The Raven’s Dispatch – The week in cryptocurrency – May 31, 2018

The Raven's Dispatch

Bryan

May 31, 2018

Never underestimate the power of a weekly green candle

Did you notice we have a new writer on the team? Matt Jackson begins contributing to Crypto is Coming with current events that he finds interesting. That’s right, we’re gonna feed you quality news. You’re welcome.

This past week had the cryptoverse on the edge of their seats. After three consecutive weeks of drops, bears roaring downtrend and just general pessimistic sentiment across the cryptocurrency world we finally got some decent news. A big fat weekly green candle halding the slide…for now.

One thing is for sure, lots of shorts got crushed with that turnaround, which always brings a smile to my BTC loving face. The top 5 in terms of marketcap remains unchanged, but all bouncing back after the BTC weekly reversal. The overall cryptocurrency market in the past week remained stable moving from $323bln to $330bln representing a 2% increase in the past seven days. Our first weekly close higher in three weeks. Break out the bubbly lads!

Look at the weekly graphs below and tell me Bitcoin is still not the king? Every altcoin followed Bitcoins move and rescued us from a dreary week. Of course crypto twitter was alight with “hurrraahs” and “bull trap!” claims but the main thing we care about are great Bogdanoff memes. Keep ’em coming, fam.

Livecoinwatch.com

Bitcoin:  BTC dipped  only 1.7% to $7,592 in the past week as of this post. The past three weeks of drops has everyone on edge and this is by no means a bottom, or trend reversal. But it’s a good signal from the bulls that this fight ain’t over (we got a Bullish engulfing daily candle yesterday). Keep your Vegeta memes in your closets, for now.

Ethereum: Aaaaaand we’ve got some breathing room for Ethereum (/phew). As with Bitcoin the weekly candle for ETH is now a lovely shade of green, but holding on by a thread (It’s a doji at the moment). ETH dropped 5.2% week to week to $576 as of this post, still holding the $500 level of support. #BTFD.

ICON (ICX): “The most powerful infrastructure for Decentralized Applications”. Take that Ethereum /slap. In short ICON is a protocol that aims to build a decentralized network of individual blockchains that can communicate and transact with one another through use of its ICX coin (mainnet launched and token swap in progress).

Protocols have great potential, as we have seen with ETH and NEO, and ICONs target is to create hyperconnectivity by connecting blockchains and other financial systems with each other. It’s a pretty ambitious project but it has big potential as the team has been hitting big milestones since the ICO, South Korea looks like it is lifting it’s ICO ban, their mainnet is launched, and they have a list of upcoming ICOs on the ICON platform (6 by my research).

Since being listed on Binance in December 2018 has seen all time highs of  of $13 resulting in a 1000% increase. Can you imagine the euphoria of the ICON ICO buyers? I hope they took profit because a few weeks after hitting ATHs price dropped 88% to $1.50. We are now hovering around $2.15 and with the good news rolling in we are confident ICX will perform well in 2018.

What’s new at Crypto is Coming

We are midway through 2018 and the Best of lists are starting to roll out. If you’ve ever been curious about GPU mining, using video cards to mine crypto, check out this post on What are the best GPUs for crypto mining?

Remember a time when sea shells, bones and beads were used as money? Neither do we, but before our paper/FIAT form of currency came into power many other object or metals were used as money. Now we have digital currency, so What makes money… “money”? And where Bitcoin fits in

With the deluge of Initial Coin Offerings (ICO) in 2017 many people made loads of money (Ian Balina), many people got scammed (Prodeum), and others kept ICOs at arms length. Now that the waters are settling and we see which ICO survive we explore What is an ICO (and how do I know when it’s a good one?!).

XAPO the company that stores bitcoin wallets in bunkers has recently added Segwit Support. Why is this important? Because  Xapo holds around 7% of all Bitcoin in its ultra secure vaults, which is a major step towards mass adoption of the Segwit protocol.

All markets are manipulated to some extent. But the crypto market, that’s another story. The most legendary market manipulator in Bitcoin is probably Spoofy, who used the spoofing technique to make a fortune. We take a look at the other techniques used to manipulate the crypto market in How Market Manipulation Works

The Winklevoss Twins. Or as we in the crytpo space affectionately call them, The Winvlevii. Why are the Winklevii so adored by the crypto community? Cause they are early adopters, believers, and #HODLers. Who are the Winklevoss Twins?

Bitcoin Could Define the Millennial Generation – Here’s How. Millennials are buying up bitcoin. What do they know that you don’t? With banks getting bailouts, making billions off our money, Millennials trust in the institution has been faltering since 2008. .

Cryptocurrency news from around the internet

EOS, the coin we highlighted last week, suffered a scare as an “Epic Vulnerability” was found in it’s code. Lot’s of people claiming FUD, as EOS seems to have already patched the issue, but it’s still newsworthy for people to freak.

We already know that the NASDAQ wants to get into the cryptocurrency market by offering an exchange platform at some point, but we also know which coins the NASDAQ is looking at. Which digital currencies have NASDAQ backing?

The South Korean government is planning to legalize ICOs again! Hurrray. Great news for ICON (ICX), and crypto in general.

The SEC is busy with our tax dollars shutting down fraudulent ICOs. Just a few days ago the SEC obtains emergency order halting fraudulent ICO Titanium Blockchain Infrastructure Services.

Wallstreet traders are jumping ship….to crypto. In waht seems like gag post Bloomberg is telling us that Millennials who made money trading digital assets in their spare time are breaking away from top firms. Can’t stop the crypto takeover.

Chinese President Xi Jinping calls blockchain a ‘breakthrough’ technology. Does that mean China is on it’s way back to crypto-freedom? Bring in the volume boys, the Chinese are back in business.

Everybody is getting on the ICO wagon. Monster Products Inc. is preparing for the biggest ICO ever. Ya that’s right, Monster, the people who make those incredible HDMI cables. What for you ask? To compete with Big Brother Amazon. How do you know if an ICO is worthy of your investment? Check out our guide.

So much ICO news! Boston College research shows that ICOs are incredibly underpriced, and that they offer HUGE returns. No duh.

Bitcoin could be extinct by 2118: Yale’s Robert Shiller. Smart people say silly things sometimes.

We hope you enjoyed this weeks The Raven’s Dispatch! Don’t forget to sign up for our newsletter so you can receive notifications via email that a new Dispatch was released! Also if you have any interesting news you would like to submit contact us at info@cryptoiscoming.com

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