As ever, we start with Trading highlights. Bitcoin continues to fluctuate in a range of $200-300, holding steady at the 2018 lows that we have been courting for the past three months. A special level that is holding just above most crypto miners’ break-even points. Despite the raft of positive news, BTC failed its November 7th breakout, merely touching the next key $6700 support level.
This last week saw focus shift to a Bitcoin Cash rally ahead of its Hard Fork this Thursday. Other notable performers have been Stellar Lumens (post the largest crypto airdrop of $125m) and XRP. Strength in the Altcoin market should not be ignored and speaks to the wider health of the industry. Easily snubbed by some, a seasonal end of year crypto rally is a potential, along with the bullish sentiment and significant amounts of institutional money is waiting on the side-lines lets us believe that the markets are poised to break out rather than decline.
Onto Newsflow, we remain bullish. We have now seen the Harvard endowment group join the likes of Yale, Stanford and MIT in investing into this space. This movement joins an ever-growing number of financial and non-financial institutions gaining space exposure weekly. Inside the industry itself, we see further healthy consolidation with Bitfury raising $80m as well as Bitmex launching its own venture fund and Binance launching their own institutional-grade research arm. On the regulation front, it is worth noting China has now lifted their cryptocurrency ban.
Ben Sebley, Head of Brokerage, NKB Group (www.nkbgroup.io)