- Crypto Recap Feb 14: Structural Bullish Breakouts, Volumes Soaring Again
It’s was a much rosier picture in the crypto space on Feb 14th, as a fresh injection of capital entered the market, taking the total market value into new marginal highs for February. The volumes coming through the books of the major exchanges also saw a major pick-up, with Binance, Bittrex, Bithumb and Bitfinex all up by more than 50% in the last 24h. Huobi and OKEX were up 30 and 15% respectively, while GDAX saw volumes skyrocket by 200%, with Litecoin the main catalyst on the rise of transactions.
The close of Bitcoin and Ethereum at daily highs above key levels of resistance at $9k and $900 is likely to cement a greater degree of confidence amongst investors, and as a result, the prospects for further gains look promising. Moreover, the USDT/USD peg remains anchored at 1:1, which supports the notion of a constructive environment for risk sentiment. On top of that, we have seen a notable increase in Bitcoin and related blockchain terms in google searches and NVT.
As per the top gainers/losers, Litecoin deserves a special mention after rising over 35%, with the volume/cap ratio up by more than 20%, due to the buy-side action via GDAX. RChain/Polymath mimicked Litecoin’s performance with a 30% increase. The majority of top crypto saw gains to the tune of 10% on average, with Monero, Vechain, and Omisego taking it one step further by printing percentage gains of near 20%. So was Dragonchain, up by 25%. Nano remains depressed, down 3%.
As a catalyst for the pick up in volumes, we saw industry leaders continue to voice optimism for blockchain in a US House of Rep. Hearing. The U.S. House of Representatives congressional subcommittee on Oversight and Research and Technology, led by Ralph Abraham, Chairman of Science, Space, and Technology, keeps working to better comprehend the real-life applications of the blockchain technology and how it can be utilized to help businesses operate more efficiently.
* Headlines below are listed in chronological order, as seen in CoinLive News
Top Headlines Industry / Regulations
- US Undersecretary of TFI Takes a Firm Stance on Virtual Currency: In a press release, the TFI announced a strict stance on virtual currencies.
- Hackers Exploit Vulnerability in Telegram for Monero and ZCash: Ilya Khrennikov of Bloomberg writes: “Kaspersky said on its website that users were tricked into downloading malicious software onto their computers…”
- CSE Plans to Launch Blockchain-Based Clearing and Settlement Platform: The Canadian Securities Exchange (CSE) is planning to launch a blockchain-based clearing and settlement platform for token sales, reports Coindesk.
- Brave Starts Blocking Salon Crypto Mining Malware: The crypto community has been on a warpath following news that Salon is using the processing power of their users to mine Monero. Brave has started blocking “Salon mining malware.”
- Talent Flocking from Wall Street to Crypto: Anthony Pompliano, Managing Partner at Full Tilt Capital, tweeted out that, “Crypto is stealing from the talent pools of Wall Street institutions…”
- Berkeley City Council Member: “[We] Must Have a Coin”: As Donald Trump plans to cut off the funding for “sanctuary cities”, the Berkeley City Council is considering launching an ICO.
- Dubai’s Regal Assets Now Offers Cold Storage Vault for Cryptocurrencies: In a recently published press release, Regal RA DMCC, announced that they launched a “deep cold storage” solution for cryptocurrency investors and traders.
- HOT! ECB’s Draghi: It’s not ECB’s Responsibility to Regulate Cryptos: As part of the ECB’s #AskDraghi video series, the president of the European Central Bank, responded to a question whether or not bitcoin is a good asset to invest.
- HOT! Moody’s Assesses Impact of BTC Price Volatility on CME and Cboe Rating: Moody’s Investors Service published a report in which it assessed the potential impact of BTC’s price volatility on the ratings of these companies.
- Japanese Crypto Investors to Pay up to 55% in Income Tax: With the tax filing due between Feb 16 and March 15, Japanese investors could be obligated to pay up to 55% of their income according to the new taxing framework.
- HOT! Industry Leaders Voice Enthusiasm for Blockchain in US House of Rep. Hearing: The U.S. House of Representatives welcomed industry leaders to today’s joint hearing ‘Beyond Bitcoin: Emerging Applications for Blockchain Technology.’
Top Headlines Crypto-Asset Fundamentals
- EOS Telegram Summary: EOSFinex Live: EOS-Go released a summary of all events in the EOS space. They mentioned the following topics:
- Western Union Tests Transactions with Ripple: Western Union is finally delving into blockchain technology after it announced that it is testing transactions with Ripple.
- Latest Hardware Tech Updates in the VeChain Ecosystem: VeChain announced its latest hardware developments in their ecosystem in a demo video presentation.
- Tron Livestream Overview for Non Technical People: Tron released an overview of their technical live stream yesterday for non-technical people.
- ZClassic Addresses Cryptopia Issue: Cryptopia is having some issues with ZCL connectivity. Apparently, users on Cryptopia who hold ZCL have been able to withdraw or deposit ZCL from the exchange.
- Binance Is About to Add NEM: It looks like NEM is about to get a huge positive boost. During his interview with The Crypto Lark, Binance CEO Changpeng Zhap stated that NEM is going to be added to the exchange.
- HOT! LitePay Officially Launches on 26th February: LitePay is officially launching on 26th February.
- HOT! Lightning Network Analysis: Adoption Steadily Increasing: We can safely conclude from the graphs studied that lightning network adoption has steadily increased over the week.
- BTC’s Relatively Better Performance vs. BCH Yields Higher Rewards for Miners: The BTC’s relatively better performance is now making it more profitable for miners to mine it instead of BCH, the other chain that uses the same reward system.
- Bluzelle Announces New Collaborations: Bluzelle recently published a list of new partnerships on the project’s Medium channel. Below are Bluzelle’s partners as seen in the official statement:
- THEKEY Signs Key Cooperation Agreement: THEKEY announced that they have signed a Cooperation Agreement with China Social Insurance Association (henceforth referred to as CSIA), China Unicom and Tsinghua Unigroup.
- Closer Look at Bitcoin in South Korea: CNBC decided to check out the level of cryptocurrency adoption in South Korea.
- Po.et Gets Ex Washington Post VP as CEO: Po.et announced that the former VP of innovation and commercial strategy at the Washington Post, Jarrod Dicker will be their new CEO.
- Marty’s Bent Talks About UTXO Consolidation: The Marty’s Bent newsletter brought up an interesting point on the decreasing UTXO set size. Since the Bitcoin fees have dropped, it has allowed people to consolidate their UTXO sets.
- Q&A with Waves’ Sasha Ivanov: In a live Q&A session earlier today, Sasha Ivanov, Founder & CEO at Waves Platform, responded to questions from the community and shared the latest developments.
- HOT! Block.one’s Tama Churchouse Shares Insights from Satoshi Roundtable: In an interviewwith Simon Black, Tama Churchouse, Block.one partner, shared some insights from the exclusive Satoshi Roundtable.
- Bitcoin’s NVT Ratio Points to Possible Bullish Breakout: The NVT ratio, which is the equivalent of price-earnings ratio (PE Ratio) used in equity markets, is pointing to a possible bullish breakout following a consolidation phase.
Main Gainers / Losers Top 100 Coins
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- Date of publication:
- Wed, 02/14/2018 - 17:51
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