Market update

BTC A$13.1k. PayPal/Crypto imminent? ETH network blown past BTC

Bitcoin suffered no lasting effects over the past week as 130 of the biggest Twitter accounts were roped into an amateurish BTC ‘giveaway’ scam. It’s traded in a narrow range around $13,000 and is currently around $13,100 to finish the week 0.9% down. Trading volumes are as low as they’ve ever been and data analytics firm Skew pointed out that BTC has traded in a 1% range over the last ten days. The last time that happened was in November 2018 just before BTC plunged nearly 50%. However, Morgan Creek Digital executive Jason Williams interprets the same data as suggestive of a major price increase this week: “Bitcoin volatility could be extraordinary to the upside.”

BTC A$13.3k, LINK trading on IR, 13,000 BTC millionaires

Another week of steady as she goes for neo-stablecoin Bitcoin, with the price trading in a narrow range and no major moves. BTC ends the week 0.7% down and is currently trading around $13,350. Research firm Skew says the correlation between Bitcoin and the S&P 500 reached a new all-time high this week. Ethereum and Litecoin also finished flat. XRP was up 6%, Stellar increased 27%, while Bitcoin Cash lost 3.1%, EOS lost 1.2% and BSV was down 3.8%. All eyes this week were on IR’s newest listing Chainlink (LINK) which surged from under $8 to around $11.50. It’s currently $10.40 and to finish the week up 34%.

Bitcoin price 2020-07-07

Although Bitcoin has been showing signs of life in the past 24 hours (up 3%), the price action this week traded in a fairly narrow range above $13,000. It’s currently just over $13,400 and is up 1.78% for the week. Zooming out, the price has essentially stagnated over the month, down 3.3%. But zooming out even further and Bitcoin is up 27% for the year, outperforming gold and stocks. Crypto Compare’s report shows that the low BTC volatility has coincided with low volumes, which are down 36% on top tier exchanges. But altcoins made strong gains this week: Ethereum recorded its best price in a fortnight and is up 5.6%, XRP is up 6.3%, Bitcoin Cash (7.6%), Bitcoin SV (21%), Litecoin (5.3%), EOS (10.1%) and Stellar (10.3%).

Bitcoin price 2020-06-30

Bitcoin dropped briefly below the US$9000 ($13,100) mark on the weekend, but it was on fairly thin volumes. At the time of writing, Bitcoin was 4.24% down on the same time last week, to trade around $13,400. Its performance was better than most of the top ten coins: Ethereum lost 5.7% this week, XRP (-5.7%), Bitcoin Cash (-6%), Bitcoin SV (-9.3%), Litecoin (-5%), EOS (-7.1%). Stellar lost 8.4%.

Bitcoin price 2020-06-23

Bitcoin is currently trading just under $14,000 and is 1.9% up on seven days ago. Ether gained 4.8% this week, but the rest of the top ten remained fairly steady: XRP (-0.9%), Bitcoin Cash (2.4%), Bitcoin SV (0.5%), Litecoin (0.8%), EOS (1.4%) and Stellar (1.45%). Apart from a few flashes of volatility, Bitcoin has been trading in a 10% range for almost two months. Will today’s Paypal rumours help propel BTC above the psychological US $10,000 ($14,422) mark?

BTC A$14k. DeFi booms, 325m new users

Bitcoin dropped briefly below the US$9000 ($13,100) mark on the weekend, but it was on fairly thin volumes. At the time of writing, Bitcoin was 4.24% down on the same time last week, to trade around $13,400. Its performance was better than most of the top ten coins: Ethereum lost 5.7% this week, XRP (-5.7%), Bitcoin Cash (-6%), Bitcoin SV (-9.3%), Litecoin (-5%), EOS (-7.1%). Stellar lost 8.4%.

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