Bitcoin Having Hard Times At $10K While Wall Street Breaking Records: The Crypto Weekly Market Update

To say that this week has been a wild ride is definitely an understatement. Bitcoin’s price went nuts and kept everyone on edge. In the span of 24 hours, BTC went to surge from $9,400 to almost $10,500 and then back to $9,400 and even lower down to $8,600 on BitMEX. This whole ordeal saw an insane amount of both short and long positions getting liquidated.

Interestingly enough, all of this comes as the legacy markets are flying. The S&P 500 is up almost 6% this week alone, while Nasdaq 100 is up about 4%. The latter is currently trading at its all-time high and has surpassed the previous record before the COVID-19 pandemic. Airline companies were also surging today as Delta Airlines (DAL) opened at above $37 and even though it retraced, it’s still 8.5% up.

The last seven days were quite the experience on the entire cryptocurrency market. While Bitcoin was bouncing on and off, some altcoins managed to increase their value substantially. Ethereum went on to touch $250 before getting rejected to where it currently trades at around $243.

Undoubtedly, though, one of the best performers was Cardano. ADA’s price increased by an impressive 35% at one point, and it even managed to surpass Tezos (XTZ) as the 10th largest cryptocurrency.

And yet, the market is obviously indecisive. Despite the fact that Grayscale is buying a lot of BTC, even more than what’s actually mined, the price hasn’t managed to capitalize on the institutional interest and to increase. Even though some of the altcoins popped, as mentioned above, there hasn’t been a definitive altcoin season that everyone’s getting excited about.

At the same time, there were some important news taking place. The Chairman of the US Federal Reserve publicly endorsed a blockchain-based project while President Trump tapped bitcoin-friendly Commissioner Hester Peirce for another term at the SEC.

It remains very interesting to see how the market will develop in the upcoming weeks as the anticipation for Bitcoin to finally break $10,000 definitively is mounting up.

Market Data

Market Cap: $276B | 24H Vol: $87B | BTC Dominance: 64.9%

BTC: $9,743.45 (-0.55%) | ETH: $242,66(-0.34%) | XRP: $0.203 (+0.28%)

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Adam Back: Bitcoin Price Could Skyrocket To $300,000 By 2025. The CEO of Blockstream, Adam Back, who’s also one of the earliest adopters of Bitcoin’s technology, has said that its price can reach as much as $300,000 by 2025. He also denied all claims that he is the pseudonymous creator of BTC Satoshi Nakamoto.

$449 Million Worth of Bitcoin Liquidated During Yesterday’s $1,000 Drop. Bitcoin’s price went through a serious drop on Wednesday, losing more than $1,000 of its value in a couple of minutes. This led to a total of $449 million worth of BTC being liquidated on various cryptocurrency derivatives trading platforms.

Fed Chair Jerome Powell Endorses Ethereum-Backed Reference Rate Project To Replace LIBOR. The Chairman of the US Federal Reserve, Jerome Powell, recently stated that a blockchain project, loosely based on Ethereum, could serve as a potential replacement to the London Interbank Offered Rate (LIBOR). Undoubtedly, this is a serious endorsement of the technology.

US President Donald Trump Taps Bitcoin-Friendly Hester Peirce For A Second SEC Term. The President of the United States, Donald Trump, has decided to tap SEC Commissioner Hester Peirce for a second term at the regulator. Peirce is a well-known proponent of cryptocurrencies as she’s been opposed to numerous SEC decisions in the past few years.

Bloomberg: Bitcoin Price To Reach $20,000 In 2020 As Cryptocurrency Market Matures. According to a recent report from Bloomberg, Bitcoin is on course to reach $20,000 by the end of 2020. The document also adds that BTC has managed to mature as an asset throughout the past several months, citing increasing similarities with gold and overall performance.

Akon Crypto City To Be Built By 2029 Following a $6 Billion Construction Contract. The well-known hip hop artist Akon has awarded a $6 billion contract to a firm to build his futuristic city by 2029. If successful, the city will run entirely on renewable energy and will use its very own cryptocurrency called Akoin.