Friday represents the end of the week for those working in Finance. In Cryptocurrency, the last day of the week is Sunday Early morning following the close of the Asian Markets. Most investors do not know that Cryptocurrency is unlike traditional finance, it works 24/7 – on Christmas 2017, we saw a 4% gain – What happened on the FTSE or the NYSE during Christmas, or even the lead up of Christmas?
Nonetheless, let’s see how Bitcoin, Ethereum and the rest of the Altcoin market preformed during the course of the week:
Bitcoin saw highs of $8400 at the start of the week, if Bitcoin miraculously closes the week above $8,000 – it represents the start of a new season for the Cryptocurrency World. The Chances of this happening are nil. This is on the basis of both, Bitcoin still needs to reset itself following the 29% increase from $5,800 to $8,600 as well as the OkEx saga.
What happened with OkEx?
Recently, the Bitcoin dump from $8,600 to $7,500 saw several of the top 3 shorters become liquidated, however there was not enough volume on the exchange to cover these shorts. OKEx could not settle the short themselves as they only had a 10Bitcoin insurance fund – roughly $89,000, falling short of the $4Mn needed to settle the short.
Initially they sought the money from retail investors on the platform, wiping out any gains, however they sought only 40% – covering the rest of the 60% themselves.
Tip: Anyone interested in using leverage, make use of Bitmex and Bitfinex as opposed to OkEx or Kraken.
Ethereum started the week with highs of $479, on Friday of this week, it will close below $400. As stated in every Daily Observations, Ethereum will see lows of April 2018 of $340. The bounce from the April Lows saw $840, this translated on to Altcoins – with the vast majority tethered to ETH, seeing an average of 40% gains in all of the AltCoins.
The top 5 coins the vast majority of the Crypto World loved: WAN, ICX, NEO, EOS and XRP have dumped by over 20% during the course of the week, even the recent Coinbase additions – ADA (Cardano), XLM (Stellar Lumens) and BAT (Basic Attention Tokens) have closed the week 20% down. Ripple is the only coin that saw a 10% increase – Premium Subscribers who entered at $0.42 saw $0.45.
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