The first mining company went public on the London Stock Exchange
Jimmy Wales, the founder of Wikipedia, criticizes cryptocurrencies
Bitcoin (BITCOIN on xStation5) has broken below the $7000 handle
The cryptocurrency market starts the week quite calmly. Over the weekend major virtual currencies were trading mixed. However, we are observing some weakness on Monday morning. The capitalization of the cryptocurrency market sits a notch below the $260 billion mark while the Bitcoin market capitalization stands above $120 billion. Today’s major topics concern the first crypto-related firm’s IPO in the UK and the founder of Wikipedia’s remarks on virtual assets.
Firstly, let’s mention New York Stock Exchange owner’s plan. On Friday, Intercontinental Exchange (ICE), the mentioned NYSE’s parent company, announced its plans to launch a virtual assets platform. Apart from that, ICE also plans to list a physically-settled Bitcoin futures contracts.
BITCOIN has broken below the $7000 handle, and now, it is trading in the vicinity of this level. The most popular cryptocurrency experienced the significant drop over the week as Bitcoin moved from around $8000 to below $7000. Source: xStation5
RIPPLE struggles to deep below the support zone around $0.425 mark with the 33-period moving average on the H4 interval (a purple line on the chart) seeming to limit potential upside. Last week, the cryptocurrency was trying to break below the mentioned area, but it failed to do so. Source: xStation5
Let’s move to London as the first crypto company has gone public on the London Stock Exchange. The firm is called Argo Mining, and it has raised £25 million through an IPO. The company’s IPO unveiled an overwhelming interest in firms connected to the digital assets as it has raised around a quarter more than it initially planned . Moreover, reports say that more crypto companies are interested in going public therefore we may see some more news of this kind in the upcoming future.
ETHEREUM has struggled for direction following heavy losses accounted in the previous week. The virtual currency tradess a notch above $400 at press time. This level partially coincides with the late-June’s low. Will bears have enough power to break below this technical hurdle? Source: xStation5
LITECOIN has trade mixed over the weekend. The digital currency has suffered greatly on Saturday, but managed to recoup some losses on Sunday. The coin is testing the $73 handle at press time. Source: xStation5
Wikipedia probably will not be involved in cryptocurrencies or IPO. Jimmy Wales, the founder of Wikipedia, ruled out such an eventuality in interview with Business Insider. The platform has zero interest in cryptocurrencies or ICOs. What’s more, Wales said that blockchain is “super-interesting, but it is a bubble with a lot of mania and hype around this technology”. This is not the first Wikipedia founder’s statement criticizing cryptocurrencies. Nevertheless, Wikipedia has been accepting bitcoin donations for nearly four years.