Monday Crypto Market Update – Eric Choy
Despite the resurgence in TRX, I don’t see the token’s price continuing its recent rise due to its RSI level showing overbought exhaustion as it has hovered over the 80 level for the past few days. And its 200D MA clearly acting as resistance around $0.023. If TRX manages to close a daily candle above that level, look for the bulls to remerge again or look for it to quickly consolidate back down to the $0.017 level.
Honorary mentions goes towards BCH and XLM, whom also had substantial gains this week with gains of about 17% and 15%, respectively. In fact, all the major alt coins that I have been following are all up against BTC including (and to pivot towards the traditional markets) the S&P which managed to squeeze out a 1.4% gain in a week where we saw the Fed cut rates once again. As mentioned before in a previous post, negative rates for the US is not an impossibility. Japan and Germany have been running negative rates for over a decade already. So for those who have substantial portions of your wealth in money markets or CDs, it would be ill-advised to keep parking it there. Or as the author of “Rich Dad Poor Dad” puts it, “savers are for losers”.
Three things to know
1. Vault12, backed by Winklevoss Capital and a few other VCs, are offering a new way to secure and store your private keys through the means of your friends. By leveraging a cryptographic technique called Shamir’s Secret Sharing, users can basically partition their private key and distribute it to their friends, aka guardians, to hold onto. Giving more definition to the theme of decentralized.
2. In what was a boring week for BTC, the once largest BTC mining pool owner, Bitmain, created some nice internal drama that unfolded publicly as Jihan Wu basically formed a coup to regain control of the company and ousting former leader Micree Zhan, albeit while Bitmain files for an IPO in the US.
3. Bitmex, one of the largest crypto derivative exchanges, is yet once again in the dog pound by accidently exposing user’s emails through a general user update email sent out by the firm. Woops.
Chart of the Week
Published at Mon, 04 Nov 2019 01:35:03 +0000