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Crypto Market Forecast: 4th November

It was mixed bag of performances last week in crypto markets with 6 out of 10 assets in the Brave New Coin Market Cap table trading red. Stand out performers that realized Alpha profits last week include Decred, BNB and Stellar.

A mixed week in the crypto markets ended with most large-cap crypto assets marginally in the red. The market benchmark asset BTC ended the week down 2%, while the number two and three crypto assets on Brave New Coin’s market cap table, Ethereum (ETH), and XRP, fell by 1% each. The overall crypto market cap slid ~3%, however, some large-cap crypto assets such as Stellar and Decred were able to buck the trend and post weekly gains of 7% and 27% respectively.

Following a string of bullish blockchain comments by Chinese Premier Xi Jinping last Friday, all eyes were on China to see how its tech, finance, and media industries would respond. On the Friday that the comments were made, China’s most popular prime time news program dedicated 5 minutes to Xi’s blockchain comments. The People’s Daily, a popular CPC media vehicle, ran a front-page item focused on President Xi’s blockchain comments.

China-centric crypto assets such as Tron, NEO and Vechain saw strong early week gains immediately after President Xi spoke. However, most of these gains were short-lived with the price on each asset retracing to previous levels by the end of the week. There was also media coverage of a new Dapp that will allow members of the Communist Party of China to record their commitment to the political party to the blockchain.

It was a historic week for the BAKKT derivatives platform. On Friday the 25th of October, BAKKT futures traded a record 1,179 contracts in one day and in the same week, the group announced that it would be launching an options product in December. This week they announced that development has begun for a consumer and merchant facing app in partnership with Starbucks.

The app appears to be a digital wallet and cryptocurrency payment interface for seamless payments between merchants and consumers. The app will leverage BAKKT’s Wall Street pedigree and partnership with mega brands like Starbucks. It’s expected that the app will increase cryptocurrency use and awareness.

This week in crypto events

5th November- Testing Launch of USDT margin traded futures on OKEx

This Tuesday, popular global digital asset exchange OKEx begins testing for a series of USDT futures products that are set to launch in mid-November. 9 assets will be available to speculate on using the USDT futures, including BTC, LTC, and ETH. The launch means that traders will not have to put up volatile cryptocurrencies as collateral for margin, making trading easier to track.

7th-8th November- Swell Conference (Ripple)

Blockchain payments processing giant Ripple will host its annual yearly conference with a typically impressive list of keynotes and speakers. This year’s list includes Raghuram Rajan, former governor of the Reserve Bank of India and Chief Economist at the IMF. The price of XRP fell 1% last week, however, in previous years it has enjoyed bullish speculation around Swell conference dates.

TOP 10 411

It was a mixed bag in this week’s Brave New Coin Market Cap top 10. While the top 3 assets in the table saw slight falls in value, tokens like BCH, BNB, and XLM all enjoyed strong trading weeks. Stellar has its own annual conference this week in Mexico, Meridian. Pre-event hype for Stellar’s 1st ever annual conference may have driven some of this week’s buying pressure.

BLX 411

Following the previous week’s excellent price performance, BTC prices slipped back towards the $9000 price level. Bitcoin trading volumes have also flattened out, suggesting the bullish sentiment following President Xi’s blockchain comments has cooled off.


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