Market report

BITCOIN’S FINAL BOSS IS NEAR

London Block Exchange

28th February 2017

Watch how bitcoin behaves in these key levels to understand the alts market

BITCOIN’S FINAL BOSS IS NEAR

Watch how bitcoin behaves in these key levels to understand the alts market

The total crypto market cap is slowly rising following bitcoin’s 6% price increase. After climbing the first step of breaking the symbolic £7.2k ($10k) level on Monday, BTC was looking good — but then it failed to completely overcome the £7.8k ($10.8k) resistance after a short-lived period of trading above £7.9k ($11k).

This movement meant the top 100 projects appreciated 3% on average in dollar terms, but lost 3% of their value against BTC. The major projects which escaped the BTC value drop were DigixDAO, OmiseGo, EOS and IOTA — an Internet-of-Things focused token that seems to be resisting growing concerns.

If bitcoin continues to follow its bullish path, it still has to confront its ‘final boss’ — the December downtrend log line confluence with two other historical resistance levels. Before we get there, however, watch out for the £8.1k ($11.2k) area and move slowly, as some are still considering a ‘2014 era bear market cycle’!

BILL GATES AND CRYPTOCURRENCY

The musings of a billionaire reflect the lack of understanding of the space

Yesterday, Bill Gates hosted his sixth ‘Ask Me Anything’ session on Reddit. People naturally asked for his views on this sphere and, unfortunately, Microsoft’s founder provided a poor answer, stating that “the main feature of cryptocurrencies is their anonymity” before going on to blame overdose-related deaths directly on this “rare technology”.

While it’s fine to say that the alts market can be considered a ‘wild west’ — mainly due to its overall lack of regulation and notorious pump and dump schemes — major cryptocurrencies don’t deserve such characterization. Bill Gates fairly pointed out the speculative problems around ICOs, but by mixing them with legitimate projects he perpetuates the myth that cryptocurrencies are an index for money laundering.

Bitcoin’s community and software has evolved from the time they were called that — such as in the historical Bitcoin Hearings of January 2014, featured in the popular ‘Banking on Bitcoin’ documentary — and now everyone knows bitcoin is not anonymous. Remember that it’s still early in crypto and “we are learning to build the boat”.

WHAT TO LOOK OUT FOR

Filter the noise and stay ahead of the pack

The 2018 Computational Law & Blockchain Festival is taking place between March 16th and 18th all over the world. Learn how you can organize your ‘node’ here.

Back in September, NEO — one of the top projects in the industry — took a hit following some technological criticism and FUD from China. Now the criticism is back.

Crypto crime is becoming more violent. A Russian developer behind Prizm — perhaps one of 2017’s failed ICOs — was allegedly kidnapped and robbed of 300 BTC.

WHAT TO READ TODAY

An insight a day could give you more profits to play

Are you confused about all the different valuation models for cryptoassets? Here’s a good overview published last week — but it already misses the latest framework!

Are you annoyed about the interface of today’s crypto-based decentralized apps? You’re not the only one. Here are Taylor Monahan’s — co-founder of MyEtherWallet and its ‘fork’, MyCrypto — initial thoughts on why the future of Ethereum doesn’t have wallets.

Are you weary of crypto markets’ volatility? Understand the reasons behind the dimension of the swings and become more comfortable with such movements!!

  • DigixDAO
  • OmiseGo
  • EOS
  • IOTA
  • index
  • MyCrypto