CBX Weekly Newsletter // 24 April 2019
- Bitcoin looking at the $6K handle
- What are IEOs? and How are they performing in 2019
- Shop on Amazon using your Bitcoins
Bitcoin looking at the $6K handle
Bitcoin (BTC) has moved up again this time making new highs for the year and shorting the way for a $6,000 price test.
Not all cryptos are following Bitcoin’s push, one of the reasons can be that altcoins started surging before BTC and now they are consolidating, or this push up is due to traders protecting their profits in Bitcoin instead of Tether (USDT) or fiat. Bitcoin’s dominance has increased to 53.4% since yesterday.
Taking a look at the weekly chart and 13, 26, and 50-period simple moving averages we can see that if this price range maintains it could create a golden cross not seen since November 2015.
For the short term, we should keep an eye on the $6K handle that we have mentioned on the past newsletters, otherwise, the $5K handle has acted as strong support so far during April 2019, and also $4,300 which was the last resistance and is currently where the short term moving averages are.
The Total Market Cap is $184.6 Billion.
Bitcoin is trading at $5,535 on CBX at the time of writing.
What are IEOs? and How are they performing in 2019
An Initial Exchange Offering or (IEO) is one of the latest solutions in the Blockchain community to raise funds for projects.
This brings many benefits contrary to Initial Coin Offerings (ICOs) which were the hot word during the 2017 Bull run. First of all, brings a new name which will probably make investors interested again, many countries have banned ICOs which gave it a bad reputation. Secondly, an IEO is managed by a crypto exchange on behalf of the startup which gives more transparency to the investor because they also have the certainty that the token will be traded on the exchange which makes the investment more liquid.
So far, a few exchanges like Binance and Huobi, are adopting this new mechanism to introduce new projects into the space and investors are loving it, so far most of the projects have been successful and if you bought during the offering chances are you are at least making double-digit profits.
Projects like BitTorrent (BTT) did their initial offering on Binance at a price of $0.00012 and today is trading at $0.000717 which is almost a 6X Return on Investment (ROI). Another project named Top Network (TOP) also did an IEO but on the Huobi platform which at the time of writing has a 4X ROI.
Also, it’s worth mentioning that Binance’s native token Binance coin (BNB) has also surged in price and is currently at all-time highs due to the fact that the exchanges are using their native tokens as a medium for the investors to invest in the projects. It looks like this year will be the year of the IEOs but we can also say that Exchange tokens will play a lead role in this new trend, and might even be a safer way to invest.
There are many more projects that will be launched using this method, and many other exchanges will also use this service to lure investors and projects into their ecosystem.
Shop on Amazon using your Bitcoins
Crypto users can now use the lighting network to shop at e-commerce sites like Amazon.
Crypto startup Moon just announced that any lightning-enabled wallet can also be used through Moon’s browser extension, this connects the browser to exchange accounts like Coinbase allowing users to make purchases and payments using cryptocurrencies. This feature has already been tested for a while during the beta period where roughly over 250 users had the chance to use it.
This is certainly a step forward for mass adoption, however, according to Ken Krueger, CEO of Moon, Amazon itself never touches crypto, there is no direct merchant integration, what Moon does is simply providing an interface to send payments.
Moon will look for investors for their series A funding during 2019.
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