Market report


London Block Exchange

4th May 2018

Different trajectories, same price, and same attitude — move slowly


Different trajectories, same price, and same attitude — move slowly

Last time bitcoin hit £7.2k ($9.8k) was on Monday, March 12th, right after what we called a seemingly relaxed weekend. Back then, bitcoin had been trading sideways for the previous month. We wondered if that signalled the beginning of the third leg of the major dead cat bounce experienced in the first quarter of the year — and so it happened.

The narrative now seems different. Increasing trading volume seems to signal renewed interest across the cryptoassets’ board. Institutional investors keep piling in and we pose yesterday’s news that Goldman Sachs is joining the bandwagon didn’t come as a surprise to anyone mildly invested in the field — except for the man buns, of course.

As FOMO starts to kick-in again, we recommend planning out your strategy ahead of time and sticking to it as much as possible. Remember to keep your ‘adaptive’ caps on; even though most sentiment is turning bullish, some are still calling for £3.7k ($5k). Despite the implausibility of that target, that was exactly what happened back in 2014.Lastly, don’t forget the best way to learn is to do your own research and have conviction on your findings.


Ethereum’s EdCon is making everyone bullish on Ethereum’s potential

Ether also hit its highest price point in USD terms since March. Additionally, it has also hit its high in BTC terms since February. It’s now sitting at ($780) after appreciating more than 7% over the last day. Maybe the fact Reddit’s co-founder ‘mistakingly’ claimed ether would reach £11k ($15k) in 2018 — where in fact he meant £1.1k ($1.5k) — had something to do with it.

As bitcoin also gained 4%, investors likely sold some of their alternative cryptoassets into these two leaders and thus, prompting the top 100 projects to move less than 2% on average. Nevertheless, alts are continuing their bullish march , with Loom — a DApp scaling solution — gaining over 100% after being added on Binance, a popular alt exchange, this Wednesday. Even IOTA climbed 25% in two days after announcing its IOTA Ecosystem.

However, ether may be the catalyst as everyone is following the best developer updatesat EdCon, the ‘European Ethereum Development Conference’ that finishes tomorrow. You can watch the livestream here. Alternatively, if you’re feeling groovy this Friday, check out Vitalik Buterin and his fellow Ethereum developers busting out their dance moves. Healthy celebration or ‘bitconneeect’? Some already say casinos are really boring now!


Filter the noise and stay ahead of the pack


An insight a day could give you more profits to play

  • Sometimes it’s important to remember markets go beyond crypto. Check this secretive Bloomberg article on the “world’s most elite trading club”. Here’s to the ‘whales’!

  • Sometimes it’s important to go back to basics. During EdCon, an informal event tried to discuss the ‘philosophical side of Ethereum governance’ — check out EIP0’s twitter moments.

  • Sometimes it’s important to take a step back. See this slide deck on the ‘state of the Blockchain’ in Q1 2018 — in brief, “builders over speculators”.

  • BTC
  • bitcoin
  • Ethereum
  • FOMO
  • Vitalik Buterin
  • IOTA
  • dead cat bounce
  • Edcon
  • bitconnect
  • SEC
  • CFTC
  • ICO