The Bitcoin price has remained relatively stable in recent days. However, we have seen such periods in the past, and based on its past behavior, we can assume that another move is around the corner.
Bitcoin’s stability in recent days has affected altcoins, which have showed signs of waking up as market players have returned to trading in the past week. We saw some major altcoins painted in green.
Bitcoin’s mining difficulty is also setting new records.
Bitcoin’s dominance rate continues to rise, and it’s currently 69%. It’s possible, though, that another altcoin season could change the picture.
Ethereum’s price also increased slightly this week, possibly due to the upcoming upgrade of the platform that encourages many investors to store coins beforehand.
If we compare Bitcoin’s correction to that of altcoins, its price has fallen by 45% from its peak, compared to altcoins which saw corrections of up to 95%. It will be interesting to see whether altcoins survive to see another ‘alt season’.
Notably, the OKEx exchange has removed privacy coins such as Zcash, Monero, and Dash that make it difficult to trace users’ activity. This move comes as a result of the regulation that has entered the space in recent years. As the exchange is proving that it takes regulation seriously, such steps may allow it to expand to serve American citizens, some of whom were notified this week that they would no longer be able to trade on Binance, which will soon launch an exchange in the US.
At the moment, the cryptocurrency market is stable, and no new money seems to be making its way in. Trading volume is also stable, and the behavior of the market is influenced by money that already exists in tandem with Tether and other popular stablecoins.
All in all, it was a busy week with lots of news and events.
BTC Longs (BFX): 27K BTC
France Won’t Tax Crypto-to-Crypto Trades But Will Hit Gains Cashed Out. France will not tax cryptocurrency-to-cryptocurrency trades. However, the country will tax the gains that traders reap from converting cryptos to fiat. This is what the country’s economy minister, Bruno Le Maire, announced last week.
Coinbase May Soon Launch an Initial Exchange Offering Platform. The leading US-based cryptocurrency exchange, Coinbase, will launch a platform for Initial Exchange Offerings (IEOs). Coinbase’s head of institutional sales also revealed that the company is looking into STOs as well.
The White House Could Someday Ban Bitcoin: Tom Lee. According to popular Bitcoin permabull Tom Lee, the US government has the ability to issue an executive order banning pretty much anything, including Bitcoin. Lee’s comments came after the Trump Administration decided to take action against flavored e-cigarettes.
PayPal Is Bullish on Libra. PayPal’s Investor Relations Vice President, Gabrielle Rabinovitch, said that Libra is consistent with the ambitions of PayPal when it comes to banking the unbanked. She also stated that there is a lot of work to be done before the project comes to life.
Facebook’s Head of Blockchain: Libra Won’t Create New Money. Offering general thoughts on Libra at a BIS event, David Marcus said that Libra’s intention is not to challenge the sovereignty of national money. He also said that the company will continue working with lawmakers, regulators, and central banks to guarantee compliance.
CZ Recommends Holding BNB: Would Amazon’s CEO Ever Do That? The CEO of the world’s leading cryptocurrency exchange, Binance, made a relatively controversial tweet that seemingly incentivized people to hold onto their BNB coins. It’s questionable whether that was responsible or acceptable, especially when viewed from a traditional financial perspective.
Cybercriminals Selling Hacked Fiat Money for Bitcoin at 10% of Its Value. Reports have it that hackers on the dark markets are selling fiat currency for a fraction of its worth to avoid having to deal with the money on their own. Supposedly, they are buying Bitcoin for 10% of the money’s value.
This week we’ve analyzed the Bitcoin, Ethereum, XRP, Kyber, and Vchain markets – click here for the full price analysis.
Cryptocurrency charts by TradingView.
Technical analysis tools by Coinigy.