- By Pierre-Alexandre
June 17th, 2019
It was an excellent week for Bitcoin investors as the cryptocurrency surged nearly 20% last week moving past $9000 and making its new 2019-high.
- Bitcoin Weekly Price Movements
- Top Recent News
- Bitcoin Weekly Market Report Using Omenics’ Sentscore
1. Bitcoin Weekly Price Movements
Bitcoin is back with a bang as the world’s largest cryptocurrency smashed past $9000 levels to hit its new high for the year on Sunday, June 16. After a few hiccups earlier this month, the Bitcoin bulls seem to have taken over the charge again.
Throughout the last week, Bitcoin was on a steady upward trajectory with Sunday’s market rally escalating the euphoria further.
At the time, Bitcoin is trading at $9270 showing some signs of consolidation above the $9000 levels. The Bitcoin market cap is currently at $164 billion dominating around 57% of the overall cryptocurrency market cap. On the other hand, the 24-hour trading volumes have crossed over $20 billion.
With yesterday’s massive price rally, Bitcoin has given nearly 150% returns since the beginning of 2019.
2. Top Recent Bitcoin News
There are several potential drivers behind the Bitcoin price rally of the last week. Let’s take a look at some of the most important events of the week.
- Last week, popular cryptocurrency exchange Binance announced that it will ban the U.S.customers from trading on existing Binance exchange owing to regulatory concerns. However, the crypto trading platform also announced to launch a dedicated exchange platform in the U.S. in partnership with BAM Trading Services.
Independent market analyst Josh Rager explains that the Binance ban could see more investors parking their money in BTC.
$BTC dominance is up 2% past few days— Josh Rager 📈 (@Josh_Rager) June 15, 2019
Pay attention as increased Bitcoin dominance, specifically over 60%, is bullish for BTC holders but isn't good for most altcoins
With US Binance ban & other exchange delistings, people could be moving into BTC & major market cap coins pic.twitter.com/pnkUaRFOfR
- Facebook is expected to launch its native cryptocurrency GlobalCoin under Project Libra this week ahead. Chief Executive of Digital Currency Group, Barry Silbert says that the arrival of GlobalCoin can serve as a catalyst for crypto adoption, especially Bitcoin.
The launch of Facebook's cryptocurrency will go down in history as THE catalyst that propelled digital assets (including bitcoin) to mass global consumer adoption. Will be remembered as just as important -- and transformative -- as the launch of the Netscape browser— Barry Silbert (@barrysilbert) June 14, 2019
- The ongoing trade war between the U.S. and China is turning more intensive. Experts believe that the depreciating value of Chinese Yuan is causing its investors to park their money in Bitcoin through overseas exchanges.
Chris Burniske, a partner at New York-based venture capitalist firm, Placeholder, finds a strong correlation between the depreciating Yuan and appreciating BTC price. Mr. Burniske provides some interesting insights in a series of tweets last Saturday, June 15.
8/ Furthermore, the US's trade war with China, China's tightening of capital controls to limit funds fleeing the country, and a weakening yuan all added fuel to $BTC’s fire.— Chris Burniske (@cburniske) June 15, 2019
9/ Interestingly then, we have #bitcoin satiating appetite for risk in the West and much of the world, while simultaneously serving as a risk-off hedge in China.— Chris Burniske (@cburniske) June 15, 2019
- Besides, data from China’s search engine Baidu shows that China has majorly driven the Bitcoin price rally since May 2019.
There's been a lot of talk about how China has been the driver behind Bitcoin's move up since the first week of May. So I decided to look into bitcoin Baidu trends (China's Google). China's bitcoin popularity has definitively been on the rise. 👇 pic.twitter.com/kQ38WJfGjp— Alex Krüger (@krugermacro) June 3, 2019
- In another milestone achievement, the Bitcoin blockchain network crossed 1 million Daily Active Addresses (DAA), according to the data from CoinMetrics. This is for the second time, after November 2017, that Bitcoin has attained this milestone. The data indicates that Bitcoin blockchain activity is on the rise and that it can give a massive boost to Bitcoin adoption.
When Bitcoin first broke 1 million active addresses (Nov 27, 2017), 1 BTC was $9,352 and the median tx fee was $3.23.— Kevin Rooke (@kerooke) June 15, 2019
Yesterday 1 BTC was $8,230 and the median tx fee was $1.33.
- Below are some of the interesting tweets from famous personalities from the crypto land.
Those who don't own bitcoin yet are just being procrastinators.— Cameron Winklevoss (@winklevoss) June 16, 2019
Bitcoin YTD Return: 141%— Pomp 🌪 (@APompliano) June 16, 2019
S&P 500 YTD Return: 15%
Bitcoin has returned almost 10x the stock market this year.
Don't expect that to change any time soon.
- In a Bloomberg report two days back, JPMorgan strategists led by Nikolaos Panigirtzoglou, stated that the importance of Bitcoin Futures is currently ‘understated’. It means that going ahead we can see more financial giants coming up with Bitcoin Futures contracts luring institutional players. Last week, ICE’s Bakkt announced that it will start testing its Bitcoin Futures from July 20, next month.
3. Bitcoin Weekly Market Report Using Omenics’ Sentscore
The Omenics’ Sentscore chart for Bitcoin shows that the overall market sentiment has been constantly on the rise. Although the chart movement is in the “positive” range between 6-7.5, it is all set to enter the “very positive” region above 7.5.
The news sentiment indicator is also on the rise and has surged from the “neutral” zone to the “positive” zone. It is like to breach the “very positive” zone above 7.5 very soon:
The social sentiment indicator graph shows some downturn but has off-lately changed its direction northwards. The social sentiment for Bitcoin remains “neutral” in the last week.
After an initial downturn, the buzz around Bitcoin has sharply turned northwards going from “negative” to “neutral” zone.
The Bitcoin technical indicator is a smooth curve moving all the way from “neutral” to the “very positive” zone above 7.5 indicating a “very bullish” trend.