Market report


London Block Exchange

23rd March 2018

The Game of Crypto is played on ‘buy the rumour, sell the news.’ What if there are no news?


The Game of Crypto is played on ‘buy the rumour, sell the news.’ What if there are no news?

One hour after yesterday’s newsletter went out, bitcoin got tired of the last few days’ sound of silence and started making some aggressive moves — falling 7% from £6.4k ($9k) to £5.95k ($8.4k), where it’s indecisively situated now — with a potential big move coming.

The rest of the crypto markets reacted promptly, and prices across the top 100 projects started descending by 9.5% on average too, except for three projects. Verge, a popular — yet controversial, privacy-focused cryptoasset, launched in 2014, is the most worthy of a remark.

Verge appreciated by 2.5% yesterday as rumours of a possible partnership weren’t confirmed. However, it is still 85% down from its December all-time high, which was achieved after John McAffee publicly endorsed the project, making it rise 10x in value over the following weeks.


After a week of slow moves, bitcoin is setting the pace for an eerie weekend

The current consensus is that a large move is lined up for bitcoin — due to this coil formation, which has historically indicated a continuation pattern, some analysts are highly optimistic — in most cases, the market will follow suit.

The large triangle that the mother of all cryptocurrencies, of which its founder(s) interestingly have been referred to as female on Twitter — has been forming over the past months is close to to an end. In situations as such, patience is key. Be prudent and watch this space.

Even though some Bitcoin miners are almost losing money by mining at these prices, the code can still continue to run without them in places where there’s access to cheaper electricity. Thus, new lows nearing £2.2k ($3.1k) may still be plausible. In the grand scheme of crypto, if you believe in the fundamentals of blockchain, you will have the chance to buy low should a situation as such ever occur.


Filter the noise and stay ahead of the pack

Some people have trialled a prank and have written ‘Bitcoin’ on some of their wire transfers’ subject lines — they may be planning to send you some tainted funds! On another note, check out CoinMarketCap’s possible manipulation hypothesis.

Though it’s good to ‘hodl,’ it’s also wise to have an exit plan for healthy returns. Let’s have a look at ICON, a popular ICO, which launched in 2017 as an example. It’s currently generating 30x returns, however you may have had the chance to realise 90x returns. Here’s a quick illustration.

One for the skeptics — note those who are not able to sell you an innovative idea based on its merits. However, how would your perception change should they be the ones to invent it? — “If the financial services sector came up with Bitcoin, you’d all have bitcoin in your portfolio right now.


An insight a day could give you more profits to play

Could crypto be the prolific solution to a troubled state? Take Venezuela as an example. Wired’s Cady Voge wrote a good summary of the situation, arguing a failed state is likely “where bitcoin could succeed as a currency”.

We know you’re likely confused about what’s happening with Mt. Gox, the bitcoin exchange, which collapsed, who many believe was responsible for the sell-off of the past months. Worry not, The Verge just wrote a great overview of the story.

We are positive you would have loved to go to crypto conferences all year round. Thankfully, for all of us that are hard-working, more and more people tend to write summaries of the key events to keep us up to speed. Here are “SXSW 2018’s 10 Crypto & Blockchain Takeaways”.

  • bitcoin
  • verge
  • Twitter
  • mining
  • Twitter
  • CoinMarketCap
  • Wired