Bitcoin Records Highest Price Since Crisis Began, Sign For The Near Future? The Crypto Weekly Update

Bitcoin had a relatively good week of trading as it recorded its highest price since the coronavirus crisis began in March. Yesterday, BTC peaked at above $7,200, marking an impressive daily run that sent the entire cryptocurrency market well in the green. The majority of altcoins were also charting double-digit increases.

Since then, Bitcoin’s price retraced to where it currently sits at about $6,750. The important level to look for right now appears to be $7,000, and if the bulls manage to break it, they might aim for $7,500 next.

This week there was also a major acquisition, arguably one of the biggest in the cryptocurrency field. Binance, the world’s leading exchange, acquired Coin Market Cap – the largest data monitoring resource in the field. The sum of the deal was undisclosed.

On another note, the novel coronavirus continues to cause a lot of damage to the markets. As many countries instituted mandatory and recommended lockdowns, legislation is also stalling. Russia, for example, delayed the passing of a bill which, interestingly enough, would prohibit cryptocurrencies to be used as a means of payment.

Amid this economic uncertainty, stablecoins are taking the spotlight. There is a record-breaking amount of USDT circulating, as its number sits above 6 billion for the very first time. It’s perhaps somewhat expected in times of serious volatility. It’s interesting to see how this money will be deployed and if it would have an impact on the market.

Market Data

Market Cap: $192B | 24H Vol: $153B | BTC Dominance: 65.4%

BTC: $6,881 (+2.97%) | ETH: $144,79 (+4.85%) | XRP: $0.180 (+2.54%)

The Biggest Crypto Acquisition? Binance Exchange Acquired CoinMarketCap For An Undisclosed Sum. Binance, the world’s leading cryptocurrency exchange, acquired the biggest data monitoring resource Coin Market Cap for an undisclosed amount. Both entities will remain entirely independent, according to the official releases.

No April Fools’: $633 Million Worth Of Bitcoin Transferred For Just $0.26 Fee. This week saw another example of the efficiency of Bitcoin’s network. A whale transaction for $633 million worth of BTC was carried out for an insignificant fee of just $0.26. The transfer was made by the cryptocurrency custody giant Xapo as an internal transfer.

Telegram Can’t Sell GRAM Tokens Even Outside The U.S., Judge Clarifies. The saga with Telegram and the US SEC continues. A judge has recently clarified that the company behind the popular encrypted messaging app won’t even be able to sell GRAM tokens to residents outside of the U.S.

Sitting Aside: Record-Breaking 6 Billion Tether (USDT) In Circulation Following Major Bitcoin Price Volatility in March. In times of economic uncertainty, investors tend to seek ways to protect their capital. This is perhaps the reason for which there are currently over 6 billion USDT in circulation – the highest amount in history.

Russia’s Legislative Ban On Cryptocurrency Delayed Because Of The Coronavirus. Countries continue to suffer due to the spread of the novel coronavirus. A report came recently that Russia will have to delay legislation that would potentially see cryptocurrencies banned as a means of payments in the country.

Bitcoin’s Opportunity? The U.S. Dollar Losses Value Following The Record $6.2T Stimulus Package. Because of the outbreak of COVID-19 and the effect it had on the global financial markets, the U.S. initiated a stimulus package that would see a total of at least $6.2 trillion printed. This had a negative effect on the dollar that temporarily lost value against the Euro and the GBP. Perhaps this is Bitcoin’s time to shine.

Charts

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