Bitcoin’s had a tumultuous week of trading, there’s no doubt about it. While the overall trend remains intact, according to most analysts, the cryptocurrency definitely kept us on our toes.
Last Sunday was likely the most volatile day of the week when Bitcoin surged past $12,000 only to drop to around $11,300 in a violent wick. This also led a lot of alternative coins to follow the same pattern, leaving many traders in dismay.
It didn’t take that long for BTC to recover as it was back at around $11,700 by Wednesday. Ever since then, the cryptocurrency has been struggling to break past the coveted $12,000 and even retraced to as low as $11,200 yesterday but has since recovered.
Over the week, we saw a lot of movement in the top ten cryptocurrencies by market cap. While Ethereum and Ripple (XRP) increased by about 6-8%, the period was filled with rollercoaster movements.
Bitcoin Cash (BCH) is another prime example of how volatile the cryptocurrency market has been lately. Just yesterday, the price dropped from $310 to $290 only to recover and trade at around $305 at the time of this writing. Chainlink recorded a new all-time high, while Tezos is also seemingly waking up from its slumber.
In any case, it appears that the volatility is undoubtedly here, and this should give us an exciting week going forward. The momentum continues to be bullish, even though the last few shakeouts did raise a few eyebrows.
Elsewhere, in a major push toward overall adoption, Grayscale, the leading cryptocurrency investment fund, said that it will launch a nationwide campaign in the US to ‘bring crypto to the masses.’ The US isn’t the only front where the industry is progressing. Just today, CryptoPotato reported that China saw an impressive 10,000 blockchain-oriented companies register in the first seven months of the year.
Market Data
Market Cap: $354B | 24H Vol: 80B | BTC Dominance: 60.8%
BTC: $11,672 (+0.80%) | ETH: $389,87 (+3.24%) | XRP: $0.293(-0.66%)
Increasing Decentralization in Bitcoin Ownership Signals Greater Adoption. According to recent information, addresses that contain less than 10 BTC have increased substantially during the last three years. This means that ownership of Bitcoin is getting more decentralized, hinting at greater adoption.
Chinese Commercial Banks Test A CBDC-Linked Digital Wallet. As more countries embark on a route to develop a central bank digital currency, reports have it that multiple Chinese commercial banks are testing a digital wallet linked to the country’s expected CBDC.
Dave Portnoy: I’m Coming to Bitcoin. Dave Portnoy is arguably one of the most controversial and yet influential legacy market day traders out there. In a recent video shared with his followers, he confirmed that he intends to get involved with Bitcoin. We’ve yet to see if his intentions are true.
JPMorgan: Young People Buy Bitcoin, Elderly Invest in Gold. According to research released by the banking giant JP Morgan, elderly generations have been investing more in gold during the COVID-19 pandemic, while younger people prefer putting their money in Bitcoin.
Crypto-Friendly Cash App Sees Quarterly Bitcoin Revenue Of $875 Million. Jack Dorsey’s Square Cash App marked its best quarter to date in terms of revenue. More interestingly, nearly half of the $1.92 billion in total revenue came from the company’s Bitcoin trading service. Consequently, the shares of the company increased in value.
Coca Cola Taps Ethereum Blockchain for Supply Chain Management. Details from a recent report revealed that the Coke One North America (CONA) has established a project called Coca-Cola Bottling Harbor, which should leverage blockchain-based protocol that uses the Ethereum network.
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