After a mid-week slump, Bitcoin took the elevator up a thousand dollars on the weekend and has continued to climb. Renewed hopes of a stimulus deal in the US and public company Square buying up 4,709 Bitcoin helped the bullish sentiment. Bitcoin finishes the week up 7.4% at just over $16,000 (around US $11,500). DeFi tokens also staged a minor comeback this week with Chainlink up 19.3% and Synthetix up 10.7%. Ethereum finishes the week up 9.9%, Bitcoin Cash (8.6%), Litecoin (10%), Bitcoin SV (4.9%), EOS (4.9%), Stellar (6.1%). The Fear and Greed Index moved up overnight from 52 to 56 or from Neutral to Greed.
Despite the KuCoin hack, regulators taking action against BitMEX and President Trump getting coronavirus, the Bitcoin price has remained essentially unmoved. “Historically, these three collective events would have sent markets reeling. This shows that the market is increasingly filled with more bullish investors [who] believe in the fundamentals,” Zachary Friedman, COO of Global Digital Assets told Coindesk. Bitcoin traded mostly within a $600 range, ending the week 0.6% down at around $15,000. Bitcoin’s 30 day volatility is at a near-record low of 0.85% and the last time BTC was this stable was in January 2013 and April 2016, before the price exploded 1,000% or more. Ethereum finished the week 2.2% down while XRP was up 1.7% and Litecoin was up 1%. Everything else declined including Chainlink (-9.6%), Bitcoin SV (-5.3%), EOS (-2.9%) and Stellar (-2.2%).
Bitcoin had a positive week, increasing 2.8% to trade just under $15,300 at the time of writing. Bitcoin has now spent a record 64 days above the US$10,000 ($14,100) level and podcaster Anthony Pompliano says “it’s only showing signs of going higher.” Will it break the US$11,000 ($15,525) mark this week? Altcoins were a sea of green, with Ethereum up 3.7%, XRP (4.5%), Bitcoin Cash (5.8%), Chainlink (16.7%) and Bitcoin SV (15.3%). Outside of the top 10 Litecoin was up 4.2%, EOS (2%), Stellar (4.1%), Synthetix (32.8%) and OMG (45%).
Bitcoin ended the week lower alongside the US stock market, which fell to a two month low on Monday amid fears of a surge in pandemic cases. But the price floor of US$10,000 ($13,800) has been holding well. Bitcoin is currently 2.2% down for the week at just above $14,500. Everything else was down – with DeFi tokens the hardest hit including Chainlink (-27.2%) and Synthetix (-29.8%). Ethereum lost 8.7% Bitcoin Cash (-7%), XRP (-5.7%), Litecoin (-11.5%), EOS (-8.2%) and Stellar (-12.3%).
Bitcoin has been trading in a narrow range around $14,000 for most of the week, but overnight took a quick leg up to trade above $14,700 at the time of writing. It’s 3.9% up on this time last week. Other big projects were up too, including Ether (7.9%), XRP (2%), and Stellar (4.5%). However, Chainlink (1.1%), Litecoin (1.2%), Bitcoin Cash (0.5%) and Bitcoin SV (1.1%) ended the week close to where they began, while EOS actually lost 2.6%.
Sell-offs in US equities, the strengthening US dollar and ludicrously high Ethereum gas prices appear to have weighed heavily on crypto markets this week. Bitcoin was trading above $16,500 this time last week (US$12K) but has now fallen back to test the $14,000 (US$10K) mark, with occasional dips below. It’s currently trading at $14,400 and is 11.2% down on this time last week. Although markets have recovered slightly since the weekend, it’s still a sea of red: Ethereum is 19% down, Chainlink (-20.9%), Ripple XRP (-14%), Bitcoin Cash (-16.5%), Bitcoin SV (-10%), Litecoin (-20.1%), EOS (-11.6%) and Stellar (-19%).