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Cryptocurrencies are mixed as Fundstrat warns investors of lower lows

Feb 07, 2019

 

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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$3401.42 -0.22% -0.2% -1.75% USD$59,610,684,573 USD$5,061,581,347
Ethereum ETH USD$104.61 -0.05% 0.3% -2.35% USD$10,959,458,147 USD$2,342,643,527
Litecoin LTC USD$33.19 0.04% 0.92% 5.05% USD$2,003,750,066 USD$662,619,654
EOS EOS USD$2.35 -0.09% 0.36% 1.19% USD$2,129,540,189 USD$475,079,755
XRP XRP USD$0.29 -0.07% 0.26% -5.59% USD$12,053,210,096 USD$383,400,002

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
NEM XEM USD$0.04 1.02% 10.34% -8.56% USD$342,446,188 USD$17,884,138
IOTA MIOTA USD$0.25 -0.49% 3.91% -1.96% USD$702,835,339 USD$12,163,571
Ethereum Classic ETC USD$3.85 -0.24% 2.8% -2.43% USD$416,665,148 USD$151,522,090
Monero XMR USD$43.57 0.21% 1.93% -0.12% USD$730,934,427 USD$46,346,217
Qtum QTUM USD$1.76 -0.71% 1.89% -4.68% USD$157,148,927 USD$158,997,852

 

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Crypto Market Recap

  • Cryptocurrencies turned from broadly positive this morning to mixed in afternoon trading as the price of Bitcoin (BTC) is down 0.13% in the last 24 hours to USD$3,403.88. Currently, 6 of the top 10 cryptocurrencies by market capitalization are in the green while 4 are in the red -- Stellar (XLM) leads top 10 coins in gains today, up 1.13% in the last 24 hours to USD$0.074734. Bitcoin Cash (BCH), meanwhile, has fallen the most among top 10 cryptocurrencies, down 0.70% in the last 24 hours to USD$115.54.

Crypto Developments in Financial Services

  • Fundstrat Global Advisors warned its clients that cryptocurrency prices could hit lower lows and continue their extended bear market in an email quoted by Bloomberg. Fundstrat strategist Robert Sluymer believes that, based on the current performance of Bitcoin (BTC) and altcoins, prices could fall further. Sluymer wrote in the email, “The price structure for most cryptocurrencies remains weak and appears vulnerable to a pending breakdown to lower lows.”  
  • SIX, Switzerland’s largest stock exchange, announced plans to launch SIX Digital Exchange, a prospective blockchain platform designed to increase the speed of trading. According to a report by Reuters, SIX Digital Exchange will initially operate alongside the pre-existing SIX platform. SIX intends to roll out SIX Digital Exchange later in 2019 with CEO Romeo Lacher telling Reuter that the exchange’s supervisory board will, “probably,” make a final decision late in the Summer of 2019.  
  • AdvisorShares, a US investment management company, and Sabretooth Advisors, a US investment advisory company, are partnering to launch an exchange-traded fund (ETF) that tracks tech companies involved in blockchain and cloud computing. According to a report published by MarketWatch, the new AdvisorShares Sabretooth ETF (BKCH) will come to market Thursday, February 7th.

Crypto Regulatory Environment

  • South Korea’s central bank, the Bank of Korea, warned that issuing central bank digital currencies (CBDCs) could squeeze domestic banks. According to a report by news outlet Yonhap News Agency, the warning from the Bank of Korea comes after the central bank conducted a 6-month long consultation process surrounding CBDCs. Last week, the Bank of Korea also announced it had no plans to introduce a CBDC. In the report by Yonhap news, the author writes, “Demand deposits are one of the biggest sources of loans by banks. When people pull out their money, banks raise rates, or lower the reserve ratio, to secure more funds.”

General Crypto News

  • Ripple, the company behind the second-largest cryptocurrency by market capitalization, announced an expansion of its global University Blockchain Research Initiative (UBRI) to 11 new universities in the United States, China, Singapore, and Brazil. According to an official press release published on Thursday, Ripple will expand its UBRI to major US universities Carnegie Mellon, Cornell, and Duke. Additionally, Ripple will partner with the University of California, Berkeley to host a blockchain and fintech industry Spring speaker series at the university’s Haas School of Business.  
  • BitTorrent, a peer-to-peer torrent client who recently launched its native BitTorrent Token (BTT), announced new support for its token on CoinPayments’ cryptocurrency payments gateway. The new partnership is the first of what many expect to be a series of moves to tokenize the BitTorrent content sharing ecosystem. BitTorrent launched its BTT token last week, roughly 6 months after being acquired by decentralized Internet startup TRON, whose native cryptocurrency TRON (TRX) is the 8th largest cryptocurrency by market capitalization.

 

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

Sources:

https://coin360.io/  
https://coinmarketcap.com/  
https://cointelegraph.com/news/bitcoin-altcoins-are-vulnerable-to-new-lows-fundstrat-warns-clients 
https://cointelegraph.com/news/ripple-expands-blockchain-university-initiative-with-partners-in-us-china-singapore 
https://cointelegraph.com/news/state-issued-digital-currencies-can-squeeze-banks-says-south-korea-central-bank 
https://cointelegraph.com/news/two-investment-firms-launch-etf-tracking-cloud-computing-and-blockchain-companies 
https://en.yna.co.kr/view/AEN20190207003800320?section=search
https://www.bloomberg.com/tosv2.html?vid=&uuid=70d4a8b0-2aab-11e9-8144-6934d85ff7a6&url=L25ld3MvYXJ0aWNsZXMvMjAxOS0wMi0wNy9jcnlwdG8tdW5pdmVyc2UtbWF5LWJlLWluLWZvci1uZXctcm91bmQtb2YtcGFpbi1mdW5kc3RyYXQtc2F5cw== 
https://www.businesswire.com/news/home/20190207005206/en/Ripple-Announces-New-University-Blockchain-Research-Initiative 
https://www.coindesk.com/korean-central-bank-study-issuing-digital-currency-poses-financial-risk 
https://www.coindesk.com/ripple-teams-with-10-new-universities-for-blockchain-research-initiative 
https://www.coindesk.com/swiss-stock-exchange-six-plans-blockchain-platform-in-h2 
https://www.marketwatch.com/press-release/advisorshares-launches-new-active-etf-focused-on-cloud-digital-ledger-and-blockchain-technologies-2019-02-06 
https://www.reuters.com/article/us-six-blockchain/swiss-exchange-six-to-launch-blockchain-bourse-in-second-half-idUSKCN1PV2D2

 

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