CBX Weekly Newsletter // 17 April 2019
- Bitcoin battling resistance levels, still maintaining support
- Coinbase announces plans to launch a Cryptocurrency Debit Card
- Harvard investing in Blockstack tokens
Bitcoin battling resistance levels, still maintaining support
After many days of gains in the cryptocurrency space, we start to see some exhaustion from the Bulls this time; while Bitcoin (BTC) is still maintaining support over the $5,000 handle on most known exchanges including CBX, we see strong resistance around over $5,200 and $5,500 respectively.
By taking a look at RSI levels on the daily chart, we still see that most cryptos including BTC are at overbought areas, and by taking a look at the 4-hour chart we see bounces happening at around 40 RSI levels which indicate Bullish momentum and investors ‘buying the dip’. So for the moment, we have seen a higher high, higher low, and we might see another push upwards to try and break resistance.
Failing to maintain support around psychological prices or short term moving averages, we might see the price of BTC and the market going down to around $4,800, as the market is still pretty much correlated with the direction of Bitcoin. (BTC still dominates over 52% of the market).
An interesting fact is that according to Coinmarketcap.com, Daily volumes started to pick up very well, with up to 3 or 4 times volumes compared to 2018. During the end of last year and beginning of this year, daily volumes where around $5 billion, in the last days we have seen even $22 Billion. This could mean that traders and investors are getting interested again in the space and could mean an end of the ‘Crypto Winter’ or at least an end to the low price action and volatility.
The market cap of all Cryptocurrencies is at around $172 billion.
Bitcoin is changing hands at $5,060 at the time of writing at CBX.
Coinbase announces plans to launch a Cryptocurrency Debit Card
One of the most important companies in the Blockchain industry has to be Coinbase. The cryptocurrency exchange has made headlines again this time with plans to launch their debit card created by Visa to allow customers in the UK and EU to spend their cryptocurrencies directly from their Coinbase wallets.
The San Francisco-based firm announced the news last week via a blog post and email marketing campaign to the users, mentioning that customers will be able to spend cryptocurrencies supported by the company like Bitcoin (BTC), Litecoin (LTC), or Ethereum (ETH) with the ease of any other traditional debit card.
The Coinbase Exchange will convert the cryptos into fiat automatically when the users use the card to pay for goods and services, this, of course, will bring a lot of revenue to the company because of the fees and spreads encouraged in each transaction, so technically users are not using cryptocurrencies in the same way other enthusiasts would imagine because there are the same fees involved and the same third parties benefiting from those transactions.
What do you think? Is this a step forward or a step in the wrong direction?
Coinbase Launches Crypto
Harvard investing in Blockstack tokens
Harvard University’s endowment fund has agreed to invest in Blockstack which is a platform that allows users to build decentralized Blockchain applications.
Blockstack filed for a token offering with the Securities and Exchange Commission (SEC) in the US under the Regulation A+ framework. Charlie Saravia, who is part of the advisory board created by Blockstack for the purpose of finding investors is also the managing director at Harvard Management.
Harvard’s fund currently manages over $37 billion in assets and has agreed to purchase 95.8 million Stacks tokens (STX) which is the native token for the project and it’s valued at around $11.5 million as of today.
We already have seen interest coming from Universities offering Blockchain and Cryptocurrency courses, and now we see a step forward with investments into the industry.
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