• Bitcoin is up 39.65% for the past 30 days, continuing the bull run that started early February
• Bitcoin SV grew 51.35% in the last 7 days after reports surfaced of the founder filing a copyright claim on the original Bitcoin whitepaper
• Dash experienced growth of 2.05% over the past week as trading volumes rise
• Karyopharm Therapeutics, a pharmaceutical firm, rose 32.18% last week
• Exela Technologies, an enterprise IT solutions firm, dropped 33.67% on last week’s trading
Top trading ideas:
$7,500 Is The Perfect Price to Buy Into Cheap Bitcoins - Here's Why
It’s common knowledge that you should buy low and sell high…
but it’s often hard to tell when exactly those lows and highs are. Sometimes, however, those signals are pretty clear. We’ve been talking about Bitcoin’s rise to $11,500
for a few weeks now, and so far, our ideas
have been holding up. (Want to test them? Just hit play.) The current price slump might have given jitters to some investors, but not us - everything is playing right on cue.
What’s $7,500 got to do with it? The weekly charts show the Bitcoin price in more or less a holding pattern, staying in the $7,200 to $8,100 range, with the price at publication a little over $7,500.
Assuming our forecast is correct, the uptrend will soon resume, meaning that buying in now represents a fantastic opportunity
to make out like a fox in the henhouse as the price ticks up to that magic $10k
, and $11,500 beyond it.
What if whatever’s driving the rally slips? There’s always a risk involved in any strategy, but increasing institutional confidence in Bitcoin, as shown by record volumes in futures trading,
makes this seem like a long-term trend instead of a short-term boost.
Wut We Think:
Despite some doom and gloom
, Bitcoin’s current correction was well expected, and doesn’t show any signs of rapidly crashing. Instead, the current chart is pretty stable, showing that the price is condensing. Once it does, we fully expect the price to start moving in line with our prior expectations and appreciate rather rapidly.
A 45% Jump for Bitcoin SV As Craig Wright Claims Copyright
The altcoin holding the #11 spot by market cap, Bitcoin SV, jumped 45%
two days ago, breaking a 3-month streak of stability. A quick spike of 63% took the coin from $62.12 to $123.02, before falling and stabilizing at $100 since then
. Calls of a pump and dump can’t be ruled out, but there are a few more prosaic explanations as well…
Like what? A long-running saga in Bitcoin history has been the identity of the inventor of Bitcoin, Satoshi Nakamoto. Bitcoin SV’s founder, Craig Wright, has long claimed to be Satoshi. But the current jump in price is likely linked to Wright’s latest claim of copyright on the original Bitcoin whitepaper.
Woah, so is he…?
It’s really highly doubtful. Aside from all the other evidence
that makes it hard to believe Wright’s claims, the copyright claim doesn’t actually mean anything
, as the copyright office doesn’t check the veracity of any given claim. All you need to register a copyright is 55% and an internet connection.
But the price is still up, right? Wright’s spent a lot of time and effort convincing people that he’s Satoshi, and pumping his own Bitcoin fork, SV, as well. (The SV stands for ‘Satoshi’s Vision.’) And while the price jump did coincide with news reports of the copyright claim, it still represents a lot of money being poured into a cryptocurrency that’s been delisted from several exchanges
Wut We Think:
SV might be up significantly since the copyright news broke, but there’s no way it’ll sustain that pressure. The rapid rise (in a matter of minutes
) on Tuesday is clearly a pump of some kind, but once the news fades with the US Copyright Office’s disavowal that the claim presents any sort of recognition, the dump is sure to come. There are better altcoins to track, ones that aren’t quite as dogged by scandal as BSV.
Trouble in Tech As Markets Slide on Trade War Jitters
Bitcoin isn’t the only crypto growing - BitcoinCash, EOS, and Litecoin have all beaten it in growth...While cryptocurrency often follows Bitcoin’s growth, it takes something special to beat the daddy of crypto itself, but these three coins have managed it. LTC gained 175.9% y-t-d, BCH gained 147.55%, and EOS gained 126.99%.
The tech sector is starting to feel the hit from the US-China Trade War as supply chains are disrupted...The latest casualty? Action camera maker GoPro. They’ve moved production
from China to Mexico, and they’re far from alone. Top laptop makers
- American brands like HP, Dell, and Apple - all source 90% of their parts from Taiwan, which manufactures most of their products in China.
Where are they going besides Mexico? A lot of Chinese electronics firms are shifting operations
, where cheaper labor and an attractive business environment
has long been drawing multinationals. Swedish furniture giant IKEA is just one of the firms taking advantage of the situation.
Are iPhones going to get even more expensive? iPhones and everything else tech-related. Foxconn, the main supplier of iPhone parts and construction, is heavily reliant
on China for its enormous labor force, has already lost 13% of its share price since the start of the month
Any other bad news?
As luck would(n’t) have it, yes! China is the main source of rare earth
, making up 60%
of global rare earth production. Rare earth are one of the core components of rechargeable batteries and other high-tech equipment. The US has exempted rare earth from sanctions,
but there’s no guarantee that China won’t impose their own
Wut We Think:
We’ve all come to rely pretty on our various gadgets and technology, and the trend, so far, has been making them cheaper every year
. And while companies are starting to diversify their supply chains out of China, it isn’t a quick or painless process. Add in the threat of China raising export duties on rare earth
(or even cutting them off entirely!) and you’re looking at a very gloomy picture for the electronics sector
for as long as this trade war goes on.