Bitcoin Just Unstoppable: Altcoins Bleeding To Death Amid The Rising BTC Dominance – Crypto Weekly Market Update

After Bitcoin’s meteoric rise, a small, healthy correction gave the approval for the rally continuation of Bitcoin price which is already painted green again.

It is important to note that fundamentals did not change much in Bitcoin, and it seems that the price is influenced by existing players within the industry because it still does not appear that Bitcoin is in under accumulation and new money is not really felt in the market. Relying on past experience, new money will come in masses only after Bitcoin breaks new price highs.

Nevertheless, the discourse and interest around digital currencies has recently increased, mainly due to Facebook’s announcement. While it is impossible to ignore the interest that has been created around Libra, this is not the reason why Bitcoin has risen since the beginning of 2019, and it is not certain that there are clear reasons that can be pointed out when it comes to Bitcoin’s volatility.

In any case, the discussion around cryptocurrencies is expanding and touches on the need to improve the global monetary system, and it seems that Bitcoin’s effect contributes to this by setting up an alternative system that apparently does not go anywhere, as Bitcoin’s mining difficulty breaks new records.

On the other hand, the situation around the alternative currencies, or altcoins, is not particularly bright. They continue to lose their dominance in favor of Bitcoin. Egretia (EGT) was one of few Altcoins that continued the rising trend and were not affected by the rise of Bitcoin. While the market is waiting for another Alt season, 2019 appears to be a dark year for Alts, so far, falling to old lows against the surging Bitcoin.

Regulations

In the regulatory sector, we are also seeing things moving forward,  thanks to Facebook’s Libra that is urging regulators to make the necessary updates regarding digital currencies. After the FATF issued guidelines last week, we are expected to get an update from the IRS regarding taxation issues of the various currencies.

To summarize, the 2019 rally continues in Bitcoin, while the altcoins are waiting for another season that is currently not in sight. As time passes, the Bitcoin halving event approaches and the race to stockpile Bitcoin continues. Based on previous cross-sectional events, it can be said that they have a direct effect on the Bitcoin price and for many traders it is a good reason to start accumulating (this should not be seen as a trading or investment advice).

Market Data

Market Cap: $344,3 B
24h Vol: 82,9 B
BTC Dominance: 63.7%
BTC: $12,317 21.3%
ETH: $312,1 10.9%
XRP: $0.39 1%
BTC Shorts (BFX): 13.6 K BTC

BTC Longs (BFX): 23.2 K BTC

 

Crypto News

Market-Update36(9jul)-min

The War Between Binance’s CZ and Nouriel Roubini Just Reached New Heights. Nouriel “Dr. Doom” Roubini who argued that cryptocurrency was a “right-wing nightmare,” called one of the most influential individuals in the space, Changpeng Zhao, a “jerk” and a “snake oil peddler.” CZ argued that it’s rather odd to call a guy a jerk because he’s building what he believes in.

Tether Prints Another $100M in USDT: Weekend Action Ahead For Bitcoin? The popular stable coin issuer Tether printed yet another batch of $100M worth of USDT. The tokens were minted on Ethereum’s blockchain and sent to Tether’s treasury account. The move happened before the weekend which remained rather flat for Bitcoin.

Craig Wright Says Early Bitcoin Developer Co-Founded Silk Road Dark Net Market. Self-proclaimed Satoshi Nakamoto, Craig Wright, has said in a court session that early Bitcoin developer Martti Malmi and Bitcoin.org moderator known as Theymos, have co-founded the infamous Silk Road dark market alongside convicted Ross Ulbricht.

Can Facebook’s Libra Become the Global Reserve Currency? As Facebook’s Libra concept starts to grow in popularity, members of the community have already come up with interesting theories. One, in particular, outlines how it could actually become a global reserve currency.

Bitstamp Crypto Exchange Sets Up Lightning Network Node. Popular European cryptocurrency exchange, Bitstamp, has set up its very own Lightning Network node in order to boost the capabilities of the network. The LN is known as Bitcoin’s scaling solution as it is designed to enable fast and zero-fee transactions.

Major Chinese Financial News Provider Quietly Adds Crypto Index. Sina Finance is a finance-focused website which is owned by one of the major Chinese tech companies – Sina Corp. It has added a cryptocurrency index to its mobile app, which signals for further adoption of the digital currencies in the region.

World’s First Zero-Fiat ‘Bitcoin Bond’ Now Available on Bloomberg Terminal. Two European companies have jointly launched the world’s first genuine Bitcoin bond, as per their own terms. It contains no fiat exposure for the investors and it’s readily available via the Bloomberg Terminal. It’s the first cryptocurrency product to have its ISIN code.

Charts

This week we’ve analyzed Bitcoin, Ethereum, Ripple, Tezos, and Tron; click here for the full price analysis.

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