Monex Crypto Market Weekly: June 14

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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. Thanks to the difference in time zone, we’re able to share Friday’s report today.

Summary

  • Bitcoin (BTC) remained firm in the last week, bolstered by strength in Litecoin (LTC). LTC has benefited from its halving about two months from now.
  • BTC is up about 5 percent on the week, with buyers defending key support at $8,000.
  • Attention continues to focus on BTC’s tight range as it consolidates after the big move in March and April.
  • The next big catalyst may be Facebook’s (FB) cryptocurrency launch, reportedly next Tuesday, June 18. The G7’s Financial Action Task Force (FATF) is also expected to report guidelines for cryptocurrency oversight on June 21.

Market Trends This Week

Supported by the strength in LTC, BTC firmed and recovered the $8,000 level. LTC is climbing as “halving” approaches in August. That’s when the number of tokens rewarded for mining a block gets cut in half.

The gains came as momentum in the stock market faded and the U.S. dollar fell against most other currencies. At the G20 meeting of finance ministers and central bankers, crypto regulations were discussed. But there were no significant developments or price moves.

We continue to view $8,000 as key support for BTC. Near-term resistance is around $8,200, so it’s a very tight range.

Bitcoin (BTCUSD) chart, with hourly candles.
Bitcoin (BTCUSD) chart, with hourly candles.

Topics of the Week

  • TechCrunch reports that FB will announce the details of the cryptographic asset project “Libra” on June 18. (6/7)
  • Bloomberg reports that India’s parliament is considering a bill that would ban all use of cryptocurrencies in the country. (6/7)
  • Bittrex announces that it will stop trading 32 tokens for U.S. users on June 21. (6/8)
  • G20 Finance Minister and Central Bank Governor’s Meeting release a joint statement. (6/9)
  • Japanese professional-services company Recruit invests in Breez Development, a provider of wallets compatible with the Lightning Network. (6/10)
  • Coinbase Earn adds a learning course of Stablecoin DAI issued by MakerDAO. (6/10)
  • Visa (V) announces commercial release of “Visa B2B Connect,” an international payment network between companies. (6/11)
  • Sony Music uses block chain service provided by Amazon.com (AMZN) to manage digital ownership. (6/11)
  • Nasdaq (NDAQ) partners with CryptoCompare to start providing cryptocurrency prices. (6/11)
  • The Liquid exchange announces an initial coin offering (ICO) for Telegram’s Gram token on July 10. (6/11)
  • Ripple (XRP) launches a new office in Brazil to expand its South American business. (6/11)
  • G7’s FATF indicates that new regulatory guidelines on cryptocurrencies will be released on June 21. (6/11)
  • Bittrex conducts initial exchange offering (IEO) of Standard Tokenization Protocol’s (STP) Network Token (STPT). (6/11)
  • SBI Group CEO Yoshitaka Kitao is appointed as a senior adviser to the blockchain-related committee of China Investment Association. (6/12)
  • Visa card provided by Coinbase is accepted in six European countries. (6/12)
  • Bittrex announces lower transaction fees for U.S. users and the start of euro-denominated transactions this summer. (6/12)
  • Decurret suspends services because of a system failure. (6/13)
  • Bitfinex and OKEx list their own tokens. (6/13)
  • Binance Says It’s Launching a US Exchange With FinCEN-Registered Partner.(6/13)
  • Visa, Mastercard (MA), PayPal (PYPL) and Uber (UBER) back FB’s new cryptocurrency, according to The Wall Street Journal. (6/13)
  • Bakkt Reveals Bitcoin Futures Contract Details Ahead of July Test Date. (6/13)

Market Forecast for Next Week

Next week’s is not certain, but attention has been focused on the detailed announcement of FB’s Libra project (June 18) and FATF’s new Cryptographic Asset Regulatory Guidance three days later. There could be some impact on cryptocurrency prices.

We continue to watch BTC’s tight range between $8,000 and $8,200.

Next Week’s Topics

  • 6/18: Zilliqa (ZIL) holds a second-anniversary event in Singapore.
  • 6/18: TradeFinex 2019 will be held in Abu Dhabi.
  • 6/18: FB plans to announce the details its Libra crypto currency project.
  • 6/18-19: Nano (NANO) holding meet-up in London.
  • 6/18-19: White Night Hackathon will be held in St. Petersburg.
  • 6/18-20: Connex Tech Asia will be held in Singapore.
  • 6/19: Ethernet Classic (ETC) plans to implement a hard fork “Atlantis” in a test net.
  • 6/19-20: Blockchain Expo Europe 2019 will be held in Amsterdam.
  • 6/19-20: Techsauce Global Summit 2019 will be held in Bangkok.
  • 6/19-23: Expo-Bitcoin International 2019 will be held in Colombia.
  • 6/21: FATF will announce new regulatory guidance on cryptocurrencies.
  • 6/22-23: Monero Konferenco in Colorado.
  • 6/22-23: World Blockchain Forum held in Singapore.
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