A Light at the End of the Tunnel
It looks like our darkest days may be behind us, folks. This week, we’ve got green as far as the eye can see as the market looks to be changing its tune.
The overall market grew from just under $199 billion to over $225 billion in the week – a respectable 13% growth. Let’s hope we can keep this momentum through the end of the year.
Bitcoin saw a 3.94% increase, inching closer to that $7,000 mark.
Even Ethereum couldn’t stay beat down, showing signs of life with 8.52% growth.
Finally, XRP, frenemy to the crypto world, jumped a whopping 109.91% over the course of the week. Yes, you read that correctly – over 100%. The jump seems to have occurred as a result of anticipation for their upcoming Swell conference.
Cryptocurrency Market Stats (9/21/18)
Morgan Stanley Will Soon Offer Bitcoin Swap Trading…Allegedly: According to a Bloomberg report, Morgan Stanley may soon be offering swaps related to Bitcoin futures contracts. Not sure how those work? Neither are we. One thing is clear, though: Morgan Stanley customers still won’t be able to buy and sell cryptocurrency directly. Take this news with a grain of salt as the report cites an unnamed “person familiar with the matter” as the source.
Kraken Gives Middle Finger to New York Attorney General: Earlier this year, the New York Attorney General’s Office probed several U.S. exchanges for information on their practices. Well, San Fran-based Kraken isn’t playin’ ball. The New York office released their findings this week, seemingly in an attempt to help investors. The release ignited a harsh call out from the official Kraken Twitter account as well as Kraken CEO Jesse Powell who further poked the regulation bear after refusing to participate.
NY is that abusive, controlling ex you broke up with 3 years ago but they keep stalking you, throwing shade on your new relationships, unable to accept that you have happily moved on and are better off without them. #getoverit https://t.co/DC5S1WyRnp
— Jesse Powell (@jespow) September 19, 2018
Coinbase Says, “Not us!” to Proprietary Trading Allegations: The New York Attorney General document also stated that almost twenty percent of trades on Coinbase are from the company itself. Coinbase claims that the report and subsequent media releases misconstrued this stat as proprietary trading when, in fact, the internal trades are to provide better liquidity to customers. It’s a classic case of he said, she said, but we’ll take Coinbase’s word for it considering they gave up the information voluntarily.
People Saying Things
The market has been bearish, that doesn’t seem to be slowing any of these guys down. Let’s see what they have to say.
Tim Draper is Bullish: The Bitcoin billionaire makes another bullish prediction during a recent Singapore conference video call, predicting an $80 trillion cryptocurrency market in the next 15 years.
Mike Novogratz Calls Bottom: Crypto guru Novogratz dusted off the old TA hat to call the crypto market bottom on Twitter, citing a complete retrace to last year’s price level before the bubble.
This is the BGCI chart...I think we put in a low yesterday. retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble... markets like to retrace to the breakout..we retraced the whole of the bubble. #callingabottom pic.twitter.com/EasTBYgjSj
— Michael Novogratz (@novogratz) September 13, 2018
Binance CEO CZ Expects Another Boom: Funds are safe…and still, have room to boom. CZ counters Vitalik Buterin’s claim that 2017’s bull-run was a flash in the pan with his own outlook – at least 1000x more growth.
Akon Pities the Fool That Doesn’t Invest: Although he admits that he doesn’t fully understand cryptocurrency, Akon told listeners of the Drink Champs podcast, “If you don’t invest in that (cryptocurrencies) now if you don’t see that coming, you’re a fool.”
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