Weekly Crypto Market Update: Ethereum Up 20% In 10 Days. Alt-Season Here?

Bitcoin maintains relative stability, however, we have already seen such periods in the past and based on its historical behavior we can assume that another move is brewing behind the scenes and only after we know if the 2019 upward trend was just an opening shot or that a bear market is ahead of us.

Bitcoin maintains its relative stability. However, we already saw such periods in the past and based on historical events, we can assume that there is another move in the making behind the scenes. Only after that will we know if the 2019 upward trend was just an opening shot or that there is a bear market ahead of us.

Also, Bitcoin’s stability in recent days is affecting altcoins which show signs of waking up as market players have returned to trading in the past week. We saw some major altcoins painted in greens.

Bitcoin’s mining difficulty also breaks new records.

In the bigger picture, Bitcoin’s dominance continues to grow and it’s currently at 69%. In the meantime, the trend is continuing but it’s possible that another altcoin season could change the picture.

Ethereum also increased slightly this week and it may be because of the upcoming upgrade of the platform that encourages many investors to store coins before the event takes place.

If we compare Bitcoin’s correction to altcoins, its price has been cut by 45% from its peak, compared to altcoins which saw corrections of up to 90-95%. It will be interesting to see whether altcoins will survive to see another season.

The Okex exchange has removed privacy coins such as Zcash, Monero, and Dash that make it difficult to trace activity. This step comes due to the regulation that has entered the market in recent years. This is another exchange that takes regulation seriously and such moves may open it to American citizens, some of whom were notified this week that they would no longer be able to trade in Binance that is soon to lunch an exchange in the US.

At the moment the situation in the market is stable and no new money seems to be making its way in. Trading volume is also stable and the behavior of the market is influenced by money that already exists in combination with the USDT and other stable coins that are printed into the market.

To sum up, it was a busy week of events and news for the final quarter of 2019 that brings us another step towards the 2020 Bitcoin Halving.

Market Data

BTC: $10,239 (-%)

ETH: $201 (11.6%)

XRP: $0.27 (6.5%)

France Won’t Tax Crypto-to-Crypto Trades, But Will Hit Gains Cashed Out. France is not going to be taxing cryptocurrency to cryptocurrency trades. However, the country will tax the gains that traders get from converting them into fiat. This is what the country’s economy minister, Bruno Le Maire, said last week.

Coinbase May Soon Launch an Initial Exchange Offering Platform. The leading US-based cryptocurrency exchange, Coinbase, is going to launch a platform for Initial Exchange Offerings (IEOs). At the same time, Coinbase’s head of institutional sales also revealed that they are looking into STOs as well.

The White House Could Someday Ban Bitcoin: Tom Lee. According to popular Bitcoin permabull Tom Lee, the US Government has the capacity to issue an “executive order” and to ban pretty much everything, including Bitcoin. This came after the Government decided to take actions against flavored e-cigarettes.

PayPal Bullish on Libra. PayPal’s Investor Relations Vice President, Gabrielle Rabinovitch, said that Libra is consistent with the ambitions of PayPal when it comes to banking the unbanked. She also revealed that there is a lot of work to be done before the project comes to life.

Facebook’s Head of Blockchain: Libra Won’t Create New Money. Responding to general thoughts on Libra from a BIS event, David Marcus said that Libra’s intentions are not to challenge the sovereignty of national money. He also said that the company will continue working with lawmakers, regulators, and central banks to guarantee compliance.

CZ Recommends Holding BNB: Would Amazon’s CEO Ever Do That? The CEO of the world’s leading cryptocurrency exchange, Binance, made a relatively controversial tweet that seemingly incentivizes people to hold on to their BNB. The question is if that is actually responsible and even acceptable, especially if we view it from a more traditional perspective.

Cybercriminals Selling Hacked Fiat Money for Bitcoin at 10% of Its Value. Reports have it that hackers on the dark markets are selling fiat currency for a fraction of its worth to avoid having to deal with the money on their own. Supposedly, they are buying bitcoin at 10% of the money’s value.

Charts

This week we’ve analyzed Bitcoin, Ethereum, XRP, Kyber, and Vchain – click here for the full price analysis.

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