Bitcoin’s Endless Fight For $10K As Correlation With Stocks Increases: The Crypto Weekly Market Update ~ CEOM Coin

sexta-feira, 11 de setembro de 2020

Bitcoin’s Endless Fight For $10K As Correlation With Stocks Increases: The Crypto Weekly Market Update

Posted by Carlos Morato on 10:14


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Weekly Crypto Market Update

BTC $10,332 | ETH $369 | XRP $0.241 | Total Market Cap: $334 Billion

In terms of sheer price action, this week was rather sloppy. Bitcoin was trading at around $10,400 seven days ago, and it's now indecisive around $10,300.

During the week, things did get slightly more tumultuous as BTC dipped below $10K on a few occasions, reaching as low as about $9,800 on Binance. Many thought that this is when it would close the outstanding CME gap at $9,600, but Bitcoin recovered and remains largely indecisive.

It's worth noting, though, that the primary cryptocurrency is also becoming increasingly correlated with global markets as its price moves in sync with indices such as the S&P 500, NASDAQ, and the DJI.

Altcoins were also somewhat shaky during the week, though DeFi-based cryptocurrencies did feel quite a bit of pressure. It all started six days ago, when the anonymous creator of Sushiswap – the popular Uniswap fork, drained out millions worth of ETH from the protocol's development fund.