This Week on Coin Street - 22nd October 2017 - Coin Street

Week ending October 22, 2017

Your weekly roundup of all things crypto brought to you by Coin Street

Neil’s Market Wrap

Another week, another all time high for Bitcoin.  Since my update last week Bitcoin has risen another $400 topping out at $6150 at the time of writing.  This is obviously great news for Bitcoin enthusiasts and holders, but it’s bad news for alt coins.  Almost across the board, alts are down, many of them bleeding badly as value continues to be stripped out and invested in Bitcoin.

I appreciate that investors are continuing to pile into Bitcoin in the hope of benefitting from the rogue fork Bitcoin Gold but it also seems like new money is entering the space. It’s likely to be, at least in part, institutional as traditional investors and funds are no longer able to ignore the potential of Bitcoin.  In its first week trading, the first accredited investor platform Ledger X reported over a million dollars in Bitcoin derivative trades. (Source)

It is worth noting however that although the total market cap is up by almost $30 billion in only a couple of weeks, we are still around $5 billion short of the all time market cap high, which was just before the Bcash fork in August. (Source)

Although at first glance the market for Bitcoin looks Bullish, I would argue that the overall sentiment is fairly Bearish.  Alts are in free fall and there looks to be more and more shorts building against Bitcoin in the margin sites.  A correction is due in my opinion, whether it turns out to be a short term pull back or a major trend reversal remains to be seen.

This Week’s Highlights

IBM backed a little known cryptocurrency.

The tech giant unveiled the results of a new partnership with Stellar, a blockchain startup who’s currency Lumens was used to conduct real world, cross border payments.  On releasing the news the price of Lumens shot up almost 200%  (Source)

Bernanke is big on blockchain.

The former chief of the Federal Reserve Ben Bernanke, who has had a lot to say on Bitcoin in the past. Told the Swell conference in Toronto this week that blockchain technology can be used to improve global payments and that Ripple was ‘promising’. (Source)

So is Jamie Dimon.

We know he’s not a fan of Bitcoin, but JP Morgan are part of the Ethereum alliance and now Jamie has announced that they are launching their own blockchain transfer system.  (Source)

Ripple and the Gates foundation team up.

In a bid to level the economic playing field for the estimated 2 billion without a bank account in the world.  Ripple and the Bill Gates foundation announced a new software platform Mojaloop to allow for simplifying peer to peer payments for the developing world. (Source)

Japan now account for over 60% of all Bitcoin transaction volume.

Presumably some of this volume is coming from China who recently forced exchanges to close.  Already big on Bitcoin, Japan are now streets ahead in not only adoption, but acceptance. (Source)

Bitfinex bans US customers.

Bitfinex one of the worlds biggest exchanges this week told US customers to liquidate  their accounts.  Perhaps they are looking to insulate themselves form the reaches of the SEC in the future but for sure there is now one less avenue for US residents to get into Bitcoin.(Source)

Australia continue their pro-regulation stance.

Already, cautiously, in favour of Bitcoin and market regulation.  Australian senate officials introduce a bill to formally regulate exchanges and introduce mandatory KYC.  (Source)

Tezos

The Tezos project was one of the first, and most anticipated ICOs in the history of crypto.  With mindblowing tech, an incredible team and an exciting roadmap it was no real surprise when they raised $232 million in Ethereum (now estimated to be worth $400 million).  However infighting between the fund and the team has not only put the project on hold, it looks like it could tie it up in a legal battle for months to come. (Source)

And finally the family who gave up everything for Bitcoin.

This widely reported tale of Didi Taihuttu from the Netherlands will put a smile on your face.  He has sold his house and all his families worldly possessions for Bitcoin.  His family now camp in a local campsite while they wait for the investment to appreciate.   Hopefully they won’t need to wait too long!  (Source)

 That’s a Wrap

That’s all for this week.  It’s a fast moving space.  They say one week in crypto is a year in the real world.  

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See you next week.

  • Neil
  • October 22, 2017
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