When crypto markets don’t move you start missing volatility
In the last 24 hours the top 100 cryptoassets by market cap have remained relatively stable — again — with less than 1% positive change. However, EOS was the outlier that broke upwards , perhaps due to a partnership announcement, paired with the ‘ultimate crypto trading pattern’ shared yesterday.
There were news that the promising new blockchain had gone live on Bancor’s network — a protocol that allows smart contracts to convert between any two cryptoassets. Yet, it appears that EOS had already gone live since February. Watch closely.
Some smaller projects also pumped due to major Korean exchange listings, like ICON, or because they had a good fundamental basis and investors took advantage of the ‘falling wedge’ patterns, which formed for coins such as 0x (ZRX).
Though this week has been quite stable in comparison to previous weeks, there hasn’t been any lack of trading opportunities. Participants in the space seem hungry though and sentiment through the media is starting to be utilised among key influencers.
News regarding the newly appointed Governor of the People Bank of China said that “Bitcoin is a currency that provides freedom to anyone that uses it”. This is considered extremely positive by popular analysts. However, influencers sharing it virally today may appear irrelevant seeing it was stated back in 2013.
Furthermore, spectacular claims — such as Jack Dorsey’s expectations that Bitcoin will become “the world’s single currency in 10 years”, reported by The Times — are shared endlessly with no particular justification. Well, at least sentiment is now bullish!
Philip Hammond, the UK’s Chancellor of the Exchequer, is going to announce a task force later today to “explore the technology underpinning cryptoassets” for the purposes of managing risks and helping Britain grow their ‘fintech’ companies.
CryptoKitties, the viral Ethereum-based collectable cats game that launched last November, is alive and well. Especially after having raised £8.5 million from some of the most popular VCs — further proving you don’t need an ICO to rock this space.
Some ICOs appear to able to get away with anything these days though, if one digs deeper on a previous study we shared, which claimed 46% of 2017’s ICOs had already failed, the conclusion would be a more positive one. After all, VC-backed startups may also fail. Thus, we shouldn’t account for scams in these statistics.
Edward Snowden revealed some interesting documents this week — it seems the NSA was working to ‘track down’ Bitcoin users. The Intercept has you covered.
Early adopters of cryptoassets weren’t always lucky with their holdings. This is the story of how Zhao Dong, a major investor, lost 9,000 bitcoin in a day, back in 2014.
Taylor Monahan, co-founder of MyEtherWallet and MyCrypto, gave a talk on MIT’s Bitcoin Expo about why ‘the decentralised future is people’. Here’s the web version of it.