Bitcoin ended another volatile week swinging in the range of roughly 700 points, slowing down the overall altcoin rally. Crypto space traded sideways with a majority of top ten seeing losses towards the end of the week. However, the topmost cryptocurrency tried to gain momentum before Bakkt official launch and hovered around $10,000 in most part of the week. None of the developments has however been strong enough for Bitcoin to break the symmetrical triangle between which the price has been trading for five months. As the price reaches towards the tapering end of the triangle, a volatile movement on either side can be expected.
Crypto community is expecting Bitcoin reach $20,000 soon as the United States Federal Reserve’s move pumping roughly $200 billion in the economy indicates a stronger storm cooking. Bitcoin, unlike the fiat, is inflation resistance because of its limited supply which according to the community is its biggest strength. Bitcoin maximalists such as A.Pompiliano and Arthur Hayes stated that the action of printing extra dollars would soon take up Bitcoin price to $20,000. Coming to the support and resistance for the next week, support is seen around 9,650 levels whereas resistance is at 10,200 levels.
Weekly Growth Blockchain Wallet Users
Weekly Gainers & Losers
Major Developments this Week
- Bitcoin — Bitcoin physically settled future platform Bakkt went live last week with the first trade executed at 8:02 pm.m. ET at $10,115
- Ethereum — Ethereum network fee surpassed Bitcoin for the first time since March 2019 indicating the rising demand.
- Litecoin — Litecoin segwit transaction has reached a new all-time high of 75% within two years of activating the protocol.
- NEO — NEO Global development has launched the NEO3 Preview1 on a pilot testing network to convey about the major updates to their development community.
Wider Market Update: Weekly News Analysis
- Bitcoin ATM installations have increased 500% since 2016 with total ATMs standing around 5,590 globally.
- Facebook has reportedly revealed the other FIATs in its basket that will back LIBRA. As per German news, daily Der Spiegel the breakdown is 50% USD, 18% EURO, 14% Yen, 11% GBP and 7% SGD.
- CFTC commissioner Brian Quintenz stated that Crypto is ‘going to get bigger’ with companies around the world looking to leverage Crypto-assets.
- Neufund has got regulatory approval by Financial Monetary Authority to offer security offerings to the retail investors.
- Bankera has launched its own global Crypto lending platform called Bankera Loans with the aim of offering secure lending to the crypto communities.
Weekly Dapp Statistics
Fiat to Crypto Trade
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