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What a week its been for Bitcoin

  • This weeks trading sees BTC/USD down over 9% but it could have been much worse
  • Sentiment was shot earlier in the week after rumours of Bitcoin sellers from a ponzi scheme
  • Bakkt saved the week after announcing new Bitcoin futures and custody services
What a week its been for Bitcoin
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily
Bitcoin Week
(Chart above represents this weeks price action)
 
It all started when an so called scam relating to a Chinese Ponzi scheme allegedly started selling their ill-gotten gains in Bitcoin to drop the price of cryptocurrency. I must stress this was not confirmed by any major news outlet and was a rumour that is still circulating while we speak. 
 
The worlds largest digital asset was then questioned as a safe haven after the stock markets sold off, Hong Kong descended into chaos and Argentinian stocks and the local currency (pesos) fell off a cliff. The reason that Bitcoins stability was called into question is as it did not profit from these risk-off situations. Analysts were touting Bitcoin to be a safe haven in the same vein as gold but the precious metal outshone the digital currency by a country mile over the week. 
 
Having said all this the week ended on a great note as the International Continental Exchange (ICE) announced alongside Bakkt that they will be offering Bitcoin futures and custody services by 23rd September. The BTC/USD price shot up almost USD 500 in a matter of minutes as the news hit the wires.
 
Elsewhere, Coinbase Custody announced they had acquired the institutional business of custody provider Xapo. With USD 7 billion under custody, the firm says it has just become the largest crypto custodian in the world according to sources.
 
Looking at the price action through the week now the significant low came at 9,470.00 on Thursday as sentiment hit very low levels. The majority of selling volume came in on Wednesday as the rumours began to circulate about the scammers selling BTC. The real turning point came today as price dipped back below 10,000.00 and then shot higher following the Bakkt news to reach a daily high of 10,539.90 to save Bitcoins blushes and finish the week down 9.36% after the lows took us to just over 18% for the week at one stage.

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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