Binance records “all green” for its top 100 coins signifying buying across the street. Ethereum ends a tough week with some mild greens. SEC pulls strings on ICO’s and airdrops as it fines Tomahawk Exploration LLC and its founder David Thompson Laurence. Michael Terpin of Bitangles slapped AT&T with a lawsuit. Square cash app opens buying and selling of Bitcoin in all US 50 states. Coinbase rebrands Toshi as Coinbase Wallet. Nano successfully Stress Test v15 of its Network while Bitcoin Superstore gives Nano a use case as it adds to its list of accepted cryptocurrencies.
The bloodbath on the street continued as the hangover of Bitcoin ETF deferment continued on the minds of traders and investors. It was only in the second half of the week when there was some respite and buying started as most coins hand entered the oversold category. And the buying was reported across coins as Binance reported that first ever All 100 coins on the exchange were in the green. Ethereum (ETH) had a tough week as the coin, after staying stagnant for some time now around USD 350, saw a vertiginous plummet taking it below USD 300, the first time since November 2017 marking a 60% wipeout in 2018. Sighting investor protection, in the latest crackdown on ICO’s the SEC upheld Tomahawk Exploration LLC and its founder David T. Laurance, who was fined $30,000 and a lifetime ban for allegedly using ‘fraudulent market techniques’ to push its fundraising. The ruling was also followed by an investor alert giving guidelines to investors how should they protect themselves from frauds. In another battle between cryptos and mainstream businesses. Michael Terpin, cryptocurrency investor and co-founder of the first angel investor group focused on Crypto BitAngels, issued telecom giant AT&T due to hacks that were enabled by AT&T’s SIM swap fraud. Terpin claims to have lost $24 million in cryptocurrencies to hackers and is also seeking $200 million in punitive damages. In some wallet based news, Square’s Cash app launched buying and selling of bitcoin in all 50 states of America bringing cryptocurrency to commons while Coinbase rebranded Toshi as Coinbase Wallet as part of a larger effort to invest in products that will define the future of the decentralized web and make that future accessible to anyone. In Altcoins this week Nano found some good news as its community successfully conducted the Stress Test for its Beta Network v15 recording high TPS which was followed by Nano’s addition to Bitcoin Superstore bring a use case to the coin.
Bitcoin yet again bounced back from the prominent USD 6000 support level as most of the week, the street was still sulking the news of bitcoin ETF deferment. The prices hit the high point of USD 6,617.35 and the lowest point of USD 5,971.05 during the week. Apart from the outliers of BitMEX and BitForex that had volumes of 30% and 22% respectively, the exchanges that were more active, in volumes, with BTC across various pairs this week were, Binance (3.20%), DOBI Trade (2.62%)and Coinbebe (1.73%).
As the prices slump for the NumeroUno coin a lot of voices started flowing out in favor and against. popular crypto analyst Will Woo said
“Another view on a long recovery. Worth bearing in mind ‘14-‘15 was detoxing from a MtGox collapse; traded 90% of world volume. Plus 1/8 of all BTC stolen plus Willybot pumping prices. Systemically, Bitcoin 2018 is much healthier than Bitcoin 2014.”
Glen Goodman also came with some similar notion as he said,
“Previous halvenings have shown the negligible impact on Bitcoin’s price. This is because — rather like a much-anticipated interest rate cut — everybody already knows it’s going to happen way in advance.”
If this week was really bad for someone it definitely had to be Ethereum which saw some sharp lows bring its price to the levels of November 2017. Ethereum price, on the top, this week were at USD 323.55 and were at lows of USD 254.65 being pretty much in this range. The markets that were more active, in volumes, with ETH across various pairs this week were DOBI Trade (7.75%), Huobi (3.17%) and Binance (3.11%) again BitForex being an outlier 35.76%
In the news that surrounded Ethereum, the price drop caught eyes of Ran NeuNer who quoted “ ETH just dipped to September 2017 levels. I’m not sure when the market will turn but I am sure we are on way oversold at the moment.” Even though there was price drop the coin had some fundamental news, again something that can change its course for the future as Vitalik gave out a new outline of the algorithm that requires control on more than 99% of nodes of the Blockchain to carry out an attack making Ethreum nearly attack proof.
XRP’s finally recorded some rally as after weeks the coin ended in positive territory. looks like all the hard work of the team is finally showing up. On the top, this week the prices of XRP were at USD 0.373619 and towards the bottom, it quoted USD 0.253983. The exchanges that were more active, in volumes, with XRP across various pairs this week were Huobi (9.91%), Binance (6.31%) and BitHumb(5.50) with Bitbank (22.99%) being an outlier
XRP had some great news this week as Ripple is reportedly targeting China to advance its blockchain-based payments system according to commentary from Jeremy Light, VP of European Union strategic accounts at Ripple, confirmed with CNBC on August 15, 2018. Also improving its use cases, Ripple is taking its xRapid to exchanges and has announced a list of 3 preferred crypto exchanges for its payment service which are Bitso, Bittrex, and Coins.ph.
The other movers and shakers
The Other coins that made to the top and bottom this week according to Coin Market Cap (accessed on Aug 19 at 10:15 pm IST) were
- WINCOIN – Showing a rise of 382.66%
- TaTaTu – Showing a rise of 255.26%
- PKG Token – Showing a rise of 234.44%
- Sapien – Showing a drop of 51.55%
- Namecoin– Showing a drop of 49.10%
- AC3 – Showing a drop of -47.81%
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.