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Cryptocurrency rally resumes as Novogratz calls crypto market bottom

Dec 19, 2018

 

 
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Top 5 Cryptocurrencies sorted by 24 hour Volume

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Name Ticker Price 1H %Chg 24H %Chg 7D %Chg Market Cap Volume
Bitcoin BTC USD$3883.15 -0.25% 8.98% 11.34% USD$67,687,843,181 USD$6,956,587,282
Ethereum ETH USD$106.22 -1.1% 11.28% 16.57% USD$11,034,950,244 USD$2,618,944,761
EOS EOS USD$2.7 -1.88% 5.49% 37.09% USD$2,450,539,691 USD$1,430,742,441
XRP XRP USD$0.39 0.47% 14.95% 24.98% USD$15,698,572,117 USD$1,022,854,067
Litecoin LTC USD$30.9 -1.08% 6.05% 24.46% USD$1,842,731,719 USD$507,366,910

Top 5 Cryptocurrencies sorted by 24 hour Price Percent Change

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Name Ticker Price 1H %Chg 24H %Chg 7D %Chg Market Cap Volume
Bitcoin Cash BCH USD$123.12 -1.81% 36.2% 19.56% USD$2,156,862,930 USD$403,577,311
TRON TRX USD$0.02 -1.46% 17.01% 25.09% USD$1,122,114,628 USD$150,968,200
IOTA MIOTA USD$0.31 -1.13% 16.4% 31.69% USD$851,026,739 USD$22,083,217
Ethereum Classic ETC USD$4.62 1.81% 15.58% 18.44% USD$493,334,471 USD$145,828,179
XRP XRP USD$0.39 0.47% 14.95% 24.98% USD$15,698,572,117 USD$1,022,854,067

 

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Crypto Market Recap

  • Cryptocurrencies resumed their rally overnight as all but 2 of the top 100 cryptocurrencies are in the green and Bitcoin (BTC) is up 9.38% in the last 24 hours to USD$3,849.35. Bitcoin Cash (BCH) is leading the charge among major coins, up 32.27% to USD$116.88. Nearly all major coins are up double-digits in the last 24 hours, although Litecoin (LTC) lags behind, up just 6.82% to USD$30.83. Total cryptocurrency market capitalization has added USD$12.4bn in the last 24 hour and currently sits at USD$125.1bn.

Crypto Developments in Financial Services

  • A new research report published by Diar on Monday finds over-the-counter (OTC) Bitcoin (BTC) trading volume has spiked so far in December, potentially suggesting that institutional investors are accumulating. The report reaches this conclusion by analyzing monthly BTC trading volumes of Greyscale’s OTC-traded Bitcoin Investment Trust (GVTC) and monthly BTC trading volumes of Coinbase during OTC market hours. Diar’s report concludes by saying, “Are institutional investors keeping at bay or have they shifted towards higher liquidity over-the-counter physical Bitcoin markets? The answer is likely a little bit of both.” 
  • In an interview with Bloomberg published Tuesday afternoon, Galaxy Digital founder and ex-Goldman Sachs partner Mike Novogratz said that he does not expect the price of Bitcoin (BTC) to decline much further and that it will likely trade in between USD$3,000 and USD$6,000 in the foreseeable future. While appearing on Bloomberg Television, Novogratz discussed that, “We are entering a cool era for macro. Crypto is less exciting now versus macro. Macro got quite boring for many years, and crypto was really exciting.” Since Novogratz’s interview, BTC has rallied steadily and is up 9.38% in the last 24 hours to USD$3,849.35.  
  • Mike Kayamori, CEO of Japan-based cryptocurrency exchange platform Quinone, interviewed on Blomberg TV on Tuesday and predicted that the price of Bitcoin (BTC) will reach an all-time high by the end of 2019. Kayamori went on to cite a lack of catalysts to propel the market forward in discussing the current state of the cryptocurrency market. When asked about where he thought BTC would bottom, Kayamori responded, “I don’t know. No one does. However, when you look at historical patterns and where things are going, I think the bottom is near.” 
     

Crypto Regulatory Environment

  • Coincheck, the Japanese cryptocurrency exchange the was hacked for USD$532mm of NEM tokens last January, has been granted a cryptocurrency exchange operating license by Japan’s Financial Services Agency (FSA), according to news outlet Nikkei. While neither party has confirmed the license, Nikkei is reporting that an official announcement is set for the end of the year. Coincheck has responded to the report, saying, “It is not the exchange’s official announcement and we haven’t confirmed the fact yet.” 
  • United Kingdom tax collection service HM Revenue & Customs (HMRC) has published a policy paper titled, “Cryptoassets for Individuals,” that aims to provide tax advice for cryptocurrency investors. The policy paper highlights that investors can pay either Capital Gains Tax (CGT) or Income Tax (IT) for crypto investments depending on the type of transaction conducted. To introduce the policy paper, HMRC wrote, “The tax treatment of cryptoassets continues to develop due to the evolving nature of the underlying technology and the areas in which cryptoassets are used.”

General Crypto News

  • Willy Woo, a notable cryptocurrency analyst and coder, has laid out an algebraic equation for valuing the real value cryptocurrency assets. In an extended Twitter thread, Woo laid out the equation: M=PQ/Vu+I/Vi where M = fundamental value, P = price of the asset, Q = quantity of the asset, Vu = circulation of the utility, I = the value being moved in the network for store of value purposes, and Vi = circulation of investment (store of value).  

 

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*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio

Sources:

https://coinmarketcap.com/charts/ 
https://coin360.io/ 
https://bitcoinist.com/bitcoin-otc-trading-volume-accumulating/ 
https://bitcoinist.com/grayscale-quietly-buying-bitcoin-eth/ 
https://diar.co/volume-2-issue-49/ 
https://cointelegraph.com/news/galaxy-digitals-novogratz-does-not-expect-bitcoin-price-to-sink-much-more 
https://www.bloomberg.com/news/articles/2018-12-18/novogratz-predicts-bitcoin-declines-won-t-get-too-much-worse?srnd=cryptocurrencies 
https://bitcoinist.com/bitcoin-price-3-7k-novogratz/ 
https://cointelegraph.com/news/breaking-japans-fsa-approves-license-for-hacked-crypto-exchange-coincheck-nikkei-reports 
https://asia.nikkei.com/Spotlight/Bitcoin-evolution/Japan-s-Coincheck-to-be-licensed-by-end-of-year 
https://cointelegraph.com/news/japan-coincheck-exchange-freezes-all-withdrawals-as-up-to-723-mln-leaves-its-wallet 
https://jp.cointelegraph.com/ 
https://www.bloomberg.com/news/videos/2018-12-04/quoine-ceo-sees-cryptocurrencies-surpassing-all-time-high-by-end-of-next-year-video 
https://www.ccn.com/quinone-ceo-backs-bitcoin-to-reach-new-all-time-high-by-2019/ 
https://cointelegraph.com/news/united-kingdom-releases-tax-advice-for-cryptocurrency-investors 
https://www.gov.uk/government/publications/tax-on-cryptoassets/cryptoassets-for-individuals 
https://www.newsbtc.com/2018/12/19/how-to-value-crypto-assets-explains-willy-woo-in-new-theory/ 
https://twitter.com/woonomic/status/1074615000587587589 
https://www.newsbtc.com/2018/09/10/bobby-lee-bullish-on-native-crypto-like-bitcoin-not-ico-issued-utility-tokens/ 
https://www.newsbtc.com/2018/10/27/prominent-analyst-bitcoin-is-still-in-the-middle-of-a-bear-market/

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