This week, most of the leading cryptocurrencies have corrected downward, but since Thursday they have been making moderate recovery attempts. Bitcoin is the only exception, having grown continuously in anticipation of halving next week. Currently, Bitcoin is trading at 9800.00 (+10.1%), Ethereum is at 208.00 (+0.8%), Ripple is at 0.2120 (–2.0%), Tether is at 1.0004 (–0.02%), and Bitcoin Cash is at 250.00 (+0.6%). The total market capitalization during the week increased from USD 242B to USD 265B. Bitcoin’s market share increased to 67.9%.
The first world cryptocurrency Bitcoin continues to strengthen before halving, as the interest of mining companies and investors in it does not wane. Miners, many of whom switched to Bitcoin mining after the Bitcoin Cash and Bitcoin SV halving, raised the hashrate of the first currency by 25%, and the coin itself continues to be actively bought up, especially by large investors. Also, the amount of open positions in the Chicago Mercantile Exchange Bitcoin futures market reached a record value of USD 400M. Currently, the market is wondering what awaits Bitcoin after reducing the reward to miners for the block from BTC 12.5 to BTC 6.25. A number of experts believe that the rate may correct downward, as the “whales” will begin to sell currency at the peak of growth. However, it is believed that growth will continue to USD 14-15K per BTC.
Unlike the Bitcoin, the rest of the market is not so strong. Rising prices are hindered by fears of a new aggravation of the trade war between the United States and China. The US administration accused China of contributing to the spread of the coronavirus epidemic, which could result in the introduction of mutual economic sanctions and a new drop in the stock market, with which the cryptocurrency sector has recently been correlated.
The situation with the TON project from Telegram has developed this week. It was previously reported that the company postpones the launch for a year, until April 30, 2021. Investors who agree to leave invested funds to the company were promised 110% of the profit, and the rest was supposed to receive up to 72% of the investment. Later, a clarification was made, according to which American investors would be returned the invested funds, but they would not be able to participate in the project for another year and receive additional profit due to the decision of the New York court. Recently, an independent group of developers and users of Free TON Community launched the Free TON blockchain based on Telegram developments, but without the participation of the company. The new network’s declaration states that it will promote free trade, equal opportunity and cooperation during a pandemic and economic crisis. However, US citizens will not be able to participate in the community.
Cryptocurrency quotes may continue the upward movement next week; however, the likelihood of a pullback after the Bitcoin halving is also quite high.
Jason P. Vasser gives us an analysis into the recent geo-political news hitting the services, legal, and technology sectors. He has been an financial advisor for over 10 years in the NYC and in recently turned his experience investment and passion for journalism into a full time role. His responsibility is for the analysis of companies and writing valuable information for shareholder community.
Jason is an a seasoned writer who has a passion for tech and travel. His goal is to see travel the world and report on the use of technology from a market perspective.