Report: Cryptocurrencies Market Insight :: 27 Feb 2017

BTCUSD: Bitcoin has been on an incredible run for the last 18 months and increased in price 5 fold. It has successfully survived Bitfinex ~$70mln hack (left red arrow), and PBOC crackdown (right red arrow). Price reached in the past week all-time high. I consider it a market anticipation of ETF approval on 11th of March which can bring and estimated ~$300mln of institutional money into the market. Still, market overvalues that chance of ETF approval and underestimates Chinese regulation.

Weekly chart:

A chart below shows somewhat a numeric value for hype connected with ETF. All aboard the hype train!

Chinese market massively shifted from traditional exchanges to face-to-face market of LocalBitcoins, which is a sign of significant market shift for crypto in China. It can be a good signal that shows what will happen to bitcoin in China in the nearest future.

ETHUSD: Ethereum has been on a healthy run last week after EdCon as some media outlets have been posting news about new ideas for the development of ETH blockchain. A lot of eyes are on the launch of Enterprise Ethereum Alliance launch on Monday (https://event.webcasts.com/starthere.jsp?ei=1137845), which will likely to push price upward with a stack of fancy names joining the project and positive news.

Hourly chart:

Leave your vote

428 points
Upvote Downvote

Total votes: 0

Upvotes: 0

Upvotes percentage: 0.000000%

Downvotes: 0

Downvotes percentage: 0.000000%

Leave a Reply

Your email address will not be published. Required fields are marked *