Analytics

July 4

Tokenbox: Market overview, June 25 – July 2, 2018

July 4

Analysis of what is happening on the crypto market over the past week and forecasts for further developments.

The market situation improved last week, but not much yet. The Bitcoin price tested the $5800 level twice, but had a sharp rebound having shown the «double bottom» . On Tuesday morning Bitcoin price was above $6600, it’s grown more than by 20% since the end of June with its minimal values. Thus, now we’re watching the first serious correction of the $10000 fall. The first considerable resistance level will be $6800. If the price consolidates above this value we can count on another powerful upward movement. Further market dynamics will depend on fundamental factors and media background.

Although there’s been much less projects announcing their ICO at the third quarter, the amount of companies registering token sales at the US Securities and Exchange Commission is growing. Last August SEC got 4 token sale applications, while in May 2018 the number of applications increased up to 15. These are the first signs that the security-token market is forming. Some experts assume that such tokens will become the 2019 trend.

Fees have suddenly increased and transaction processing has slowed-down within Ethereum network. A new Asian exchange FCoin (which is being very active) is believed to be the main culprit. To get listed on the exchange project teams have to use airdrops and spend large gas volumes. But ETH price usually even takes advantage from Ethereum difficulties. Last December the CryptoKitties game almost crashed the network, but the ether rate grew over $500 at the same period.

It’s also worth mentioning the upcoming trading at the new DX.exchange that started registering its users. The exchange states that it’s using the Nasdaq infrastructure for trading and guarantees fast and stable work including complex algorithmic traders’ strategies. If the exchange keeps its promises, the cryptomarket will be able to accept some new professional traders implementing algorithms, scalping and high-frequency trading. It can significantly increase liquidity on the market.

The most significant news of the last several days is the launch of Coinbase Custody, the new tool aimed at institutional investors. Coinbase Custody was announced a year ago. It’s designed mainly for large financial organizations and provides opportunities for cryptocurrency safekeeping. It’s not unlikely that this very announcement turned the market to a more positive tone. Facebook plans to publish pre-approved cryptocurrency related advertising can provide additional support.

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