SIDEWAYS MOVEMENT - BITCOIN
CME Bitcoin Futures expired today as we previsouly reported...not much has happened since.
Bitcoin is currently the same price it was when CBOE futures contracts expired on the 17th. (~10,900 USD)
Recently almost the entire market has moved in unison, ALTs and BTC together. We saw similar movement last year before both BTC and ALTs ran to new highs together
We feel that the overal market sentiment is quite bullish. Projects are getting closer to deadlines, major banks and companies are announcing their desire to explore the space, and we just had Robinhood (a very successful stock management app) announce that they plan to add cryptocurrency as investment options for users.
Crypto doesn't usually move sideways for long but for now it's very quiet.
With the possibility of some extended sideways movement or limited upside from most of the market, we've put a larger focus on ICOs.
As you can see, BTC is approaching a point we might expect to see some movement up or down. The blue box is a "no-trade" zone for us, so we're obviously hoping for a breakout upward.
Yeah it does feel as if the markets are building towards some form of movement in early Feb. I was hoping to see some coins start to decouple more from BTC specifically ETH but nothing much so far.
It feels as if XLM is slowly building to jump from it's current position to well over a dollar.
in addition to that....
NEM hack via Coincheck estimated at $700+ million
What does this mean for the overall market?
We can’t be sure obviously but so far the news has primarily only affected $XEM value ( 18%).
Coincheck is a large exchange in Japan but doesn’t make up huge total market volume.