Bitcoin is trading at $7,470 having steadied after failing to breach resistance at $7,800 over the weekend. The rest of the top 100 coins table looks pretty red too, but only on average about 2% down, although Bitcoin Private (BTCP) has taken a 10% hit, now priced at $20.33 while DigixDAO (DGD) is off 12% at $150.61. Altcoins continue to move in lock-step with bitcoin and all eyes are now on whether bitcoin can hold above $7,000, which seems likely. The next support level is at $6,850.
Huobi, the Hong Kong-based exchange sees its token (HT) continue to appreciate, up 14% to $5.93. Huobi this week launched what it describes as a crypto exchange traded fund, which will invest in a basket of cryptocurrencies. The currency weightings are as follows: HT at 29.3%, BTC at 23.1%, EOS at 17.3%, ETH at 10.9%, BCH at 5.2%, XRP 4.1%, IOST 3.1%, LTC 3%, ETC 2.3% and DASH 1.5%.
Other crypto news sees US exchange giant Coinbase set up shop in Tokyo, which is where most of the action is – the majority of bitcoin trading originates in the country and it has the most crypto-friendly regulatory environment of the advanced economies.
Meanwhile, the EOS mainnet still hasn’t gone live. There is clearly a lot of testing still to be done and that is evidenced by the fact that the code has already had its first major update – we are now on version 1.0.2. Those vying to become block producers seem to have agreed that there should only be one mainnet launched, which sounds like a good development for the stability of the network in these early days.
In Africa, Golix, the Zimbabwe crypto exchange still reeling from the banning of crypto by the country’s central bank, announced today that it is setting up in Kenya, Uganda and South Africa.
Elsewhere, Steve Wozniak, who sold all his bitcoin bar one, wants bitcoin to emerge as world money. Speaking to CNBC, the co-founder of Apple said: “Only bitcoin is pure digital gold… and I totally buy into that. All the others tend to give up some of the aspects of bitcoin. For example, being totally decentralized and having no central control. That’s the first one they have to give up to try to have a business model.”
Finally the US Securities and Exchange Commission (SEC) has a new crypto chief. Valerie Szczepanik has been appointed associate director of the Division of Corporation Finance and the senior adviser for digital assets and innovation. She will be responsible for providing advice on the vexed question of determining whether crypto assets are securities. Szczepanik has been at the SEC since 1997.
Gary has been writing about cryptocurrencies since 2013 and currently works as the cryptocurrency analyst at interactive investor, the UK’s second-largest online investment platform. Gary contributes for Coin Intelligence News in a personal capacity and none of his commentary should be considered investment advice. Gary is the winner of the ADVFN International Financial Awards 2018 Cryptocurrency Writer of the Year. Contact Gary on twitter at: @gary_mcfarlane