Bitcoin becalmed at $6,450 before next price jolt

Trading on Coinbase has fallen 83% since DecemberTrading on Coinbase has fallen 83% since December

Bitcoin seems to have got over its ETF tantrum as the price settles down at around $6,440. Bitcoin volatility is at a 14-month low suggesting the market is girding itself for a major move, either north or south.

Supportive news for bitcoin came today from Blockchain which says it is opening new wallets at a rate of 50,000 per day. Blockchain has one of the oldest and most respected wallets out there.

Anyone looking for clues to the nature  of the bear market should look no further than the US dollar trading stats at Coinbase. Trading on the site has collapsed by 83 per cent from the highs of December.

Tezos is up 12% today to $1.56,  a bright spot among the altcoins, where token prices continue to diverge from bitcoin. Bitcoin dominance of the crypto market now stands at 52%. Ethereum continues to shed value, losing touch with $300, currently trading at $291

Venezuela has devalued its currency by 96% with inflation predicted by the IMP to reach one million soon. The government’s latest move to rescue the economy sees the “sovereign bolivar” pegged to the Petro cryptocurrency which is in turn backed by the country’s oil reserves.

The ProShares Bitcoin ETF is up for approval on Thursday by the US Securities and Exchange Commission (SEC) so expect heightened volatility around that announcement, which is highly likely to be a negative from the regulator.

Other interesting news from the industry includes the launch of Everipedia, the blockchain-powered decentralised encyclopedia. Although the blockchain has been up for several weeks, the rewards system has now been switched on which means users can earn token for writing articles. Everipedia is one of the first projects to go live with EOS technology.

The China Blockchain Index is out and EOS holds onto number 1 position and bitcoin lags in tenth place.

The top 10 placings were:

  1. EOS
  2. Ethereum
  3. Komodo
  4. Nebulas
  5. NEO
  6. Stellar
  7. Lisk
  8. GXChain
  9. Steem
  10. Bitcoin

 

About the Author

Gary McFarlane
Gary has been writing about cryptocurrencies since 2013 and currently works as the cryptocurrency analyst at interactive investor, the UK's second-largest online investment platform. Gary contributes for Coin Intelligence News in a personal capacity and none of his commentary should be considered investment advice. Gary is the winner of the ADVFN International Financial Awards 2018 Cryptocurrency Writer of the Year. Contact Gary on twitter at: @gary_mcfarlane

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