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Lingering at $19K: Digital Asset Digest Volume #34

Welcome to the 34th edition of ‘The Digital Asset Digest’. Today we’ll get technical on Bitcoin, as well as looking at the bottom that occurred on November 1st and the opportunity that creates in DeFi. Let’s jump right in!

Ripple Reconsidering US Exit, Plans to Monitor Regulations Under Biden Admin

Source: BTC Manager

“In an interview with CNN’s Julia Chatterley, Ripple CEO Brad Garlinghouse remarked that the company is waiting to see what changes the incoming Biden administration will make regarding crypto regulations before deciding on a move out of the US.  As previously reported by BTCManager Ripple has reportedly grown frustrated with the regulatory climate in the country and was mulling a move overseas with Japan and Singapore being likely relocation candidates.” ‘

Crypto Exchange Bittrex Global Lists Tokenized Apple, Amazon, Tesla Stocks for Trading

Source: CoinDesk

“Bittrex Global has launched trading in tokenized stocks such as Apple, Tesla and Amazon on its digital asset exchange. Launched in a collaboration with DigitalAssets.AG, the tokenized shares can be purchased in fractions using either U.S. dollars, tether (USDT, -0.03%) and bitcoin (BTC, -0.80%). The listings also open up access in countries without access to U.S. stock markets, Bittrex said.”

Evolving Ethereum: What The Second-Largest Cryptocurrency’s 2.0 Upgrade Means For Investors

Source: Benzinga

“In early November, the Ethereum Foundation commenced the first process of the long-awaited Ethereum 2.0 upgrade specifications, detailing the rules of the genesis phase 0. The phase stated that around 524,288 ETH needed to be pledged with at least 16,384 validators to invoke the proof-of-stake process. The arrival of ETH 2.0 has been welcomed as a momentous achievement for the network, with Ethereum 2.0 R&D member Hsiao-Wei Wang saying: “Thanks to all the Eth2 teams and the community that wrote the history”

JD.com Becomes China’s First Online Mall to Test Digital Yuan

Source: Bloomberg

“JD Digits, the e-commerce giant’s fintech affiliate, will launch a pilot program this month, and customers will pay for certain items with digital yuan, it said on its official WeChat account. About 100,000 digital cash vouchers, worth 20 million yuan in total, will be issued to residents of Suzhou city in the eastern province of Jiangsu on Dec. 11.

TOP GAINERS

TOP LOSERS

INDUSTRY WIDE SNAPSHOT

Ceteris Paribus posted a great chart showing gains of cryptocurrencies from November 1st until yesterday, and it highlights the ultimate point of investing in DeFi. 

Bitcoin is a darling we read about on a daily basis. It was almost everyone’s entrance point into the crypto space and represents over 60% of the total market capitalization of cryptocurrencies.

So if you’re going to invest in something besides Bitcoin, you should probably have a pretty good reason for doing so. There are two reasons we see for this: 

  1. It provides diversification within the cryptocurrency space. 
  2. The potential for higher returns than you might earn on Bitcoin. 

The chart we included shows returns since November 1st, which isn’t the whole picture. This chart provides additional context around YTD performance and how the tokens performed in September and October. 

Calling a bottom is a dangerous thing that we don’t recommend, and these charts are more meant to show that on certain time periods, we’ll see companies outperform Bitcoin. Micro-cap stocks often show more volatility, and dips make for great buying opportunities for those looking to diversify their portfolios.

With the recent upgrades to Ethereum, and potential rotation of sectors within crypto, there is a ton of opportunity for upside with companies well-positioned to take advantage of these shifting trends. 

And this is why we think it’s important to pay attention to DeFi. Not only does it have a different asset profile from Bitcoin, but it also is in its earlier days and therefore has more potential for large positive and negative swings (as demonstrated in the charts above).

That’s all for today. Next week, we’ll be discussing a yield farming technique we know you’ll love

Comparing Reasonably Private Spends in Bitcoin, Monero, and Zcash

Source: Seth Simmons

“The 2010’s were a fascinating time to follow the consumer tech industry in China. Though I left Hulu in 2011, I still kept in touch with a lot of the team from our satellite Hulu Beijing office, many of whom scattered out to various Chinese tech companies throughout the past decade. On my last visit to the Hulu Beijing office in 2011, I was skeptical any of the new tech companies out of China would ever crack the U.S. market.”

From yesterday’s low at $18,882, the price of  Bitcoin has increased by 2.78% coming to $19,406 at its highest. This isn’t as significant of a rise in percentage term, but what is because it made a slightly higher high compared to the previous one and made a breakout from the symmetrical triangle that was formed on the 1st of December.

Source: Trading View

As you can see by looking at the hourly chart, the price made a series of lower highs and higher lows since the start of the month after an interaction with the all-time high horizontal level. This marks a consolidation after a rise from the 26th of November when the next upside move has begun.

If we have seen the start of the next five-wave impulse from the lower degree count starting to develop from the 5th of December then the price is now headed for a higher high compared to the one made on the 1st of December which would effectively make it a new all-time high. 

The target price for the expected increase would most likely not be that much as the price would enter a strong seller’s territory which is why we would expect to see a spike to the upside to around $21,500 area followed by an immediate decline. 

As the price is most likely ending its higher degree 5th wave a larger correction would be expected towards which is why the next decline would be impulsive in nature and could set the price for a longer-term downtrend.

This concludes another issue of the ‘Digital Asset Digest’. We hope you enjoyed this week’s edition. We are constantly making changes and are always open to feedback.

On another note, our research team just put out a piece on the cryptocurrency mining industry. To check out this free report, click here!

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