We present to you the report filed by the analysts of our private club for December 10–16, 2018.
Key market events in the period for December 10–16, 2018
1. A public organization based in Geneva announced the release of the first pan-African cryptocurrency AFRO, designed specifically to promote economic growth and social development of the entire African continent. The Commodity Futures Trading Commission (CFTC) is interested in Ethereum blockchain. CFTC has requested public comments to 25 questions about the brainchild of Vitalik Buterin.
2. Revolut has received a banking license from the European Central Bank. In August, Revolut announced the launch of debit cards that support cryptographic transactions and enable cashback for purchases in cryptocurrency. The number of users of cryptocurrency has increased twofold over the last year.
3. A member of the UK parliament from the Conservative Party Eddie Hughes suggested using Bitcoin to pay taxes and utilities.
4. Australia began issuing loans secured by cryptocurrency. Loans are provided by Helio company, which received a credit license from the Australian Securities and Investments Commission.
5. The Israeli tax service imposes sanctions on citizens who evade taxes on income received from cryptocurrencies. The service has already opened several hundred accounts to store concealed revenues of crypto-tax dodgers.
6. The global volume of Bitcoin purchases on LocalBitcoins has reached the figures of the late 2017. The biggest demand on cryptocurrency is observed in Venezuela, Argentina and Russia.
7. The $50,000 hedge fund option of BlockTower Capital for Bitcoin expires on December 28. The company has bet $1 million that the price of Bitcoin would reach $50,000 by the end of 2018.
8. 16 new members have joined the blockchain consortium Hyperledger, among them are the division of the Chinese trading company Alibaba, the banking association Citigroup and the telecommunications provider Deutsche Telekom.
9. Shares of the chip and video card manufacturer Nvidia have dropped in price by 48% since the beginning of October. On October 1, the company’s shares were worth $289 each, but by December 13, their price dropped to $148.
10. The Status project team developing the Ethereum browser will be reduced by 25%. The management was not ready for the bear market.
11. One of the largest payment services in the United Arab Emirates UAE Exchange partnered with Ripple to create a blockchain money transfer system in Asia. According to the CEO of UAE Exchange Promoth Manghat, he expects the system to be supported by “one or two banks in Asia” compatible with the RippleNet payment network.
12. Kraken is getting ready for the closed sale of shares worth $4 billion, with offers starting at from $100,000. They really think high of themselves.
13. The founder of the cypherpunk movement and the author of The Crypto Anarchist Manifesto Timothy C. May has died.
14. Since November 2018, the Bitcoin hashrate has dropped by 31% — this is equivalent to 1.3 million Antminer S9 unplugged from the network.
15. For the first time, the CoBloX team traded ERC20 tokens from the Ethereum minenet for satoshi in the Lightning Network (LN) through an atomic swap!
2. Market analytics from club experts for December 10–16, 2018
Despite the relative stability in the market, the BTC prices and total capitalization kept on falling during the week. The total capitalization of the crypto market since the beginning of the week dropped from $115 billion to $100 billion on Saturday, but then it climbed a little higher to $104 billion. Trading volumes were relatively stable the entire week, reaching $11–14 billion a day without any significant fluctuations. BTC domination reached 60% and stopped at 50% by the end of the week. The price for 1 BTC gradually dropped from $3,600 on Monday to $3,270, climbing back to $3,520 in the middle of the week. The situation on the crypto market is ambiguous. There are many updates on upcoming blockchain projects, modifications of existing ones, various development and adaptation news. But at the same time, prices actually do not react to the news. In the bottom of crypto oceans, large holders transfer millions for a ridiculous commission, gaining more and more BTC and other altcoins from the Top10, buying them from the weak players. However, ordinary investors are leaving the ranks of the holders, believing there is no hope for “fast” money anymore. The need to ponder at least a little on their investments scared more than a dozen of unfortunate investors who eventually sold all their savings. Unwillingness to delve into peculiarities of crypto investments will lead to even greater losses during the attempts to hop on a new wave, which is coming soon.
The «buy-and-hold» strategy is relevant again, as it was in 2017!
Changes in the cost and capitalization of the TOP-10 cryptocurrencies in the period for December 10–16, 2018
https://i.redd.it/qi6qh98zzu421.jpg
- TOP-3 growing coins from the long-term portfolio for December 10–16, 2018 (including portfolio updates)
The last week showed a good growth. Best performing coins are Waves +48.9%, Syscoin SYS +26.8%, Mysterium Myst +24.5%. There are also Edgeless +16%, Nav +12% and others. All this on a bear market — you still doubt the cryptocurrencies have a great future?
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