Following its rapid surge, Bitcoin’s correction and volatility didn’t come as much of a surprise, and even the media wasn’t too quick to get excited. After the price of Bitcoin set a new 2019 high at $13,800, the correction came, crossing $10,000 on its way down. It’s not clear where it will go in the short term. However, we are headed for Bitcoin’s halving – an event that happens once every four years and has been known to move the market as the supply of Bitcoin will be reduced by half.
The picture is rather different when it comes to altcoins trading against Bitcoin. Altcoins are on the rise. Even though their prices against the dollar have taken a beating, when looking at the bigger picture, it’s a healthy correction after a quick rise. Soon, the picture will clear up and we will be able to figure out where the support is and where demand will come from.
As usual, among the alts, there are some that are particularly conspicuous. This week, we can’t ignore the rise of Chainlink, which is currently the 16th largest cryptocurrency by market valuation with a market cap of around $1.2 billion.
Despite the mild enthusiasm, several recent market events slipped under the mainstream radar and everyone is trying to understand what brought the recent spikes. Whether it’s the launch of Facebook’s Libra, the fact that it’s conference season, or just because of big investors pushing the market up, one thing is clear – it’s challenging to properly time Bitcoin’s movement.
However, from studying past patterns, we can assume that if Bitcoin’s price stabilizes, we may enter yet another altcoin season.
To summarize this week, it’s appropriate to mention that at the beginning of the year, Bitcoin was trading at $3,100 and many eulogized it. Just as the Phoenix, however, Bitcoin came back from the ashes.
BTC Longs (BFX): 21.5K BTC
Binance Considering Becoming a Node For Facebook’s Libra. The chief strategy officer of the world’s leading cryptocurrency exchange, Binance, has revealed that the company is considering becoming a validator node for Facebook’s new cryptocurrency network, Libra.
1 Satoshi Is Now Worth More Than 7 National Currencies. As peculiar as it may sound, the smallest denomination of Bitcoin, 1 satoshi, is already worth more than the national currencies of Iran, Vietnam, Indonesia, Guinea, Sierra Leone, Uzbekistan, and other countries. Bitcoin’s market cap, on the other hand, is greater than the monetary base of countries such as Canada and Australia.
Bloomberg: Craig Wright Does Not Have Access to Bitcoin Fortune. The Australian computer scientist and self-proclaimed Satoshi Nakamoto, Craig Wright, said that he can’t comply with a court order to provide a list of his early bitcoin addresses. He also said that he might not be able to access them at all.
BIS Chief Reveals Central Bank Digital Currencies May Be Coming ‘Sooner Than We Think’. Augustin Carstens, the head of the Bank for International Settlements, stated that central banks may soon start issuing their own digital currencies. He even said that BIS is supportive of digital currencies.
G20 Officially Supports FATF’s Crypto Guidelines Requiring Exchanges to Share Customer Data. G20 members have officially supported cryptocurrency guidelines set forth by the global money-laundering watchdog. The guidelines require exchanges to collect and transfer customer information such as account numbers, location information, names, and so forth.
Tether Printers Keep Churning Out USDT as Supply Increases Again. The market capitalization of Tether has been increasing slowly as the company keeps on printing more of its stablecoins. When the price of Bitcoin peaked in 2018, Tether volumes also reached an all-time high of over $40 billion.
This week we’ve analyzed Bitcoin, Ethereum, Ripple, Chainlink and Binance Coin; click here for the full price analysis.
Cryptocurrency charts by TradingView. Technical analysis tools by Coinigy.