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Bitcoin’s uptrend, which started in the second quarter of 2019, has slowed somewhat. All things considered, this is a healthy technical correction after a significant price increase. Indeed, there are many analysts who hold that later this year, another bull market will emerge from the correction. The renewal of CME futures should have a significant impact on Bitcoin’s market price. Moreover, the gap between Bitcoin contracts and its market price seems to be getting narrower as the market begins to relax. Bitcoin’s dominance rate is currently around 65%.
The regulatory sector continues to heat up. After the FATF recommendations, congressional hearings, and high-profile tweets about the future of digital currencies, the IRS issued 10,000 love letters to cryptocurrency users demanding that they report their activity or correct previously filed reports.
The move followed requests from Congress that the IRS clarify various taxation issues. The letters were sent even before the agency had issued its clarifications, and some interpreted them as a statement by the authority that reporting obligations were preceded by all and that corrective reports could be filed if necessary. Despite the clarification issued by the IRS, we are still likely to see the regulatory octopus deployed to the entire industry. At the time of this writing, congressional hearings continue and the market is still interpreting the implications and waiting to see regulatory activity and results in the field.
Following Bitcoin’s price increase, altcoins have suffered a serious loss in value against BTC. It seems that after the recent correction, this trend has halted, at least for the time being. However, despite the relative stability, we did not see any alts manage to lift their heads above water, indicating a lack of confidence in the altcoin market and perhaps even a bullish outlook for Bitcoin in the short term.
The following chart is reminiscent of the hype before the big 2017 rally. However, although trading volume is on the rise, it is hard to say that it reflects new money entering the market.
Market Data
Market Cap: $267.4B 24h Vol: $45.6B BTC Dominance: 64.5%
BTC: $9,691 (-3.4%)
ETH: $212.40 (-0.4%)
XRP: $0.31 (+1.8%)
BTC Shorts (BFX): 6.4K BTC
BTC Longs (BFX): 22.3K BTC
Crypto News
What Really Happened to John McAfee? The popular cryptocurrency influencer and veteran entrepreneur recently revealed that he’d been held in confinement. He was apparently in the dark for a few days while his Twitter account was handled by his campaign manager, Rob Benedicto Pacifico Juan Maria Loggia-Ramirez.
TRON’s Founder, Justin Sun, Apologizes For Overpromoting Buffett’s $4.6M Charity Lunch. TRON’s founder, Justin Sun, has formally apologized to Chinese regulators for “overpromoting” his postponed lunch with the legendary investor Warren Buffett. He said that moving forward he’ll spend more time on blockchain R&D rather than promoting his products.
Sign of Adoption? Bank of China Just Posted a Comprehensive Educational Bitcoin Infographic. In what seems like a significant move forward in terms of cryptocurrency adoption, Bank of China posted an infographic on its website as part of an effort to educate its customers on how Bitcoin works.
Judge Needs More Time to Investigate in Bitfinex and Tether Case. New York Supreme Court Judge Joel Cohen has extended his preliminary injunction, as he wasn’t prepared to make a final decision.
Facebook Warns Investors: Libra May Never Launch. Following the initial announcement of Facebook’s much-anticipated cryptocurrency, the social media giant has warned investors that Libra might not see daylight. The reasons for this include regulatory scrutiny and the company’s lack of experience in the blockchain field.
Trump DOJ Sues Infamous Bitcoin Exchange for $100 Million. The Trump Administration has filed a lawsuit for $100 million against infamous bitcoin exchange BTC-e and Alexander Vinnik, its alleged operator. The latter remains in custody in Greece while various governments attempt to extradite him.
Charts
This week we’ve analyzed Bitcoin, Ethereum, Ripple, Basic Attention Token, and DigiByte. Click here for the full price analysis.
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