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Bitcoin Reclaims $10,000 In A Decent Spike, Will it Last? Weekly Crypto Market Update Report

This week was calm in terms of trading until Bitcoin skyrocketed in the last day and boosted the overall market confidence along with the price. One of the reasons for the increase is probably related to the Bakkt’s trading platform that will launch in the coming days.

The picture shows the flow of money into the market in the last 24 hours:

Source: coinlib.io

Tether continues to print and most of the volume currently comes from stable coins like USDT and others.

The altcoins continue to lose dominance, but the declines are less steep. However, there are some cryptocurrencies that broke their own floor, which is not a good sign for their future.

Bitcoin Dominance rises to 70% and what seems like resistance is being tested at these moments:

Source: coinmarketcap.com

The market continues the correction and despite Bitcoin’s latest increase, most analysts expect a sharp downturn. Our view on the subject is that as the sharp rise from $ 6000 could not be predicted, it is difficult to predict the market today, and it should be remembered that the market does not always behave according to market analysts’ predictions.

Market Data

Market Cap: $271,9 B
24h Vol: $64,2 B
BTC Dominance: 70.4%
BTC: $10,683 5%
ETH: $181,7 2.9%
XRP: $0.26 1.6%
BTC Shorts (BFX): 9.6 K BTC

BTC Longs (BFX): 26.8 K BTC

China to Launch Government-Backed Cryptocurrency in November. China, the world’s second-largest economy may launch a state-backed cryptocurrency in the coming months. Moreover, the digital currency may e issued to seven institutions and corporate giants such as Tencent and Alibaba for further distribution.

Tether (USDT) Clogging Ethereum’s Network, Leaving No Space For DApps. As the Ethereum network is reaching critical levels of utilization, it appears that one of the most heavily transacted tokens is the most popular stable coin Tether. The network is currently facing serious issues as it may not be able to provide enough room for developers of Decentralized Applications (DApps).

Bitcoin Below $9,500: Don’t Panic, Says John McAfee as His Exile Continues. Veteran entrepreneur and popular Bitcoin commentator, John McAfee, has urged people not to panic about Bitcoin falling below $9,500. Meanwhile, he continues to be in exile at an unknown location as he has admitted not to have filed tax returns for at least 7 years.

Telegram’s GRAM Launches in a Month: Tone Vays Issues Scam Alert. One of the most popular messaging applications, Telegram, is set to launch its GRAM cryptocurrency in October or in November. The app is used by more than 300 million but according to popular trader Tone Vays, the cryptocurrency is “a little scammy.”

One-Stop-Shop? Binance Acquires Futures Exchange. The world’s largest cryptocurrency exchange, Binance has acquired a crypto-asset derivatives trading platform and is getting one step closer to becoming a one-stop-shop solution for cryptocurrency traders and investors. Will this create additional competition for other crypto derivatives trading platforms such as BitMEX?

Craig Wright Challenges Court Order Requiring Him to Pay 500K Bitcoin. The self-proclaimed creator of Bitcoin, Craig Wright, has appealed a recent court order which required him to pay a total of 500,000 BTC to the estate of his former colleague in the Kleiman v. Wright case. Wright’s legal team has requested for more time to address the legal validity of the court’s order.

Trouble Brewing? Vulnerability Reported on the Lightning Network. Rusty Russel, one of the authors of the Lightning Network’s protocol specification, made a warning that there are vulnerabilities in the protocol which could potentially cause users to lose money. Said vulnerability may be related to a LN-equipped Bitcoin wallet called Eclair.

Charts

This week we’ve analyzed Bitcoin, Ethereum, Ripple, Grin, and Wanchain – click here for the full price analysis.

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