Market Analysis
Bitcoin touched a new yearly high of $9300 during the weekend, breaching the psychological mark of $9000 for the second time in less than a month. However, this time the recovery has come on massive volume and the price has sustained above this level. In parts, the rise in the price could be attributed to the positive developments throughout the week. Bitcoin hash rate reached an all-time high, topping 62 million tera hashes per second.
We mentioned in our last week’s report that historically, BTC dominance above 56% has been followed by a massive run-up. Throughout the last week, the market has been giving positive signals such as Bitcoin Future Volume breaking a record on CME. The firm stated that they have witnessed considerable growth with 223 new trading accounts. There was also an increase in the number of contracts per month, reaching 13,777 which translates to $515 million in notional value.
The rise in the number of futures contract traded usually signals the flow of institutional money. Another trigger for the market was Bakkt had announced Bitcoin Future testing date. Bakkt could be a bridge between institutional players and Bitcoin and has been eagerly awaited by the market. Major altcoins like Ethereum and Ripple also participated in the rally. Ethereum is showing a V-shaped recovery and any move above $270 should translate into good run-up.
Weekly Growth Blockchain Wallet Users
Weekly Gainers & Losers
Major Developments this Week
-> Bitcoin — A report suggests that Bitcoin hash rate reached an all-time high, topping 62 million tera hashes per second. In the another research Technical University of Munich stated that Bitcoin usage creates over 22 megatons of carbon dioxide annually.
-> Ethereum — Two new start-ups CLIC and Opporty have designed a solution that would help the Amazon users to pay in Ethereum. In another development, Ethereum developers announced that update 2.0 would be launched on January 2009
-> Ripple — Ripple has set up its office in Brazil in hopes of getting more clients to join the Ripple Net. Additionally, the company also entered into a partnership with some Brazilian Universities to educate about the Blockchain. In a separate development, Ripple saw the rising threat from Visa and Western Union, as both the companies come together to speed up payment processing.
-> Litecoin — Litecoin continues its bull run months ahead of the halving and the token has already rallied roughly 350% this year. In yet another development, Litecoin founder Charlie Lee will join Tron’s Justin Sun for dinner with Warren Buffet.
-> Ethereum Classic — There was no major update related to the token over the past week.
-> Bitcoin Cash — CoinEx announced trading of first BCH Blockchain based stablecoin Honestcoin.
-> EOS — Block.One, the EOS parent company has revealed that it is a client of international law firm Holland & Knight LLP in a disclosure form registered in May.
-> TUSD — According to data from TokenAnalyst, there are currently there are 20,122 HODLers of TUSD.
Wider Market Update: Weekly News Analysis
-> Lightning Network announced ‘Watchtowers’ for prevention of fraud on the off-chain network. The update would be incorporated in the version 0.7 LND, to be released sometime in June.
-> A report by AnChain suggested that over 75% of EOS Dapp transactions are being made by the Bots. The study further revealed that bot activity is a feature and not a bug of Decentralised blockchain.
-> Data from Coinatmradar suggested that 306 new Bitcoin ATMs were installed across the Globe in May 2019, reaching a one year high.
-> Tether has printed another $250 million worth of stablecoins on the Ethereum Blockchain within the last week.
-> Facebook gained massive support from names such as Visa, MasterCard and Paypal for its Libra Coin ahead of testnet launch.
-> Google cleared the air by announcing that it was not behind the CCN shutdown. One of the representatives denied that the updated algorithm was after specific websites.
-> Australian accounting firm BDO has announced that they would push the world’s first fully audited and insured Bitcoin ETF to be traded on Australian Stock Exchange.
-> Philippines Central Bank has once again raised concerns over the growing use of Cryptocurrency in the country. BSP Governor Benjamin Diokno stated that Crypto might be used for financing terrorism.
Weekly Dapp Statistics
Fiat to Crypto Trade
