- Bitcoin failed to prolong its recovery of the previous day and began a bearish movement against the US dollar, from $55,700.
- Ethereum is gaining positive traction against the US dollar, near the $3,500 zone.
- Litecoin failed to stop its early-day losing streak and remained well offered around the 175.288 level.
- Ripple is currently at $1.06723, with a 24-hour trading volume of USD 2,915,072,905.
- Dogecoin has risen by 0.16% in the last twenty-four hours. The current market ranking is #8, with a live market cap of $38,384,210,776
Happy weekend, everyone. In this weekly cryptocurrency update, we are going to discuss all the major events that have impacted the crypto market over the past week. Our focus is going to be on the top 5 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple and Dogecoin.
Weekly Cryptocurrency Update – Bitcoin (BTC/USD)
The BTC/USD failed to prolong its previous recovery and began a bearish movement against the US dollar, from $55,700. BTC is correcting downward, although losses continue to be supported at $53,000 and $53,200. The price remained bullish above the $52,000 resistance level. BTC broke above the $55,000 barrier level and settled above the 100 hourly simple moving average.
However, the price did not continue rising above the $55,700 level. Before the negative reversal, a high was formed near $55,770, then the price fell below the $55,200 support level. The price even went below the 23.6 percent Fib retracement level of the rising wave, from the low swing down to $50,365 ,to the high of $55,777.
BTC/USD
BTC prices could continue to move down if they fail to clear the $55,000 resistance zone. On the lower side, the $53,500 continues to support Bitcoin. The first major support is now forming near the $53,100 level. At the same time, any further losses could open the doors for a move towards the $52,500 level. The next key support is near the $52,000 level.
However, the mild buying bias in the BTC prices was mainly sponsored by the positive remarks by Soros Fund Management, which was founded by billionaire investor George Soros, who has invested in Bitcoin. The CEO of the asset management company stated that Bitcoin is not just an inflation hedge, but has now crossed the chasm into the mainstream.
Bitcoin (BTC) has led a 35% rally this week, by rising far above the $50,000 resistance level and restoring the asset’s $1 trillion market capitalization. Thus, the recent bullish bias in BTC prices could also be attributed to institutional investors looking for a hedge to inflation. The re-emergence of inflation concerns among investors has renewed interest in using Bitcoin as an inflation hedge. As per the keywords, institutional investors seem to be returning to Bitcoin, possibly seeing it as a better inflation hedge than precious metals, like gold.
Weekly Cryptocurrency Update – Ethereum (ETH/USD)
The ETH/USD is…
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