Bitcoin Retraces To $8000, Altcoins Follow & Bleed: Weekly Crypto Market Update

This week the market was shuffling down and traded in the red. It could be because of the Chinese trying to soothe the hype created around blockchain. They are currently trying to focus on the distinction between Bitcoin and cryptocurrency market and the blockchain technology. 

Bitcoin’s downturn to the $8,000 area is driving the market’s reaction as the trade volume declines and the fear index rises. Despite the bearish momentum, some altcoins were in the green. Fusion, for example, surged by 300% this week and others have also emerged which shows a mixed trend and further indicates the state of confusion in the cryptocurrency market over the past week. 

This week, the Bank of America shut down the account of PayPal’s ex-CFO despite him being a client for over 20 years. He shared this information and the cryptocurrency community reacted immediately, outlining that this couldn’t possibly happen with Bitcoin because of its censorship-resistant nature. However, there’s still a long way to regulate the field and it will take time for the masses to learn about the importance of Bitcoin’s decentralization and the benefits it brings over fiat currencies.

In conclusion, this was another week in the cryptocurrency market and perhaps a step before there is a new turning point that will change the sentiment and momentum.

Market Data

Market Cap: $222.4B

24-Hour Volume: $76.2M

BTC Dominance: 66.1%

BTC Shorts (BFX): 6.2K BTC

BTC Longs (BFX): 25.7K BTC

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