Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Top Stories This Week
It’s a nail-biting time for Bitcoin owners. The cryptocurrency mounted a strong rebound and surged from $6,800 to $7,600 this week — with a dramatic surge on Thursday taking many traders by surprise. But the question now is whether these higher prices are here to stay. On Sunday, Bitcoin needed to hold above $7,475 or else its price was prone to retest underlying support levels. Two technical factors could push BTC to $8,000 near-term as traders anticipate a strong weekly close. Some Cointelegraph analysts, such as Michaël van de Poppe, also believe BTC has the potential to hit $9,000 — with just over two weeks to go until the halving. Alas, there are also signs that the upsurge was a bull trap, not least because altcoins aren’t rallying in tandem with BTC. The Crypto Fear & Greed Index shows investors remain extremely cautious about Bitcoin’s short-term prospects. Currently, the score stands at 21 — “extreme fear.”
A new Bloomberg report this week was exceedingly flattering about Bitcoin and suggested that the cryptocurrency is preparing for a mahoosive bull run. The report claimed that Bitcoin and gold stand to be “primary beneficiaries” of the coronavirus-induced market turmoil. With BTC’s correlation to the precious metal hitting all-time highs, it added that Bitcoin could be about to transition from a “risk-on speculative asset to the crypto market’s version of gold.” The “Bitcoin Maturation Leap” report adds that the inception of BTC futures has tamed “the raging bull market” — with authors predicting that volatility will…