January 07, 12:15 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):
January 7, 2019
All figures in USD$, unless otherwise specified
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■ General Cryptocurrency News:
• The next wave of smart phones is set to include increased crypto functionality
with the Samsung Galaxy S10 rumored to include features such as cold wallet
storage and rival HTC launching its Exodus 1 blockchain phone over the
holidays, which comes preloaded with the Brave decentralized browser and is
powered by the BAT token.
• As use cases for cryptocurrency continue to build, Facebook Inc. is said to be
developing a cryptocurrency to allow users to transfer funds via their WhatsApp
messaging app. The cryptocurrency is said to be a stablecoin pegged to the
U.S. dollar with India being the company’s first test market for the project.
• At least 15 central banks are seriously thinking about getting into cryptocurrency,
according to a recent report from the International Monetary Fund. Central
Banks site the diminishing role of cash usage, cost efficiency and financial
inclusion as primary drivers for the change.
■ BTC News:
• “Proof of Keys”, an event intended to prove exchanges operate on a full reserve
basis, essentially testing the Bitcoin solvency, took place on January 3
this event, users were encouraged to withdraw all BTC to private keys. Most
major exchanges passed the test; however, without all holders participating, the
test was ultimately deemed inconclusive.
• Blockchain start-up Blockstream is now streaming the entire BTC blockchain
from five satellites orbiting the Earth, meaning users around the world will no
longer need internet access to spend the cryptocurrency on everyday
transactions. The satellites also provide functionality to further support the
• Online retailer Overstock is set to become the first national company to pay its
taxes in BTC. Overstock will “pay a portion of its Ohio state business taxes in
bitcoin”. Ohio launched OhioCrypto.com in November, which allows businesses
to pay some taxes with BTC.
■ Trading History YTD:
• After a steady decline in 2018, BTC has experienced a stable to upward trend in
price to start 2019.
■ Current Environment:
• BTC’s trading range was narrow last week, ranging between US$3,710 and US
$3,940 before popping over the weekend to a high of US$4,080. At the time of
print, the coin is trading US$4,046.
• Volumes have been relatively stable at 1.3 million coins per day.