Blockchain Market Update: 5 August 2019
The deeper correction phase seems to be on hold for now as Bitcoin has started to climb back towards $12k as of this morning. Interesting news coming out of China is perceived as the cause of the spike in BTC’s spot price. The Chinese yuan fell below 7 per US dollar, which is its lowest level since 2008, and which may indicate that both China and the US are weakening their currencies on purpose to boost trade, seemingly strengthening BTC as the Chinese are converting yuans for the leading digital currency. Huge capital outflow from China, has been confirmed by Russia, as the Chinese are buying huge piles of tether via Moscow’s OTC desks. Escalating protests in Hong Kong could be another event which has helped BTC recover from last week’s lows of $9,300 to $11,800, as of this morning.
- Bitcoin’s dominance is down by 5.3% (67,9%), the total market cap is up by 16.2% ($308bn)‚ and overall volume is up by 25% ($60bn) on the previous week. Bitcoin is up by 22.5%, Ethereum by 8.6%, XRP is up by 3.6%, and Litecoin by 5.6%. The best performers among the top-30 crypto were Tezos (42.8%) and Bitcoin (22.5%).
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