Market update
The markets finally flipped the switch back to excitement this week. Bitcoin fell to five month lows mid week following the frosty reception given to Mark Zuckerberg and Facebook’s Libra cryptocurrency by Congress. But then it took off like a rocket, gaining 42% in hours for the biggest one day gain since 2011, (back when Bitcoin changed hands for $10 a pop). Profit takers moved in, but the Bitcoin price is still up 13.7% on seven days ago – around AUD13,700 at the time of writing. BCH, increased 14.5%, XRP was up 1.6%, while Ethereum was up 4.2%, LTC (5.9%), EOS (14.3%) and Stellar (2.2%). Twitter sentiment has hit its highest level in two months.
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After a steady decline this week, Bitcoin bottomed out around $11,500 yesterday before bargain hunters moved in and pushed the price back above $12,200 at the time of writing. It’s currently just 0.54% below its price a week ago. The entire top ten increased 3-7% in the past day, leaving Ethereum up 0.8% this week. XRP gained 7.2%, BCH (1.8%), LTC (2.7%) EOS (6.8%) and XLM (0.43%). The Fear and Greed Index over the last couple of weeks has been bouncing from 15 to 39 (‘fear’).
Bitcoin fell off a cliff last Thursday, plunging from $15,200 to $13,900 in the space of a day. And just as suddenly in the last 24 hours, Bitcoin surged 6.1 percent to be trading above $15,400 at the time of writing. Bitcoin’s increase has dragged up the entire top ten – but not enough to make up for a week of losses. ETH lost 5.1%, XRP (-3%), BCH (-4.3%), LTC (-9.5%), EOS (-6.6%) and Stellar (-8.8%).
Bitcoin is down 5% for the week to be trading around $15,100 at the time of writing. Over the weekend, Bitcoin’s 30-day volatility dropped to its lowest point since June 25 and it’s more than 50% down from its recent peak on July 19. Judging by the escalation in US/China trade hostilities though, the Trump volatility index remains high. Ethereum is losing ground fast, falling 7% this week to $280. XRP lost 4.4%, BCH (-3.8%), Litecoin (-3.8%), EOS (-3.6%) and Stellar (-2%)