1) Cryptocurrency Weekly Update from GlobalBlock
Whilst (most!) business and world leaders were away in Davos last week, the crypto markets had a relatively quiet week without a huge amount of news to significantly drive prices one way or another. Inevitably, Davos did provide opportunity for those who have been cynical of the Bitcoin boom to gloat about the price movement downwards over the last year (whilst pretending that they weren’t actually gloating!).
Elsewhere, on Wednesday last week in the UK, the FCA published their initial findings and thoughts on crypto guidelines which were welcomed although didn’t actually provide any ground-breaking insight. It would appear that the final thoughts and rulings will be published in the summer time, but if you can’t wait until then, take a look at our take on the publication here FCA Crypto Guidance.
Finally, as we come to the end of January and look ahead to February, already all eyes are on the two main events which are due at the back end of the month. The delayed Ethereum hard fork and the ETF ruling will no doubt occupy the minds of many and whilst it would be nice to assume we get clarity and closure on both, I wouldn’t bet against at least one of them getting delayed….again.
BTC Price: $3,475
Last 7 Days: -2.66%
A rangebound week for BTC saw prices remain between the $3,670 and $3,500 level with a dip at the start of trading for this week down to lows not seen since December 16th. There does not appear to be any clear catalyst in the last week for the overall move lower, although many analysts, (as we mentioned last week) feel there is still more downside to come for BTC. There is still much speculation and variance in terms of forecasts for BTC performance over 2019, including CEO of crypto-exchange Mike Kayamori who feels that all-time highs of $20,000 will be seen before 2020.
21st January: $5,289,145,865 (BTC price of $3,572)
28th January: $6,148,321,692 (BTC price of $3,475)
16% increase in trading volume in the last 7 days
ETH Price: $107.65
Last 7 Days: -7.38%
The past week has seen continued narrow trading on ETH although it would appear that we are seeing signs of the bears starting to take control once more and as the trading range narrows, a breakout would appear to be on the cards. Suffice to say that the delay of the Constantinople hard fork until the end of February has done little to aid Ethereum’s progress or potential move higher and now once again we have to consider $100 as the next level of support for ETH, with any break below that meaning the December 15th lows (circa $83) becoming the next major level of support.
Past Week Talking Points
- Nasdaq CEO Adena Friedman feels that 2019 could be a year of disruption and innovation. She feels that the cryptocurrency space has gone through the first stage of the classic invention lifecycle that is: “marked by early pioneers, followed by hype, followed by proliferation of newcomers and then a dose of reality”.
- Weng Xiaoqi, Chief Executive of one of the oldest and largest cryptocurrency exchanges Huobi offers a stark reality in the event of a sustained bear market for Crypto “We do not know how long the bear market will last, so it is possible that we will struggle to survive. We have to plan in advance and spend money carefully”
- Following rumours that Samsung were looking to provide crypto wallets on their phones, a U.S technology publication has reportedly leaked images of the new Samsung Galaxy S10 equipped with a native Bitcoin wallet.
- Decentralized applications (dApps) generated $6.7billion in 2018 in comparison to the App. Store (iOS) first year revenues of $4.2 billion.
Last 7 Days Big Market Movers
Sentinel Chain SENC UP 254% Price: $0.008
Ormeus Coin ORME UP 146% Price: $0.046
Beam BEAM UP 143% Price: $1.93
Market Cap. Dominance
Other ALT-Coins: 26%
2) Blockchain Startup Wala Wins 2018 Zambezi Prize for Innovation in Financial Inclusion
he Legatum Center for Development and Entrepreneurship at the Massachusetts Institute of Technology (MIT), with support from the Mastercard Foundation), has named South African startup Wala as the grand prize winner of the 2018 Zambezi Prize for Innovation in Financial Inclusion.
“Innovators like Wala and the other Zambezi finalists are vital to driving a more inclusive prosperity”, said Georgina Campbell Flatter, the Executive Director of the MIT Legatum Center. “We’re excited to work with them.”
“We are immensely proud to support the Zambezi Prize,” said Ann Miles, Director of Thought Leadership and Innovation at the Mastercard Foundation. “It shines a bright light on the creativity and talent of Africa’s young people, and the thinking they bring to financial inclusion. This is making real differences in the lives of poor people on the continent.”
3) High profile ICO funded company Polybius first to publish audited annual financial reports
Polybius, a leading Estonian ICO-funded Fintech company, has announced the publication of its financial results for 2017. The company issued an ICO raising ca $32 million last year. Audited by Baker Tilly Baltics, the company is the first ICO project to undertake such a step, showing that the company is in strong financial health. Baker Tilly Baltics, as an independent auditor, has issued an unqualified audit opinion which confirms that the company’s annual accounts present fairly the actual financial position and performance of the company in all material aspects.
“We are proud to be the first ICO funded company to be fully compliant with the regulations,” states Polybius CEO and Founder, Anton Altement.
He states that there are several reasons why the company has published the audit. “Firstly it is required by Estonian law, and we are proud to be the first ICO funded company to be fully compliant with the reporting regulations.We also hope to set a precedent for other ICO companies. Transparency and trust should be at heart of every ICO funded business and we believe that in undertaking the audit we are highlighting how leading ICO funded companies should follow the rigorous standards and procedures set for all enterprises. We are happy to have launched our ICO in Estonia, a forward- looking country with regulators who can strike the right balance between innovation and consumer protection.”
4) Former VP of Tesla Joins Solo Energy to Advise Development of its Virtual Power Plant Technology
The former Tesla VP of EMEA, Ben Hill has teamed up with Solo Energy as its Commercial and Technical Advisor. Ben will help bring Solo Energy towards achieving its vision of a 100 percent renewable energy future by making solar and wind power more viable through the creation of Virtual Power Plants.
Solo’s advanced FlexiGrid cloud platform, which has been in development since 2016, operates these assets in partnership with energy suppliers. As battery storage locations will be distributed across thousands of residential and commercial premises, it has a further benefit of reducing the burden on the national electricity distribution grid because energy is generated, stored and consumed locally.
Renewable power generation from solar photo voltaic (PV) and wind energy is highly variable, and coping with this variability traditionally requires using non-renewable power plants as a backup. Solo Energy’s solution is to install small-scale batteries and V2G (electric Vehicle to Grid) technology in homes and offices, and to combine them into Virtual Power Plants which can to be intelligently switched on to supply electricity when demand exceeds generating capacity.
5) Innovative blockchain partnership kicked off between Paris Saint-Germain and Socios.com
Socios.com will start working alongside the Club to develop Paris Saint-Germain’s blockchain strategy as “Official Branded Cryptocurrency Partner”, by leveraging the technology to enhance and evolve its fan engagement.
Paris Saint-Germain will be the first team to join the Socios.com platform. As part of the partnership, Socios.com will work alongside the club to develop the world’s first Fan Token Offering (FTO) for the Paris Saint-Germain fanbase.
Republished with permission from the wonderful guys at www.the-blockchain.com