Crypto Weekly Market Update: The Sudden Bitcoin Drop Below $8,000

The upward trend of the market has stopped and the green we were used to seeing in recent weeks has turned red. However, despite the correction, the trading volume continues to rise. The market trend is mixed and some of the cryptocurrencies reached the resistance points on the graphs.

Binance Coin (BNB) continues to be affected by IEOs and it seems that it is already cut off from the influence of Bitcoin as we usually know it. The market is currently in a fragile situation and it’s challenging to know whether this is a good opportunity to enter or if we are on the verge of another bear market.

GBTC buys about 21 percent of the Bitcoin issued (mined) every month, which indicates the increasing demand from Wall Street.

A 25-thousand-bitcoin move made between Coinbase’s wallets shook the market and appears to be the cause of the recent declines.

Despite the fact that BSV got delisted from several exchanges, including Binance, it seems that the pump continues and BSV’s price continues to increase. This may be because of the ability to influence prices on smaller exchanges. On Bittrex, for instance, we’ve seen cryptocurrencies rising massively in terms of price. This causes traders to move on to them and it can be said that this is a positive trend, especially at a time when most of the trading is conducted and affected by one exchange – Binance.

Bitcoin’s network fees have risen significantly, which makes it questionable whether it’s close to solving its scalability issues. After the rally in 2017 and after a year and a half of bear market, there was an expectation for solutions before the next wave, and now it seems that the most recognizable answer – the Lightning Network, is still in its infancy.

Market Data

Market Cap: $254.9 B

24h Vol: 81.9 B

BTC Dominance: 55.6%

BTC: $7,995 8.1%

ETH: $249.9 7.6%

XRP: $0.41 4.4%

BTC Shorts (BFX): 21.4 K BTC

BTC Longs (BFX): 20.4 K BTC

Institutions Are Here: CME Bitcoin Futures Volume Hits New Record High. Public data of the Chicago Mercantile Exchange (CME) reveals that Bitcoin futures volume has hit a new record high as of May 28th this year. The information shows that institutions are demonstrating increased interest in trading Bitcoin futures contracts.

Bitcoin SV’s Craig Wright Sues Peter McCormack For 100,000 GBP For Libel. Bitcoin Cash SV (BSV) popular proponent and self-proclaimed Satoshi Nakamoto, Craig Wright has filed a 100,000 GBP libel claim against cryptocurrency podcaster Peter McCormack. The latter has since decided to take the case to the court.

LocalBitcoins Removes Cash-for-Crypto Trading Option. One of the most popular peer-to-peer (P2P) Bitcoin trading platforms, LocalBitcoins, has removed the cash-for-crypto trading option. Some of the comments, however, suggest that the restriction might be limited to users from the US only.

Bitcoin at $1,000,000 Still Possible: James Altucher Doubles Down. Former hedge fund manager and best-selling author, James Altucher, doubled down on his prediction that Bitcoin will hit $1 million in value. However, he now posts additional conditions, saying that in order for this to happen BTC needs to replace traditional paper currency.

It’s Official: Binance Adds Margin Trading (Beta), But There’s a Catch. The world’s leading cryptocurrency exchange, Binance, has added the long-awaited margin trading feature. Users can now use leveraged trading on selected cryptocurrency pairs. The feature is currently in beta and available upon invitation.

Block.One Is Launching a Social Media Platform on the EOS Blockchain. Block.one, the startup that built the EOSIO platform, has announced that it is launching a social media platform built on top of the EOS Blockchain. The platform is called Voice and it reportedly implements a user-centered approach.