As the Rugby World Cup kicks off in Japan, we're still waiting for the catalyst to launch the next price recovery for Bitcoin (BTC).
Bitcoin (BTC) Prize: Another Rangebound Week Award
Bitcoin started the week near the top of its ever-expanding $ 1000 spread by $ 10,000. Which meant that there was only one way in which an outbreak failed.
Nonetheless, some started the month optimistically, speculating on interest rate cuts and the upcoming launch of Bakkt would push BTC to $ 10,700 by the end of the week. Some thought that this would trigger a possible upswing. Of course, this prediction came just before a monster red candle pushed the price back into the four-digit range and became as low as the support of $ 9,600. The support was held, and the price slowly crept up again.
The positive news is that many are of the opinion that a longer consolidation period will lead to a stronger uptrend when this happens.
Does this mean altseason?
If the Bitcoin price failed to rekindle this week, it was another story for Ethereum. The second largest cryptocurrency silenced (at least temporarily) their doubters with an impressive $ 200 rally.
Perhaps it was the unprecedented demand for "smart contracts" or the news that the payment service provider BitPay is beginning to accept the ETH? Whatever the reason, some predicted a decoupling of BTC and a price of $ 500 by the end of the year.
The third-largest crypto, XRP, also registered a 20% increase in the midweek, probably based on rumors of a link between ripple and Coinbase.
Altcoin wins this week were not enough to convince Bitcoin Maximalists. However, one analyst claimed he did not see it as a kick-off. If you look at the whole Altcoin market for the current year, there are very few big winners, certainly against BTC.
Bitcoin News Coming Soon
The CEO of Binance, CZ, falsely claimed that someone had tried to attack the exchanges by introducing newly launched futures platform before it was an "accident". CZ also became a bit of a Twitter spit with BitMEX boss Arthur Hayes, who invented a certain "innovation" in the futures market.
Bitcoin.com's newly introduced cryptocurrency exchange was accused of spreading unfair trade volumes to boost business awareness.
Service giant Deloitte is reportedly testing Bitcoin payments for employees wishing to sign up.
Three JPMorgan commodity traders were accused of manipulating the precious metal market, to the surprise of no one.
The whistleblower, Edward Snowden's memoir, landed right at the top of the international bestseller list. This was only supported by a US court case that restricted the release. The author said it was "good for Bitcoin".
The long-standing process of abolishing the New York BitLicense regulatory system has brought it to the state Supreme Court.
And finally …
US presidential candidate Andrew Yang pointed out this week that his proposed universal basic income (UBI) could be paid out in Bitcoin.
Well, any candidate who wants to give me $ 1,000 Bitcoin a month, because nothing would certainly get my vote.
What do you think of Bitcoin and Krypton news this week? Tell us your opinion in the comment section below!
Pictures about Shutterstock