Less Than Month Before Halving, Bitcoin Returns Above $7,000: The Crypto Weekly Market Update

The time until Bitcoin’s halving is slipping away as there are now less than 25 days until the long-awaited event. It will slash the block reward in half and miners and reduce the overall supply of freshly minted bitcoins on the market. According to many, and to history, this is a major bullish catalyst for Bitcoin’s price.

After a week of rollercoaster rides, the price for the largest cryptocurrency has once again returned over $7,000. From a low of around $6,550, Bitcoin’s price surged more than $500 to reach the level where it’s currently trading at.

Interestingly enough, this didn’t much faze its dominance that remained around 64%. This means that altcoins failed to capitalize on the positive market momentum and didn’t claim any new grounds.

Meanwhile, China appears to be inching closer to releasing its central bank digital currency. Leaked photos revealed an interface for the digital Yuan developed by the Agricultural Bank of China.

Unfortunately, the coronavirus continues to spread like wildfire, and the U.S. has taken the lead. On a somewhat positive note, a recent report had it that a drug developed Gilead Sciences shows positive effects on COVID-19 patients.

Countries remain in temporary lockdowns as the virus continues to pose a serious threat. It’s interesting to see how long the pandemic will last and until when will economies remain halted.

Market Data

Market Cap: $203B | 24H Vol: $125B | BTC Dominance: 63.9%

BTC: $7,075 (+0.7%) | ETH: $170.81 (-0.07%) | XRP: $0.188 (+0.24%)

Breaking: Tone Vays’s Popular Crypto Trading Channel Was Banned By YouTube (UPDATED). The largest video-sharing platform, YouTube, took down the account of one of the most popular cryptocurrency analysts and traders, Tone Vays. Even though the ban has since been lifted, this highlights a major issue with centralized content-sharing solutions such as YouTube.

President Trump Appoints Former Bakkt CEO In Emergency Task Force To Reopen U.S. Economy. The U.S. President Donald Trump appointed Bakkt’s former CEO, who is currently the Senator of Georgia, Kelly Loeffler, to the White House’s committee on reopening the economy. Interestingly enough, this came soon after she was suspected of insider trading right before the market crash in March.

Billionaire Mark Cuban Still Not Convinced On Bitcoin: It’s Easier To Trade Bananas Than Cryptocurrencies. In a recent interview, the popular billionaire Mark Cuban said that he is still not convinced of Bitcoin. He said that it’s easier to trade bananas as commodities compared to the digital currency and that if fiat doesn’t crash, Bitcoin doesn’t really have anything to offer.

Leaked: Test Interface For China’s Digital Yuan Developed By The Chinese Agricultural Bank. Leaked photos of an interface of a digital Yuan developed by the Agricultural Bank of China recently saw light. This demonstrates that the country is inching closer towards launching its central bank digital currency.

Andreessen Horowitz To Raise $450 Million For A Second Cryptocurrency Investment Fund, Report Says. The private American venture capital company, Andreessen Horowitz, announced that it plans to raise $450 million to launch a second cryptocurrency investment fund. The company had already raised $300 million back in 2018.

Trezor, Ledger, and MyEtherWallet Users Be Aware: New Study By MyCrypto Exposes Fake Browser Extensions. A report came out that hackers are targeting browser extensions of popular cryptocurrency applications to scam people out of their money. Shortly after that, Google announced that it had removed at least 49 of these illicit apps.

Charts

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