VOL. 5 || AMANPURI Weekly Update. (May 24–30)
- Weekly Market Review
1.1 Market overview
On Thursday, the crypto market held its strength with Bitcoin pushing beyond $9,400, as Ethereum reached its $220. Also particularly strong Cardano (+17.52%), Tezos (+5.92%), Algorand /+5.44%), and Monero(+5.29%). On the Ethereum-based token sector, Link (+5.94%) is back above $4 as Numeraire (+17.74%) climbs to $28.8.
The total market cap is now $260.862 billion, 3.65% growth since yesterday. The traded volume also moved up to $32.755 billion (+17.88%), and Bitcoin dominance is marginally low at 66.33% from yesterday’s 66.56%.
Top 10 Performers
Source (CoinMarketCap)
Bottom 10 Performers
Source (CoinMarketCap)
1.2 Segment Analysis
The crypto market continues upbeat, as Bitcoin is ready to challenge the $10,000 again, and Ethereum has started a new leg up. The stock market is weighing both, China’s recent security law on Hong King and Trump’s executive order supposedly to protect free speech on social media platforms. Friday is options and futures expiration day; thus, the stock market might be choppy and directionless. That can be seen already in the Asia-Pacific markets, which asr mostly in the red, and the expectations for the European markets to open lower, following Thursday’s profit-taking activity on Wall Street.
2. Technical Statistics
2.1 Activity Statistics
The total market cap is currently $261,642 billion after making a large bullish candlestick on Thursday, which has pushed the price above its +1 sigma line and near the regression line ( white dotted line). We also see the RSI advance to the 60 level.
Technical Factors
- Linear regression channel points upward and price in the upper side of the channel +
- Price above its 20- 50- and 200-day SMA +
- 50-SMA above the 200-SMA +
- Price above the upper +1 sigma side of the Bollinger Bands +
- RSI moving up at the 60 level +
- Bollinger bands still horizontal –
Total Market Outlook
The market continues up. We may experience a few hours of consolidation, after the strong movement made in the last two days, as today is Friday, and the expiration day of options and futures.
2.2 Community Activity Statistic (Introduce Admin / Community)
Bitcoin
Bitcoin made a decisive move on Thursday, after breaking above $9.300 and creating a large candlestick on an increasing volume that touched the $9,500 level. The price continues to move above the +1 sigma line, showing an excellent bullish momentum as the Bollinger bands expanded and headed towards the north. The RSI is touching the 70 level after ascending from the $0 level.
Technical Factors
- The slope of the Linear Regression Channel is positive +
- The price above the +1 sigma line of the Bollinger bands +
- Bollinger Bands expanding and curving up ++
- RSI strong, although near overbought N
- Price above its 20-, 50- and 200-SMA ++
Bitcoin’s Outlook
Bitcoin is making a short consolidation after an 8 percent move in two days. The bullish momentum is growing, so we still think the asset has room to the upside and will try to test the $10K soon. A break of $9,600 would encourage buyers to add positions, although the vicinity of the $10K will add volatility, as this has become a strong resistance level.
Ethereum
Ethereum finally broke out the triangular formation and created a bullish impulse, breaking from $208, which ended today beyond $220. The price is well beyond the +1 sigma line of the Bollinger bands, which shows the strength of the momentum, but showing the price is short-term overbought. This fact is confirmed by the RSI above 70.
Technical Factors
- The slope of the linear regression channel is positive +
- The price broke above the last high of 217 made on May 18 +
- The price above its 200- and 50-SMA +
- Bollinger bands upwards and expanding +
- The price well above the + 1 sigma line of the Bollinger Bands +
- Short-term overbought –
Ethereum’s Outlook
Ethereum is creating a consolidation movement. It isn’t easy to assess how much time it will spend at these levels. We think not much, given the strong momentum it shows. The next target for this asset is in the vicinity of $230. There is no entry at these levels. A possible strategy, in this case, is to buy the retraceme
Ripple
Ripple followed the general market trend and made a bullish movement, although somewhat weak. The asset is finding it hard to move beyond $0.20. The good news is it is now moving above its 50-period SMA and above the +1 sigma line of the Bollinger bands, and also the RSI climbing to the 60 level.
Technical Factors
- Linear regression channel has a positive slope +
- The price above the +1 sigma line of the Bollinger bands +
- RSI moving up +
- Price above its 50-period SMA +
- Bollinger bands curving up +
Ripple’s Outlook
Ripple’s technical factors are bullish. What is lacking is the conviction on buyers to keep pushing the price up. Still, we think XRP may challenge the $0.20676 level and, even $0.21, as the current price is undervalued. According to its regression line value, XRP should be priced at $0.217, an 8.5% difference.
3. Weekly Blockchain News Review
3.1 Industrial Application
1.Russia’s Largest Bank Sberbank Buys 5,000 Blockchain ATMs Despite Authorities’ Plan to Ban Crypto
Sberbank, Russia’s largest bank, is purchasing more contactless ATMs that are powered by blockchain. The banking giant is making this move despite an upcoming bill that aims to penalize individuals and firms that use and trade cryptocurrencies.
The bank rides the blockchain wave
The banking institution just intends to cut the need for physical contact associated with the use of bank debit/credit cards amid the coronavirus pandemic. Throughout the COVID-19 epidemic, Sberbank has preferred to cut down the use of plastic cards due to health concerns.
The banking giant intends to buy 5,000 contactless ATMs within a framework of a tender that is worth over $100 million.
2. CoinMarketCap introduces changes in the ranking system
CoinMarketCap has introduced new metrics to combat counterfeit volume. Earlier, other crypto exchanges claimed that the platform favoured the Binance exchange, which bought CoinMarketCap in late March.
The leading cryptocurrencies data aggregator — CoinMarketCap (CMC) has introduced new metrics. These are designed to limit the impact of false volumes on platform data. The new statistics will be used to determine the position of crypto exchanges and market pairs.
The changes result from other, recently introduced modifications, which turned out to be controversial due to the favouring of the Binance exchange. Binanace bought the CMC platform in late March this year.
3.2 International Policies
1. India Central Bank Gives Green Light for Crypto Firms
A recent announcement issued by the Reserve Bank of India (RBI) suggests that Indian banks are not prohibited from opening accounts for crypto companies anymore.
The Reserve Bank of India Confirm No Restrictions for crypto related firm
It therefore appears that the Central Bank of India, the Reserve Bank of India, finally clarified its position on financial services dedicated to companies related to the cryptocurrency market.
Indeed, in its letter, the RBI explained that there are no restrictions on banks that want to open accounts with companies that deal with cryptocurrencies.
2. China Passes Civil Code Which Will Allow its Citizens to Inherit Cryptocurrency
At the Thirteenth National People’s Congress held in Beijing China, the parliament passed a new civil code that protects the civil rights of inheritance, marriage, property, personality, and contract infringement.
According to Lixin Yang, a professor at Renmin University of China, the civil code states that “When a natural person dies, the legacy is the personal legal property left by she/he.”
Personal legal property in this case also means “internet property” including virtual currencies. Chinese citizens will be able to leave their cryptocurrency and virtual assets to their heirs, coming into effect on January 1, 2021.
4.Weekly Investment Activities
1. China’s Tencent Will Invest 500 Billion Yuan in Blockchain and New Technology Infrastructure
Chinese tech giant Tencent Holdings, the owner of China’s messaging platform WeChat has announced that the company will be investing 500 billion yuan ($70 billion) in the next five years in emerging technologies including blockchain, artificial intelligence (AI), cloud computing, and cybersecurity.
Tencent is aiming to strengthen the development of FinTech in China, following the push of accelerating the development of blockchain as stated by the country’s President Xi Jinping.
2. Grayscale Bitcoin Trust Buys Over 1.5 Times Total BTC Mined Since Halving
Grayscale Bitcoin Trust (GBTC) has been racking up the number of BTC it has purchased since the third Bitcoin halving. Between May 12 and May 18, the week following the halving, Grayscale Bitcoin Trust acquired 12,021.15320371 bitcoins representing $112,336,936, according to Grayscale Investments’ filing with the U.S. Securities and Exchange Commission (SEC).
The following week, from May 19 to May 26, the trust aggregated 6,889.32628892 bitcoins representing $65,231,657. During the two-week period, Grayscale Investments bought a total of 18,910.47949263 bitcoins.
This means Grayscale Bitcoin Trust added more than 1.5 times the number of bitcoins mined during the two-week period after the third Bitcoin halving. This represents a major increase in its buying. For the 100-day period ending May 17, news.Bitcoin.com previously reported that Grayscale Investments purchased 33%
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(Operasi Platform)
- Our leverage trading details this week. (May 24–30)
Spot Trading total volume
BTC/USDT : 10,914 BTC
ETH/USDT : 13,986 ETH
XRP/USDT : 2,980 XRP
BCH/USDT : 7,084 BCH
LTC/USDT : 1,478 LTC
AMAL/USDT : 556,522 AMAL
ETH/BTC : 171,074 ETH
BCH/BTC : 497 BCH
XRP/BTC : 30,937 XRP
LTC/ETH : 3,039 LTC
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1 Jennings Adams 296.93%
2 Derick Barrows 75.59%
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(Disclaimer)
1. Amanpuri does not have any form of association with Blockchain projects or other third-parties mentioned in this report that could jeopardize the objectivity, independence and fairness of this report.
2. All outside information, data referenced in this report is from compliant and legitimate sources that we deem as reliable, and Amanpuri have conducted the due diligence concerning its authenticity, accuracy and completeness, but such due diligence does not provide any guarantee.
3. This report is only for reference purposes. Conclusions and viewpoints in the report do not constitute any form of investment advice on crypto assets. Amanpuri is not responsible for any losses resulting from the use of this report, unless stipulated by law. Under no circumstances should the readers give up their own investment analysis and judgements.
4. This report only reflects the opinions from Amanpuri on the day it was finalized. Future market condition changes may lead to updates of such judgements.
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