The week of 11 June to 17 June 2018 has been a soft week for major cryptocurrencies and tokens. The sentiment has been negative but a few midweek news did give a positive push to a lot of cryptocurrencies.
Bitcoin the bellwether has seen a drop from highs of USD 6900 to lows of USD 6400 during this week recording a knockdown of close to 10% on the back of a news that Bitcoin price were manipulated to its peak. A lot of analyst and voices that understand cryptos call it nearing a support zone. There is a belief that the prices could slide further. If this weakness continues, there is a chance that bitcoin may slip to a bear market narrowing the chances of short-term peaks anytime soon. The exchanges that recorded the most volumes on bitcoin are Binance (4.22%), OKEx (3.21%) and Bitfinex (2.67%)
Some key voices that spoke in favor of Bitcoin long-term targets were ICO expert Phillip Nunn making a prediction that bitcoin would reach USD 60000 while Tim Draper suggested that Bitcoin will climb to $250,000.00 by 2022.
With respect to other news President of Xapo said that Bitcoin Will Become The Global Reserve Asset. Walmart won the patent for electrical grid to be powered by BTC and other digital currencies
Ethereum the second largest coin, did see a midweek boost as US SEC gave out a statement that Ether would not be considered as a security. But that was still not enough to keep the coin from offloading close to 11.38% price dropping from highs USD 536 at the beginning of the week to lows 467 during the week. The exchanges that saw the largest volumes were OKEx (4.86%), Binance (4.85%) and Bitfinex (4.12%)
CNBC’s Fast Money’s Brian Kelly said this week that Ether was a better investment than Bitcoin while Chris Concannon, President of CBOE Global Markets Inc., expressed his delight that SEC clearance of Ether could increase the chances of regulators signing off on Ethereum futures.
Ripple, the third largest kid, was seen heading towards its April lows seeing a drop of 14.21% from the highs of USD 0.604066 to lows of 0.517036 during the week. The exchanges that saw the largest volumes were Bitbank (16.99%), HitBtc (10.64%) and Binance (9.19%).
Brad Garlinghouse, CEO of Ripple, at the Yahoo Finance all markets summit said that Ripple was the first payments company, whereas the news that gave ether a clean chit by SEC hinted that Ripple may be regulated due to its centralization by Ripple Inc. On the Indian shores, Ripple’s infrastructure innovation head Dilip Rao was quoted in a Times of India report that the company is betting on Basel norms and the RBI’s own panel report on digital currencies for a new framework that could lead to rescinding the ban.
The Other movers and shakers
The Other coins that made to the top and bottom this week according to Coin Market Cap (accessed on June 17 at 6 pm IST) were
- Super Bitcoin- Showing a rise of 253.40%
- Pundi X- Showing a rise of 96.92%
- Docademic- Showing a rise of 64.82%
- Hurify- Showing a drop of 60.77%
- Wayki Chain – Showing a drop of 48.96%
- Vericoin- Showing a drop of 46.66%
What do you think would be the sentiment of the crypto markets next week? Do let us know your views on the same.
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Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.