February 11, 12:00 pm
Shane Thomson, CFA
Technical Trading Score*:
Date Of Inception:
Bitcoin is a decentralized coin enabling
revolutionary means to exchange value across the
globe. It continues to be the biggest and most
influential coin, encouraging peer-to-peer payment
networks powered by its users with no central or
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POW or POS:
Current Mining Fee (USD):
February 11, 2019
All figures in USD$, unless otherwise specified
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■ General Cryptocurrency News:
• Tech giants Google and Facebook continue to push into the blockchain and
• Google is developing blockchain search-ability with Blockchain ETL (extract,
transform, load), a new technology being built into Google’s big-data analytics
• Facebook reportedly made its first blockchain-related acquisition last week,
acquiring blockchain start-up Chainspace. Facebook is acquiring the core
team behind Chainspace in order to gain access to their skills and expertise.
The company’s technology will not be acquired.
• Adoption of cryptocurrency in countries plagued by inflation and bad
government continues to accelerate. For example, peer-to-peer bitcoin trading
volumes in Venezuela increased to an all-time weekly high last week of US
• Wyoming became the most recent state to become cryptocurrency-friendly,
passing a bill that will allow cryptocurrencies to be classified as money. The bill
is scheduled to go into effect March 1
■ BTC News:
• Billionaire investor Michael Novogratz stated in an interview last week that he
believes it is “simply logical for every big macro fund to hold 1% in Bitcoin”.
• Securities and Exchange Commission (SEC) official, Robert J. Jackson Jr.,
stated that he believes a BTC exchange traded fund (ETF) will be approved.
Jay Clayton, chairman of the SEC, previously highlighted that alleviating
concerns over market manipulation will be key for approval of the first BTC
• Over the last few years BTC has become more decentralized according to
Canaccord Genuity Group’s latest cryptocurrency report. The report compared
current day mining hash rate distribution, were no single mining pool controls
more then 20%, to mid–2014 when Ghash.OI controlled around 50%. This
demonstrates the magnitude of BTC adoption over the last few years.
■ Trading History YTD:
• After spiking to a near-term high at the end of the first week of January, the
price of BTC has trended negatively for most of 2019.
■ Current Environment:
• While still down on the year, the price of BTC recovered some of its losses last
week, spiking over US$200 in 24 hours late last week.
• Volumes for the week averaged 1.7 million coins per day.
In the image above, a Bull represents relatively favourable technical analysis indicators and a Bear represents relatively unfavourable technical analysis indicators.