• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Breaking News: Breaking: SEC Sues Binance And CEO For Alleged Securities Fraud
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: SEC Sues Binance And CEO For Alleged Securities Fraud
Bitcoin

Weekly Digest: From Bitcoin to $10k to Facebook’s ‘Cryptocurrency’

Emilio Janus by Emilio Janus
4 years ago
in Altcoins, Bitcoin, Bitcoin Price, News, News teaser
0

This week has been a rollercoaster for bitcoin and the rest of the cryptocurrency market, with new regulatory task forces, tech giant cryptocurrencies, IPOs, and YTD-highs breaking the headlines. 

Bitcoin Price Goes From Strength To Strength

After entering the week on a high (a 13-month high at that), bitcoin managed to finish off the week even higher. Most notably, bitcoin price broke through the psychological $10k mark; a level which we haven’t seen in over 15 months. So how did it get there?

Well the first step was to hold onto and consolidate the price gains of last weekend. This achieved, focus turned to breaking through resistance at $9300, and where the next target would be. $10,000 was the obvious contender to aim for, but the meteoric gains of last Sunday left a CME gap that the bears might try to close.

The feared drop never materialised however, and towards the end of the week further gains were made on the back of huge bullish signals. This left the price in a rising wedge pattern towards $10k, and the weekend saw a breakout, leading to the $10,600 levels we currently see.

Where Next For Bitcoin?

The week’s gains saw analysts pulling out their prediction pads once again. Tyler Winklevoss suggested that once $10k fell there was little to stop a further price rise to $15k. Tom Lee from Fundstrat doubled down on his prediction, claiming that $40k was in play over the next few months.

Some analysts looking at the ‘bigger picture’ even started to eye $100k, if previous market cycles play out as before.

Even before the gains of the past week, Bitcoin had overtaken Russia’s monetary base, making it the eighth largest currency in the world.

Political Drivers

Political unrest in Hong Kong saw bitcoin trading with a $175 premium in the territory, as investors attempted to reduce exposure.

Continued hyper-inflation in Venezuela saw record levels of BTC traded on LocalBitcoins once again.

And in the UK, no-deal Brexit fears following the latest stage of the Conservative leadership contest to decide a new Prime Minister, also saw investors moving away from assets in pounds sterling.

Facebook’s Libra ‘Cryptocurrency’ Launches To Mixed Reactions

News about Facebook’s Libra project has been hard to avoid this week, being splashed across even mainstream media.

The official launch was on Tuesday, with the website crashing just moments later. Within hours the backlash had begun; Libra’s ‘brazen attempt to override national monetary sovereignty’ led to predictions it would be shut-down by governments.

France decided a G7 task-force was needed in wake of the launch, to define what a stablecoin is, how stable, and against what. Fundstrat was less concerned, claiming that the token will primarily be used to buy bitcoin anyway.

There was even a claim that the logo wasn’t exactly original!

The one place Libra did seem to find some love was China. Let’s see what the Chinese government have to say about that.

And Finally…

The latest court-ordered report into QuadrigaCX and its ‘dead’ CEO, Gerald Cotten, was published this week. It contained damning claims of embezzled funds, fraudulent activity, and careless margin trading.

How many times do we have to tell people… Not your keys, not your crypto.

Best week ever for crypto? Let us know what you think in the comment section below!


Images courtesy of Shutterstock.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Emilio Janus

Emilio Janus

Related Posts

USDC and Abritrum

Circle Announces Launch of Native USDC on Arbitrum Network, Aims for Faster Transactions

3 days ago
Circle

Circle And Arbitrum Launch Native USDC: What You Need To Know

4 days ago
Bitcoin Whale Shark

Bitcoin Sharks & Whales Have Bought 93,000 BTC Since April Top: Santiment

7 days ago
Bitcoin

BREAKING: Bitcoin Mining Industry Spared From 30% Tax In US Debt Ceiling Deal

7 days ago
Bitcoin

Bitcoin Taker Buy Sell Ratio At Highest Since Feb, What Does It Mean?

1 week ago
USDT Market Spikes While USDC Dips Amid Economic Uncertainty

USDT Market Dominance Spikes While USDC Dips Amid Economic Uncertainty

1 week ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Now Trending

  • Whale Power Unleashed: Mooky Emerges as the Rival Meme Coin...

    4 days ago
  • Exploring the Meteoric Rise of Mooky: Could It Be the Next...

    4 days ago
  • Discover the Next Big Thing: Mooky.io Presale Boasting Fair...

    5 days ago

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
K8
K8

Press Releases

  • Rollman Mining Marks Its Ascent as the World’s First...

    9 hours ago
  • Top Crypto Whales Think DigiToads (TOADS) And Monero (XMR)...

    9 hours ago
  • XT.com Lists NORDEK ($NRK) in its Main Zone

    9 hours ago
  • Hedera (HBAR) Investors are now Turning Their Attention to...

    11 hours ago
  • How a College Dropout Turned $200 into $2 Million with...

    15 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.