Bitcoin is in the green again, marking sharp increases over the past week. It can certainly be noted that Facebook’s Libra effect has affected the market and the industry as more people are getting exposed to Bitcoin and blockchain technology. This is especially true after Congress started discussing the Libra and cryptocurrencies, while also learning to differentiate between the different technologies.
Is it still to early to get excited about Bitcoin’s block halving?
Since 2017’s peak, Bitcoin hasn’t received as much attention as it did in the last months. It was hard to expect this sharp increase, as well as the fiery congressional debates and the renewed interest around various digital currency technologies. Also, the market remained unmoved by Bitcoin’s sharp correction which returned to ride the green candles of world-wide trading exchanges.
Another important consideration is that the stock market tumbled amid the intensifying trade war between the two largest economies in the world – the U.S. and China. However, Bitcoin responded with quick and sharp gains.
And while Bitcoin continues to go up, the altcoin market keeps on declining and almost every trader or investor who holds any alts feels the contraction of their portfolio against Bitcoin, observing how Bitcoin’s dominance continues to chunk value away from altcoins.
However, there are still altcoins that continue to rise in value against BTC such as Tezos which increased by more than 10%. However, this is not enough to provide confidence for investors and traders in the markets.
To summarize, it was a positive week for Bitcoin and the cryptocurrency market continues to grow and mature. This is despite the many challenges that it’s facing. As we have learned so far, the pace of events in this market is very hard and it’s also very difficult to predict what the future holds.
BTC Longs (BFX): 25.8 K BTC
CZ Binance Calls For Next Altcoin Season: This Is the Difference From 2017. The CEO of the world’s leading exchange Binance, Changpeng Zhao, has said that there will be a major difference between the next altcoin season and that back in 2017. He said that it will be fueled by actual products and users rather than whitepapers and marketing.
Zcash Plunges 3% Following Zooko Wilcox’s Letter Addressing New Zcash Dev Fund. Privacy-oriented cryptocurrency Zcash (ZEC) saw a slight decrease in its price against the USD of about 3%. The drop came right after Zooko Wilcox, the project’s CEO, published an open letter addressing the new Zcash Dev Fund.
Bakkt to Launch Bitcoin Futures in the Very Near Future, Says ICE CEO. Much-anticipated physically-settled Bitcoin futures trading platform, Bakkt, will be launching in the very near future, according to ICE’s CEO. Supposedly, they are only waiting for “final regulatory approvals.”
Bitcoin Surges $700 as Trump’s Latest China Slam Puts Global Stock Markets in the Red. The US President Donald Trump said he’ll impose a 10% tariff on yet another $300 billion of Chinese goods, casting global stock markets in the red. Bitcoin, on the other hand, started to surge in response, potentially signaling investors’ intention to use it as a hedge.
China 2016 Bitcoin Boom Comeback? Yuan Hits 11-Year Low Against the Dollar. The relative instability of the Chinese Yuan against the USD, as well as the boiling tension between the country and the US, have caused many to believe that China might circle back to Bitcoin. This is one of the main difference between Bitcoin’s situation now and back in 2016.
Elon Musk Calls Bitcoin ‘Brilliant,’ Better Than Paper Money for Value Transfer. Elon Musk, the popular visionary and founder and CEO of Tesla and SpaceX, has publicly said that cryptocurrencies offer an improved alternative to fiat. He also said that paper money “is going away.”
Walmart’s Answer To Facebook’s Libra: The Walmart Coin. It appears that Walmart has filed a patent seeking protection over the creation of a system and method for digital currency via blockchain. The move comes shortly after Facebook revealed their Libra cryptocurrency.