Bitcoin, and the entire cryptocurrency market, saw yet another choppy week where prices failed to recover substantially and continued to struggle.
The past seven days didn’t exactly go according to the intentions of bulls as the price of BTC is down about 9%, currently trading around $37,000. It all started last Friday when the price dropped from above $40,000 down to about $35k. In a sequence of choppy actions, the price attempted to take back the important psychological and technical level at $40K but was unsuccessful each time.
At the time of this writing, bitcoin’s dominance over the market sits at around 42%, which is a slight decrease compared to last week. In fact, it peaked at more than 47% on Sunday, but it has been only downhill ever since, showing that altcoins have it somewhat better compared to BTC.
Speaking of altcoins, there’s been a shift in the top 3 as USDT has claimed the spot over Binance Coin. This shows that the market really is struggling at the moment because a stablecoin boasts a higher market cap than the majority of altcoins. In any case, ETH is down about 4.5%, BNB is down 11%, while XRP, DOGE, DOT, and many others are down more than 20%.
The news was relatively calm in terms of news. One of the more interesting bits of information we got was the fact that Michael Saylor organized a meeting between Elon Musk and some US-based Bitcoin miners. Musk said that they committed to switching to renewable energy sources.
In any case, it’s also interesting to note that Ripple has no plans of forfeiting its plans of going public. Brad Garlinghouse, the CEO of the company, confirmed that they intend to do so once the lawsuit against the SEC goes away.
Last but not least, Apple is apparently headhunting talent with knowledge of cryptocurrencies for its alternative payments method department, which might be a sign of something interesting cooking under the hood.
Market Data
Market Cap: $1615B | 24H Vol: 150B | BTC Dominance: 42%
BTC: $37,017 (-8.4%) | ETH: $2,593 (-4.5%) | XRP: $0.905 (-20.05%)
This Week’s Titles You Better Not Miss
Cryptocurrency Market More Resilient Now Compared to 2017/2018: JPM Analyst. Irrespective of the massive declines in the last few weeks,s an analyst from JPM concluded that the overall cryptocurrency market is much more resilient now compared to back in 2017 and 2018.
Apple is Headhunting a Business Development Manager With Experience in Cryptocurrencies. It appears that Apple is moving forward with its plans to start adopting cryptocurrencies. The tech giant is now headhunting experts from the fintech world, including the crypto industry, for its alternative payments department.
Same Old Song With China Regulatory Issues and Crypto Ban: Long History Of FUD. Over the past weeks, we saw reiterations of old China bans, which cause serious turmoil in the cryptocurrency industry. However, it appears that there’s not much new in this regard, and we take a walk down memory lane to track previous instances of such reiterations.
11 Years Since The First Bitcoin Purchase: 2 Pizzas Now Worth $365 Million. This week was the international Bitcoin Pizza Day, marking 11 years since the first commercial purchase of goods using bitcoins. Interestingly enough, the 10,000 BTC that Laszlo Hanyecz paid to get two pizzas from Papa John’s are now worth over $365 million.
Ripple to Go Public After the SEC Lawsuit, Confirms CEO. Ripple’s CEO, Brad Garlinghouse, confirmed that the company plans to go public after the lawsuit against the US Securities and Exchange Commission goes away.
Billionaire Investor Carl Icahn May Get Into Crypto “In a Relatively Big Way.” The billionaire investor Carl Icahn said that his company might get involved in cryptocurrencies “in a relatively big way.” Without giving any further hints, Icahn might join a rather long list of investors who are already exposed to the market.
Charts
This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Cardano, and MATIC – click here for the full price analysis.
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