Market report


London Block Exchange

15th May 2018

How will a bet about the future of blockchain tech fare over the next 5 years?

Consensus 2018 started, but not much splash came out of it yet. After all, what should one expect from a major cryptoasset conference, which doesn’t accept cryptocurrency payments for tickets? Additionally, what about those whose check-in process failed to capitalise on blockchain’s potential?

It was a good first day just not that exciting. We had rented lambos, rare talks, and rad announcements that led to some projects being hit by serious FOMO. So, what else besides cool cartoon drawings and sensational scenes — like Hilton’s security guards screaming at the crypto crowd or the staged ‘Bankers Against Bitcoin’ protest?

Well, the best and least consensual moment was when Jimmy Song, a popular Bitcoin developer and investor, struck a bet against Joseph Lubin, Ethereum and ConsenSys co-founder. Song believes no non-money “blockchain tech” project would have traction by 2023, and just asked on Twitter for objective measures to define the terms of the wager.


How will Consensus participants react to announcements over the next days?

Project-wise, Zcash’s ZEC, a privacy cryptoasset touted by Edward Snowden, appreciated over 20% after the Winklevoss brothers disclosed Gemini, the crypto exchange they lead, is listing ZEC on May 22nd — together with LTC and BCH. What’s key to understand is that Zcash, who some claim to have “0 privacy” was deemed compliant for Gemini, a NY-licensed exchange, so other reputable exchanges may consider listing it in the future too.

It’s positive to see the total crypto market cap is hanging at £300 ($405) billion, having recovered over 10% since Saturday’s low. Nonetheless, there are both bullish and bearish news that can trigger further volatility. On the bright side, UPbit — the Korean exchange which caused last weekend’s dip — confirmed its users’ funds weren’t manipulated. However, regarding last week’s Ethereum FUD, the Wall Street Journal just reaffirmed there is a “high-level SEC and CFTC working group” considering whether or not ether is a security. If it’s deemed so, consensus is its price would plunge. Conversely, it may have the opposite effect should it not be deemed a security. Keep your eyes peeled.

Lastly, consider technicals continue bearish for the major cryptoassets. Peter Brandt, a popular analyst, noted it’s the third time since October 2017 that a key indicator “is on the verge of turning down” for BTC. DonAlt, a famous CryptoTweeter, also detailed some signs of weakness for ether, who had been “leading the charge on this mini-season” for alts. Meanwhile, check these simple tips on how to best trade this sideway range!


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