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2018-11-16 22:21:07

Cryptocurrency Investment Products and Services

Weekly Cryptocurrency Market Wrap
9th - 15h November

Weeks of relative stability in the price of bitcoin were unhinged as the market took stock of the implications of the quarrelsome hard fork in bitcoin cash. After starting off the week at approximately $6400, the price of bitcoin dropped as much as -12.3%, as it fell to its lowest point in over a year (approximately $5500). A strong divide in the opinion of the two significant groups over the technical aspects of the bitcoin cash and a sharp sell across cryptocurrencies on the 14th of November grabbed all the headlines over the past week. While it is easy to link these two significant events, we would be cautious to apply direct causation.

As to be expected, negative contagion spread throughout the crypto market as ethereum (-14.7%) and ripple (-3.7%) also ended the week in negative territory in US dollar terms. One of the most notable under performers over the past week was BAT which was down -30.2% in US dollar terms following a strong surge in price in previous weeks.

The sharp sell off over the past week was mostly indicative of panic selling in the retail market, primarily through exchanges. Institutions and large investors typically use these events to build into positions via over the counter (OTC) markets, so we think it's important to see the recent volatility in context.

Kyle Cox,
Senior Investment Analyst, Invictus Capital

Latest Market News

'Crypto civil war' slams bitcoin, but it won't last, says BKCM's Brian Kelly
Brian Kelly, a prominent cryptocurrency fund manager and founder of BKCM, speaks about his views on how the Bitcoin Cash hardfork led to a strong market selloff. Kelly explains that he expects it to be temporal in nature and notes that they have been buying up assets as a result of the downturn.

IMF Chief Calls for Exploration of Digital Currencies
Christine Lagarde, chairwoman of the IMF, said that there “may be a role for the state to supply money to the digital economy”. An early, yet encouraging, sign of central banks embracing digital currency.

Bank of America Applies for Blockchain-Based Encrypted Crypto Storage System Patent
It was revealed that Bank of America applied for blockchain patent related to the developing a secure way to store cryptoassets. Despite a rather negative stance on cryptocurrencies, the bank has admitted the need to keep pace with “evolving industry standards and consumer preferences”

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