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Market Report: 8th Nov. 2018 — Subscribe to our newsletter.


The daily view from our desk

Borat makes a reappearance to vote for the US midterm elections. “Great Success!” We bet you read that in his unforgettable voice. A network ran by Vodafone released a campaign that looked like a flock of floating penises. In crypto, they’d be called plebs. Sterling tripped over his own foot and got a penalty. This pleb has created a meme-tastic viral sensation, aka, the greatest sterling drop since Brexit. Send us your memes here.


On the importance of small moves in these calm waters

Today will be a key day to ensure the crypto market maintains its bullish structure. Right after midnight UTC — or 1am BST — bitcoin fell nearly 1% and the top 100 projects followed its path, losing 1.2% of its combined value over the day on average. Ironically, this 1% move is quite significant — due to the low volatility still experienced by the original cryptoasset and because such drop has been contained by a higher low, for now at least.

Additionally, as The Range highlights, traders “don’t want volatility to spoil confidence in other BTC pairs”. In this regard, a few people noted something interesting. As usual, Hasu is always uncovering such apparently evident matters and remarks that the U.S.’s favourite exchange only listed Brave’s BAT against USDC, its new stablecoin. If this trend continues, it “could be an attempt to disrupt BTC’s status as reserve asset of this space”.


Innovations always face crashes in the stock market. Is it a problem?

Meanwhile, bearish views are still clicking and despite the differences in the volume profile of the 2014 and 2018 downtrends, Josh Rager’s comparison deserves a look — especially amidst all the hopium being shared around Crypto Twitter. And we’re not (only) talking about the shilling of alts — or of its respective tattoos, but of the optimistic sentiment regarding crypto’s chance of “eating money” or of BTC being worth a million.

While both are possible, it’s more likely governments won’t giveaway the control of money and that the concentrated distribution of bitcoin among its holders increases backlash against it if and when prices reaches obscene levels. Regardless, it’s important to emphasise Tyler Cowen’s message about price. The renowned economist reminds us that like railroad and dot com stocks collapsed, cryptoassets can still change the world.


Filter the noise and stay ahead of the pack

▪ EOS London meet-up is taking place on November 19th, Monday. Will surely be a great opportunity to debate the critical ConsenSys-commissioned report about EOS here.

▪ The bit saga between Charlie Shrem and the Winklevoss twins continues. Now, the popular entrepreneur claims he has “verifiable evidence” proving his innocence here.

▪ A new study by a University of Queensland researcher here, found out it’s still hard to short cryptoassets and that may be preventing “scam coins” from falling to zero.


An insight a day could give you more profits to play

▪ Qiao Wang, Messari’s popular cryptoasset writer (and at least polymath-matician), shuns out both Technical Analysis critics and most of its practitioners. Must read here.

▪ In for a technical treat? Prof. Bill Buchanan dives into private keys and explains “Wet Signatures and the Wonderful World of Schnorr”. As usual, say hi to Bob and Alice here.

▪ Do you value fundamentals above technicals? Worry not, Jake Ryan has you covered with these “seven fundamental analysis indicators and ratios to watch” here.


Because the building blocks of crypto needn’t be irrelevant

Tyler Cowen is an unconventional economist that earned the respect of his peers — inside and outside academia’s ivory towers — through Marginal Revolution, his popular blog that deserves a follow if you really want to understand the way economics rule the world.