The Bitcoin Street Journal is back with another episode of its popular economy and market report. Episode 21 of the Bitcoin Market Update is here, and as per usual, it covers the week’s financial trends in the most comprehensive and up-to-date way. This edition of the Bitcoin Street Journal’s Market Update will provide an invaluable insight into the state of the Bitcoin market through the end of Week 23.
1. Bitcoin Street Journal – Bitcoin Market Update Episode 21 Week 23
Bitcoin Moving into Bullish Territory
This week’s trading saw Bitcoin cross into its most major levels of bullishness in some time, as the leading cryptocurrency continued to break through recent highs. The market opened the week trading at around $9,150 and continued to strengthen all week, peaking late Thursday at a high of $9,620. Bitcoin was able to hold strong support for most of the week, continuing to climb steadily until the final closing on Saturday at $9,490.
The gains were supported by positive fundamental news, with the status of Bitcoin as a safe haven currency growing stronger after the US stock market crashed into bearish territory, leading Bitcoin to become one of the only assets to come out positively from this recent turmoil.
- Bitcoin breached major bullish levels this week.
- Market opened the week trading at around $9,150 and closed on Saturday at $9,490.
- Gains were supported by continuing news of Bitcoin’s status as a safe haven currency.
2. Overview of the Latest Bitcoin Market Developments
Unprecedented Volatility
The Bitcoin market has had an exciting few weeks. In mid-August, the cryptocurrency’s price hit an all-time high of around $12,500 before plummeting by nearly 30% within a few days. This near-vertical descent was caused by intensifying regulatory scrutiny from governmental authorities, with other major cryptomarkets experiencing similar drops.
Recovery Signs
In the period since, Bitcoin’s price has stabilized somewhat and shown signs of recovery. An additional boost came from recent news of US-based mutual fund giant, Fidelity Investments, launching a cryptocurrency custody service in the near future. Additionally, earlier this week, a new futures contract based on the Bitcoin exchange rate was introduced on the Chicago Mercantile Exchange. This unprecedented step is seen as an optimistic sign by many, as it could pave the way to wider institutional acceptance of cryptocurrency trading.
3. Bitcoin Price Analysis for Week 23
Week 23 has ended with a market capitalisation of $209.2 Billion, causing the Bitcoin price to go down at a rate of -7.54%. During the same week the market saw an increase of 5.07% in trading volume, resulting in a total of $106.3 Billion across all exchanges.
The open on Monday of Week 24 was at $6,919.61 and it closed at $6,704.44. This was a large fall of -3.17%. Tuesday saw a minor increase in the price to $6,747.71 with a percentage change of 0.69%. The week further saw a continuation of decreasing prices until Thursday where the close of $6,460.19 was met, a total decrease of -6.67%. Friday fell again to a low of $6,409.26 with a total decrease of -0.79%.
- Monday: Open – $6,919.61, Close – -$6,704.44, % Change – -3.17%
- Tuesday: Open – $6,704.44, Close – $6,747.71, % Change – 0.69%
- Thursday: Open – $6,647.01, Close – $6,460.19, % Change – -6.67%
- Friday: Open – $6,460.19, Close – $6,409.26, % Change- -0.79%
4. Looking Ahead – What to Expect for Week 24
Week 24 promises to be a turning point. This week, an important development in the world of economics could have an impact that reverberates for weeks to come.
Some of the key things to look out for in week 24:
- World Currency: Many central banks, including the US Federal Reserve, have begun toying with the idea of issuing their own digital currencies. This could have a significant impact on the worldwide economy.
- Stock Market: High volatility is expected on both stock and cryptocurrency markets as traders take cautious steps after recent wild price swings.
- Global Trade Tensions: With the onset of the global pandemic, global trade tensions have risen exponentially as countries strive to support their ailing local economies.
It’s expected that the market will remain volatile in the coming weeks, as traders try to anticipate the impacts of these events. It will likely take weeks, if not months, before the market stabilizes.
Bitcoin Street Journal’s Market Update Episode 21 for Week 23 has provided our readers with Intel on the current state of the Bitcoin market. We hope this update has been helpful to those seeking to better understand the wider cryptocurrency market. As always, up-to-date cryptocurrency news can be found at Bitcoin Street Journal.