CRYPTONAIRE
WEEKLY CRYPTO investment journal
CONTENTS
WEEKLY CRYPTOCURRENCY MARKET ANALYSIS...............................................................................................................5 TOP 10 COINS........................................................................................................................................................................................6 Top 10 Coins by Total Market Capitalisation ...................................................................................................................6 Top 10 Coins by Percentage Gain (Past 7 Days) ...........................................................................................................6 Top 10 Coins added to Exchanges with the Highest Market Capitalisation (Past 30 Days) ..........................7 CRYPTO TRADE OPPORTUNITIES...............................................................................................................................................9 ADVERTISE WITH US........................................................................................................................................................................14 ADVANCEMENTS IN THE CRYPTOCURRENCY WORLD ..................................................................................................15 Japanese Exchange Holdings of Bitcoin Surged During the Pandemic..................................................................15 Fidelity International Doubles Stake in Bitcoin Mining Firm Hut 8 .............................................................................16 Bitcoin Mining Difficulty Hits Record High of 17.3 Trillion................................................................................................17 Crypto-friendly trading app Robinhood is now worth $8.6 billion..............................................................................19 Telefónica, Deutsche Telekom and Vodafone Use Blockchain for Roaming Settlement.................................20 40 Ethereum Addresses Blacklisted, Holding Millions of Dollars Worth of Tether’s USDT...............................21 Brian Armstrong Explains Why Coinbase Is Selling Crypto Analytics Software to US Government ............23 Bank of England Considering a Central Bank Digital Currency ................................................................................24 Banco Santander Adds 19 Regions to Ripple Partnered International Payments App, One Pay FX............25 Crypto Giant Grayscale Boosts Bitcoin and Ethereum Exposure At Expense of XRP, BCH and ..................27 BLOCKCHAIN TECHNOLOGY HELPING GENERATE ROI FOR HOME SOLAR PANEL ENERGY PRODUCTION........28
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Editor’s Letter
The traders flock to the asset class which is backed by momentum. Currently, Nasdaq is at all-time highs and gold is close to hitting a new high. Therefore, money has been flowing into technology stocks that have sent their valuations spiking. Tesla has rallied over 300% in this year alone and its market capitalization is more than the total market capitalization of the crypto universe, which shows how money is chasing momentum. Rich Dad Poor Dad author Robert Kiyosaki said in a radio show that investments in gold and real estate would take a back seat to cryptocurrencies in the future. However, Bitcoin bull Michael Novogratz said that he owns more gold than Bitcoin. Though he expects Bitcoin to outperform gold, he believes that gold is a safer option due to the high volatility in Bitcoin.
OUR BLOG ARTICLES FOR THIS SPECIAL ISSUE IS BLOCKCHAIN TECHNOLOGY HELPING GENERATE ROI FOR HOME SOLAR PANEL ENERGY PRODUCTION The volatility in Bitcoin continues to drop, which has resulted in very small intraday ranges. This suggests that both the bulls and the bears are sitting on the sidelines, waiting for a trending move to start. While a breakout of the $8,100-$10,079 range will confirm a new directional trend, the start is likely to be signalled well before that. Usually, after a volatility squeeze, as seen in the biggest cryptocurrency currently, the price expands either to the upside or downside with force on large volumes. Such a move will be the first sign that a new trend is about to start. It is difficult to predict the direction of the breakout because the chart is projecting a balance between supply and demand as both moving averages are flat and the RSI is close to the midpoint. A point to note is that, sometimes, the first breakout from a tight range turns out to be a fake-out. The breakout happens but then it quickly reverses direction and starts running in the opposite direction. Therefore, traders should wait for the breakout to sustain and then buy. Another thing is that the breakout might not give deep pullbacks. Therefore, the purchases might have to be done while the price is on the move. If the breakout happens to the upside, chances are that the bulls will push the price above the $10,000-$10,500 resistance zone. Therefore, traders should be ready to buy if a large range breakout bar from the current levels on volumes sustains. Lastly please check out the advancement’s happening in the crypto currency world.
Chief Editor
Enjoy the issue!
Cryptonaire Weekly | July 14th 2020
Karnav Shah
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CRYPTONAIRE WEEKLY After mentoring thousands of crypto traders around the globe, we have culminated all of the consistent and ongoing requirements of crypto-traders into one place. Our Cryptonaire Weekly magazine includes expert technical analysis, providing trading opportunities to our subscribers as well as fundamental analysis so our readers can keep up to speed with the current developments in the crypto markets. Not only do we provide the information necessary to trade active cryptocurrencies on the exchanges, but we also take a look at ICOs to help you find those golden projects with real value! No longer will you have to rely on multiple sources to keep on top of the markets, we deliver everything directly to your inbox each and every week.
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WEEKLY CRYPTOCURRENCY MARKET ANALYSIS Hello, crypto traders welcome to this week’s 139th edition of Cryptonaire Weekly. The overall Cryptocurrency Market Cap stands at $271 Billion. We have seen a $2 Billion increased in the Market Cap since last week. Bitcoin price is currently around $9195 from $9300 last week and has decreased by 1.13% and Ether price is now at $239 from $240 last week and has decreased by 0.42%. The current market cap for bitcoin is $170 Billion, and for Altcoins, the current market cap is $101 Billion. The traders flock to the asset class which is backed by momentum. Currently, Nasdaq is at all-time highs and gold
Percentage of Total Market Capitalization (Dominance)
is close to hitting a new high. Therefore, money has been flowing into technology stocks that have sent their valuations
Bitcoin
62.60%
Ethereum
9.85%
Tether
3.39%
XRP
3.22%
Bitcoin Cash
1.56%
Bitcoin SV
1.23%
Cardano
1.19%
Binance Coin
1.04%
Litecoin
1.04%
Crypto.com Coin
0.95%
Others
13.93%
spiking. Tesla has rallied over 300% in this year alone and its market capitalization is more than the total market capitalization of the crypto universe, which shows how money is chasing momentum. However, while Bitcoin has been trading in a range, the altcoins have been flying. At its intraday high on July 13, Chainlink had risen over 350% in this year alone. Veteran trader Peter Brandt recently said that the altseason has arrived and “most alts should gain on Bitcoin in near future.” Rich Dad Poor Dad author Robert Kiyosaki said in a radio show that investments in gold and real estate would take a back seat to cryptocurrencies in the future. However, Bitcoin bull Michael Novogratz said that he owns more gold than Bitcoin. Though he expects Bitcoin to outperform gold, he believes that gold is a safer option due to the high volatility in Bitcoin. Cryptocurrency exchange Coinbase Inc is exploring options of listing on the stock markets. If that happens, it will increase the visibility of cryptocurrencies to the traditional investors, which could attract further investment into the sector.
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TOP 10 COINS Top 10 Coins by Total Market Capitalisation
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Top 10 Coins by Percentage Gain (Past 7 Days)
Top 10 Coins added to Exchanges with the Highest Market Capitalisation (Past 30 Days)
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CRYPTO TRADE OPPORTUNITIES BITCOIN - BTC/USD
The volatility in Bitcoin continues to drop, which has resulted in very small intraday ranges. This suggests that both the bulls and the bears are sitting on the sidelines, waiting for a trending move to start. While a breakout of the $8,100-$10,079 range will confirm a new directional trend, the start is likely to be signalled well before that. Usually, after a volatility squeeze, as seen in the biggest cryptocurrency currently, the price expands either to the upside or downside with force on large volumes. Such a move will be the first sign that a new trend is about to start. It is difficult to predict the direction of the breakout because the chart is projecting a balance between supply and demand as both moving averages are flat and the RSI is close to the midpoint. A point to note is that, sometimes, the first breakout from a tight range turns out to be a fake-out. The breakout happens but then it quickly reverses direction and starts running in the opposite direction. Therefore, traders should wait for the breakout to sustain and then buy. Another thing is that the breakout might not give deep pullbacks. Therefore, the purchases might have to be done while the price is on the move. If the breakout happens to the upside, chances are that the bulls will push the price above the $10,000$10,500 resistance zone. Therefore, traders should be ready to buy if a large range breakout bar from the current levels on volumes sustains. Cryptonaire Weekly | July 14th 2020
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ETHEREUM - ETH/USD
Ether has held above the moving averages for the past few days, which is a positive sign. However, the failure to bounce off this support signals a lack of urgency among the bulls to buy at these levels. If the bears sink the price below the moving averages, the ETH to USD pair can drop to the support of the $217.52-$251.46 range. A bounce off the support could be a buying opportunity. Conversely, if the pair bounces off the moving averages and climbs above the range, it will signal the resumption of the uptrend. Above $251.46, the rally can extend to the $280-$290 resistance zone. When the price breaks out of the range, it should not re-enter and sustain inside the range as such a move will signal a bull trap. Therefore, traders can buy on a breakout and close (UTC time) above $251.46 with a suitable stop-loss.
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RIPPLE - XRP/USD
XRP surged on July 8 and broke out of the downtrend line of the descending triangle, which invalidated the bearish setup. However, the bulls could not keep up the momentum and sustain the price above the immediate overhead resistance at $0.20524. This suggests selling at higher levels. On July 13, the bulls again attempted to push the price above $0.20524 but failed. This suggests that the bears are aggressively defending the resistance. The failure to push the price higher could have attracted profit booking by the short-term traders, which has dragged the price to the moving averages. If the bears can sink the price below the moving averages and the downtrend line, it will signal weakness. Conversely, if the XRP to USD pair rebounds off the moving averages, the bulls will make another attempt to scale the price above $0.20524. If successful, the next target objective is $0.23571. Traders can buy the next bounce off the moving averages and keep a stop-loss at $0.17.
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BITCOIN CASH - BCH/USD
The bulls could not propel Bitcoin Cash above the overhead resistance at $246, which suggests a lack of demand at higher levels. The failure to scale above the immediate resistance resulted in a pullback to the 20-day EMA. Although the bulls defended the 20-day EMA for a few days, they could not push the BCH to USD pair higher, which suggested a lack of urgency to buy at these levels. On July 13, the price slipped below the 20-day EMA, which is a negative sign. The bulls will now attempt to defend the support at $220. If the price rebounds off this support, the pair is likely to extend its stay inside the tight $220-$246 zone for a few more days. Conversely, if the bears sink the price below $220, the decline can extend to $200.
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BITCOIN SV - BSV/USD
Bitcoin SV could not follow up on the sharp rally on July 6, which suggests that the bears are defending the $200 level aggressively. The pullback has been finding support at the 20-day EMA, but the BSV to USD pair has failed to rebound off it. This suggests that the bulls are not keen to buy the dips. If the bears sink the price below the 20-day EMA, a drop to $170 and then to $146.20 is possible. However, if the bulls defend the $170 support, the pair might remain range-bound between $170$200 for a few days. The first of strength will be a break above $200 and the momentum is likely to pick up above $227. The aggressive traders can buy at $200 with a close stop-loss.
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ADVANCEMENTS IN THE CRYPTOCURRENCY WORLD Japanese Exchange Holdings of Bitcoin Surged During the Pandemic
Japanese holdings of cryptocurrencies such as Bitcoin, XRP, and Ether all surged during the coronavirus pandemic. The Japan Virtual and Crypto Assets Exchange Association (JVCEA) — a self-regulatory organization for the crypto industry in Japan — recently published a report on Japanese holdings of major cryptocurrencies in March. 169,376 BTC was held on Japanese exchanges, up more than 11% from the previous month. XRP was up 6.4% to 3.2 billion XRP. Ether was up more than 5.7% to 1.14 million ETH. Moreover, the number of Bitcoin Cash (BCH), Monacoin (MONA), Litecoin (LTC), and NEM (XEM) also increased slightly in March. The volume of Bitcoin spot trading was 617.3 billion yen (about $5.8 billion) in March, 11 times more than the trading volume of XRP, the second-most traded cryptocurrency that same month. Read more...
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Fidelity International Doubles Stake in Bitcoin Mining Firm Hut 8
Billion-dollar fund manager Fidelity International has doubled its equity investment in bitcoin mining company Hut 8, bringing its total stake to over 10%. In a filing with the Ontario Securities Commission (OSC) last week, the fund manager disclosed it had acquired 4.1 million “units” in Hut 8 on June 23 in an overnight offering. Each unit represents a combined offering of one common share and the option to purchase another in the next 18 months. Fidelity International, a spin-off of Fidelity Investments, already held approximately 4 million common shares in Hut 8. Last month’s purchase, including the options, means it now controls over 10.5% of the Toronto-listed crypto mining company. Hut 8 closed a C$8.3 million funding round (US$6.1 million) on June 23, with the total raise being over C$800,000 above its target. Fidelity’s investment may have comprised nearly three-quarters of the raise, based on the total of around 5.7 million units changing hands. Read more...
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Bitcoin Mining Difficulty Hits Record High of 17.3 Trillion
Just two months after May’s Bitcoin halving event, both hash rate and difficulty have shrugged off post halving dips to hit new all-time highs. Following last week’s record-high Bitcoin hash rate, the latest difficulty adjustment saw a change of +9.89%, bringing the level to a new all-time high of over 17.3 trillion on July 13. Despite a lack of recent significant Bitcoin (BTC) price action, the fundamentals securing the network are as healthy as they’ve ever been. This is more positive news for investors concerned about a previous drop in hash rate and difficulty after May’s third reward halving event.
Concerns over halving unsubstantiated Some analysts predicted that the reward halving earlier this year would lead to mass capitulation from unprofitable miners. There was a significant drop in hash rate immediately after the halving, followed by two reductions in the mining difficulty. But an upwards difficulty adjustment of 14.95% last month almost reversed the previous two falls on its own. With both hash rate and difficulty now at historic highs, any concerns around the impact of the halving now seem to have been proven unfounded. Read more...
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Crypto-friendly trading app Robinhood is now worth $8.6 billion
The popular, mobile investment app has pulled in another $320 million in funding, and more than doubled its previously-stated Series F funding amount. Robinhood, the popular mobile investment app that also lets users buy and sell cryptocurrencies, announced today that it has raised another $320 million as part of a Series F round first announced in May. The latest sum comes from both new and existing investors, with the company calling out TSG Consumer Partners and IVP as two of the key firms in a small update to its previous blog post. Today’s news was first reported by Fortune. In May, Robinhood announced that it had raised a $280 million Series F funding round led by Sequoia Capital, along with participation from firms such as NEA, Ribbit Capital, 9Yards Capital, and Unusual Ventures. With the Series F round now bumped up to $600 million thanks to the additional closings, Robinhood is now valued at $8.6 billion. Robinhood has seen increased interest during the recent global economic crisis triggered by the COVID-19 pandemic, as the app makes it easy for first-time investors to start an account and begin trading. The company reported in May that it had already netted more than 3 million funded accounts by that point in 2020. Read more...
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Telefónica, Deutsche Telekom and Vodafone Use Blockchain for Roaming Settlement
Spain’s Telefónica, Deutsche Telekom and U.K. provider Vodafone have finalized a trial blockchain solution for the settlement of roaming discount agreements. Three global industry leaders in telecommunications — Spain’s Telefónica, Deutsche Telekom, and British provider Vodafone — have jointly finalized a trial blockchain solution for the settlement of roaming discount agreements. Developed by blockchain startup Clear, the solution is expected to reduce capital costs for telcos, support faster revenue recognition, and provide more efficient settlement for their inter-company deals and workflows. Both Telefónica Innovation Ventures and the Telekom Innovation Pool of Deutsche Telekom had participated in a $13 million Series A investment for Clear earlier this year to support the startup in developing its blockchain settlement system. The finalized trial solution involved a system for automated settlement for roaming data from the three providers for 2019. Use of the system enabled Telefónica, Deutsche Telekom and Vodafone to obtain yearly settlement results “within minutes” and to have real-time and multi-party insight into data discrepancies. The providers were also able to update or amend data on the system instantly. Read more...
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40 Ethereum Addresses Blacklisted, Holding Millions of Dollars Worth of Tether’s USDT
Tether, the creator of the leading stablecoin USDT, has been on a blacklisting spree and has blacklisted at least 39 Ethereum addresses since November 2017. Out of these 40 addresses, 25 have been blacklisted this year. Philippe Castonguay, an Ethereum researcher, has created a dashboard that shows the number and list of addresses blacklisted by Tether up until now. All these blacklisted addresses would not be able to send or receive USDT, and the existing tokens in these addresses became useless. All the blacklisted addresses contain the millions worth of USDT and even one of the latest blacklisted address contain over a $1 million worth of tokens. The million-dollar Ethereum address received 938,965 USDT tokens from Binance only last month. The owner of the address tried moving the funds the next day. It got blacklisted, but the transactions never went through. Among all the blacklisted addresses, a majority of them contain around $100 USDT on average. However, the most valuable address consists of $4.5 million worth of USDT, along with 330,000 BUSD tokens and 13,500 ETH in it. The blacklisting is mainly done if the address is suspected to be involved in any form of illegal or unusual activity and often on the request of authorities. As of right now, no one knows who owns these Ethereum addresses containing millions worth of cryptocurrencies. Read more...
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Brian Armstrong Explains Why Coinbase Is Selling Crypto Analytics Software to US Government
Coinbase founder and CEO Brian Armstrong says he wants to clear the air on why his company is selling blockchain analytics software to the US government. In a series of tweets, Armstrong says the leading crypto exchange needs to recoup software development costs, and he believes working with law enforcement strengthens cryptocurrency adoption as a whole.
“There is a lot that could be better about existing AML laws, and we didn’t create them – but those are the rules to operate a fiat to crypto exchange legally. In the early days, Coinbase started off by using some of the existing blockchain analytics services out there. This worked out ok, but the issue with it was that we don’t like sharing data with third parties when we can avoid it, and they didn’t support all the features/chains we needed. So we realized at some point we would need to bring this capability in house. We did this via an acquisition (which did not go very well honestly, and we had to cycle out some team members). But we were able to rebuild the team, and set up this functionality in house. It’s expensive to build this capability, and we want to recoup costs. There is an existing market for blockchain analytics software, so we sell it to a handful of folks as well. It also helps us build relationships with law enforcement which is important to growing crypto. Read more...
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Bank of England Considering a Central Bank Digital Currency, Governor Says
The U.K.’s central bank is discussing the possibility of launching a digital currency, according to its chief. Speaking during an online event, Bank of England governor Andrew Bailey told a group of U.K. students on Monday his institution was having talks over the plan, as reported by Bloomberg Tuesday. Bailey said ongoing investigations would look at a central bank digital currency (CBDC) which would have implications across “payments and society.” Calling it a “very big issue,” he anticipated that the CBDC could be a real possibility in several years, once coronavirus has passed. Bailey’s comments come at a time when more and more central banks globally are working at different levels on the idea of implementing a CBDC, either as a national digital currency for retail or for wholesale clearing and settlement between banks. Sweden’s Riksbank, the world’s oldest central bank, recently looked into the viability of CBDCs and arrived at mixed results for the purpose of central banking, citing the substantial change and cost involved in the shift to digital. The Federal Reserve of Philidelphia also determined that CBDCs might one day replace the role of commercial banks, but with the added risk of potentially harming money markets. Read more...
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Banco Santander Adds 19 Regions to Ripple Partnered International Payments App, One Pay FX
Banco Santander’s One Pay FX international payments app, built together with Ripple, is now available in 19 more regions, according to a blog post announcement on July 9. This initiative, whose focus is solving the challenges in international remittance ecosystems, began back in 2018, rolling out in Spain, United Kingdom, Poland, and Brazil. Following its expansion, the One Pay FX solution since became available in prominent jurisdictions, such as the U.S, Portugal, and Chile. Ed Metzger, the CTO of One Pay FX, has noted that they look forward to bring this tech to even more people in future: “We’re looking to expand One Pay FX to new territories and customer segments so more people can benefit from faster, cheaper and more transparent international payments.” Santander, which features among the top banks in Europe, took an interest in the international payments space after it was prompted by customer feedback. Some of the issues highlighted were lack of transparency in the amounts received as well as an uncertain delivery period, typically 3-5 business days. It was then that the bank decided to leverage Ripple’s tech for solutions in the international remittance ecosystem. Metzger highlights speed as one of the reasons Santander settled for Ripple: “Ripple also helps us address the speed issue of international transactions. Some payments on One Pay FX now happen instantly. I made a payment recently from an account I have in Spain to one in the UK and received text alerts about the transaction from both accounts within seconds of one another.” Read more...
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Crypto Giant Grayscale Boosts Bitcoin and Ethereum Exposure At Expense of XRP, BCH and LTC in Large Cap Fund
Crypto asset management firm Grayscale Investment is increasing the weights of Bitcoin (BTC) and Ethereum (ETH) in its digital large-cap fund (DLC) product at the expense of XRP, Bitcoin Cash (BCH), and Litecoin (LTC). In a series of tweets, Grayscale illustrates the new composition of its DLC fund – an investment option product that offers exposure to Bitcoin, Ethereum, XRP, Bitcoin Cash, and Litecoin. The world’s leading crypto asset manager reveals that between March 31st to June 30th, it tweaked its DLC holdings and added 0.5% weight in BTC and 2.1% weight in Ethereum. Meanwhile, the investment firm decreased the shares of XRP by 1.4%, Bitcoin Cash by 0.8%, and Litecoin by 0.6% over the same period. The digital asset investment firm announced the updated weightings for its DLC after releasing the fund’s latest quarterly review on June 30th. The firm’s net assets under management (AUM) in its digital large-cap fund stands at $33 million. As of July 10th, Grayscale manages $4.1 billion worth of crypto investments, which include $3.55 billion in Grayscale Bitcoin Trust (GBTC) and $410.1 million in Grayscale Ethereum Trust (ETHE). Grayscale’s current AUM of $4.1 billion represents a whopping 250% increase from its total crypto investments of $1.17 billion at the end of 2019. Read more...
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BLOCKCHAIN TECHNOLOGY HELPING GENERATE ROI FOR HOME SOLAR PANEL ENERGY PRODUCTION
Hi Crypto Network, Traditional Social media platforms have become one of the most popular applications in the worldwide. Today the number of Social Media users is estimated to be about 3 billion, with experts predicting that this number will go higher in the coming days. Rowan Energy builds proof of concept in partnership with passive systems to guarantee the source of renewable energy. Home solar panel energy production used to be a great investment. In 2010 with new subsidies and companies offering free installation in the UK there was a huge uptake. However, as time went on and those subsidies decreased, so did the home solar panel uptake. Rowan Energy is bringing the return on investment back to home solar panels through a combination of cutting edge hardware, software, and, of course, blockchain technology. The Rowan Energy proof of concept uses meter readings from MID certified meters. This allows home solar panel users who produce less than 50KW to mint tokenized REGO (Renewable Energy Guarantee of Origin) certificates, previously only available to large suppliers, which can then be sold. This REGO certificate proves the energy has been created from a green renewable source and logs the source through the blockchain. Cryptonaire Weekly | July 14th 2020
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Consumers can then see, in real-time, where their energy is coming from and how it is produced.
In addition to improving the finances of home solar panel producers, this adds a new level of transparency to the industry. Potentially this also reduces the “green-washing” of energy where suppliers of energy from nonrenewable sources purchase REGO’s to cover them.
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