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Top Cryptocurrencies of the Week – As at Oct 18, 2018

  • Bitcoin (BTC) – This week, the insolvency scare of stablecoin Tether, caused a short-lived spike in Bitcoin’s price.

    In a rush to withdraw funds from the Bitfinex exchange, investors purchased BTC, pushing the price from just $6400 to almost $7800 USD on the exchange. This happened in only a two hour window, before settling back down. This sudden spike cleared out $60 million dollars of short volume. But over a 48 hour period, short trader volume returned and is now over 50% greater than longs, demonstrating a pessimistic sentiment on price.

    We suspect bitcoin price may fall further next week as those who moved their tether holdings into BTC are opening accounts in other locations to sell their bitcoin back into US dollars.

Caleb and Brown’s Spotlight Cryptocurrencies of the Week:

  • 0x Protocol (ZRX) – The open protocol for decentralized exchange on the Ethereum blockchain, became only the 6th cryptocurrency to be listed on Coinbase Pro. With the ongoing Bitfinex controversy, we anticipate trading volume to migrate to Coinbase Pro, providing further exposure to the ZRX token.
  • Bitcoin Cash (BCH) – The Bitcoin fork has been gathering steady merchant adoption across Australia. Having fallen to 6.8% of the BTC price, if it reaches the next point of support at 5.5% of BTC, it may represent a resilient entry point, as the asset is held by a community of ardent believers in the bitcoin fork.

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Caleb and Brown is proud to sponsor “Top Cryptocurrencies of the Week”  segment of Coincast TV, a show that promises to bring education, up to date market information and the latest news from the Cryptocurrency world to mainstream investors. It furthers our commitment to helping bridge the gap between traditional investors and the cryptocurrency markets.

Broadcasted on Sky News Business and syndicated across Apple TV, The Wall St Journal and related social platforms, reaching an audience of almost 200 million viewers worldwide.

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The show will air weekly on Sky News Business in Australia at 7.30pm (EST) on Friday evenings, with several repeat episodes over the weekend.