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What Did I Learn From the First VC Check I Ever Wrote?

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I became a VC 12 years ago in 2007 when the pace of deals was much slower. I had just left Salesforce.com where I was VP, Products, after they had acquired my second startup. As I was trying to figure out the role I wanted to play in the VC world I decided I wanted to focus on businesses that were building deeply technical products to solve problems for business users.

Just as I was getting the swing of things the world shifted beneath my feet and the stock market went into a free fall and venture capital all but shut down for nearly a year. It proved to be fortuitous because it allowed me the time & space I needed to get to know tons of founders and VCs and to hone my craft.

The first check I wrote was just over 10 years ago into a company called Invoca who just announced a new $56 million in funding led by Scott Hilleboe at HIG Growth Partners. I thought this was a good time to reflect on some lessons of the past 10 years.

1. VC is a long-term business

Some businesses are overnight successes but few of them really move immediately up and to the right. Invoca is now doing 10s of millions in recurring revenue and is growing > 75% year-over-year but it took the first 3 years to really build out the technology and acquire our initial enterprise clients. We now serve many large clients like Dish Networks, Dignity Health, and U.S. Bank as well as many startups like Gusto and MakeSpace and innumerable massive clients that weren’t on my approved list of clients I could disclose 😉 but we partner with Google, Adobe, Salesforce and many others.

At Upfront, our partners have been fortunate enough to be part of 18 companies that have reached north of $1 billion and the average tenure of an investment that exits at this scale is more than 10 years. But like the company Kyriba, where we recently sold our position at above $1 billion, it took time until the revenue exceeded $100 million recurring and then the industry really competed to back this amazing company since it had scale, defensible technology and long-term, committed customers.

2. Ownership Matters

At Upfront we focus our energy on fewer companies where we take meaningful ownership and we continue to invest throughout the lifecycle of the company. We not only have our Series A funds that can write $500k — $15 million first checks but we also have three growth funds. The advantage is that in many of our best deals we now have $50+ million invested so we can really support entrepreneurs as their businesses scale. In the case of Invoca we led both the seed round and the A round and didn’t wait for somebody else to come and provide more capital. Accel led the B, Morgan Stanley the C and now HIG the D. We have invested in every round and as a result our ownership has actually gone up over time.

I have to admit that there is a weird dance with LPs until it’s time to send them actual cash money. If you invest early and then pull back in the next 3 rounds your multiples on cash invested are much higher than if you keep writing checks. VCs have different views and strategies on this. Some prefer to get in, buy cheap and show a big multiple. At Upfront when we know we have a winning hand we prefer to put more capital to work, which both helps the entrepreneurs succeed and drives more aggregate financial returns for our LPs. An example was that while we were in the seed round at Ring and followed in the A, B, C and D … we were also able to lean into the E round when Jamie really wanted to scale up his funding and the final check was still > 420% IRR!

3. Cash Money

Ultimately VCs are measured on sending cash back to the people who fund us and while our industry has done really well at paper markups, LPs ultimately want to see money.

I mentioned that we sold our position in Kyriba for > $1 billion but when we invested it had virtually no revenue. We followed it all the way up and continued to invest at the same stage as Invoca is today. When we exited our position in Kyriba we were able to return hundreds of millions and returned 2x one entire fund with just that one deal. I know you’ve never heard of Kyriba and many of you have never heard of Invoca. That’s ok, their customers adore them, their revenues speak volumes to this and we’re totally fine to back some of the plumbing that makes businesses online work more effectively.

Over the past 2.5 years we have generated $533 million in cash proceeds (more expected by year end) and that has come by having early conviction, following our winners, maintaining ownership and being patient, long-term capital partners.

4. Defensible IP

When I’m asked by newer, younger VC partners for advice on our sector, one of the things I always emphasize is looking for companies who have built defensible intellectual property (IP). Of course everything could be replicated if a massive juggernaut like Amazon or Google wanted to pour all of their resources into it but I’m talking about technology that is hard to replicate, takes years of know-how and once adopted is significantly valuable.

If I use Invoca as an example: we handle tens of millions of phone calls for customers who want to drive sales calls into call centers. Why does that matter? For start, there are many types of businesses that are large or complex “considered purchases” that have higher close rates over the phone than on a web form.

But here’s the big “aha.” When you think about what makes Google so valuable — it’s this. Users type a search query into their search bar and Google knows the “purchase intent” of the customer. If you type “baby stroller” into the search bar they’re able to statistically validate whether you’re likely to buy more baby products in part based on your search queries and in part based on the websites you visit (your clickstream). What Invoca allows the call center is even more power than that. We allow them to know whether you spent time on their website (or competitor’s websites) prior to the call and we allow them in real-time to know much more than the key words of a Google search because in real-time we evaluate the query in the call for the sales rep and use AI to help predict what your needs are or were (after the call). So if you called for a phone upgrade but didn’t close we help the phone company retarget you on Facebook or if you called with a product complaint we can feed you into the customer’s retention marketing program.

With 10 years of serving some of the largest enterprise customers in the US, our machine learning advantages actually get better with more data and more time and the value of our IP has been growing exponentially. We know that competitors can put “AI” on their websites but in benchmarks they can’t come close to us given the volume advantages we’ve built.

Defensible IP becomes insanely valuable — particularly as you achieve scale.

If you have any interest in hearing a bit about what Invoca does from one of our largest customers, Dish talks in this video about how they increased conversions 15x (no, that’s not a typo)

5. Some Teams Create, Others Scale (Some do both)

There is so much focus these days on founders and whether they should always remain in the CEO seat. Of course the media doesn’t do nuance well so this is an emotional topic.

What I’ve learned is that at times you need to have the dialogue with the Founder / CEOs and ask them to be participants in the conversation about whether they’re the right person to scale the company (and frankly whether they would enjoy it).

In the case of Invoca it was founded by Jason Spievak who is an amazing innovator and has been part of three very successful businesses that have scaled from startup to enormously valuable. After several years we had a discussion about whether he felt he was the right person to take Invoca to the next level and he reflected over a 6-month period and determined he wasn’t. He participated in the process of deciding “what next” and that allowed us to bring in Gregg Johnson as the CEO.

Jason went on to help Apeel Sciences get off the ground, helping the Founder & CEO raise all of his initial VC money and helping him build out the executive team and board. As a result that company is now as valuable as Invoca (last round raised >$70 million) so Jason ended up with two very valuable equity positions and has now raised an early-stage seed fund.

Gregg was a friend and colleague of mine as Salesforce.com where he worked in the group that build products for marketers so he knew this space incredibly well before joining.

Jason was a creator and saw a market opportunity that others didn’t. Gregg was built to scale large companies and build the processes and team to enable it.

And my friend and Invoca co-founder Colin Kelley has done both. He built all of the initial technology and telecoms infrastructure required to build a large, enterprise software company but he has remained the CTO of Invoca as we have achieved scale.

Some start, some scale, some can do both. It takes all types and helping people realize their best skills and interests is an incredibly important part of the job.

Summary

In the press we celebrate the “overnight successes” in the tech sector but the reality is that the largest successes were built over longer periods of times and with many ups but also many downs or lateral moves.

The reality is that defensible IP takes years to build, takes large teams of dedicated staff to develop and then market, sell and service clients.

In venture it’s very easy to want to chase yesterday’s trend by funding what you’re reading about in the press but what you’re reading about today if you haven’t already funded it’s likely too late.

As I tell our LPs,

“if I’m not making you slightly uncomfortable when I’m writing my first check I’m not doing my job. Since my job is to fund things that aren’t obvious and other people aren’t doing them today — almost be definition you should be scratching your head. I will get some wrong but venture is about the 3 you got very right, not the 7 that didn’t go as well as expected.”

Congrats to all of the hard working founders, executives and team members at Invoca. It’s been such a pleasure watching you grow over the past decade and I’d be thrilled to continue to be a shareholder many more years from now.


What Did I Learn From the First VC Check I Ever Wrote? was originally published in Both Sides of the Table on Medium, where people are continuing the conversation by highlighting and responding to this story.

Source: https://bothsidesofthetable.com/what-did-i-learn-from-the-first-vc-check-i-ever-wrote-f93267f52fc7?source=rss—-97f98e5df342—4

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How Decentralized Ratings Can Avoid a Future DeFi Crash

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With DeFi’s recent brush with death, investors require an impartial and decentralized rating system to support the most desirable investment decisions and avoid future losses. Here’s why.

Decentralized finance (DeFi), an ecosystem for lending and borrowing, continues to defy the odds. Despite a significant crash thanks, in part, to unaudited and scam-like clone projects, the sector is bouncing back and seemingly stronger than ever. But while the niche crypto division could be on track to greater things, investors are at more risk than ever.

To protect themselves, investors need a reliable source of information. UK based pioneers Evai.io believe that a fit for purpose, unbiased, and decentralized rating system holds the key for investors to understand what they’re placing their money behind—and whether, or not, it’s worth it.

The Dangers of DeFi

For DeFi, decentralization presents a tradeoff. No central control facilitates the freedoms of an autonomous ecosystem—one that has the potential to change finance as we know it, allowing anyone to create and participate. Conversely, it also means bad actors can run rampant. The DeFi sector has experienced its fair share of both.

The division has remained fastened on a veritable rollercoaster of volatility this year—most of which to the upside. It’s unprecedented growth saw the sector add an eye-watering $9 billion to its total value, trough to peak, between January and September, before promptly losing around $3 billion of that value in a little over a week, earlier this month. For many, the brutal crash, alongside its various impetuses, signaled a death knell for the sector.

Speculators mostly waived the need for a thorough post-mortem; the cause of the crash was fairly self-evident.

The DeFi bubble was inflated chiefly thanks to a tokenomic mechanism known as liquidity mining—a tool used by DeFI lending and borrowing protocols to lure in liquidity by rewarding users with so-called “governance tokens.” Investors looking to generate the most yield were drawn to these protocols due to these dividends. In turn, the governance tokens, bolstered by the clamor of investors and reinforced the sector’s relative illiquidity,  have grown to significant heights—taking DeFi’s overall value with them.

It all started with Compound, a lending protocol. In June, Compound decided to lean on incentivization to drive liquidity to its platform. The move cemented the protocol as a leader in DeFi and catapulted its governance token, COMP, from approximately $68 to a peak of $346, within days.

The move didn’t go overlooked, and soon an entire clone army had emerged with one mission in mind: to mimic the success of Compound. Chief among them was Yearn.Finance, a yield aggregator, and its governance token, YFI.

YFI rose from a price of around $35 July to its zenith of $42,000—surpassing the price of bitcoin nearly fourfold in September, despite its creators explaining that the token as having zero financial value.

Soon, YFI was cloned by a myriad of other protocols, each with its own governance token. These included Yam, Hotdog, Sushi, and Pizza, to name a few. Despite their namesakes, however, these tokens turned out to be anything but savory.

Out of thin air, the doppelgangers attracted millions of dollars in valuation, only for it to vanish as suddenly as it arrived. Yam, for example, grew to a market cap of $60 million in two days following its launch in August, before tumbling down after its founders discovered a fatal flaw. In September, Hotdog followed a similar trajectory soaring to over $4,000 the day it shipped, only to crash to $1 just 5 minutes later.

Sushi similarly collapsed after its pseudonymous founder, known only as “chef Nomi,” cashed out for $14 million, dragging the entire project down as they did.

This culmination of flash crashes proved too much, and the entire DeFi sector experienced a significant correction.  The worst of the bloodletting occurred last week, with DeFi tokens losing nearly half of their value across the board.

Nevertheless, the entire sector soon stabilized, bouncing back from its first major dip and defying detractors. How? Because despite a few bad apples (and clones), the DeFi sector— at its core—isn’t rotten.

In reality, It would be extremely disingenuous to write DeFi off as a scam. The sector holds incredible potential for wealth creation and could conceivably serve as a genuine alternative to traditional centralized finance—but not without some help along the way.

EVAI Ratings: Knowledge Is Power

Many attribute DeFi’s rise to the ICO boom in 2017. The two sectors allowed unscrupulous creators to capitalize on scams, pump and dumps, and poorly executed smart contracts without any regard for investor safety.

However, much like the ICO bubble, DeFi will undoubtedly yield winners and losers. There are, after all, many legitimate and audited protocols that hold some intrinsic worth and utility. The idea of a decentralized lending and borrowing ecosystem akin to the traditional financial industry, only with the potential for better returns, low fees, and transparency, is a brilliant one.

But for uninformed investors, this juxtaposition between legitimate and illegitimate projects means DeFi—and indeed, the wider crypto ecosystem acts as a potentially fatal minefield. Back the wrong project and the financial repercussions could be severe.

As such, the need for an impartial measure of the inherent value of DeFi tokens has never been more vital.

Evai, a blockchain-based decentralized rating system, aims to instill such a system. By leaning on decentralization, community participation, and academic research, Evai is creating an unbiased rating system to evaluate cryptocurrencies and help investors better navigate crypto markets. The founders also have ambitious plans to apply their ratings system to the DeFI sector as part of their 2021 development roadmap.

Underpinned by the breakthrough research of Professor Andros Gregoriou, Evai’s rating system “The Bridge” factors several determinants to select ratings. These include liquidity, to measure the fungibility of an asset; systematic risk, measuring the threat emanating from the collapse of a market; profitability, the potential payoff of an investment; momentum, the rate of change of an assets price; and peak to end value demand, the last value and the peak of an asset’s price over a specific period; all of which fuse to define the optimum exposure.

Moving away from centralized, sponsored ratings, which inevitably render bias, and factoring assessment on a predetermined strategic procedure allows Evai to produce some of the most impartial ratings on the market. Putting this system to work in the DeFi sector is critical to enable peace of mind for investors and ultimately steer DeFi toward legitimacy.

* Disclaimer: This is a contributed article and should not be taken as investment advice.

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Crypto Price Analysis & Overview September 18th: Bitcoin, Ethereum, Ripple, Binance Coin, and Polkadot

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Bitcoin

Bitcoin saw a positive 6% price increase this week as it edges its way toward the $11,000 level. The cryptocurrency was trading within a symmetrical triangle pattern last week after consolidating prior for 10-days. This symmetrical triangle broke over the weekend – providing the first signal that BTC was about to push higher.

After breaking above, Bitcoin continued to push beyond resistance at $10,600 as it reached resistance at $11,051 (bearish .5 Fib Retracement) yesterday. The bullish push has stalled at this resistance and will need to push beyond here to continue this rebound.

Looking ahead, if the bulls break $11,000 and $11,051, resistance lies at $11,200, $11,340 (bearish .618 Fib Retracenement), $11,500, and $11,760 (bearish .786 Fib Retracement). The last level of resistance lies at $12,000 (bearish .886 Fib Retracement).

On the other side, the first level of support lies at $10,900. This is followed by support at $10,500, $10,430 (100-days EMA), $10,330, $10,140, and $10,000.

btcusd-sep18
BTC/USD Daily Chart. Source: TradingView

Ethereum

Ethereum also saw a healthy 4.5% price increase this week as it hits the $385 level. Ethereum was trading at around $385 on Saturday as it headed lower during the weekend. It managed to find support at $364 (2019 high) and held at this level over the following 4-days.

Yesterday, Ethereum bounced higher from the $364 support and reached as high as $490. It has been unable to break this resistance as it trades at $386 right now.

Looking ahead, if the buyers can break $390, resistance lies at $400, $410, and $420 (bearish .618 Fib Retracement). Above this, resistance lies at $438 (August 2018 High), $450, and $465.

On the other side, the first level of support lies at $382. This is followed by support at $364 (2019 high), $350, and $336.

ethusd-sep18
ETH/USD Daily Chart. Source: TradingView

Ethereum has suffered against Bitcoin this week. The coin was trading at 0.0371 BTC last Friday as it hit resistance at a bearish .618 Fib Retracement level. It was unable to break this resistance as it rolled over throughout the week.

The selling continued until ETH hit 0.0332 BTC yesterday, which allowed it to rebound higher. The rebound ran into resistance at 0.0361 BTC (March 2019 High) and was unable to break above this. A falling trend line further bolstered the resistance here.

Looking ahead, the first level of resistance to break lies at the falling trend line. This is followed by resistance at 0.0361 BTC (March 2019 High), 0.0371 BTC (bearish .618 Fib Retracement), and 0.038 BTC.

On the other side, the first level of support lies at 0.0347 BTC. This is followed by added support at 0.0337 BTC (March 2019 Support), 0.0329 BTC (.5 Fib Retracement), and 0.032 BTC.

ethbtc-sep18
ETH/BTC Daily Chart. Source: TradingView

Ripple

XRP saw a small 3.4% price rise over the last week of trading as it reached $0.252 today. The coin broke above the 100-days EMA last Friday, but it struggled to make any ground above $0.25. Throughout the entire week, XRP remained rangebound between $0.25 and $0.24.

This range was penetrated yesterday when XRP finally climbed above the $0.25 level. However, it was unable to penetrate the resistance at $0.257 (bearish .382 Fib Retracement).

Looking ahead, the first level of resistance to break lies at $0.257 (bearish .382 Fib Retracemnet). This is followed by resistance at $0.266 (bearish .5 Fib Retracement), $0.275 (.618 Fib Retracement), $0.28, and $0.288 (bearish .786 Fib Retracement).

On the other side, the first level of support lies at $0.25. This is followed by support at $0.244 (100-days EMA), $0.236, and $0.228 (.618 Fib Retracement).

xrpysd-sep18
XRP/USD Daily Chart. Source: TradingView

XRP suffered quite heavily against Bitcoin this week. The coin failed to overcome resistance at a falling trend line at around 2400 SAT last Friday, which caused it to head lower over the weekend. It went on to break beneath the 100-days EMA as it continued to spike as low as 2200 SAT on Wednesday.

The bulls have since rebounded from here as XRP trades at 2300 SAT, but the outlook still looks pretty bearish unless the buyers can bring XRP above 2400 SAT.

Moving forward, if the sellers continue to drive XRP lower, the first level of support lies at 2250 SAT. This is followed by support at 2200 SAT, 2167 SAT (downside 1.414 Fib Extension), and 2111 SAT (downside 1.618 Fib Extension).

xrpbtc-sep18
XRP/BTC Daily Chart. Source: TradingView

Binance Coin

Binance Coin saw a healthy 14.1% price surge this week as it hits the $27.93 level today. The coin was trading beneath $26 last Friday as it started to surge higher. Over the weekend, BNB reached as high as $33.44 before it rolled over and started to drop.

Luckily, it found strong s support at the $27.17 region after spiking lower unto the $25.75 level (.382 Fib Retracement). The bulls have defended $27.17 over the past 4-days and have attempted to rebound from here today.

Looking ahead, the first level of resistance to climb above lies at $29. This is followed by resistance at $30, $21.30, and $33.43. Additional resistance lies at $34, $34.37, and $36.

On the other side, the first level of support lies at $27.17. Beneath that, support lies at $25.75 (.382 Fib Retracement), $25, $23.63 (.5 Fib Retracement), and $22.

bnbusd-sep18
BNB/USD Daily Chart. Source: TradingView

The situation is relatively similar for BNB/BTC. The coin was trading at 0.0024 BTC last Friday as it surged higher into the 0.003 BTC level. From there, it plummeted lower until support was found at 0.00242 BTC (.5 Fib Retracement). A rising trend line bolsters the support here.

Looking ahead, the first level of resistance to break lies at 0.00262 BTC (Feb 2020 High). Above this, resistance lies at 0.00265 BTC (June 2018 High), 0.0028 BTC, and 0.003 BTC.

On the other side, the first level of support lies at the rising trend line. Beneath this, support lies at 0.00242 BTC (.5 Fib Retracement), 0.00228 BTC (.618 Fib Retracement), and 0.0022 BTC.

bnbbtc-sep18
BNB/BTC Daily Chart. Source: TradingView

Polkadot

Polkadot saw a strong 15.4% price increase this week as the coin rises into the $5.25 level. The cryptocurrency had dropped lower from the $6.90 level at the start of September and continued to fall until support was found at $3.81 (downside 1.272 Fib Extension). From there, it managed to rebound as it started to form a symmetrical triangle pattern.

DOT is now at the apex of this symmetrical triangle, where a breakout is expected in either direction to dictate the next bearing for the market.

IF the bulls can break the upper boundary of the triangle, the first level of resistance lies at $5.61 (bearish .618 Fib Retracement). This is followed by resistance at $6.00, $6.17 (bearish .786 Fib Retracement), $6.65 (1.414 Fib Extension), and $7.00 (1.618 Fib Extension).

On the other side, the first level of support lies at the lower boundary of the triangle. Beneath this, support lies at $5.10 (.236 Fib Retracement), $5.00, $4.80 (.382 Fib Retracement), and $4.56 (.5 Fib retracement).

dotusd-sep18
DOT/USD 4HR Chart. Source: TradingView

Against Bitcoin, DOT is also in a symmetrical triangle as it trades at 48,100 SAT. The coin fell from 59,000 SAT at the start of September until support was reached at the 37,900 SAT (.786 Fib Retracement).

DOT rebounded from this support as it slowly pushed higher within the confines of the symmetrical triangle.

Looking ahead, if the bulls break the upper boundary of the triangle, the first level of resistance lies at 52,500 SAT. Above this, resistance lies at 55,000 SAT, 57,000 SAT (1.272 Fib Extension), and 60,000 SAT.

On the other side, support lies at 45,800 SAT, 45,000 SAT, 42,500 SAT, and 40,000 SAT.

DOT/BTC 4HR Chart. Source: TradingView
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Source: https://cryptopotato.com/crypto-price-analysis-overview-september-18th-bitcoin-ethereum-ripple-binance-coin-and-polkadot/

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Bitcoin Taps $11K As Altcoins See A Nightmare Week: The Crypto Weekly Market Update

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This week was nothing short of exciting. Bitcoin started trading at around $10,300 but was on a positive note throughout the entire time. It increased gradually, without any sharp and somewhat surprising movements, and managed to add about 6.5% to its value.

The cryptocurrency tapped the important psychological and technical resistance at $11,000 but failed to conclusively close above it. Still, Bitcoin regained a serious portion of the total market capitalization as its dominance increased by 2% at one during the week.

This is mostly because most altcoins have been struggling substantially these past seven days. While the top 5 are scoring slight increases in the range between 2% and 5%, a lot of other altcoins are bleeding out heavily.

Chainlink is down about 17%, TRON’s TRX decreased by more than 15%, SNX dropped by more than 20%, and so forth.

More impressively, the popular food-based meme coins are also bleeding heavily. SUSHI is down 30% in a week, KIMCHI crashed 75%, CREAM is down 75%, and the list goes on.

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Elsewhere, the entire industry was taken by a storm yesterday when the largest decentralized exchange, Uniswap, announced its own governance token called UNI. Not only that, but it airdropped a tremendous amount to everyone who used the platform prior to September 1st. The token was immediately listed on Coinbase and Binance, and people managed to sell it for a quick profit and ‘free money.’

Today, however, the token’s price has taken for the skies as it’s currently trading at above $7, which marks an increase upwards of 130% in less than 24 hours.

Market Data

Market Cap: $350B | 24H Vol: $96B | BTC Dominance: 57.3%

BTC: $10,845 (-0.25%) | ETH: $377,49 (-0.95%) | XRP: $0.247(-1.04%)

cryptopost_friday

Pompliano And The US Fed Changed Jim Cramer’s Mind On Bitcoin. The popular host of CNBC’s Mad Money, Jim Cramer, had a talk with Anthony Pompliano where he admitted that his views on Bitcoin have changed. He said that one of the main reasons for that is the US Federal Reserve printing trillions of dollars in a few months.

Uniswap Launches Its Dedicated UNI Token: ETH Gas Prices Soar Again. Uniswap has launched its own governance token called UNI. This had a massive impact on the entire market and especially on Ethereum, as the network fees soared again. In any case, the value for the token has skyrocketed as Binance and Coinbase listed it almost immediately.

NASDAQ-Listed MicroStrategy Buys $175 Million More Worth Of Bitcoin. MicroStrategy, a NASDAQ-listed company, has bought another $175 million worth of Bitcoin. This is the second time the company purchases BTC, and its total holdings now amount to almost half a billion US dollars.

Price of Tomorrow Author Jeff Booth Calls Bitcoin A ‘Must’ And A ‘Lifeboat.’ The author of the popular Price of Tomorrow book said that Bitcoin is a lifeboat and a ‘must’ during economic uncertainties. He is among the latest popular individuals to publicly endorse the primary cryptocurrency for its inherent qualities.

First Official Ethereum 2.0 Proposal For Phase 0, Launch Just Submitted. While the DeFi boom continues to make headlines, the first official proposal for Phase 0 of Ethereum 2.0 was submitted. This marks the first official step to getting the Beacon Chain closer to its launch.

Bakkt ‘Physically Delivered’ Bitcoin Futures Post New All-Time High. Bakkt – the Intercontinental Exchange’s Bitcoin derivatives arm, posted a fresh all-time high this week. The company stated that it clocked almost $150 million in BTC futures volume, which is just shy of 16,000 contracts traded.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Binance Coin, and Polkadot – click here for the full price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

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Source: https://cryptopotato.com/bitcoin-taps-11k-as-altcoins-see-a-nightmare-week-the-crypto-weekly-market-update/

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