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Bitcoin’s 14% Weekly Increase Eyes the ATH: The Crypto Weekly Market Update

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Ignoring all known rules of gravity, Bitcoin has taken for the skies, and it shows absolutely no signs of slowing down. This week the cryptocurrency is up by another 14% and is currently trading just about 6% below its all-time high of around $20,000 reached in December 2017.

The week started off fairly calmly, and some were even thinking that there is a correction incoming. This wasn’t the case, as right after the weekend, BTC started moving… up. It breached its former high on Wednesday and managed to break that record again today, hitting an intraweek high of around $18,850 on Binance.

The entire market cap reached $520 billion as all major cryptocurrencies are well in profit. Some of the most notable gainers include Litecoin, up 27%, Ripple up 21%, Polkadot, up 18%, and so forth.

It remains very interesting to see whether or not the current rally will go on or if there is a correction looming. So far, however, odds seem stacked in favor of the bulls.

DeFi markets also saw substantial increases over the past seven days. A wide range of tokens, including Sushi, Aave’s LEND, Compound, CRV, Yearn Finance’s YFI, and so forth, are charting double-digit increases throughout the past week.

Elsewhere, Ethereum’s Vitalik Buterin spoke of the upcoming network upgrade, hinting that the transition to proof-of-stake (PoS) might not actually occur for another year. While the ETH 2.0 depositor contract is live and has already seen more than 100,000 ETH going in, the network’s creator said that “less than a year is not realistic” when it comes to the merging.

In any case, this has been a very eventful week, and it’s very exciting to see how the market will shape up in the coming days. After all, we are so close to the all-time high!

Market Data

Market Cap: $521B | 24H Vol: 147B | BTC Dominance: 66%

BTC: $18,600 (+14.54%) | ETH: $508.20 (+8.20%) | XRP: $0.319(+20.84%)

Bitcoin Is Not Jamie Dimon’s Cup Of Tea But Is There More To The Story? The CEO of the large multinational investment bank JP Morgan said that Bitcoin is not his preferred choice, though he would prefer cryptocurrencies that are properly regulated and backed. The billionaire referred to the increasing need for well-structured KYC and AML policies.

Ethereum Founder Buterin Hints at More Delays For ETH 2.0. The co-founder of Ethereum, Vitalik Buterin, said that the network’s transition to the long-awaited proof-of-stake consensus algorithm might not take place for yet another year. He said that it’s not realistic to think that the merge will happen in less than a year.

After Buying Bitcoin at $800 in 2016, Mexico’s Second-Richest Man Doubles Down. Ricardo Salinas Pliego, the second-richest man in Mexico, revealed that he had bought Bitcoin back in 2016 when the price was just $800. He now doubled-down on his praises for the cryptocurrencies, outlining the flaws of fiat currencies in Latin countries.

Last Time Bitcoin Broke $17K The Way To $20K ATH Was Quick. The last time Bitcoin broke the $17K level, it only took it six days to reach its current all-time high value of nearly $20,000 in December 2017. With the way things are going, it’s interesting to see if this time around will be any different.

500,000 BTC Worth $8.5 Billion Currently Owned By Grayscale. Grayscale Investments, the largest cryptocurrency investment fund, has revealed that it holds over half a million bitcoins under management. This represents roughly about 2.4% of the total supply of Bitcoin.

Can Blockchain Technology Eradicate Voting And Election Issues? MIT Says No. According to specialists from MIT, blockchain technology is not a suitable solution for conducting elections. They said that it would compromise the transparency, as well as the sanctity of the electoral process.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Litecoin, and Polkadot – click here for the full price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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Source: https://cryptopotato.com/bitcoins-14-weekly-increase-eyes-the-ath-the-crypto-weekly-market-update/

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Ukraine’s Draft Crypto Bill Passes First Parliamentary Hearing

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Ukraine’s legislative effort to bring in cryptocurrency regulation has had a successful first hearing in the nation’s parliament, the Verkhovna Rada.

After being discussed and given the initial thumbs up by lawmakers Wednesday, the Draft Bill on Virtual Assets now has two more hearings before it becomes law. 

If that happens, Ukraine will join the still-short list of nations that have put in place dedicated laws regulating cryptocurrencies. The country was named a global leader in crypto adoption by blockchain analytics firm Chainalysis in September, as citizens actively using crypto for savings, investment and cross-border trade. 

The parliamentary hearing was not completely smooth for the bill: some lawmakers decried it as considering things too far from the problems besetting Ukrainian economy. However, at the end, the document still received 229 “yes” votes out of 340 and passed this first stage of the legislative process. 

The bill defines virtual assets as “a set of data in electronic form,” which “can be an independent object of civil transactions, as well as certify property or non-property rights.” The law suggests not considering virtual assets as legal tender in Ukraine.

The document singles out virtual assets backed by goods or services, suggesting that they must be taken out of the market in cases where the backing ceases to exist. 

The ownership of virtual assets is considered as being the entity holding the private keys, unless they are held with a custodian, forfeited by the court decision or acquired illegally. 

Virtual assets would be regulated by Ukraine’s Ministry of the Digital Transformation, and crypto service providers must register to be able to operate in the nation. Firms must provide information on ownership structure and beneficiaries, as well as ensure they don’t facilitate money laundering and that they are diligently protecting users’ personal data. 

The Ukrainian crypto community sometimes finds itself at a disadvantage on global trading platforms. For example, in September, Bittrex temporarily stopped serving users from Ukraine, along with Belarus, Burundi, Mali, Myanmar, Nicaragua and Panama. The exchange did not give specific reasons, citing only “the current regulatory environment” in the affected jurisdictions.

The Ministry of the Digital Transformation believes introducing a clear regulatory regime would encourage crypto businesses to work with Ukrainians and open shop in the country. The ministry drafted the bill in collaboration with Ukraine’s crypto community, although some members are vocally opposing the very idea of crypto regulation. 

Source: https://www.coindesk.com/ukraine-parliament-draft-cryptocurrency-bill-law

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Tether (USDT) is nearing $20 billion market valuation

TL:DR Breakdown: US dollar-backed stablecoin, Tether, is nearing a market cap of $20 billion. The stablecoin market cap has been on growth for the past two months. The market capitalization of the fourth-largest digital currency, Tether (USDT), has been on the rise since the beginning of the crypto market in September. According to data provided […]

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TL:DR Breakdown:

  • US dollar-backed stablecoin, Tether, is nearing a market cap of $20 billion.
  • The stablecoin market cap has been on growth for the past two months.

The market capitalization of the fourth-largest digital currency, Tether (USDT), has been on the rise since the beginning of the crypto market in September. According to data provided by Skew, a crypto on-chain analytics platform, the stablecoin market valuation is nearing the $20 billion mark. On this note, the US dollar-backed crypto is still leading the stablecoin market with a huge dominance rate. 

The second-largest stablecoin USD Coin (USDC), has about $2.97 valuation on Coinmarketcap.

Tether Posts More Market Cap Growth

On Coinmarketcap, the leading stablecoin has a market valuation of around $19.413 billion and a 24 hours trading volume of $89.885 billion. CoinGecko posted a market $19.398 billion and $65.629 billion 24hrs volume, while Messari posted a $19.97 billion capitalization and trading volume of $9.449 billion. Notably, USDT’s market valuation has been growing steadily since September, as Skew shared on Twitter today.

To better understand the growth, the stablecoin had a valuation of around $10.2 billion on Messari, and $9.1 billion on Coinmarketcap, back in July. Meanwhile, it’s worth noting that the company behind the digital currency, Tether inc., has been minting a significant amount of USDT in recent days. 

There has been a lot of controversy around the stablecoin. The company says each USDT issued is backed by a US dollar; however, this has been largely questioned by many people in the digital currency space. 

USDT kept dominating

Despite the controversies around USDT’s backing, the stablecoin remains the most-traded and leading currency-back cryptocurrency. The second-leading stablecoin by market capitalization, USDC, sees a valuation of $2.98 billion on Messari, $2.969 billion on CoinGecko, and $2.97 on Coinmarketcap. 

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SushiSwap Hits Multi-Week High on High Profile Synergies; What’s Next?

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SushiSwap’s governance token SUSHI continued its rally upward on Wednesday as its price per unit breached the $2-resistance level.

The SUSHI/USD exchange rate rose 13.15 percent ahead of the New York opening bell, trading at $2.18. The latest gains came as a part of a broader upside move that brought SUSHI’s week-to-date returns up by 61 percent and its quarter profits up by 74 percent.

Partnerships

Meanwhile, the reason traders boarded the SUSHI uptrend this week is a flurry of SushiSwap’s partnerships with high-profile decentralized finance projects. A decentralized exchange itself, it formed synergies with yield aggregator Yearn Finance, smart contract-based job marketplace KP3R, and DeFi services platform DeriSwap.

All the SushiSwap’s partnership platforms have one founder: Andre Cronje.

The celebrated developer stated in a blog post on Tuesday that Yearn Finance would “participate in SushiSwap governance and add to its treasury some SUSHI.” He further promised grants for developers who would build tools for the decentralized exchange.

Josh Rager, a cryptocurrency analyst, said the partnerships allowed traders to raise their bids for SUSHI tokens. As a result, the price rose exponentially in the previous weeks in hopes that SushiSwap would grow into a full-fledged DeFi ecosystem.

“I would love to see SUSHI price eventually hit the upper $4’s target,” said Mr. Rager.

SUSHI Technical Setup

Technically, SUSHI showed signs of either correcting lower or consolidating sideways as its momentum oscillator alerts about its “overbought” status.

SUSHI, SUSHIUSD, SUSHIBTC, cryptocurrency
SushiSwap breaks above crucial Fib resistance level. Source: SUSHIUSD on TradingView.com
SushiSwap breaks above crucial Fib resistance level. Source: SUSHIUSD on TradingView.com

But despite a short-term correction woe, SUSHI looks stronger above $2, a Fibonacci retracement level the token broke on Wednesday. A push above the level now allows traders to open a slightly risky long position towards $2.9-3. SushiSwap’s fundamentals, as discussed above, support the upside call.

Meanwhile, should profit-taking sentiment clouds the market, SUSHI risks falling back inside its previous Ascending Channel range, followed by a retest of the area’s lower trendline. The level also coincides with the 20-day exponential moving average wave (green).

If the sell-off continues, then the price may fall to as low as the 50-day simple moving average curve (red).

Source: https://www.newsbtc.com/news/defi/sushiswap-sushi-expects-to-rise-by-another-350-analyst-assertssush/

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