Crypto Research
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GALAXY DIGITAL RELEASES Q1 UPDATE Galaxy Digital reported a loss of CAD 27.7 million during the quarter ending March 31, 2020. The negative results were driven by $25 million in unrealized losses on crypto holdings. The company’s activities continue to be fueled by crypto investments on its own balance sheet with Q1 holdings ending with approximately 10,000 bitcoin; this figure has increased by 32% in Q2. CEO Mike Novogratz said the company’s trading desk, investment...
THE TEN RULES OF BITCOIN INVESTING: RULE NO. 4 BITCOIN PERFORMS BEST WHEN S&P 500 INDEX IS PERFORMING STRONGLY If you have read the first three parts of this series, you’d know that the U.S. is going to be very important in the continued development of Bitcoin and crypto currencies; that the Bitcoin Misery index is a proprietary FSI tool that has been a good way to evaluate how investors...
I decided to add three coins to my daily tracking list to properly account for the top 10 cryptocurrencies by marketcap. This list currently accounts for 88.5% of the total market cap of the 2,000 + different digital currencies listed on Coinmarketcap. com IS GRAYSCALE INCREASING ACTIVITY A THREAT TO BITCOIN? I have been thinking a lot about Grayscale and whether their continued buying of bitcoin is a threat to the crypto economy. Yesterday I...
Over the past week BTC broke below near-term support levels at its 15-dma and then a key level 9.1K coinciding with its March-May uptrend, only to bounce back over the past three days. In fact, while the very short-term volatility violated near-term support raising trading concerns BTC was potentially into a corrective phase, the rebound this week was from a secondary uptrend line joining the late March and April lows. ...
TECHNICAL ROUNDUP ANALYSIS Technical Roundup believes the weekly chart is bearish with bitcoin falling below $9600, but is viewing daily pricing still intact with current testing support ($8600 support, $10000 resistance). Higher time frames are suggesting a test of $8000 but daily support at $8600 is the immediate barrier for price. A drop below $8600 would confirm the weekly range materializing as positioning for a bearish market . POPCORN AND A...
CRYPTO FEAR AND GREED INDEX The Crypto Fear and Greed Index dropped 11 points this week falling back into a more cautious “fear” range as the sentiment index declined to levels last seen in the days around BTC’s Halving two-weeks ago. GOLDMAN TO ADDRESS ECONOMIC OUTLOOK AND BITCOIN Goldman Sachs got the cryptoverse excited when they announced the Investment Strategy Group’s next client call on the US economic outlook would...
Happy Bitcoin Pizza Day! This is the tenth anniversary of the day on which Laszlo Hanyecz traded 10,000 bitcoin for pizza. This event is recognized as the first use of bitcoin to purchase a real world good, and it is also a barometer to show how the price of bitcoin has increased through the years. On May 18, 2010, Hanyecz placed the following post on the Bitcoin Forum, “I’ll pay 10,000 bitcoins for...
WEEKLY STOCK REVIEWCanaan’s (NASDAQ: CAN) price has declined 30% over the week as an unnamed insider leaked that Q1 revenues were down 80% versus 2019.Galaxy Digital (TSX: GLXY.V) reported assets under management at the end of April totaled $370 million, a month-over-month increase of 4%.Daily volume for Riot Blockchain (NASDAQ: RIOT) spiked yesterday hitting 12.7 million shares driving the average volume over 1190% since last week EARLY MINED BITCOIN MOVES FOR FIRST TIME SINCE FEBRUARY...
Our view on crypto markets has not changed since last week when we increased our FY 2020 Bitcoin price outlook to $16,500. We saw a bit of bumpiness today when markets sold off after 50 BTC that had remained dormant since being mined in 2009 unexpectedly moved, spooking roomers of Satoshi selling coins. We’d dismiss this as an unlikely non-risk event and stay focused on the fundamentals. Crypto still looks...
Similar to other risk assets, such as the S&P 500, BTC has traded in a relatively narrow range under resistance through May. A breakout in either direction from the recent trading range is likely to signal BTC’s next tactical directional shift. 10k followed by 10.5k remain the levels traders are fixated on but 9.1K also remains an equally important trading level to be aware of. Our bias is for an...