Bitcoin Struggles To Maintain Long-Term Support Above $10K, Altcoins Comeback? Weekly Crypto Market Update

Cryptocurrency news keep coming hot for yet another week of interesting events as the altcoin market is seemingly waking up. However, the market is in no hurry to buy the news and it doesn’t appear that we will see another altcoin season any time soon.

The last quarter of 2019 is ahead of us and it seems that we will sum up the year as a successful one for Bitcoin, which has recently stabilized around $10,000, given that no one predicted it earlier this year. Also, Bitcoin’s hash rate continues to increase and breaks new records as it can be seen in the picture.

Source: blockchain.com

The hype created around Bitcoin this year has affected its price, but the situation with altcoins is different. For instance, Ripple announced a cooperation with SBI and the price didn’t rise as it did back in 2017 when this type of news had a great effect. In the wake of the hype surrounding the phenomenon of ICOs, the market’s correction is a healthy one. Although there are some altcoins that are trying to break through, right now there is no success and we may not have seen their bottom at this time as Bitcoin continues to gain popularity.

Ethereum is approaching an upgrade called Istanbul which should help with its scalability issues. The trend of Airdrops is also coming back as Bancor and Stellar will soon be distributing coins in an attempt to increase the usability of the network and possibly influence the price. Tether also announced that they will issue another stable coin backed by the Chinese Yuan, while Paxos announced that they will issue a gold-pegged cryptocurrency. Eos is also planning an upgrade soon and the launch of Telegram’s Open Network is also around the corner so it’s possible that another altcoin season may be approaching.

Nevertheless, despite the amount of news about alternative cryptocurrencies, their prices are still wading and so is the risk accordingly.

Market Data

Market Cap: $263.1B 24h Vol: $51.6B BTC Dominance: 69.7% BTC: $10,231 (-%) ETH: $180 (-0.35%) XRP: $0.26 (-0.5%) BTC Shorts (BFX): 12.5K BTC

BTC Longs (BFX): 28K BTC

BitMEX’s Arthur Hayes Accuses Binance of Plagiarism; CZ Fesses Up. Following the acquisition of a crypto-asset derivatives trading platform, Binance plagiarized an entire section from BitMEX’s auto-deleveraging page. Upon outlining the news, Changpeng Zhao, CEO at Binance, admitted that they’ve missed this and that it will be fixed and removed immediately.

When John McAfee Receives $4.5M to Write a Whitepaper For a Shitcoin. Tech veteran and popular cryptocurrency proponent John McAfee received $4.5M to write a whitepaper for a China-based zombie-oriented coin. In the document, however, he called the projected cryptocurrency a “shitcoin” and advised against ever purchasing it.

Former Fed Chair Says Negative Interest Rates Are Coming to the US: Bullish for Bitcoin?. Former Chairman of the US Federal Reserve, Alan Greenspan, said that negative interest rates are coming to the US. Bitcoin has already demonstrated its negative correlation to traditional markets and investors seemingly opted to use it as a hedge. Should negative rates come to the US, this might be bullish for the cryptocurrency.

It Doesn’t Matter Whether Tether (USDT) Is Fully Backed, Says Co-Founder William Quigley. In what could be described as yet another round of controversy, the co-founder of Tether, the issuer of the most popular stable coin on the market (USDT), said that it wouldn’t matter if it’s actually backed by the US dollars. This would suggest that its price is based solely on speculation and whether people value it at a dollar.

Binance Launches BUSD, a USD-Backed Stablecoin. The world’s leading cryptocurrency exchange, Binance, has announced a partnership with Paxos. The two firms join forces to launch a USD-pegged stable coin which will be called Binance USD (BUSD). It has already received the approval of the New York State Department of Financial Services (NYDFS).

As Protests in Hong Kong Rage On, Is Bitcoin Really a Safe Alternative For Businesses? Protests in Hong Kong escalated throughout the past couple of weeks. This reportedly led some of the businesses to turn to Bitcoin as a manifestation against the Hong Kong Dollar. However, given Bitcoin’s pseudonymous nature, the question is if that’s actually good for their own safety?

Bakkt Warehouse Is Now Active for Bitcoin Futures. Bakkt, the Bitcoin futures trading platform which is scheduled to launch on September 23rd, announced that their Warehousing solution is already prepared and active for futures. It is also protected by a $125 million insurance policy, further guaranteeing the safety of the users’ holdings.

Charts

This week we’ve analyzed Bitcoin, Ethereum, XRP, EOS, and Chiliz – click here for the full price analysis.

Technical Analysis for BTCUSD by TradingView