Analytics

November 5

Tokenbox: Market Overview October 29 - November 4, 2018

November 5

Is it worth it to invest in fast-growing Bitcoin Cash, which parties are interested in different dynamics of Bitcoin prices and what positive changes have been noted in South Korea - read it in analytics from our partners.

Last week, Bitcoin once again tested investors’ nerves, twice approaching the support level of $6,200. Fortunately for the optimistic traders, the level held. The smooth recovery of prices in the second half of the week has so far led only to the mark of $ 6,400 as of Sunday evening. Given the record low volatility, even such a hike upwards looks quite good.

The main protagonist was Bitcoin Cash, which rose by 35% given the news of upcoming hard forks on November 15, rising from $ 420 to $ 570. Despite this impressive dynamic, I don’t want to dwell on this event. The battle between Bitcoin and Bitcoin Cash is definitely lost by the latter. The current vertical take-off, especially if hardfork leads to the emergence of an alternative chain, may be the last significant movement before Bitcoin Cash leaves TOP-5, and then TOP-10.

Now back to the Bitcoin and the market as a whole. An interesting fact is that on Sunday cryptocurrency with high capitalization shows a positive trend: ETH, LTC, ADA, DASH, NEO, ETC. At the same time, the popular “midway” altcoins behave calmly enough. Perhaps precisely the impact of the situation with Bitcoin Cash led to activity in this market segment. In any case, this is clearly better than complete calm against the background of a storm regarding any one asset.

We continue the review with interesting analytics from the Blockchainwhispers team. In addition to ordinary investors and traders, they identified several interested parties that may affect the dynamics of Bitcoin prices in the remaining 2 months before the end of the year. While investors are generally interested in the price increase, the goals of the participants listed below are more diverse:

Bullish mood: mining giant Bitmain. For them, to see Bitcoin below $ 5000 is unacceptable, since the equipment produced will not be profitable.

Neutral attitude: Bakkt. Waiting for the launch of the site by December 12 will provoke purchases. But a significant increase in prices is not in the interests of their large customers who want to buy as cheap as possible. If they have not acquired Bitcoin before in other ways.

Bearish mood: margin exchanges (especially Bitmex) and banks. Bitmex is interested in long fall cycles, as spot-exchange customers are switching to margin trading for a short run. Banks also fear the further development of the cryptocurrency industry, which to some extent threatens the banking system itself. If there is no help (i.e. ban) from the regulators, pressuring on the price can work as an alternative way to battle.

Finally, we note news of the increasing activity of South Korea in various segments of the cryptomarket. Bitstamp, one of the oldest crypto exchanges, was acquired by NXMH B.V.B.A.H. This investment company is based in Belgium but owned by the South Korean conglomerate NXC.

In turn, Bithumb, the leading cryptocurrency exchange of South Korea, has signed an agreement with the American investment company SeriesOne. The goal is to launch an exchange platform for security tokens in the United States.

Finally, there have been positive changes in terms of regulation. The head of the South Korea Financial Regulator (FSC) announced that crypto exchanges meeting the requirements of KYC and AML can fully use the services of commercial banks to open special accounts. There are already several such approved sites. The next proposed step is the introduction of insurance services for crypto assets.

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