Welcome to the Weekender! Your weekly round-up of all the top news stories, as chosen by you, our readers. We started this week with a feel-good article, courtesy of Jack Dorsey, the CEO of Twitter and Square, who said that the flagship cryptocurrency, Bitcoin, “incentivizes renewable energy.”
FOMO turned to FOBI (fear of being in) today as Bitcoin went into full melt-down mode. The move below $50,000 hit the alt market, with yesterday's out-performance quickly erased. Prices across the crypto-sphere headed south as Bitcoin dragged even Doge Coin lower—imagine.
Bitcoin has lagged the broader market today. While other coins have enjoyed a surge in prices, BTC is still punch-drunk from the price action on Sunday. As a percentage of the total value of the crypto market, BTC is losing ground. The last time Bitcoin was only 50% of the entire crypto market cap was August 2018. We are still some way off the record low of 35%, set during the ICO boom, but the way things are shaping up, a sub 50% print is only a matter of days away.
Bitcoin bounced from support to test resistance today and is currently sitting right in the middle of that range. With very little news driving prices, it's been a case of the bulls and the bears testing each another's resolve. Neither have wavered, with the rally from support at $54,200 being matched by the selling pressure just below our resistance level of $56,600.
Bitcoin held its nerve today, bouncing from $53,500 (Bitcoin's $1T market cap level) before slowly walking back up to the key resistance level of $56,600. The days ahead will be decisive—a rally now will likely leave crypto bulls feeling invincible. Failure to move above $56,600 will simply reduce the number of crypto bulls and will likely be met with another quick leg lower.
Welcome to the Weekender: Your weekly round-up of all the news stories that our readers deemed the most interesting. This week, the top spot goes to Jesse Powell, CEO of Kraken, who warns that a potential regulatory crackdown on crypto coming be coming to the US.
Having rallied to another new all-time high, Bitcoin has so far failed to hold onto today's gains. Today was always going to be about Coinbase joining EQUOS as a listed Nasdaq company. With the reference price set at $250 per share, the opening print of $381 drove prices higher, peaking at $429 before dropping to $350.