Trader View - June 5, 2018

OSL Trader View - June 05, 2018

It’s almost as if these credit card companies are in a relay. Earlier this week it was Visa and now Mastercard’s vice-chairman Ann Cairns announces development of a blockchain which is fully capable of running the company. This comes a month after filing a patent that accelerates activation of new nodes and the hunt for new hires with expertise in the space.

Argentinian bank Banco Masventas has become the latest to drop out of SWIFT and work with BTC to clear international wires through a partnership with Bitex. Actually surprised they are not going with the go to XRP. For anyone that has tried sending fiat through the obsolete global norm will understand it is a no brainer which is the better technology…

Turnover in the bigger coins have declined noticeably. $BTC now trades just under five yards, down 20% and with the crypto market flows still dominated by retail investors, maybe the volatility in the big coins just don’t cut it for them anymore. I mean, why trade something for a measly 10% when you can easily make 10x return on a few months investment?

Binance listed QKC which caused the coin to jump 160% vs. listing price, only to subsequently give back most of the gains in six hours. Having said, it is still an eleven bagger and thats off the public sale subscription price. Had you gotten a look in the private round, we are talking 14x and then some. As much hype as there was, the reason this project was on my radar was because they were marketing that Octagon Strategy had invested (we did not). This has to be one of the fastest listings that I’ve seen so far.

While Coinbase announces plans to penetrate Japan, Russia backtracks and overturns an earlier ruling against crypto media website banning them from publishing and closer to home, Indonesia’s Futures Exchange Supervisory Board (Bappebti) has signed an official decree permitting cryptocurrency trades on the local bourse.

Talent continues to be attracted to the industry also. Following the colorful Bloomberg article of junior bankers quitting their day jobs disenchanted by meagre salaries less than the daily fluctuations they see in their crypto portfolios, Sequioa Capital partner Matt Huang is the latest of top notch talent to ditch traditional finance and make his way over and joining with Coinbase co-founder Fred Eshram to start a crypto fund.

Admittedly the bulk of our trades are in the big boys hence has been quieter as of late given the catalysts in the alt coins (and ICOs) but the fact that the breadth of the market has grown to these depths in such a short period of time is simply mind blowing. Crypto has eclipsed the total Frontier Equity Market Capitalization by a factor of ten and this is with a sprinkle of institutional capital. EM, here we come.

May trend be your friend. Happy Trading!

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