Week 6 Recap
It's been a fairly tame week. In my last update I predicted that the Chinese ban on bitcoin exchanges could expose some dirty laundry, namely that those exchanges aren't able to pay back all of their clients funds. That hasn't happened (yet); nor have we seen any executives from these exchanges fleeing the country (rumors state they were told to stay put). I certainly hope that these exchanges are solvent and can pay back all funds; however it doesn't bode well when a regulator bans executives from leaving the country.
In other news, an ETF company in Canada has filed a preliminary prospectus with regulators to launch a Bitocin ETF on the TSX. The company (Evolve Funds) has at least some experience in this space, but given that the Winklevoss brothers Bitcoin ETF was rejected by the SEC in the US, I have my doubts that they will succeed. Evolve Funds already has two other funds that are a bit odd: a Cyber Security ETF that invests in companies involved in the Cyber Security industry and a Diversity ETF that invests in companies who have shown strong commitment to gender diversity. Europe already has a handful of Bitcoin ETF's already up and running, so perhaps Canadian regulators will let this one through.
Week 6 Results
This week's winner by a clear margin was AEON with a gain of +3.45 USD (46.11%) and the biggest loser was Edgeless (EDG) with a loss of -5.19 USD (-34.45%). I've noticed a trend over the last few weeks...it seems that the winner of the previous week is almost always the loser the next week. This behavior reinforces my concern around pump and dump activity, but may just be a result of the massive swings in hype in this space.
I've included a month in review bit after the regular graphs as well this week. Details below:
Since it's been about a month since I began this experiment, I thought I'd include the diverging stacked bar chart baselined against August 20th, 2017:
|Symbol||Name||Quantity||Price||September 17th||September 24th||Week Change|
Want to follow along?
If you're Canadian and want to try the same thing, I use QuadrigaCX to purchase bitcoin, ethereum, or litecoin to then transfer to an exchange that supports all these alternative currencies. Funding your account is relatively easy as you can use Interac Online to fund your account instantly. I used HitBTC to buy all 31 currencies.