THE WEEK IN CRYPTOCURRENCY
The uptrend, it be upon us
I don’t know about y’all but that looks like an uptrend on the Bitcoin daily chart. And with the news that Peter Thiels VC firm is making SERIOUS moves in Bitcoin and Goldman Sachs is opening a Bitcoin trading operation I think we can all agree that this trend change is the real deal. Get in now, or complain later. You’ve been warned. All those people on twitter telling you to #BTFD don’t seem so crazy now, do they?
Things got a little choppy in the past seven days but prices remain on the upswing confirming the uptrend (Livecoinwatch.com). The past weeks biggest winner was ETH with a 5% increase. Buying that sub $500 ETH over the past months never felt so damn good. Litecoin is dropping like a stone in terms of market cap, but let’s be real here people: EOS still has an open ICO and still has no mainnet. It’s all marketing. But lot’s of people are making out like bandits! Good on ya.
The overall cryptocurrency marketcap grew a healthy 12% in the past week bringing the overall cryptocurrency marketcap to $435bln. Back above 400bln people! And with CNBC and Bloomberg both posting doom and gloom artciles we think couldn’t better for a “in your face” rally. Come on crypto famili, let’s put the doubters in their place.
Bitcoin: We are finally seeing some sideways movement, or consolidation, in the past week. This is postitive news as strong and fast uptrends don’t usually have legs. That being said BTC grew 4% to $9217 in the past week and as of this post. Add to this the positive news coming from institutional investors and we all at Crypto is Coming agree: Bitcoin is back and on it’s way to new all time highs.
Ehtereum:Making some moves baby! Week to week ETH has shown another week of strong growth at 13% and settling at $719 as of this post. Not even the news of a potential hard fork could dampen the Ethereum bulls. In two weeks that is nearly a 36% gain for ETH. As the #HODL crowd like to chant: Let it ride!
Chainlink (LINK): We are gonna mix things up this week and focus on an Altcoin that is not in the top 10, 20, 50, etc. This will not be a coin that is mooning, but more so an interesting project we like and want to share. We will not go into detail (that’s what our “What Is” articles are for) but moreso to give you a glimpse into the medium to small cap altcoins out there. I hope you like this change of pace and leave us a comment with suggestions.
Chainlink aims to develop a fully decentralized Oracle network and connect Smart Contracts to Any/All External Systems & APIs. It’s quite a bold goal and one of the few projects out there trying to do this (Oraclize being another project). With a total market cap of $194bln LINK does not rank within the top 50 altcoins and currenctly has a price of $0.55 experiencing an 18% gain in the past seven days. Check out the Chainlink Subreddit which remains active with development updates.
What’s new at Crypto is Coming
Have you ever heard of Puertopia? No it’s not a country but it is based in the country of Puerto Rico and it labels itself a decentralized city, a crypto haven if you will. It’s a fascinating and somewhat troubling story about how a very interesting idea is showing signs of cult like activity.
Can Smart Contracts Ever Gain Mainstream Adoption? Conor takes a look at smart contracts and whether they are truly the game changer the industry thinks they are.
This week Julio gives us the run down on whether Bitcoin is Antifragile….WTF is antifragility? Simple: something that is resilient and can withstand damage. To get a better sense think of a Hydra, in Greek mythology, the serpent-like creature that dwells in the lake of Lerna, near Argos, and has numerous heads. Each time one is cut off, two grow back. So harm is what it likes. Hydra represents antifragility. It’s a fascinating piece, check it out!
Ever heard of Numerai, the Top Secret hedge fund that everyone knows about? Every now and again, you come across a project in cryptocurrency that makes you very keenly aware that you’re living in “The Future”. It’s a competition, it’s a hedge fund, it’s a top-secret, ultra-transparent, highly technical financial instrument that the analysts don’t need to have any finance skills to excel at.
Found a great piece from Coincentral that speaks to whether the earnings of crypto mining are subject to taxes. It’s a great piece that covers an important topic these days: How will taxes affect crypto earnings.
The Lightning Network is a pioneering project for Bitcoin that aims to fast-track the confirmations of transactions and, according to supporters, could bring Bitcoin back from the brink of commodity and allow it to retake its place as the number one cryptocurrency as well. Check out our guide What is the Lightning Network.
Do you know what Proof of Work (PoW) is? It’s a fundamental aspect of what makes Bitcoin great. At it’s core Proof of Work is a solution to the so-called Byzantine General’s Problem. The Byzantine General’s Problems describes the difficulty that distributed computing systems have in reaching a consensus when communications channels are unreliable. Click to read more and learn something new!
Cryptocurrency news from around the internet
Pantera CEO Says Bitcoin Is ‘Screaming Buy,’ Bets on Icon. More and more big money coming into crypto. Do you seriously need more convincing? ICON #HODLers are tap dancing in the streets right now. Panter has crypto holding of $1 billion so I would heed their advice.
Peter Thiel-Backed Venture to Help Big Investors Bet on Bitcoin. Why is this important? Only because Peter Thiel is one of the most respected, and forward thinking venture capitalist in the biz. He also has a net worth of $2.2 bln which means he genreally makes good bets. You would do well to keep an eye on what PT does.
Goldman Sachs to Open a Bitcoin Trading Operations. And they told you that Bitcoin was a scam…Whoever told you that already bought at a great entry and left you in the dust. Sucks, right? But not for the early adopters. Institutional investment is starting to trickle in. All aboard the gravy train!
Kraken and the New York Attorney General throw down! FIGHT! It looks like Kraken will not be bullied and is aggresively pushing back on requests for information from exchanges with an informal inquiry, or a subpoena-lite. Will this end well?
While Goldman Sachs is moving ahead with a BTC trading desk, Barclays is pushing back on the rumours they are following suit. Banks love to use the head fake before releasing big news. I think you can safely bet Barclays will join the crypto space…eventually.
Mining Bitcoin in China is becoming more and more fraught with the threat of government action. Authorities in China recently seized 600 Bitcoin mining machines over electricy theft. Is this the PRC continuing it’s lockdown on crypto?
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All the best,
The Crypto is Coming crew
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