February begins and the past week in crypto has been comparatively dull by the standards that we have become accustomed to, and for the most part caution and negativity still prevail. As mentioned last week, the end of February will be an interesting time for the space, although on a personal level we feel that (famous last words) the ETF sign-off will once again be deferred and kicked down the road.
The overall market and particularly Bitcoin is struggling to shake off the melee it has been in, and whilst the end of Trump’s shutdown signals a return in the US to business as usual for now, there is a certain amount of feeling that the backlog of federal work will now mean that crypto legislation and guidance will be moved further back in the queue. Perhaps, this is part of the reason that some crypto evangelists are remaining cautious in the short-term such as Mike Novogratz, Galaxy Digital CEO, who has said that he doesn’t expect much upward movement for the next few months.
With internet search terms for key crypto-related keywords significantly lower than they were two years ago and with Twitter reporting tweets about Bitcoin being at the same level as they were in 2014, (and lower than at any point in 2016)- something needs to be the catalyst to get things going again. Unfortunately, global uncertainty for a multitude of reasons is driving many to become more risk averse and so whatever that spark is- it needs to be significant!
BTC Price: $3,453
Last 7 Days: -0.77%
1 month: -9.84%
12 months: -61.4%
BTC Technicals
The last week saw a tight-trading range for BTC between $3,400 and $3,523. Overall sentiment, as mentioned above still appears to be bearish and the $3,000 support level muted last week remains in play with further support at $2,600. If we were to see a squeeze higher then resistance still stands at $4,000.
BTC Volume
28th January: $6,148,321,692 (BTC price of $3,475)
4th February: $5,140,428,005 (BTC price of $3,453)
16% decrease in trading volume in the last 7 days
ETH Price: $107.48
Last 7 Days: -0.28%
1month: -30.24%
12months: -88.31%
Ethereum Technicals
A very sideways week for Ethereum with a range between $103 and $110. In line with previous short term highs and moving averages, expect some resistance at $116 levels to the upside with the magical $100 level to the downside providing key support.
Past Week Talking Points
· Cameron and Tyler Winklevoss- founders of Gemini Crypto Exchange have just announced that they are the world’s first exchange to have passed a SOC 2 Type 1 Review as conducted by Deloitte. The review studied such elements as infrastructure, underlying customer database and its cryptocurrency storage systems.
· Fidelity, the large US investment firm has announced that it has been working with auditors to ensure regulatory compliance ahead of its proposed March launch of its Bitcoin custody offering. They also noted that they are in the final stages of their crypto trading and custody platform.
· “Many people don’t know this, but the initial mission of PayPal was to create a global currency that was independent of interference by these, you know, corrupt cartels of banks and governments that were debasing their currencies” – Luke Nosek Co-founder of PayPal.
· Twitter CEO Jack Dorsey still believes that Bitcoin will be the internet’s native currency- “[Bitcoin] was something that was born on the internet, that was developed on the internet, that was tested on the internet. It is of the internet”.
Last 7 Days Big Market Movers
Bitcoin B2G UP 1472% Price: $0.26
TRADove B2B Coin BBC UP 616% Price: $0.0012
MMO Coin MMO UP 181% Price: $0.003
Market Cap. Dominance
BTC: 53.3%
XRP: 10.93%
ETH: 9.91%
Other ALT-Coins: 25.86%
