Bitcoin Weekly Market Review: Global Economy Slowing Down While Bitcoin Adoption on the Rise
- By Pierre-Alexandre
July 29th, 2019
Last week hasn’t been quite good enough for Bitcoin investors and the overall Bitcoin community. As per our data on Omenics, Bitcoin lost around 8% of its price last week slipping below its $10,000 crucial support levels and moving all the way to $9600 by the end of the week.
At press time, Bitcoin is trading at a price of $9580 with a market cap of $171 billion. Bitcoin continues to have nearly 65% dominance on the overall crypto market cap.
Over the last two weeks, regulators have been often spotted talking about Bitcoin. While some top brass of the Trump administration has criticized Bitcoin, some of the lawmakers have also acknowledged its strength in the financial markets.
The President spoke of bitcoin as a rival to the dollar.
— Rhythm ⛓️ (@Rhythmtrader) July 28, 2019
The Fed Chair compared bitcoin to gold.
A Congressman called bitcoin an unstoppable force.
Local governments have started accepting bitcoin for taxes.
"Magic Internet Money" is now just "Money"
Top Recent Bitcoin News
- Bitcoin adoption continues to be on the rise as more retailers and businesses accept it as payment. Last week, California-based online retail giant Newegg announced it will be bringing Bitcoin payments to 73 new countries.
Note that this is not a new measure but continued patronage to BTC users. Back in 2014, Newegg announced accepting BTC payment in partnership with BitPay. As per the press release, "BitPay enables Newegg to increase its margin on each Bitcoin transaction by avoiding credit card fees typically assessed on credit card purchases.''
In another news, Norwegian Air soon plans to bring BTC payment option for its flights. As per local news publication Dagens Naeringsliv (DN), the Norwegian Air will set up a separate exchange called the Norwegian Block Exchange (NBX) to process the purchase and exchange of Bitcoins for ticket payments.
American grocery chain Safeway announced that it will give all its customers 3.5% cashback for making payments in Bitcoin. The BTC payment option is available at all 894 Safeway store location across 17 American states. - As per the latest info by Blockchain.info, the Bitcoin blockchain network is now eight times stronger than it was in December 2017 when Bitcoin was at its peak of $20K. As on July 20, the Bitcoin hash rate reached a massive 80 trillion tera hashes. 'Hash Rate’ indicates the speed of completing an operation in the Bitcoin code. It is also a measure of how strong is Bitcoin’s transparency security.
Note that in December 2017, when Bitcoin reached its peak of $20K, it had faced significant problems to meet the transaction demand with a massive investor inrush. The higher hash rate, as on date, notes that the network can process significantly more transactions than earlier. - A report from CoinMetrics notes that Bitcoin wallet address has reached its all-time high. It shows that the amount of unmoved Bitcoins has surged massively in the last five years. This shows that Bitcoin is emerging more as a ‘store of value’ instead of a medium of exchange.
- Last Saturday, July 27, crypto analyst Plan B shared a chart showing the beginning of Bitcoin bull markets have coincided with the miner capitulation. From historical chart patterns, Plan B expects Bitcoin price to shoot 100 times from these levels.
Difficulty bottoms after downward adjustments (dark blue: Dec2011, May2015, Dec2018) mark the start of a bull run. Around 2-3x price at difficulty bottom (light blue, 30k blocks) there is some struggle, like right now. Then price goes parabolic (green). Top at around 120k blocks. pic.twitter.com/1QqBlXo6Jl
— PlanB (@100trillionUSD) July 27, 2019
- Bitcoin is showing a jittery behaviour after the U.S. lawmakers took a critical stand on the cryptocurrency. However, heads of McAfee securities John McAfee assures that the US has no control on Bitcoin and that Bitcoin will soon start its meteoric rise within a week’s time.
Bitcoin is under pressure from the U.S. and its price reflects it. But the U.S. has no real power in controlling CryptoCurrency. Just watch. A week from today Bitcoin will continue its meteoric rise.
— John McAfee (@officialmcafee) July 27, 2019
- Below are some of the popular tweets from the crypto world.
Don Alt thinks $9500 is crucial support for Bitcoin.
$BTC weekly update:
— DonAlt (@CryptoDonAlt) July 29, 2019
2 weeks later and we've finally arrived at the outlined $9500 support.
If this is a bull market pullback, this is where I'd expect it to bottom out.
Good enough to take a chance.
I've been big timeframe bearish since $11500, flipping neutral to bullish here. pic.twitter.com/EcL0qfib2e
- Bitcoin maximalist Max Keiser thrashed Bitcoin critic Peter Schiff for his comments on dumping Bitcoin to institutional investors by creating a fake FOMO.
Your brand is dying. People (read: clients) are questioning; if you can be so wrong about #Bitcoin, how can we trust that you know much about anything else. (Fortunately you’re retired and don’t care).
— Max Keiser, tweet poet. (@maxkeiser) July 28, 2019
- Morgan Creek Digital co-founder Anthony Pompliano says that the slowing global economy can be a major catalyst to boost BTC price.
HERE WE GO.
— Pomp 🌪 (@APompliano) July 26, 2019
US GDP last quarter: 3.1%
US GDP this quarter: 2.1%
Economy s l o w i n g down only means one thing — cutting rates and printing money!
They don't realize that they're giving Bitcoin the rocket fuel it was built to consume.
Long Bitcoin, Short the Bankers!
ROCKET FUEL: They’re going to cut rates and print money right as we march towards the Bitcoin halving.
— Pomp 🌪 (@APompliano) July 25, 2019
Buckle up. This will be wild 🚀 pic.twitter.com/QotDXKTJRj
Bitcoin Weekly Report Using Omenics’ Sentscore
The Bitcoin Sentscore dropped from the “positive” region to the “neutral” region during last week's BTC price correction, confirming a dip in the overall sentiment for Bitcoin.
The news Sentscore indicator shows volatility but remains flat by the end of the week in the “neutral” zone around 4.6:
The social sentiment indicator shows a drop but it still manages to stay in the “neutral” zone between 4-6:
The buzz Sentscore around Bitcoin has dropped from the “neutral” to the “less content than usual” zone below 4. This shows that less number of people are talking about Bitcoin, than usual:
The “technical” Sentscore has dropped from the “neutral” zone to the “negative” zone below 4. This is confirming that a bearish sentiment has entered the BTC market:
By Pierre-Alexandre
Pierre-Alexandre is passionate about new technologies and innovation. After several years of experience in software and innovation agencies, he wanted to go all in on the blockchain revolution and co-founded Omenics.
