CV Market Watch™: Weekly Crypto Trading Overview (June 7-14, 2019)
Bitcoin is starting the fight to complete June on a positive basis, possibly fulfilling the historical pattern of appreciating in the summer.
Bitcoin (BTC) recovered from the crash under $8,000, once again with a dramatic appreciation that observers linked to a sudden spike in Bitfinex activity, coinciding with new Tether (USDT) issues.
Bitcoin (BTC) recovered to $8,298.83, growing by around 4% from last week’s lows. The price moves of BTC once again consist of rapid crashes, stagnant sideway movements and periodic rapid recovery. Trading inched up to around $19 billion’s equivalent in 24 hours.
The share of Tether (USDT) trading remains high at around 73% of BTC activity. More USDT printings happened in the past week, potentially injecting activity into BTC, as the total supply of the stablecoin is now above 3.4 billion, with additional coins on other networks.
Ethereum (ETH) stagnated at $255.96, after competing for liquidity with Litecoin (LTC). Still, ETH remains one of the most liquid tokens, with trading volumes above $8.6 billion’s equivalent.
XRP (XRP) retreated to $0.39, losing about 4% of its price after BTC once again re-established its dominance. XRP also fell away from the spotlight of interest, as its security status may be hurting its appeal.
Litecoin (LTC) was the big mover this week, “flippening” Bitcoin Cash (BCH). LTC peaked above $140, later to retreat to around $131.32. The rise of LTC is ascribed to the upcoming halving of the block reward, with expectations of prices growing even higher before the event.
Bitcoin Cash (BCH) kept up at $411.76, growing by about 3% net this week on the back of BTC appreciation.
EOS (EOS) settled at $6.43, diminishing after Weiss Ratings lowered its grade and pronounced the network as too centralized.
Binance Coin (BNB) continued to keep the pace, breaking another record at $36. BNB retreated slightly on Friday, to $32.79, after news that Binance.com was no longer open to US-based traders, which would be redirected to Binance USA, a new market planned for the near future.
Bitcoin SV (BSV) reached $209.59, growing by 5% in the past week, with a rapid recovery on Thursday. The asset makes periodic attempts to lift its price and visibility.
Stellar (XLM) slid by 2.5% to remain close to $0.012, with no significant news to move the price.
Cardano (ADA) moved up this week on praise from Weiss Ratings, though the appreciation was tentative. ADA recovered to $0.09, adding around 4.5%.
TRON (TRX) slid by 4.34% in the past week to stand at $0.032. The news of the Sun Network testnet for now fail to create a more significant rally.
Monero (XMR) is at $89.95, keeping to its usual range.
DASH (DASH) recovered by nearly 4% to reach $152.84.
IOTA (MIOTA) kept the $0.43 level, remaining almost without change. The effect of the new consensus mechanism has worn out, and now MIOTA will have to find another source of enthusiasm. The asset has remained dormant for months, with only occasional rallies.
Cosmos (ATOM) settled at $6.20, retreating by 1.4% this week. The asset has settled into its usual price range above $6 for now, though with expectations of much higher valuations in the future.
Ethereum Classic (ETC) recovered the losses to stand at $8.13, a small change against last Friday.
NEO (NEO) gained 8% this week to grow above $13, keeping close to its lower price range. The NEO 3.0 consensus mechanism will only appear in 2020, leaving the asset in a limbo for now.
Tezos (XTZ) lost 9% this week to $1.23, after leading exchange Bittrex and Gate.io blocked US buyers from the asset. XTZ is still attractive for the passive income received when “baking” coins.
NEM (XEM) wiped out previous gains and slid to $0.085, also after being blocked for US-based customers.
The digital asset market is at a crossroads. About a week remains to the decision of the Financial Action Task Force (FATF), where a new document will reveal potentially global restrictions and regulations for all entities carrying cryptocurrencies. More transparency and reporting are reshaping the sector, taking away the anonymity of exchanges encountered earlier.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.