Market report

And it feels so empty without ETH

London Block Exchange

7th August 2018

So the SEC won’t let me be, try to shut me down with BTC” — Eminerem

Market Report: 7th August 2018 — Subscribe here

CRYPTO NOTE

The daily view from our desk

Have you always wanted to physically morph into your snapchat filter? Now you can thanks to Dr. Gabriel. When morph into bull run sir? Additionally, you’ve heard of ‘rekt’ and ‘lambo’ by now. If you’re this British fellah, you’ve morphed into both. Well… with an additional £36K fine for lunacy.

AND IT FEELS SO EMPTY WITHOUT ETH

“So the SEC won’t let me be, try to shut me down with BTC” — Eminerem

Why is bitcoin’s price important? Jimmy Song, a vocal developer and advocate for the original cryptoasset, explains its role as a store of value in this new video and how price is a proxy for how well that role is being fulfilled in the grand scheme of things. In addition, as we regularly evoke, bitcoin acts as the major bellwether for the rest of the market.

So, why has everyone on CryptoTwitter been talking about alternative cryptoassets over the past couple of days? Alt season jokes aside, when alts lose their correlation to BTC, ether becomes a better harbinger for alts. It seems as ETH’s price has been able to find some strength over the past five days, Twitter traders are hopeful again.

YOU ALWAYS A CRYPTO QUEEN, MAMA

Top 100 alts declined 3.7% on average while bitcoin ‘just’ fell 2% — 2Pacoin

Note that if bitcoin fails its continuous testing of the £5.25k ($6.8k) support then capitulation could follow suit. Twitter traders represent a small and salty portion of the space thus, one should always wear an extra pair of lenses whilst analysing their thoughts, Additionally, even ether looks shaky if charted against fiat rather than against BTC.

Meanwhile, don’t try to chase a trade after this weekend’s big moves, as both bitcoin and ether are ranging. Consider Hsaka’s remarks that “more often than not, price will consolidate after big moves” and move slowly. Even if alts follow BTC on an upwards move — instead of moving inversely — we might not see a bull run for alts as easily.

WHAT TO LOOK OUT FOR

Filter the noise and stay ahead of the pack

▪ Diar’s latest issue reports “Initial Coin Offerings tumble to one-year low”. Teams are raising money in private sales and the absence of “mega raises” are the likely culprits.

▪ Argo is a UK-Canadian company which recently ventured into becoming the ‘Netflix of crypto mining’. It went public on the London Stock Exchange, raising £25 ($32) million.

▪ Goldman Sachs’ analysts argued last week that bitcoin won’t recover soon. Well, yesterday, a spokesman said the firm is “considering a custody offering for crypto funds”.

WHAT TO READ TODAY

An insight a day could give you more profits to play

▪ The Wall Street Journal put out some nice visualisations of the infamous pump and dump schemes that populate this space. If you can’t access the article, check their .gif.

CoinDesk put out a good overview of ‘smartdrops’ — the latest iteration of airdrops — following a recent paper on “How To Bootstrap Dapps and Protocols Without an ICO”.

Balázs Némethi, a crypto entrepreneur, shared his “Token Engineering Canvas & Agent Behaviour Map” together with some insights on the basics of ‘Token Engineering’.

FOUNDATIONAL TRIVIA

Because the building blocks of crypto needn’t be irrelevant

The London Stock Exchange will be known as the Antwerp Stock Exchange of the third millennia. That is, an extinct exchange of which the origins of the token economy can be traced back to. As long as more Block exchanges tokenise the world’s assets, that is!

  • blockchain
  • hsaka
  • Bitcoin
  • BTC
  • ethereum
  • SEC