Market report

THE SENTIMENT TIDE TURNS

London Block Exchange

16th February 2017

Bitcoin up, alts down - but a weekend bull trap might have been set!

THE SENTIMENT TIDE TURNS

Bitcoin up, alts down - but a weekend bull trap might have been set!

On Monday, bitcoin hit a weekly low of £5.7k ($8k), which looks like a bargain now! After failing to break upwards of £6.4k ($9k) for more than ten days, bitcoin earned some Valentine's day love and finally breached out of its short-term bearish channel.

The attempt at kick-starting a bull run has not been that impressive yet though. After an initial attempt at soaring, which led to a 5% drop in just one hour, bitcoin's price followed Korea's lead, which has recovered its 'Kimchi premium' and finally reached £7.2k ($10k)!

After a day of sideways trading within a 2% channel above and below that mystical double-digit level achieved for the first time last November - bitcoin gathered enough steam to push the rest of the top 100 alts down 2% on average in terms of BTC value.

The momentum was not enough for bitcoin's daily candle to close above £7.2k ($10k) though and, over the first few hours of today, it seems it is initiating another drift downwards. Unsurprisingly, there are some new bearish technical signals and manipulation theories.

As the weekend is coming, at least the 'boring' times appear to be behind us and the animal spirits are back! We remind you to move slowly, much like how the third richest bitcoin holder did buying the dip over the past two weeks and helping propel the price upwards!

HATERS GONNA HATE

A moment of silence for everyone who lost trust in trustless technology

We can divide people who lose trust in cryptoassets into two groups. The first are those who just want to short the market and profit from the bloodbath, but still believe in the underlying technology for the long term.

The other group are those who look at the price, think it can't justify any valuation framework they have developed in the past and call it a bubble, but then fail to put their money where their mouth is. Or, perhaps even worse, they buy the top out of FOMO and sell the bottom out of fear.

While its understandable that people get angry when their investments turn sour, or when crypto mining drives up prices for hardware that could be used to search for alien life instead, saying bitcoin and cryptoassets are dead is so 2014. Enjoy the weekend!

WHAT TO LOOK OUT FOR

Filter the noise and stay ahead of the pack

Ripple, a bank-settlement protocol, is running several pilots that are not using XRP, its blockchain token. However, MoneyGram has confirmed it's testing XRP itself!

Tickets for blockchain conferences have been selling out quickly, but, if you buy them early, you won't miss out! Registration for Blockshow 2018, a major conference of the cryptospace that will be held in Berlin this May, is now open!

Scams continue to thrive whenever people feel it's easy to make money. Don't fall for them, especially when they look like a ponzi scheme! This Austrian example was responsible for stealing 12,000 bitcoins from over 10,000 victims!

WHAT TO READ TODAY

An insight a day could give you more profits to play

Hey, do you want to trade bitcoin on LinkedIn and profit from the Korean 'Kimchi premium'? Check Quartz's insider's account of Korea's clandestine bitcoin trade!

Hey, do you want to recover stuck funds on Ethereum's decentralized computing network? Not so fast, the Japanese Penal Code might be on the way!

Hey, do you want to learn more about the promises of the decentralized future? YCombinator's blog just launched a new series detailing why 'real adoption' is coming!

  • sentiment
  • kimchi
  • bitcoin
  • fomo
  • moneygram
  • XRP