Another week, another round of Crypto Tidbits.
It’s been quite a week for the Bitcoin market. In the past seven days, the leading digital asset has traded at both $12,500 and $11,400, facing volatility due to crypto market trends and the macroeconomic trends. Bitcoin’s rally earlier this week came on a decisive break of the pivotal $11,900-12,000 resistance; BTC’s ongoing retracement has seemingly been triggered by somewhat of a bounce in the value of the U.S. dollar, along with selling pressure on spot markets.
Ethereum has suffered worse than Bitcoin has, falling to $380 as of this article’s writing. Altcoins, in general, have been hurt more than Bitcoin during this retracement as the altcoin market finally cools off after months of straight rallying.
Chart of BTC's price action over the past seven days from TradingView.com
Analysts remain optimistic about the cryptocurrency market despite the recent technical weakness.
Raoul Pal, the CEO of Real Vision and a Wall Street vet, recently took to Stephan Livera’s podcast to assert that he is macro bullish on Bitcoin due to a flurry of fundamental reasons. This comes shortly after he took to Twitter to say:
“These are all INCREDIBLY BULLISH long-term chart patterns. The probabilities in the charts suggest that Bitcoin is likely set to be the best performing major asset in the world over the next 24 months and by a big margin.”
Bloomberg analyst Mike McGlone is also bullish. He recently wrote that something “unexpected” will need to happen for Bitcoin to stop its ongoing uptrend:
“Bloomberg Intelligence Commodity Primer – Something unexpected needs to happen for #Bitcoin’s price to stop doing what it’s been doing for most of the past decade: appreciating. Demand and adoption metrics remain favorable vs. the #crypto asset’s unique attribute of fixed supply.”
Related Reading: Crypto Tidbits: MicroStrategy’s $250m Bitcoin Purchase, Ethereum DeFi Boom, BitMEX KYC
Crypto & Bitcoin Tidbits
- Dave Portnoy Sells His Bitcoin After Just Buying It: Dave Portnoy has already folded out of the crypto market despite his recent entrance. On Friday, he posted to Twitter that he has liquidated all his BTC for a slight profit. He claimed that while he was in the green with Bitcoin, he lost money on Chainlink (LINK) and Orchid (OXT).
- Tether to Move USDT to the OMG Network, Based on Ethereum: Stablecoin provider Tether, closely linked to Bitfinex, will be moving some of its flagship USDT stablecoin to the OMG Network, an Ethereum-based non-custodial, second-layer scaling solutions. This reduces the cost of transactions while increasing the potential throughput and efficiency of transactions: “OMG Network, a trustless, non-custodial, Layer-2 scaling solution for transferring value on Ethereum, is delighted to announce that users will be able to withdraw and deposit Tether (USDt) to Bitfinex via its value transfer layer, helping reduce Ethereum congestion and gas fees with improved transaction speeds,” an announcement from the project read.
- DeFi Still Hot: Ethereum’s DeFi trend is still hot. There were a number of projects launched this week that had coins that gained millions of dollars worth of value, along with contracts that garnered dozens of millions of dollars worth of cryptocurrency deposits.
Photo by Ales Nesetril on Unsplash Price tags: xbtusd, btcusd, btcusdt, ethusd, ethbtc Charts from TradingView.com Crypto Tidbits: Dave Portnoy Drops Bitcoin, Tether Migrates to Ethereum's OMG Network, DeFi Still Hot