Market report

VOLATILITY — FUTURES MARKETS

London Block Exchange

26th April 2018

Volatility is back and that’s okay, even with bitcoin in a downtrend

VOLATILITY — FUTURES MARKETS

Volatility is back and that’s okay, even with bitcoin in a downtrend

As bitcoin failed to sustain itself above £6.6k ($9.2k), the bulls lost their strength by 11:15 BST and let its price test the £6.2k ($8.6k) support level — a test which also happened last Saturday. Bitcoin is currently trading in the same sideways range over the past week, with some controversial traders acknowledging that it can still go down to test £5.9k ($8.2k) soon.

From a bird’s eye view, the ‘bit-picture’ still looks good, but we can expect higher volatility over the next days. Yesterday’s dip marked the highest trading day by volume on bitcoin’s CME futures market, which can mean that professional traders have shorted the market and thus, causing 85 of the top 100 projects by market cap to fall 5% on average.

On the bright side, Kyber Network, a popular project, jumped 50% on news of a new exchange listing. Moreover, bitcoin is now in the spotlight for Venezuela’s black currency market. A popular pricing website used to aggregate bolívar to dollar prices has possibly fallen under the government’s control, so bitcoin’s price is being used to value the bolívar independently.

DECENTRALISE — KANYE WEST

Kanye is back and that’s okay, even if he’s tweeting about decentralisation

Kanye West is back on Twitter since last week. From basically ‘writing a self-help book’ to starting a bromance with Donald Trump, the famous artist has it all. Yesterday, he decided that decentralisation was a worthy topic, even after suing a crypto project to death back in 2014. Nevertheless, his ‘D-word’ tweet was simple and effective.

Everyone on crypto twitter rejoiced and, most importantly, engaged in interesting conversations around why decentralisation matters. The most critical response came from Dogecoin’s founder, who has been sharing his worries for a while. Though, we definitely agree he is right in advocating education, collaboration and skepticism.

Interestingly, the young founder of Tetras Capital argued that the crypto space needs to stop falling for the commonly misunderstood decentralisation hype. Most importantly, he claims that blockchain and decentralisation are independent. Watch out for overvalued tokens!

WHAT TO LOOK OUT FOR

Filter the noise and stay ahead of the pack

WHAT TO READ TODAY

An insight a day could give you more profits to play

  • bitcoin
  • btc
  • CME Futures
  • Kanye West
  • Ethereum
  • Decentralize
  • ERC20
  • Tetras Capital
  • Doge
  • Kyber Network
  • Donald Trump
  • eCash
  • pump and dump