Bitcoin faces a crucial test at the weekly close, Bloomberg says BTC is setting up for a 2017-like bull run, and hodlers take action as May’s halving draws nearer.
Top Stories This Week
Bitcoin pushes to clear $7,750 as key weekly close approaches
It’s a nail-biting time for Bitcoin owners. The cryptocurrency mounted a strong rebound and surged from $6,800 to $7,600 this week — with a dramatic surge on Thursday taking many traders by surprise. But the question now is whether these higher prices are here to stay. On Sunday, Bitcoin needed to hold above $7,475 or else its price was prone to retest underlying support levels. Two technical factors could push BTC to $8,000 near-term as traders anticipate a strong weekly close. Some Cointelegraph analysts, such as Michaël van de Poppe, also believe BTC has the potential to hit $9,000 — with just over two weeks to go until the halving. Alas, there are also signs that the upsurge was a bull trap, not least because altcoins aren’t rallying in tandem with BTC. The Crypto Fear & Greed Index shows investors remain extremely cautious about Bitcoin’s short-term prospects. Currently, the score stands at 21 — “extreme fear.”
Bloomberg: Bitcoin is setting up for a 2017-like bull run
A new Bloomberg report this week was exceedingly flattering about Bitcoin and suggested that the cryptocurrency is preparing for a mahoosive bull run. The report claimed that Bitcoin and gold stand to be “primary beneficiaries” of the coronavirus-induced market turmoil. With BTC’s correlation to the precious metal hitting all-time highs, it added that Bitcoin could be about to transition from a “risk-on speculative asset to the crypto market’s version of gold.” The “Bitcoin Maturation Leap” report adds that the inception of BTC futures has tamed “the raging bull market” — with authors predicting that volatility will continue to decrease. This is significant since the all-time low volatility in October 2015 “marked the beginning of the bull market.”
Bitcoin investors hodl $530 million more BTC each day as halving nears — data
Hodlers are accumulating more coins every day than at any time in over a year, according to data from Glassnode. The monitoring resource says we’ve seen a significant increase in BTC positions this month. At current rates, hodlers are adding in excess of 75,000 BTC to their positions each day. All of this comes as mentions of the Bitcoin halving spike on Twitter — with data from TheTIE suggesting that crypto media coverage may be starting to shift away from the coronavirus. Block rewards are going to be slashed by 50% next month, and as ever, there’s lively debate over whether the event has already been priced in.
Ripple files lawsuit against YouTube: “Enough is enough”
A new legal fight is also brewing in California. Ripple Labs has filed a lawsuit against YouTube, and the company is seeking damages for the video-sharing site’s alleged failure to stop XRP scammers and impersonators. Brad Garlinghouse, Ripple’s CEO, claims the scam — often referred to as “The XRP Giveaway” — has already defrauded victims out of crypto worth hundreds of thousands of dollars. The sophisticated scam allegedly sees the owners of legitimate YouTube channels targeted with a malicious email, meaning attackers gain control of their accounts. It’s claimed these credentials are then used to strip the creator’s YouTube accounts, with the channel transformed into one that impersonates the official pages of Ripple and Garlinghouse. Viewers are then urged to send “between 5,000 XRP and 1,000,000 XRP” to a listed address, which promises 5 times the returns from the recipient. YouTube is accused of profiting from the scam by “knowingly selling paid ads on behalf of fraudsters” — and awarding verification badges to channels taken over by the scammers.
Winners and Losers
At the end of the week, Bitcoin is at $7,646.84, Ether at $197.84 and XRP at $0.19. The total market cap is at $220,694,686,067.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are DigiByte, Aave and MaidSafeCoin. The top three altcoin losers of the week are Terra, Synthetix Network Token and Swipe.