The Bitcoin Street Journal proudly presents the latest news on Bitcoin (BTC) prices and trends in their episode 12 Week 20: Bitcoin Market Update.
The past fortnight has been a roller-coaster for BTC. The world’s most renowned cryptocurrency has been bouncing around in an unpredictable pattern, ranging between prices of $10,500 to $11,200 for the majority of the fortnight. The past week saw prices crash down to $9,650. However, the prices have recovered since then and BTC ended the week trading at roughly $10,600.
As usual, BTC concurrently correlated with the US dollar for the past fortnight. While Bitcoin prices followed the USD’s general downwards trend, the ultimate levels and ranges BTC moved in were notably different from those of its fiat counterpart.
This week’s market update also features a brief overview of the future in terms of sentiment shifting and factors influencing the prices. According to major analysts, the market sentiment seems to be in favour of a recovery of BTC and upcoming bullish trends, although it is impossible to predict with certainty. Factors and events, such as the outcome of the US presidential election, news from the US Brexit deal, the progress in the development and distribution of Covid-19 vaccine, are expected to be the key involved in the future prices of Bitcoin.
For those interested in learning more about BTC, The Bitcoin Street Journal provides regular updates and news on the cryptocurrency’s prices and trends. Visit us at The Bitcoin Street Journal for more information.
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1.Bitcoin Market Update: Episode 12 Week 20
It was another wild week in the bitcoin market. Prices continued to fluctuate wildly, with some dramatic movements that have traders on the edge of their seats. Here are the highlights from week 20:
- Price Volatility: Bitcoin saw its fair share of volatility this week. Prices rose to an 8-month high of $10,400, only to have a rapid sell-off to $9,900. This is consistent with recent trading patterns and indicates that no clear momentum is building.
- North American Exchanges: The North American exchanges saw the highest volume in trades this week, a trend expected to continue in coming weeks. The majority of this trading was bullish, though there was an uptick in bearish trades as prices reached the peak.
Further, bitcoin lost some of its market dominance, dropping to its lowest level since January 2018. This means that there may be some further room for altcoins to gain ground against bitcoin in the near future. Stay tuned for next week’s update for further developments.
2. Latest Trends in Cryptocurrency Prices
High Volatility
Cryptocurrency prices are highly volatile, with the latest analyses indicating that the potential for large fluctuations has never been higher. Cryptocurrency markets are exposed to a variety of factors, from political developments to shifts in economic policy. Other drivers of price movement can include:
- The introduction of new coins and tokens into the market
- Threats of government regulation
- Broader market sentiment
In the short-term, prices can be unpredictable and highly-fluctuating.
Regulatory Clarity
The increasing level of regulatory clarity around cryptocurrency is seen by some market analysts as a source of continued volatility in prices. Regulatory developments and news of potential legislation are closely-watched by investors, and can lead to rapid spikes or downward movements of prices.
Proposed legislation is also followed closely by:
- Investors looking to hedge their risk
- Developers introducing updates to existing coins and tokens
- Mainstream and institutional investors
The result is a marketplace in which prices can swiftly move in one direction or the other, depending on the regulatory clarity that is being built.
3. Outlook for Bitcoin in the Following Weeks
Bitcoin has been on a roller coaster ride over the past few weeks. After shooting up over $13,000 in mid-August, the cryptocurrency has seen prices fall back to the mid-$11,000 range. Despite the turbulence, experts remain optimistic that the outlook for Bitcoin in the coming weeks is positive.
- Institutional Investors: Eager to get a piece of Bitcoin, institutional investors have been pouring billions into the cryptocurrency. Analysts predict that as the market continues to mature, the influx of new capital will support higher prices.
- Recent Developments: Several developments in the Bitcoin space have been instrumental in restoring investor confidence. Chief among them is the launch of the much-anticipated Bakkt platform, which will enable merchants to accept Bitcoin payments. Moreover, the SegWit adoption rate of Bitcoin has moved past the 50% mark.
Most important of all, the adherence by miners and developers to the roadmap for SegWit2x has shown that the cryptocurrency community is capable of self-regulating in order to drive innovation. These factors suggest that Bitcoin is likely to achieve still higher highs in the short-term. As such, the outlook for Bitcoin in the coming weeks is looking bright and investors should be prepared for further price volatility.
U.S. Government Regulation
The impact of U.S. government regulation on Bitcoin prices cannot be understated. The way the government rules and regulates the industry can have a major impact on how cryptocurrency is viewed by both institutional investors and the general public. And since Bitcoin is the largest cryptocurrency in the world by market capitalization, changes in governmental policies have a direct result on its price.
One recent example of this was the response of the Bitcoin price to the announcement of the U.S. Securities and Exchange Commission (SEC) on a proposal to approve a Bitcoin exchange-traded fund. The announcement had an obvious positive impact on the market, with prices surging 13% right after the news broke. On the other hand, the SEC’s rejections of multiple Bitcoin ETF proposals have had a corresponding negative influence on the market, sending prices down.
- Changes in governmental policies can have a direct effect on Bitcoin prices.
- The announcement of a Bitcoin ETF has had a positive impact on the market, while rejections have had a negative effect.
Overall, the Bitcoin Street Journal Bitcoin Market Update in Episode 12 for Week 20 reflects a healthy market for digital currencies. All of the major currencies are up on the week and analysts remain cautiously optimistic about the future of these and other currency markets. As always, be sure to keep track of all of the news involving digital currency markets and stay informed about the potential risks and rewards associated with this investment. With the right knowledge and strategy, investors can make informed decisions and capitalize on the opportunities that the cryptocurrency market presents.