CV Market Watch: Weekly Trading Overview Aug 17-24
Bitcoin received a boost to remain in the $6,300 range, keeping up the levels after a series of interventions from the Tether wallet.
Bitcoin (BTC) survived another week with relatively lower volatility, following a series of interventions by the Tether treasury wallet. BTC now fights to remain above the $6,000 level, which many see as key for the sustainability of miners.
SEC to Review Decision Disapproving Nine Bitcoin ETFs
Bitcoin (BTC) lost another bout with the US Securities and Exchange Commission as expected, as nine different ETF proposals were shot down. For now, the market seems to have settled into the knowledge that an ETF may not arrive soon. This also means that BTC trading and prices are boosted by internal trades in the crypto market, most notably by the Tether (USDT) dollar-pegged asset.
Bitmain’s Leading Market Position Under Question, Analysts Say
Ethereum (ETH)
Ethereum (ETH) stood at $277.26, down another 7% net this week, while retaining its volumes of around $1.3 billion in 24 hours. More than 40% of that volume is in the pairing with USDT, showing the influence of the dollar-pegged asset.
XRP (XRP)
XRP (XRP) added a slim 3% this week to $0.32, still down from a temporary weekly peak above $0.37.
Bitcoin Cash (BCH, BCC)
Bitcoin Cash (BCH, BCC) was beset by negative news related to a split in the community, as well as criticism against Bitmain, one of the coin’s chief supporters. The market price sank below the 0.1 BTC range, and in dollar terms, BCH lost around 2.5% net to $530.45.
EOS (EOS)
EOS (EOS) lost around 2% net, sinking back below the $5 level, down to $4.92. Despite the ecosystem’s growth, the market price remains weak as both prices and volumes went on a long slide since the peak prices at the end of April.
Stellar (XLM)
Stellar (XLM) is back to $0.21, distancing itself from the recent peaks.
Litecoin (LTC)
Litecoin (LTC) is down to $56.63, showing the usual stability in its new, lowered price levels which recall the prices of last summer, before LTC boomed. Both BTC and dollar prices are seeing a protracted slide.
Cardano (ADA)
Cardano (ADA) backed down to $0.09, losing 8.8% this week, as the asset keeps losing attention. ADA has lost the competition to XLM, which is seen as the more promising asset, while the Cardano platform is still behind in its progress and applications. ADA has been displaced from its position by Tether (USDT), which is omitted, but ranks eighth at CoinMarketCap.
Monero (XMR)
Monero (XMR) is at $89.30, sliding by about 6%, but remaining surprisingly resilient as other assets mark steeper losses.
IOTA (MIOTA)
IOTA (MIOTA) recovered slightly to $0.50, for now stemming the losses, and even adding around 2% net this past week.
TRON (TRX)
TRON (TRX) stabilized at $0.021, with a depressed price despite the news of the upcoming launch of the TRON Virtual Machine.