Market Analysis
Bitcoin price made new 2019 high at $8900 after remaining in the tight range throughout last week. Surging 39% in May 2019 alone. Bitcoin futures opened gap-up for the second time this month due to the fact that future market remains closed during the weekend. There was little on the development side that could have triggered such a rally. Inflation inflicted Argentina saw Bitcoin breaking an all-time high, trading above 3,50,000 peso. In dollar terms, Bitcoin is trading above $20000 in the country. At this point, a healthy retracement is not ruled out which would give a dip to the investors to buy. On the fundamental development front, BTC transactions remained flat roughly over past one month, despite a massive surge in the price. The number of transactions per day signifies the adoption level of the asset.
Bitcoin Transaction Value Per Day
Altcoins also joined the rally with major coins rising around 5% on an average. Major companies such as AT&T and Facebook might drive the cryptocurrency adoption further. After AT&T announced accepting cryptocurrency as payment, Facebook announced its GlobalCoin in making. Further, Crypto Hedge fund managers and investors have been positive on the current rally. Morgan Creek fund manager A. Pompliano stated recently stated that Bitcoin might enter in two to three year Bull Market.
Overall, the sentiments look positive and slightly inclined towards FOMO. Investors and traders are eyeing $10000 level as the next stop.
Weekly Growth Blockchain Wallet Users
Weekly Gainers & Losers
Major Developments this Week
-> Bitcoin — AT&T announced accepting Bitcoin payments for its services. In separate news, Facebook is reportedly working with Winklevoss brothers and Coinbase over developing a digital currency, dubbed as GlobalCoin.
-> Ethereum — Bosch Ltd. announced that their new project would be backed by Ethereum Blockchain. In a separate development, Grayscale Investment revealed that it has got approval from FINRA to offer shares in its Ethereum trust publically. Separately, Ethereum co-founder Vitalik Buterin has proposed creating on chain, smart contract based Ether mixer.
-> Ripple — The Siam Commercial Bank, one of the largest banks in Thailand has announced integration with the Ripple Blockchain.
-> Ethereum Classic — Ethereum Classic stated that they are working on 4 projects related to Interoperability namely — OpenRPC, Metronome, peaceBridge and TokenBridge.
-> Bitcoin Cash — Bitcoin.com and developers have launched Bitcoin cash register for iOS after launching the Android version of the same. In another development, the community has been split after the news of two developers carrying reorg on the chain broke out.
-> EOS — Block.One is reportedly looking 10% buyback of its stock in EOS exhibiting confidence in EOS. In other news, China’s CCID has retained its tag of ‘Best Cryptocurrency on the basis of three factors.’
-> DASH — Dash Core Foundation is looking to create additional deflationary pressure by creating the Dash investment Foundation. The project has been proposed by CEO Ryan Taylor.
-> TUSD — According to data from TokenAnalyst, there are currently there are 17,700 HODLers of TUSD. Surprisingly their market capitalisation has reached $241.57 million (at the time of writing)
Wider Market Update: Weekly News Analysis
-> The Financial Action Task Force is working towards setting new international standards for regulating cryptocurrency this month. The rules would go beyond just covering the KYC regulations of the customers.
-> Dutch Bank ABN Amro has abandoned the launch of a custodial Bitcoin wallet “Wallie” due to risk concerns as per the report published by The Next Web.
-> The Dutch Financial Criminal Investigation Service has seized Bestmixer.io, one of the largest Bitcoin mixer services.
->CME, the crypto derivative platform has disclosed the month of May being the best one so far. In an investor letter, CME stated that 33,677 Bitcoin futures contracts were traded on May 13th.
-> A report from Diar stated that Stablecoin has hit an all-time high with $4 billion tokens representing the US dollar on the Blockchain.
-> A Russian news agency reported that Bank of Russia might be interested in issuing a Gold-backed Cryptocurrency.
Weekly Dapp Statistics
Fiat to Crypto Trade
