Turbulent week for Bitcoin’s price, volatile Christmas just around the corner? The weekly market update

December is almost over and it’s safe to say that it was full of action. Over the past week, Bitcoin’s price soared on a roller coaster, falling to a low of around $ 6,500, then corrected to around $ 7,200 where it is currently trading. Many wondered if it had bottomed out a year ago, Bitcoin was trading at around $ 3,122, which means it has managed to more than double its value.

It’s worth noting that while the price bounced up and down all week, the dominance of Bitcoin has increased. In the past seven days, it’s up nearly 2% to stand at 68.3%. This means that despite the turbulent price movements, altcoins struggled to claim new grounds.

Looking at altcoins, the week was relatively disappointing. Most of them are seeing a 5% drop against Bitcoin and the USD. Of course, as is almost always the case, Bitcoin’s rebound has also helped Altcoins, and they have managed to offset some of the losses since the beginning of the week.

The market is evolving and there has been exciting news from the European Union. New and strict regulations will come into effect in January 2020 requiring cryptocurrency companies to conduct more thorough KYC and AML reviews. Fidelity Digital Assets, one of the world’s largest asset managers, will also expand its crypto services in Europe.

Looking back, the week was eventful in terms of both price action and news. When we enter the Christmas week it is interesting to see if Santa Claus comes early or not.

Market data

Market Capitalization: $ 190 billion

24H Vol: $ 71B

BTC dominance: 68.3%

BTC: $ 7,196 (0.56%)

ETH: $ 128.65 (0.65%)

XRP: $ 0.193 (2.33%)

The Bearish Feeling: 70% believe Bitcoin’s bottom is below $ 6,000. The start of the week was tough for Bitcoin as the price fell to around $ 6,500. A prominent analyst took it to Twitter to ask where people think Bitcoin will bottom out. The majority said it would be under $ 6,000.

Fidelity Digital Assets is expanding its cryptocurrency services in Europe. One of the largest asset managers in the world, Fidelity, is expanding its cryptocurrency services in Europe. The news is positive regarding the institutional investments that are flowing into the market. This allows larger investors to use compliant and institutional storage solutions for Bitcoin.

Strict regulations for cryptocurrency companies in the EU will come into effect in January 2020. European Union-based cryptocurrency companies and services now have less than a month to adhere to new regulations. After January 10th, the fifth Anti-Money Laundering Directive (5AMLD) will come into effect, requiring thorough KYC / AML procedures.

The next crypto trend for exchanges? Coinbase is now the largest Tezos validator. According to a recent report, Coinbase, the largest US-based cryptocurrency exchange, is the largest validator for Tezos (XTZ). Interestingly, this presents a new potential trend on the block, and people are wondering if validation through sharing is going to be a hotter topic in the months to come.

Exactly a year ago, Bitcoin price hit the 2018 bear market at $ 3,122. Time flies when it comes to the price of Bitcoin. Just a year ago, the world’s largest cryptocurrency hit its low in 2018 at USD 3,122. Now, after a turbulent 2019, Bitcoin has more than doubled in value and is currently trading at around USD 7,200.

Vitalik Buterin: The Ethereum Foundation has sold 70,000 ETH at an all-time high. The co-founder of the second largest cryptocurrency by market capitalization admitted that the Ethereum Foundation managed to sell 70,000 ETH when it was at its all-time high. In view of the price at the time, the sold ETH brought in around 98 million US dollars for the foundation.

Diagrams

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

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