Most important stuff we’ve seen previous week in crypto world with personal thoughts
Whole week major drivers
Last week news flow had turned less negative and as we wrote in the previous letter most of the tax selling season had already finished. We also wrote:
Looks like this is the current main resistance and we should see higher levels next weeks See previous: “Weekly letter 2–9th April”
And since Thursday 12th April we could observe gains in the whole market.
There is a trend of moving operations by companies and exchanges to countries which are more crypto friendly. We could see announcements from Binance and now from OKEx about that. There are also other smaller companies and projects which are considering such moves. This can intensify especially for firms based in countries which can’t guarantee stable tax and regulation systems for the crypto environment.
Golem (GNT) project announced that after almost 18 months of development they have finished the first version of their project. That was one of the first ICO projects on Ethereum network. This follows also few other projects which are starting to deliver their promises and launching their projects. Such projects must gain user traction and become popular amongst users because without succeeding in mass adoption the economy of tokens is broken.
And without ICO’s projects succeeding “blockchain economy” will not succeed
Price action
Almost all coins rallied and did well last week. After Bitcoin defended main resistance at about 6600 USD it bounced back to 8120 USD.We could see even 50% weekly gains for OmiseGo, Cardano, and IOTA. This can be a sign that other alt coins can perform also better in upcoming weeks than TOP 5 coins.
Weekly crypto performance —9–16th April 2018 (by coin360.io)
The interesting factor of a rise in market capitalization to 326 billion dollars is the rising volume. That gives a hope that main support at about 257 billion dollars was held.
Weekly crypto market capitalization — 9–16th April 2018 (by coinmarketcap.com)
Major crypto events in week 9–16th April 2018
Bittrex reopened new signupsBittrex (U.S) announced the resumption of new user registrations and the launch of its enhanced website. In addition, Bittrex is now supporting corporate accounts and accepting new corporate applications.In December, Bittrex temporarily paused signups for new users to preserve the experience, stability, and security of the platform. Bittrex also made enhancements to the company’s website and the trading platform, including performance, usability and security improvements to its API.
European countries join Blockchain Partnership22 European countries have signed a Declaration on the establishment of a European Blockchain Partnership. The Partnership will be a vehicle for cooperation amongst EU Member States to exchange experience and expertise in technical and regulatory fields and prepare for the launch of EU-wide blockchain applications.
Germany’s second-largest stock exchange launches new exchange appGermans will receive a new cryptocurrency exchange. Sowa Labs a subsidiary of German second-largest traditional stock exchange Boerse Stuttgart working on a cryptocurrency trade app. The platform called Bizon will be available in autumn. Director at Sowa Labs Ulli Spankowski stated: “It is the first crypto app in the world to have a traditional stock exchange behind it.” In the beginning, the exchange will offer a trades on BTC, ETH, LTC, and XRP.
Japan is working on the legalization and regulation of ICOOn April Japan’s Business Research Group drafted a proposal requesting that the government regulate ICOs in a way that would protect investors interests and encourage the growth of the nascent blockchain industry. In next few weeks, Japan’s Financial Services Agency will analyze the proportion of new act. Probably in 2018 Japan will become one of the first global business centers based on ICO.
OKEx is next cryptocurrency exchange opening operations in MaltaChris Lee CEO of OKEx said “We look forward to working with the Malta government as it is forward thinking and shares many of our same values, the most important of which are protection of traders and the general public, compliance with Anti Money Laundering and Know Your Customer standards, and recognition of the innovation and importance of continued development in the Blockchain ecosystem.”It’s another exchange following Binance which is considering Malta as a new destination for its operations.
Thank you for reading the whole story!
Our next “What changed in crypto” letter is due on April 23rd, 2018