Bitcoin is Bleeding to $9,000 as Global Markets Take a Beating: The Weekly Crypto Market Update

The last seven days weren’t so fruitful for Bitcoin. After trading in a relatively narrow range for a while before that, the BTC price gradually increased to about $9,700 on Wednesday. On the same day, however, the price tumbled during the same day and started declining.

Immediately after that, Bitcoin retraced to about $9,000 before finding support and bouncing off to where it currently trades at around $9,200. The thing to consider about the movements is that they coincided with respective decreases on Wall Street.

In other words, Bitcoin continues to be seriously correlated with the legacy market, which, according to many experts, is not necessarily a good thing.

Speaking of stocks, major indices didn’t really have a good week either. The S&P 500 lost about 130 basis points, which represents a decrease of about 4.5%. The other major indexes, Nasdaq 100 and the Dow Jones Industrial Average (DJI) are marking similar declines.

The altcoin market remained relatively flat in the past seven days as most of the large-cap cryptocurrencies mark slight losses of up to 1.5%, while some are even ahead. In general, Bitcoin’s dominance decreased by a mere 0.4%.

This week continued to see some serious developments in the field of decentralized finance (DeFi). Balancer released its governance token, BAL, which saw a massive surge of about 200% immediately after hitting the public market. The same is true for the DMM governance token, DMG, which increased by about 140% despite the controversies surrounding its token sale.

In any case, it remains interesting to see whether or not Bitcoin will finally make a decisive move in the following week and if DeFi projects will continue to boom.

Market Data

Market Cap: $261B | 24H Vol: $72B | BTC Dominance: 64.4%

BTC: $9,188.65 (-1.20%) | ETH: $231,04(-1.43%) | XRP: $0.183 (+0.20%)

Telegram Set to Pay $18.5 Million in an Agreement with the SEC. In what may finally be the end of a legal clash between the US Securities and Exchange Commission (SEC) and the encrypted messaging giant Telegram, the latter has agreed to pay a penalty of $18.5 to the Commission following a prolonged lawsuit.

New York State Regulator to Make It Easier for Cryptocurrency Businesses. According to a recent report, the New York State Department of Financial Services (NYDFS) has proposed a new set of licensing rules. They are supposed to facilitate different companies to engage in any cryptocurrency business in the state.

Users Can Now Buy Bitcoin with Cash in Australia Post Offices. Recently published reports have it that users will be able to pay for BTC with cash in offices of Australia Post. This is a result of a newly formed partnership between the national post service and local cryptocurrency exchange.

Uber Investor Jason Calacanis: Bitcoin’s 3x Trading Range is a Good Thing. Jason Calacanis, a well-known investor, and entrepreneur said that Bitcoin has been performing very reliably and that this is a good sign. He also said that he contemplated buying it. He’s known for early-stage investment in some of the world’s biggest companies, including Uber.

Max Keiser on Bitcoin: The Only Way for Black America to Gain Individual Sovereignty. Well-known Bitcoin proponent, Max Keiser, told his viewers that the only way for black America to gain individual sovereignty is through saving money in Bitcoin. He referenced a book that claims to explore the synergy between black economics, BTC, and blockchain.

Jim Rogers: Bitcoin Is Going To Zero Because It’s Not Based on Armed Force. The well-known American investor, Jim Rogers, believes that Bitcoin is largely overvalued and that its price is eventually going to go to zero. He said that virtual currencies are nothing but gambling and the volatility will play a role in destroying it.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Aave, and Nexo – click here for the full price analysis.