance
  • Kraken
  • bitcoin cash
  • MyEtherWallet
  • MyCrypto