By Ricky Li, Ph.D, CFA, Co-founder of Altonomy
Hello, WePower community!
I am Ricky Li, a veteran trader in crypto and commodity market recently joined WePower advisory board. I am also a co-founder of Altonomy, a crypto trading, advisory and asset management firm that has partnered with ICO projects and crypto hedge funds for secondary market service. I hold CFA Charter and Ph.D in Computer Science from Rensselaer Polytechnic Institute. I do have years of experience in commodities quantitative trading, research and advisory in investment banks, energy firms and management consulting firms. Also it’s worth mentioning, that I am the former director of trading for FBG Capital since 2017. Prior to trading crypto assets, I managed energy derivative product team for CME Group and published various articles and insights about market fundamentals.
My biweekly updates for WePower blog, will be concentrated on the macro market trend related regulatory updates and forward looking factors impact overall market. It will also feature WPR performance for the past two weeks, forward looking events, and factors that could potentially impact the token price.
Most recently, a few events that affected the overall macro market including:
- Conrail hack
- CFTC investigation into price manipulation of Bitcoin futures price index
- SEC official’s claim on Bitcoin and Ethereum not being securities
The low volume on Crypto-Fiat OTC trading for the past month, coupled with fading token’s market liquidity, signaled a very fragile market. With negative news like Conrail hack and CFTC investigation, market quickly responded by crashing to the $6500 support level in BTC, and even more so in ETH.
Market overall is still recovering, even though the SEC comments provided a short term push but still the low liquidity in both OTC and token’s market poses serious concern.
For WPR, the token performed in line with the bearish macro trend and reduced volume overall. But the prospect is still looking solid from fundamental analysis. A couple of facts:
- All registered (passed KYC) for the token sale: 86,744
- Token sale participants in the final whitelist: 50,637
- Token sale contributors: 22,353
- A number of registered people currently holding WPR token: 15,621
- Among those people: 12,105 are the original token sale participants / 3516 are ones who purchased after the ICO
- WPR is the second biggest position (by the number of wallets holding the token) among the original ICO investors and third biggest among all registered people.
The above facts are pointing to the conclusion that the bearish sentiment is impacting the volume traded on WPR because the community and institutional investors are still holding tight on their token.
Community, what are your questions, concerns and findings? I’ve noticed how active you are on WePower’s Market Telegram Group, keep on going and don’t hesitate to share your questions — I will address them in my next Medium post.
