Bitcoin Continues The Price Strike, As Alt-Season 2020 Exploding: The Crypto Weekly Market Update

During the past seven days, Bitcoin failed to surprise us with anything in terms of price action. It appears that the cryptocurrency continues with its somewhat dormant state as it remained stagnant and rangebound between $9,000 and $9,200.

Yesterday, BTC’s price dropped from slightly above $9,200 to around $9,040, sparking worries that things might take a turn for the worst. However, the price has since rebounded, and it’s once again consolidating around $9,150.

What Bitcoin lacked in price developments, however, was made up for by an event that no one saw coming. The second-largest social media platform, Twitter, was hacked. What first started as a crypto-targeted endeavor quickly escalated as the perpetrators compromised the accounts of some of the world’s most popular names, including Elon Musk, Bill Gates, Jeff Bezos, former US President Barrack Obama, and even pop stars such as Kanye West and his wife, Kim Kardashian.

All of a sudden, all these accounts started tweeting what is easily the oldest BTC scam attempt. They prompted users to send Bitcoin to an address, promising they’ll double any income. Even though most people quickly realized what’s going on, the addresses collected a relatively considerable amount of money.

And while traditional media presents the news as a “Bitcoin scam,” the truth can’t be further away. In fact, the events of the last few days once again highlighted the problems of centralized authorities – something that Bitcoin’s core technology is attempting to rectify.

Apart from that, however, altcoins continue to pop. Some of the best performers include Chainlink (LINK), which managed to explode into a fresh all-time high, charting increases of around 45%. Tezos (XTZ) also followed suit as the coin increased by 30%.

Many are concerned that a vicious move in the price of Bitcoin is inbound, as the Bollinger Bands have been squeezed to their tightest range since November 2018 – just days before the price plunged by 51%.

A sudden move in the price of BTC, irrespective of its direction, could halt the flourishing altcoin season, so it’s important to approach the markets with increased caution.

Market Data

Market Cap: $270B | 24H Vol: $51B | BTC Dominance: 62.3%

BTC: $9,149.54 (+0.25%) | ETH: $233,19 (-0.02%) | XRP: $0.195 (+1.72%)

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US Congressman Defends Bitcoin Following the Twitter Fiasco. Following the Twitter hack, which initiated a Bitcoin-related scam, US Congressman Tom Emmer defended the cryptocurrency, saying that it’s not the problem. Instead, he said that the issue lies with “centralized control.”

Cameron Winklevoss: The Fed Hacks The US Dollar. One of the founders of the popular US-based cryptocurrency exchange, Gemini, Cameron Winklevoss, made a witty remark that the Federal Reserve of the United States is hacking the US Dollar. No doubt, he referred to the ongoing printing of new dollars to fuel the economy in times of distress.

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$750 Million Worth of BTC is What Grayscale Bought in Q2 2020. The cryptocurrency investment giant Grayscale released its quarterly report recently. According to the document, the company bought more than $750 million worth of Bitcoin in Q2 of 2020, which is a massive increase from its previous record.

The Last Time This Indicator Was So Tight Was On Nov-18: Before Bitcoin Price Plunged To $3000. Bitcoin’s Bollinger Bands, an indicator that measures the volatility of the cryptocurrency, has squeezed to levels last seen in November 2018. Back then, the price dropped to about $3000 days after it happened.