CRYPTO GOLD WEEKLY UPDATE (March 19)

CRYPTO GOLD WEEKLY UPDATE
Week of Monday March 19, 2018

Markets Performance:

  • Last week, cryptoassets were the worst performing asset class with the cryptocurrency flagbearer, Bitcoin (USD) falling for the second straight week, finishing on Friday at $8,302.72, down -9.9% from the previous week’s close of $9,216,20.
  • Ethereum’s Ether (USD) was the biggest laggard, dropping -16.6% during the week period, moving down over $120 from $724.61 to $604.51, while the broader CAMCrypto30 index (top 30-cryptocurrencies by market capitalization), moderately outperformed both Bitcoin and Ether, respectively, with a loss of only -8.4%.
  • Continued regulatory uncertainty as well as a ban from Google on cryptocurrency-related advertising further dampened investor enthusiasm on the recently distressed cryptoasset market, which has seen Bitcoin’s (USD) price plummet nearly -60% from an all-time high of nearly ~$20,000 on December 12, 2017.
  • Trade war concerns and political turmoil with the removal of Secretary of State Rex Tillerson drove investor capital to some legacy safe-haven assets, with both treasuries and the Japanese yen rising. The 10-Year Treasury Yield dropped -1.7% from 2.89% to 2.84%, while the yen advanced +0.7% to 106.00.
  • For major indices, the S&P 500 lost -1.2% on the week, while the tech-heavy Nasdaq dropped -1.0%.

3.19.18 Crypto Data

Recent Trading History / Current Trading Range:

  • As a cryptoasset benchmark, the price of Bitcoin (USD) is off -58% from its December 17th high of $19,783.21, but still posts a staggering +610% gain over the last twelve months (LTM) versus only +16% from the S&P 500.
  • After hitting a 4-month low of $5,922 on 2/6/18 (off -70% from its all-time highs), Bitcoin (USD) has recovered roughly +40%.
  • On the technical front, however, Bitcoin (USD) is currently facing a 13-week bear cyclical trend, stuck within a downward trading channel (blue-dotted lines).
  • The $12,000 price level (red-dotted line) continues to serve as long-term resistance, with Bitcoin (USD) failing to break back above this key technical threshold on three separate attempts in January, February, and now March.

3.19.18 BTC Chart

Crypto Market Drivers:
(*Level of Importance in Descending Order / Bold & Hyperlinks – Major Weekly News)

SHORT-TERM (ST) DRIVERS:

LONG-TERM (LT) DRIVERS:

Major Events This Week:

  • Major cryptocurrency and blockchain events out of Dubai, Amsterdam, Auckland, Hong Kong, Berlin, London, New York, and San Francisco are set to dominate cryptocurrency headlines once again in the coming trading week.

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