Wirex market report
It’s been a mixed week for cryptocurrency. Thomas Lee’s Bitcoin Misery Index reached its highest level since 2016 last week, as investors dared to hope that the long Crypto Winter was finally at an end. Bulls ruled the roost in the short term at least, as BTC broke out of $4,255 to reach a lofty $5,405 and the RSI crept tentatively into positive territory.
All eyes will be on the price of Bitcoin in the coming weeks; there’s a risk that the bears could regain the upper hand should it break through its predicted bottom and fall below $4,255.
Ethereum (ETH) continued to underperform, despite being the preferred option to generate funds through ICOs according to ICObench. Having pierced the overhead resistance at $167.32, ETH’s movements adopted a bearish direction to fall below the support level.
The second-biggest altcoin, Ripple (XRP), fell below the 20-day EMA and support at $0.350, indicating bearish dominance. Conversely, EOS, currently 6th on the CoinMarketCap charts, is still at the mercy of bulls – they will be hoping that the coin can break above $6.8299 and reach $9.3483.
A recent Twitter poll by the International Monetary Fund (IMF) revealed that 56% of participants see themselves paying for their lunch using cryptocurrency in five years’ time. This is more than double the next most popular payment option – mobile phone – with bank cards and plain old cash only receiving 9% and 8% of the vote respectively.
As a result, the IMF and World Bank have embarked on a private blockchain and ‘quasi-cryptocurrency’ initiative with a view to raising awareness of blockchain technology amongst employees. Staff will earn ‘Learning Coins’ for various educational achievements. While a redemption method for these coins as not yet been finalised, the programme indicates a positive willingness amongst major financial institutions to engage with digital currency and the blockchain.
Elsewhere, decentralised computing network Blockstack announced that it plans to launch an SEC-qualified token sale to the tune of $50 million. It stands to be the first token sale conducted in line with SEC Regulation A+ framework, if approved.