Market update

Market-update

It’s too early to say if things are turning around but thanks to an overnight surge there are definitely some green shoots with Bitcoin up 7.9% this week to trade around A$45,300. It’s at the same price it was a month ago and it seems to have found a floor above the US$30K level (A$39.64K). Ethereum meanwhile gained 8.6%, Ripple was up 3.8%, Litecoin (7.8%), Bitcoin Cash (7%) Chainlink (6.3%), Stellar (8.9%), EOS (6.9%), Aave (4.3%) and Synthetix (4.8%). Polkadot lost 1%. The overall crypto market cap is around A$1.85 trillion.

 

Market-update

China’s war on Bitcoin mining and virtual currency transactions ramped up a gear this week, sending Bitcoin sharply into the red. BTC is now 22% down on seven days ago and trading just under A$42K (US$33K). Although Bitcoin is well down on its peak around A$84K (US$65K) in April, it’s still up on the A$39K (US$27K) it began 2021 at. Ethereum lost 26.8% this week, which means former crypto billionaire founder Vitalik Buterin, is down to his last $838M. However, given ETH started the year under A$1,000 (US$750), its current A$2,500 (US$1,800) price is still quite impressive. Everything else was down: Ripple (-31.5%), Polkadot (-37.8%), Bitcoin Cash (-27.3%), Litecoin (-28.9%), Chainlink (-29.5%), Stellar (-30.8%), EOS (-32.4%), Aave (-34%), Synthetix (-34.5%). MicroStrategy announced overnight it had bought another 13,005 BTC for around US$489 million.

Market-update

Various moves by billionaires Elon Musk, Paul Tudor Jones and Michael Saylor helped push Bitcoin back above US$40K (A$51.85K) overnight for the first time in two weeks. At the time of writing it was up 17.8% on seven days ago and is trading just under A$52,200. Ethereum and altcoins may take a little longer to recover, with ETH down 2.4% this week, Uniswap dropped 2.4%, Chainlink (-2.4%), Stellar (-3.8%) Aave (-8.5%) and Synthetix (-9.2%). Eos was flat, however XRP was up 2.1%, Polkadot (11.7%) and  Bitcoin Cash (3.7%). The Crypto Fear and Greed Index is headed back up but is currently still at 28 (fear).

Market-update

Bitcoin briefly topped A$50K (US$39K) this week, but it’s currently 9.5% down on a week ago, and 43% down in the past month. Presently, it’s trading in the region of A$43,850 (US$34K). Ethereum has fared a little better, just 3.2% down this week (and 33% this month). Elsewhere it was a sea of red: Cardano lost 9%, XRP (-17.2%), Polkadot (-6%), Uniswap (-13.3%), Bitcoin Cash (-14.7%, Litecoin (-12.9%), Chainlink (-22.1%), Aave (-11.1%) and Synthetix (-17.5%).

market-update

Bitcoin finished the month more than 36% down, in its worst performance since losing 37% in November 2018. The price is currently 3.9% below a week ago and it’s trading around A$48K (US$37K), which is around A$10K (US$7K) higher than it began the year. There are reports long term holders are buying the dip in preparation for a 2013 style double pump. Ethereum has seen a 9.3% pump in the past 24 hours and finishes the week 1.3% up. ETH volume has overtaken BTC volume on some days according to CoinGecko (which also counts DEX volume) and talk of the Flippening is once again doing the rounds. Polkadot was flat, XRP increased 9%, Chainlink was up 22.5%, Litecoin (2.8%) and EOS (17.8%). Bitcoin Cash fell 3.6%, Stellar (-7.4%), Aave (-2.6%) and Synthetix (-7.2%).

Market-Update

Congratulations, you’ve just survived “the largest capitulation event in Bitcoin’s history”. Since it peaked above A$76K (US$59K) on May 9, Bitcoin has taken the elevator down to around A$41K (US$32K) and has since recovered to around A$50,500 (US$38K). It’s still down 10.7% since last Tuesday and 22.7% for the month – although zooming out it’s almost 300% up on a year ago. Altcoins were hit harder and are recovering faster with many up 20-30% in the past day. Ethereum finishes the week 20.1% down at the time of writing, XRP (-34.1%), Bitcoin Cash (-29.7%), Litecoin (-35%), Chainlink (-29.6%), Stellar (-32.7%), Aave (-33.2%), Synthetix (-31.9%). The Bitcoin Hash Rate has fallen from a 7-day average of 180TH/s on May 14 to 145 TH/s currently. The Crypto Fear and Greed Index is at 10, the lowest level since April 2020 — but as analyst Mati Greenspan points out it may: “Just happen to have been the greatest buying opportunity in history”.