This post is a translation of the weekly cryptocurrency analysis by Crypto Lab, a wholly owned subsidiary of Monex Group (Tokyo, Japan). Monex is the parent of TradeStation Group.
- Bitcoin (BTC) slipped under $10,000 as investors shifted funds into altcoins such as Ethereum (ETH) and Ripple (XRP).
- Singapore-based crypto firm Huobi expanded into Argentina, launching a fiat-to-crypto gateway.
- Altcoins garnered more attention this week.
- BTC traders should be watching $10,500 as resistance, and $9,300 as support.
Market Trends This Week
After the European Central Bank (ECB) cut interest rates last week, BTC initially gained ground. But as this week progressed, money flowed out of BTC and into altcoins such as ETH and XRP. ETH moved very strongly to the upside and reclaimed $200 for the first time in over a month.
The reason for the shift wasn’t clear. One theory pointed to the exchange launch in Argentina by Huobi, which handles a lot of altcoins.
This Week’s Topics
- Tokyo-based Unimedia plans to launch an in-house blockchain. (9/13)
- Aerial Partners releases its virtual-currency cloud software “Gtax” to facilitate back-office accounting for virtual currencies. (9/13)
- According to PricewaterhouseCoopers, the majority of funding for M&A in the crypto industry is now centered in Asia and Europe. (9/13)
- Singapore-based Pundi X plans to release its blockchain smartphone “Blok on Blok” (BOB) soon. (9/13)
- Korean messaging company Kakao will release the new cryptocurrency token Klay. (9/13)
- Warner Music and Dapper Labs will join forces to create a new blockchain named “Flow.” (9/13)
- CME seeks permission to double the upper limit of trading in BTC futures, a potential sign of market maturity. (9/13)
- Bank of New York Mellon (BK) gains importance in the virtual-currency space after being chosen by Bitwise for their new Bitcoin ETF and VanEck’s competing…