Bitcoin [BTC]’s price is falling, and the sentiment of investors along with it. Moreover, analysts have continued to predict new lows for the top cryptocurrency, with the general consensus being of a bear run. However, Jeff deGraaf, the Chairman and Head of Technical Research at Renaissance Macro Research, said he would recommend betting against Bitcoin. However, he stated, one should do so if the cryptocurrency fell below its key year-to-date support level.
deGraff said in a note to clients that Bitcoin might be “permanently impaired”, stating that it is “game over” for the asset. He stated:
“Parabolic moves are notoriously dangerous for short‐sellers … Usually a top develops that often appears as a descending triangle over months, with reduced volatility and little [fanfare]. Once the top is complete on the support violation, the security in question can often be considered permanently impaired or even ‘game‐over’. We are of course referencing Bitcoin as exhibit ‘A’ in today’s market.”
At the same time, Bitcoin’s market dominance is at its 2018 high. With the cryptocurrency ruling over 50.5% of the market, many would see this as a consolidation of the market into Bitcoin.
The last time Bitcoin saw a market dominance of over 50% was on 19th December, where it held sway over 50.54% of the market. However, this was at the coin’s high point, and the dominance came crashing down with the price. On the very next day, the dominance was at 47.20%.
In 2018, highs of were seen in April, reaching points of about 45.5%. However, the hold of Bitcoin over the market is still increasing as the price continues to decline. It has continued to go above the 48% mark.
Current highs are still not close to what the coin held over the market before March of 2017, where it consistently represented over 80% of the value of the market.
However, the overall market cap has decreased by about $15 billion due to drops in prices. This occurred after a drop in price yesterday from $6400 to about $6100. The coin is currently trading at $6128.
Market analyst Iairus Germund stated:
“While price movement has been in a downward trend, this is by no means “the end” for Bitcoin. Even though the coin is trading at high probability of entering a bear run, rising dominance suggests funds flowing into Bitcoin. Even though the overall market cap is reducing, Bitcoin is exerting the first-mover advantage and weeding out products that cannot survive the bear run.”
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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
Crypto News – 25 May – Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
— AMBCrypto (@CryptoAmb) 25 May 2019
Daily Crypto News – May 25
1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.
Read more at https://bit.ly/2VRQwb0
2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.
Read more at https://bit.ly/2W40sTR
3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.
Read more at https://bit.ly/2X6fdlw
4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.
Read more at https://bit.ly/2McaTjE
5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.
Read more at https://bit.ly/2wmk4mJ
6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.
Read more at https://bit.ly/2HUEnNB
7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.
Read more at https://bit.ly/2W64KKj
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