Exactly a year ago Bitcoin set a new record and crossed the $19,000 mark. However, the crypto market is unstable, and uncertainty regarding the correction is still present. Nevertheless, it is impossible to ignore the green wave of the last 24 hours as most of the market begins to climb back. Bitcoin is up 5%, and EOS is up around 30% and ranks fourth among the cryptocurrencies with a market cap of $2.1 billion, just after Ethereum, as it is being signaled as an alternative platform for smart contracts. However, it should be remembered that this may be a bull trap and another wave of falls may be waiting around the corner.
It is also important to note that recently the trading volume has not risen sharply and has remained quite stable. The large fluctuations indicate that fear has affected the market in recent falls and has hurt demand. As soon as the demand returned some investors woke up, and the rate started to rise again.
However, it is important to remember that the market is not yet sufficiently efficient and its overall value is affected by large players that can manipulate the price and it will take time until this reality changes.
Another interesting observation is the trend that while Wall Street signals falls, the crypto market is waking up. This is a recurring phenomenon, but it is not certain whether this is a causal relationship and it is possible that this is just a speculation.
Another thing to look at is the CME contracts. In fact, shortly after the start of futures trading, the bear market started in Bitcoin. The last contracts from July will end on December 28, and it will be interesting to see what the position will be this time.
The dominance is 54.4% for Bitcoin, and the total market cap is $112 billion.
Crypto News & Headlines
CFTC Seeks Public Comments on Ethereum and Crypto-asset Mechanics. The Commodity Futures Trading Commission (CFTC) published a call for public comments and feedback that will allow it to understand the Ether token and its use in the Ethereum network.
$133M Funded Project Shuts Down With No Warning. Sources revealed that a promising stablecoin project, which raised $133m last year, will go off the radar because of a rumored conflict with regulatory requirements.
New Fake Trading Volume Research Casts Positive Light on Bitfinex and Binance. Newly published research on the real trading volume of 25 exchanges reveals that Binance and Bitfinex are not among those employing fraudulent tactics to boost their popularity.
Bitcoin-Powered Stock Trading: A New Use Case for BTC? How do you like the sound of trading traditional stocks with profits and losses fully paid in BTC? A newly launched platform called WCX is making this possible.
Swiss Bitcoin Etp Sees Record Volume As Institutional Investors Buy The Dip. A Bitcoin Exchange Traded product which was launched in November on the Six Swiss Stock Exchange has continued to grow despite the bear market, leading to suggestions that institutions are buying Bitcoin at a low.
New US Chief of Staff: Bitcoin is Good, ‘Not Manipulable by Any Government’. President Donald Trump has appointed a pro-bitcoin politician Mick Mulvaney as Chief of Staff who said that the cryptocurrency could not be manipulated.
U.K. Cryptocurrency Exchange Cubits Shuts Down After $33M Scam
The London-based digital asset exchange has disallowed deposits and withdrawals of funds on their platform following a $33M fraudulent activity on the exchange in January.
This week we have chart analysis of Bitcoin, Ethereum, Bitcoin Cash and Doge – Read more here.