Weekly Crypto Market Update: The Calm Before The Bitcoin Storm?

Bitcoin continues to lose ground and in the meantime, the price is holding up in the range that it dropped to at the end of September when we saw the last sharp correction. It didn’t scare the market away and money continued to flow towards altcoins which are starting to see a change in the trend. The altcoin market shows positive signs but it is still impossible to say that we can expect an altcoin season anytime soon.

This week, the 18 millionth bitcoin was mined and the halving is already around the corner. It will be interesting to see how miners will behave as mining, in general, will become less profitable and they will have to rely increasingly on transaction fees on the network.

The cryptocurrency market sentiment is changing from one moment to another. As the price goes down, media is getting flooded with Bitcoin obituaries, while as the price climbs up, everyone becomes bullish again. This is another hallmark of a young market and technology which is at the beginning of its path, surrounded by uncertainty. The market is, however, clearly maturing but there is still a long way to go before any kind of mainstream adoption.

Of all the altcoins that stood up this week, BSV surged by 25% after a bug which got discovered on the Lightning Network. Chainlink is also seeing continuous increases. Market analysts estimate that if the trend continues, new money won’t be late to enter and this could bring the next bubble. It’s perhaps worth noting that this time, however, there are a lot more exchanges and trading options compared to before. Nevertheless, in any market, liquidity problems exist when the trading is low. We’ve seen, though, many cryptocurrencies like Dogecoin, that have already gone through many cycles and will probably go through more in the future.

In the coming week, the market seems to be heavily affected by Bitcoin’s price and if it loses its recent levels of support, this could affect the condition of many altcoins. It’s important to keep this in mind.

Market Data

Market Cap: $224B

24-Hour Volume: $58M

BTC Dominance: 66.5%

BTC: $8,284

ETH: $174

XRP: $0.29

BTC Shorts (BFX): 7K BTC

BTC Longs (BFX): 25.5K BTC

Market-Update52-min

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Huobi Global Strengthening Its Presence in Turkey and Argentina: Exclusive Interview With CEO Livio Weng. Huobi will be strengthening its presence in Turkey and Argentina. The exchange intends to capitalize on the increasing importance of cryptocurrencies in troubled markets. Read more about it and other interesting insights in CryptoPotato’s interview with CEO Livio Weng.

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Stable? Trump’s Ex-Federal Reserve Nominee To Launch A New Stablecoin. The former Federal Reserve Nominee of President Donald Trump, Stephen Moore, will be launching a stablecoin. However, it won’t be directly pegged to the USD but rather receive fractional reserve backing. This begs the question of how stable it will actually be.

Poloniex Spins Out from Circle with New Backing & Global Focus. Popular cryptocurrency exchange Poloniex has branched out of Circle into a new company called Polo Digital Assets Ltd. It reportedly has the backing of a major investment group. As part of the benefits for users, the exchange introduced 0% trading fees on the spot trading platform until the end of the year.

California Man Sues AT&T Over Loss of $1.8M and Crypto Accounts. A resident of California, Seth Shapiro, has reportedly filed a lawsuit against wireless service giant AT&T. He alleges that the company’s employees helped in a SIM-swap operation which resulted in the theft of more than $1.8 million, including cryptocurrencies.