Weekly Crypto Report — 23.09.2019

News Roundup

Another week in crypto is upon us and we're back with all of the latest price-action, news, views and potential market-moving events of the upcoming week. Let’s jump in!

Key Market Event — Bakkt Launches Today

Bakkt — the Bitcoin futures institutional exchange platform founded in 2018 by the Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE) — launches today.

This event has long been seen as a potential catalyst for the Crypto markets at large as it carries with it the possibility to onboard a large number of institutional investors. Bakkt has partnered with multiple organisations to build its platform, including the Boston Consulting Group (BCG), Microsoft and Starbucks. Such names have led many to believe that this launch will pave the way for the next major Bitcoin bull movement — dragging the rest of the market with it.

Analysts, traders and investors are now closely watching what happens today and in the coming weeks to see how the introduction of physically settled futures could impact Bitcoin and the aggregated crypto markets in the near-term.

Bitcoin’s (BTC) price action has been fairly dull over the past few days (see below), but this could all change with the launch of Bakkt. Many analysts are predicting that the launch may improve trust between institutions, who have the potential to invest billions in Crypto. Institutional interest is something that the crypto markets have been waiting for to fuel the next leg of the move upwards.


Our Hottest Instruments

Last week’s hottest pairs at the DSX exchange were BTC/USD, BTC/EUR and ETH/USD. Let’s dig into the numbers and see what’s happened and what might be coming up...

BTC/USD
Bitcoin (BTC) has been a little sluggish over the past week or so, and has been stuck is a sideways direction for a little while. It’s been ranging between the lower $9,000 region and the upper $10,000s, finding major support at the $9,000 price level and resistance around $10,000. Once BTC breaks through that $10,000 resistance, its next hurdle should form around the $10,400-mark. A breakout beyond this point would be a strong sign that those bulls are indeed around the corner. Many eyes will be fixed on the launch of Bakkt and its immediate aftermath. Will BTC break-out?

BTC/EUR
Similar to its USD pair. BTC/EUR has been flatlining for a while, almost waiting for a major market event to shock it into life. It’s found support around the low €8,000s and resistance just over €9,000. If the price begins to spike over the €9,500-€10,000 mark, strap yourself in, it could be moon time.

ETH/USD
Ethereum (ETH) woke up a little last week, jumping over 15% in the last seven days alone. Steady gains were amplified further on Thursday, as ETH hit $222, its highest peak since the beginning of August. This is being hailed as the first notable trend shift in 2 years, pulling the wider altcoin market with it (as we forecast last week).

This latest jump has given a nice tinge of bullish sentiment to Ether, as the $150-170 area has flipped from resistance into support. ETH is also starting to establish higher lows and higher highs as well, which looks positive. If it breaks the next bullish target around the $360 zone, we could even see a breakout into the higher hundreds.


Weekend Crypto News Recap

If you took the weekend off, here’s a bitesize roundup of some of the interesting/important things you may have missed:

  • CME to add Bitcoin Futures Contracts — The Chicago Mercantile Exchange (CME) Group will add options to its Bitcoin (BTC) futures contracts in the first quarter of 2020, pending regulatory review. CME Group’s announcement notes that, since the launch of Bitcoin futures on the exchange in December 2017, there have been 20 successful futures expiration settlements, with more than 3,300 individual accounts trading the product. This is more good news for the market as it adds more options for institutional investors to enter the Cryptosphere!
  • North Korea Plans Bitcoin-Like Cryptocurrency to Sidestep Sanctions — North Korea is working on building its own cryptocurrency in an apparent attempt to get around international sanctions. It’s apparently still in the early stages of development but appears to follow a similar concept as Venezuela, which launched the petro token last year — also an attempt to avoid US-led sanctions.

Crypto — Did you know?
Last year, Bitcoin enthusiast, James Howells threw away a hard-drive containing bitcoins worth a mind-blowing $75 million. Ever since this epic blunder, he’s been desperately trying to find the hard-drive and is even planning to dig-up the landfill site that it was supposedly transported to. Poor guy!


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The DSX Team

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