MaiCoin Digital Asset Weekly, June 21 2019

Commentary

Digital Assets +13% this week to end just shy of the US$300B market cap level. Weekly volume -5% WoW for a daily average of US$58B. Big Caps did most of the heavy lifting this week offsetting declines in Small Caps and IEOs. Breadth was only modestly positive with just 53% of the top 200 coins and tokens ending the week higher.

Overall Digital Assets ended at a 330 day high with BTC at a 411 day high, LTC at a 393 day high and XMR at a 225 day high.

News sentiment this week was strongly positive. BTC outperformed with 89% of articles this week positive vs 67% across all Digital Assets. Overall, headlines were dominated by new details on Facebook’s Libra ecosystem. Other major stories included: 1. JPM hiring more blockchain talent, 2. Binance launching its first IDO (Initial Decentralized Exchange Offering), 3. Ripple making a $50M investment in MoneyGram and 4. Bakkt making progress on its payments business.

Given strong sentiment and a wave of short liquidations this week, think there’s a good chance that BTC could challenge the $10,000 mark next week. Despite strong gains this week, BTC isn’t really showing signs of overheating. It’s 20 day price gain is only ~13% (less than half the level of typical price peaks), its RSI is only starting to get warm and its 50 day Z Score is still well off previous highs. Given relatively low volume above the current level, think it would be relatively easy for BTC to get pushed up to the $11,000 level and for ETH to challenge $400.

Thoughts

  • Libra isn’t BTC, but it could be a quantum leap for finance and banking
    – Really interesting interview with Facebook’s David Marcus here
    – Marcus is FB’s Libra Director, was on Coinbase’s board and was president of PayPal from 2012–2014
    – Marcus’ interview paints aspirations of a much more decentralized and potentially innovative (for the legacy banking industry) product than the impression given from our first read of the white paper
    – Marcus says that while Calibra will be FB’s wallet for the protocol, 3rd party wallets will also be possible and that Libra will be traded on regulated exchanges
    – There are clearly significant regulatory hurdles to this product being implemented, but Silicon Valley’s entry into the industry could potentially be a massive shake up of the global banking and financial system

News

Videos

Charts

Chart 1. Weekly price vs volume

Chart 2. Weekly price change

Chart 3. Major thematics

Chart 4. Monthly average daily volume as % of historic high

Chart 5. MTD average daily volume

Chart 6. Price, 50D Z Score

Chart 7. BTC vs other Digital Assets, 1 month % change

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