As Interest Seemingly Fades Away, Will Bitcoin Hold $10,000? Weekly Crypto Market Update

Amid the trade war going on in the traditional global markets, Bitcoin remains relatively stable. However, as we’ve learned from the past, stability in the cryptocurrency market doesn’t last long. If we look at Google Trends, we can see that the interest in Bitcoin has been decreasing since its peak in 2017. In recent months we can even identify a trend similar to that in early 2017.

Still, the question remains – where did the money that catalyzed Bitcoin’s surge in 2019 come from? Rumors and internet conspiracies circulate, suggesting that inside information leaked from Facebook about the launch of their Libra cryptocurrency and created a trend change before the launch and the hype around it.

When it comes to altcoins this week, the downward trend seems to have halted as Binance announced the launch of a digital currency lending system with the first two products being BNB and USDT. Surprisingly, ETC will also enter the lending system, which explains its price increase. Wanchain also stood out this week, gaining more than 100% and occupied the 88th spot within the top 100 cryptocurrencies.

Nevertheless, Bitcoin maintains its dominance and it’s still quite early to talk about a change in the trend regarding the altcoin market as Bitcoin hasn’t yet completed its move from the beginning of the year.

The trading volume is declining and investors fear this trend will continue. Of course, there may also be those who are already plotting another move behind the scenes. Events such as Telegram’s coin launch, recession, or Bitcoin halving can certainly impact and streamline Bitcoin’s price to new heights. In any case, the future won’t be boring, that’s for sure.

At the same time, the Kleiman v. Wright case is also seemingly coming to an end as a judge ruled against Wright who might have to pay 500,000 BTC to the brother of an old business partner of his. The amount is currently worth upwards of $5 billion and almost half of them might need to be used to pay taxes which could impact Bitcoin’s price in the short term.

You can also see the Fear Index from the Crypto Fear & Greed Index:

Market Data

BTC: $10,146 5.3%

ETH: $186,5 5.7%

XRP: $0.26 2.8%

Bitcoin Should Be Regulated Like Other Electronic Financial Services, says US Secretary of State Mike Pompeo. The US Secretary of State, Mike Pompeo, said that Bitcoin should be regulated like every other electronic financial service which is in existence today. His main concerns are related to the anonymity of transactions carried out on Bitcoin’s network.

Tether Plans to Issue CNHT, a CNY-Pegged Stablecoin. The issuer of the most popular stable coin on the market, Tether, is reportedly working on a new stable solution called CNHT. It will be pegged to the official fiat currency of China, the Chinese Yuan. The news was confirmed by Dong Zhao, a shareholder at Bitfinex.

Altcoins Comprise Only 10% of the Crypto Market, Not 30%. According to a new study, the relative share of all altcoins in the overall cryptocurrency market capitalization isn’t 30% but merely 10%. This also suggests that Bitcoin’s dominance is close to 90%. The research factors in liquidity, outlining that it’s the key to generating the most accurate market cap numbers.

The First-Ever Multi-Instrument Block Trading Solution Announced by Deribit Exchange. Cryptocurrency derivatives trading platform Deribit has entered into a partnership with Paradigm in order to provide the first-ever multi-instrument block trading solution. This automated trade solution will supposedly attract more institutional investors in the market.

Facebook’s Libra May Be Losing Key Supporters Amid Growing Regulatory Uncertainty. Facebook may be losing important supporters for its cryptocurrency Libra. At least three of the main backers have already met in private to discuss their potential retreat. The concerns are mainly related to the growing regulatory uncertainty which shrouds the entire project.

CZ’s Mysterious Tweet Causes Spike in BNB Price; Binance Lending Forthcoming? The world’s leading cryptocurrency exchange, Binance, will soon be allowing its users to lend certain cryptocurrency in return for attractive annualized interest rates. According to the official page, the first two products to lend will be Binance Coin and stable coin Tether (USDT).

Charts

This week we’ve analyzed Bitcoin, Ethereum, Ripple, Monetha, and Ethereum Classic; click here for the full price analysis.

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