Bitcoin didn’t manage to recover from last week’s losing streak and closed the week with losses, as did the rest of the top 5 cryptocurrencies. Most of them reached their highest prices of the week on Monday, and by Wednesday they had all experienced their lowest prices, with the exception of Bitcoin, which bottomed out for the week on Thursday. Other important developments include the announcement of Binance’s new stablecoin project Venus, possible shake-ups in the Libra Association, and reports of Bitcoin having a market dominance of over 90%.
Here’s what you need to know about last week’s happenings in crypto.
Last week, this outlet covered the MACD “bear cross” extensively. The trend indicator, which some suggest can predict market momentum, flipped red last week, leading some to fear that Bitcoin could get dragged down to $6,000 to $10,000.
Murad Mahmudov, a founding partner at Adaptive Capital, suggested that these fears are entirely irrational.
In fact, in the tweet below, the former Goldman Sachs analyst suggested that it is irrational for people to see the “‘bear cross’ like it’s some kind of a doom verdict”.
Bitcoin price (BTC/USD) forms new bedrock support at $10,000. | Source: TradingView
The flagship cryptocurrency first pierced the $10,000 mark in November 2017. After falling below its all-time high, it took more than a year before it crossed that level two months ago. Green also doubled down on his prediction that the Bitcoin price will reach the $15,000 mark in the near future. The deVere Group founder first issued the $15,000 price call earlier this month.
On the 1 hour chart for XBT/USD, we can see the asymmetrical triangle highlighted after the breakdown from the rising wedge as mentioned in my previous analysis on Bitcoin. An attempted breakout to the upside took around 24 hours before writing this analysis but was quickly met with large selling pressure. Since then, a clear spike to the upside propelling Bitcoin up to $10,800 took place. Price action now trades sideways resting on the 200 EMA and looks poised for a drop back to POC (Point of Control) at $10,111.
Nigel Green, the CEO and co-founder of deVere Group, which is one of the world’s largest independent financial advisory organizations, predicted that Bitcoin price could hit $15,000 and that its new normal bottom is $10,000.
What’s interesting is that Telegram has been heavily involved in cryptocurrency in the past by bringing its own digital asset to the table. Known as the “gram,” the currency was launched in 2018 based on a multi-blockchain proof-of-stake system designed to host a wide array of decentralized apps. The coin experienced gains of approximately 201 percent before its public sale even took place.
It looks like Bitcoin (BTC) is beginning to move, after struggling to stay within a consolidation pattern. BTC may soon break up to the top of the pattern, which would keep it out of the danger zone for a little longer - but this is not yet confirmed and heavy selling has dampened the push.
Popular derivative exchange, BitMEX has, since the beginning of this year, seen an increase up to 50% in its insurance funds. Currently, the exchange holds an approximate value of $314 million, or an equivalent of 31,300 bitcoins which represent 0.15% of the cryptocurrency’s total supply.
These figures represent more than 50% increase in the exchange’s insurance funds since the beginning of the year. The BitMEX Insurance Fund is used for controlling unfilled liquidation orders on the platform.
Prior to Trump's comments, Dow Futures pointed to the market opening more than 300 points down. However, they quickly turned positive, up more than 300 points, after Trump delivered his comments from the G-7 Summit in France.
Last week, the United States Internal Revenue Service sent another round of letters to crypto traders called CP2000. These notices were sent to traders of some crypto exchanges due to inconsistencies found in their tax reports.
Using the information provided by third-party systems — such as crypto exchanges and payment systems — the IRS has been able to determine the amounts traders owe and included the amounts in dollars in the notices. Individuals who have received these notices are required to pay within 30 days, starting on the delivery date indicated in the letter.
The Winklevoss twin brothers who took part in founding Facebook but later on had a falling out with Mark Zuckerberg and then still came into the world of big money, set up the Gemini digital exchange and the USD-pegged Gemini coin, have recently spoken to CNN about Bitcoin.
The world’s largest cryptocurrency exchange Binance has ventured into lending space, according to an announcement Monday.
The new offering, dubbed “Binance Lending,” allows holders of BNB token, Ethereum classic (ETC) and Tether (USDT) stablecoin earn interest on their funds. The service will be available on a first-come, first-served basis, starting from 6:00am UTC on Aug. 28 to 12:00am UTC on Aug. 29.
Realized market cap, an alternative calculation of Bitcoin’s market capitalization, is now at record highs.
Calculated from multiplying the price each bitcoin last traded by the size of each trade, the figure for Bitcoin passed $100 billion on Sunday.
The achievement is just one more in a string of near-constant records for Bitcoin, which recently posted all-time highs in areas such as hash rate and daily trading volumes.
코인데스크코리아와 부산광역시는 오는 9월3일 해운대 파크 하얏트 호텔에서 디지털 자산 거래소 박람회 ‘DAXPO2019’를 연다. 각 분야 전문가들을 초청해 다양한 관점에서 디지털 자산 생태계가 맞이한 새로운 국면을 진단할 예정이다.
블록체인 기술과 산업에 전문성을 인정받는 미디어 5사가 공동으로 아시아 최대 규모 블록체인 컨퍼런스 ‘코리아블록체인위크 2019(KBW2019)’를 오는 9월 27일부터 10월 4일까지 개최한다.
9월30일부터 10월1일 양일간 그랜드 인터컨티넨탈 서울 퍄르나스에서 팩트블록의 ‘코리아블록체인위크(KBW) 2019’ 주간(9월27일~10월4일) 중 메인 행사로 열리는 디파인 컨퍼런스에는 국내외 주요 기업들과 블록체인 프로젝트들이 대거 참여할 예정이다.