This week was quite a volatile rollercoaster for the primary cryptocurrency and the rest of the market, perhaps driven by actions undertaken by the US government.
Recall that BTC’s price had stalled at around $69,000 last Friday as the bulls had failed to overcome the $70,000 level. Following a relatively quiet weekend, in which BTC stayed at around the same levels, it went on the offensive once again on Monday to over $71,000.
However, Bitcoin failed to overcome that resistance line decisively. The subsequent rejections, especially the last one yesterday, drove it south hard. In a matter of hours, the cryptocurrency dumped to under $65,000 to chart a ten-day low.
This came amid reports that the US government had moved 2,000 BTC, which it had confiscated from Silk Road to Coinbase. The fears that the US authorities might be selling millions of dollars worth of Bitcoin drove the asset south, according to a recent analysis.
The cryptocurrency finally started to regain some value yesterday when it pumped to just over $69,000. However, that was short-lived, and the asset fell back down to $66,000 earlier today. The past few hours have been somewhat positive again, with BTC currently standing north of $68,000.
Its dominance over the alts has increased quite a lot in the past week, which is rather expected as most of them have dumped hard within this timeframe. The most substantial declines come from DOGE (-19%), ADA (-13%), AVAX (-15%), SHIB (-13%), and DOT (-13%).
Market Data
Market Cap: $2.635T | 24H Vol: $116B | BTC Dominance: 50.3%
BTC: $68,540 (-3%) | ETH: $3,327 (-6.4%) | BNB: $584 (-5.5%)
This Week’s Headlines You Can’t Miss
Bitcoin Miners Score Record Monthly Revenues At Over $2 Billion. Bitcoin’s fourth halving is just right around the corner, and miners managed to record monthly revenues of over $2 billion for March – the last month before the rewards are cut in half.
Bitcoin Is an Insurance Policy Against Rogue Regimes: Cathie Wood. The founder and CEO of Ark Invest highlighted her support for Bitcoin, especially in turbulent times. She said the primary cryptocurrency works as an insurance policy against rogue regimes.
Bitcoin’s Current 18% Retrace Is Right on Schedule and Is Actually Good News: Here’s Why. BTC fell by as much as 18% since its all-time high of $73,800 in early March. While that seems like a big number, the asset’s history ahead of each halving shows that it is actually to be expected. In fact, such a correction could be a positive thing for BTC in the long run.
Bitcoin (BTC) Price Will Not Drop Below This Level Again, Says PlanB. The somewhat controversial creator of the popular S2F model, PlanB, outlined the $33,000 level, which is BTC’s current 200-day moving average, as a line that the cryptocurrency will not fall below again. Previously, PlanB had said that Bitcoin might never drop beneath $40,000.
BCH Soars 10% After Completing Second Halving, BTC Sluggish at $66K (Market Watch). While Bitcoin’s halving is estimated to take place later this month, Bitcoin Cash’s slashing event took place a few days ago after some delays. BCH went on a roll in the weeks leading to the event and is among the few alts in the green now.
KuCoin’s Market Share Declines by 50% After DOJ and CTFC Charges. KuCoin is the latest exchange to go under the scope of US authorities, with the US DOJ and CFTC charging the company for several offenses. The result was immediate as the exchange’s market share plummeted by 50% in days.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Cardano, Shiba Inu, and Dogecoin – click here for the complete price analysis.
The post BTC Faces Enhanced Volatility as US Govt Sells Silk Road-Related Bitcoin, BCH Completes 2nd Halving: This Week’s Crypto Recap appeared first on CryptoPotato.
