SCI Daily Crypto Digest: Resting Up
July 19, 2018
Bitcoin (BTC) is currently consolidating its gains, after the sharp rallies this week. Technically, a consolidation near the highs is healthy, making it more likely to sustain its uptrend. While BTC has held steady, the altcoins dropped, pulling down total market cap to $287 billion.
Support levels are at $6,800 and $6,400 while resistance levels are at $7,500 and $7,800.
*BTCPHP: 395,730 / 381,050
*ETHUSD: $476.83
*USDPHP: 53.519
*BTC market cap: $126B
*Crypto market cap: $287B
News:
*US Fed chairman Jerome Powell told members of Congress that cryptocurrencies present serious risk to investors. Powell said that “relatively unsophisticated investors see the asset go up in price, and they think: ‘This is great; I’ll buy this.’ In fact, there is no promise of that.” He added that cryptocurrencies are not real currencies because they have no intrinsic value.
*A report from cybersecurity firm Skybox Security shows that “cryptojacking” malware is now more popular among cybercriminals than ransomware. Cryptojacking malware are usually hidden in websites and harness victims’ computer resources to mine cryptocurrencies.
*Billionaire investor Marc Lasry said, in a CNBC Squawk Box interview, that the price of Bitcoin could go between $20,000 — $40,000 as it becomes easier to trade and widely accepted. Lasry said though that he “really doesn’t know” what the intrinsic value of Bitcoin is and that it is more of a market bet. Lasry, who is the CEO of distressed debt investment firm Avenue Capital and stake owner of NBA team Milwaukee Bucks, admitted that he invested 1% of his personal funds in Bitcoin.
*On CNBC’s Delivering Alpha conference, billionaire hedge fund manager Ken Griffin, said that he doesn’t have a single portfolio manager who suggested that they get into crypto. Griffin also said that there is no need for cryptocurrencies, unlike for example the USD which has to be used to pay taxes at the end of the year. As a market maker, he said that he is hesitant to provide liquidity for a product he does not believe in. Griffin’s Citadel has more than $30 billion under management and as a market maker, has 1 out of 5 US stocks pass through them on a daily basis.
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