Crypto Market Update: Another Bitcoin ETF Rejection, Bitcoin Facing $10,000

After particularly tumultuous and volatile few months, this week we saw Bitcoin stabilizing slightly as the trading volume dipped. The SEC rejected yet another pile of Bitcoin ETF requests. Regardless of the small price drop, Bitcoin seems to be keeping its positive trend.

The US-China trade war continues and in the face of the declining capital markets, the price of gold and silver continues to rise. However, unlike major economic crises in the past, this time Bitcoin is also in the picture and if we look at domestic crises in recent years, Bitcoin has responded with a sharp price rise. It is only logical to assume that it may behave the same in a significant international crisis.

Meanwhile, traded Bitcoin volume on popular P2P exchange LocalBitcoin has reached new highs, in response to the downfall of the local peso and the collapse of the country’s stock exchange.

In the Alts arena, the declines were somewhat halted and after Bitcoin’s dominance almost reached 70% Alts has started an upward correction. However, the floor bottom is hard to establish just yet and Bitcoin’s dominance may continue to climb. The correction of the Alts market comes as a result of the ICOS trend that has inflated the market.

However, after regulators clarified their position on the ICO format, the IEO trend that has gained momentum has failed to reach those scales. It is important to remember that against the dollar, not all Alts are in their lows, but against Bitcoin, a lot of them have been bleeding and it takes serious imagination to see how they can get back.

Meanwhile it should be noted that the market is continuing its maturation process and it is no longer a tiny niche of enthusiasts in the wild virtual West, as in recent years large players have entered the market along with regulators who are still trying to understand what is crypto.

In summary, we saw a relatively calm week in the market and it seems the quiet will not last for long. The price of bitcoin is in a critical area and past experience indicates that stability in the market is only the calm before the next storm.

Market Data

BTC: $11,250 5.4%

ETH: $209,9 9.2%

XRP: $0.29 6.8%

Crypto News

Bitcoin Mainstream Media Adoption: CNBC.com Replaces CAD Tracker With Bitcoin. Prominent media mogul CNBC has evidently put a Bitcoin price tracker on its website. According to users, the new tracker replaced that of the Canadian Dollar (CAD), signaling greater publicity and adoption for the largest cryptocurrency.

Bitcoin’s Scarcity: Can It Eventually Catch up With Gold and Silver? Charting a comprehensive Stock-to-Flow model accounting for Bitcoin’s scarcity, popular analyst PlanB thinks that the cryptocurrency will eventually line up with Gold and Silver. The model also puts the price per Bitcoin at $55,000 following its halving event.

New Zealand to Legalize and Tax Bitcoin Salary Payments Starting in September. According to a new ruling, New Zealand is set to allow Bitcoin and cryptocurrencies to be used for salary payments starting from September. The ruling also stipulates that they will be taxed as per the existing PAYE regulations.

Binance Is Investigating a Telegram Group That Might Contain Your KYC. A large number of KYC pictures have been leaked through a Telegram group. Binance stated that the company is already working on the issue and they’ve also announced a bounty of up to 25BTC for everyone who is able to provide them with valuable information on the matter.

Coinbase Sets Out How It Foiled a ‘Sophisticated’ Hacking Attack. US-based cryptocurrency exchange Coinbase described how it was targeted by a sophisticated and targeted hacking attack. It aimed to access their systems and to claim some of the billions it has in holdings.

Goldman Sachs Gets Bullish on Bitcoin With a Price Target of $13,971. International financial giant Goldman Sachs gave a rather bullish forecast on Bitcoin’s price. In a note to customers, the corporation suggested a short-term target of $13,971 which could be the completion of a V wave count from July.

US Federal Reserve Launching Payment System, Crypto Bulls Nonplussed. The US Federal Reserve Board plans to release a system for real-time payments and settlements. The goal is to further boost the payments infrastructure within the country. Dubbed ‘FedNow’, it aims to modernize the existing payment infrastructure and to allow for around the clock payments which could also be done on weekends.

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