Crypto Week in Review: Bitcoin (BTC) Clears 200-Day SMA, Altcoins Rally
It’s been a big week for Bitcoin and the crypto market. On Wednesday, bulls swung into full gear as Bitcoin crossed its 200-day SMA. The last time this happened in 2019, Bitcoin saw a nearly 160% increase from $5,000 to over $13,000.
The next most recent cross like this was Oct 2015, and a 2-year bull run from $280 to $20k followed…
— VOYAGERard ⛳️🏌🏽🎸📈🇺🇸 ⚖️🥓🥩 (@cryptolymath) February 5, 2020
A stream of positive headlines also helped catapult this week’s run. Thursday, Bakkt saw a huge rebound, with BTC Futures Open Interest reaching a new all-time high. News also broke that Jack Dorsey-backed Lightning Labs raised an additional $10 million to bring Bitcoin payments mainstream.
Despite all of the positive signs for BTC, it has seen a steady decrease in its market dominance, hitting a 6-month low of 64.5%. The flip-flop leaves room for altcoins to run, and this week, they did just that. ICON (ICX) continued its month-long rally, ending the week up a staggering 64%. Tezos (XTZ), Omisego (OMG), Verge (XVG), Tron (TRX), and several other alts also saw double-digit gains.
On Thursday, a new bill was introduced by SEC Commissioner Hester Pierce that could make things even better for altcoins and emerging crypto projects. Peirce, who has been lovingly nicknamed “Crypto Mom,” unveiled her plans to offer crypto startups a three-year grace period from their first token sale to reach the adequate levels of decentralization necessary to pass the agency’s securities test.
If adopted, Pierce’s Safe Harbour plan would provide clear guidance for crypto startups and new token sales. The additional oversight and regulatory support would likely bring a new wave of token projects to the market.
Bitcoin is showing strength leading up to the halvening, which is now less than 100 days away, but to the surprise of many, new life is being breathed into the altcoin market. Now, with over $1-Billion staked in DeFi and the SEC’s new bill, we may be at the beginning of a new era for crypto projects and tokens. The ecosystem has matured through the bear market, and many projects are ready to reveal their progress.
Buckle up, kids. Things are about to get interesting!
Bakkt’s acquisition of a loyalty rewards company will “expand Bakkt’s presence across an asset class that today spans over $1 trillion in value,” its parent company’s CEO said Thursday. Read more.
TRON founder and CEO Justin Sun has finally had his charity lunch with Berkshire Hathaway chairman and famous billionaire Warren Buffett after a series of delays last year. Read more.
SEC Commissioner Hester Peirce today “formally proposed a safe harbor” for cryptocurrency projects that would allow developers three years before being subject to existing securities regulations, according to a report from industry publication CoinDesk. Read more.
Acoer’s visualization tool for tracking the coronavirus uses Hedera Hashgraph to ensure the integrity of its data. Read more.
The number one cryptocurrency by market value rose to a three-month high of $9,859 during the U.S. trading hours on Thursday and was last seen trading at $9,801, according to CoinDesk’s Bitcoin Price Index.
With the surge to multi-month highs, bitcoin has recovered a significant portion of the ground lost in the second half of 2019. Read more.
Bitcoin crossed the $10,000 mark for swathes of institutional investors this week as markets looked increasingly likely to surge higher still. Read more.
Bitcoin Depot, a cryptocurrency ATM network, announced on Thursday that it now operates more than 500 ATMs in the United States. The company claims that this makes it the largest crypto ATM network in the world. Read more.
A central bank “think tank” will meet for the first time in mid-April to discuss the viability of launching their own digital currencies, Nikkei reports. Read more.