Bitcoin
BTC$48 084.51

-1.09%

Ethereum
ETH$3 421.97

-2.71%

Cardano
ADA$2.38

-0.94%

Binance Coin
BNB$411.53

-1.39%

Tether
USDT$0.998306

-0.16%

XRP
XRP$1.080662

-0.51%

Trump, tax and hacks: things shaping Bitcoin price action this week


28 Sep 2020   #Bitcoin

Bitcoin (BTC) starts the week pushing for $11,000 as ranging behavior continues, but futures gap danger remains. Sunday provided an unexpected boost to Bitcoin after a week of lackluster price performance. This was thanks to an investigation into United States’ President Donald Trump’s tax records, the results of which were published by the New York Times. The details include just $750 in tax paid by Trump in his election-year 2016, while no further links to Russia — a major source of contention at the time. Nonetheless, the publication could have implications for Trump’s chances in the run-up to this year’s election, and markets will be keenly watching for fresh turbulence. Trump himself had fought long and hard to keep his tax records secret. “It’s totally fake news; made-up, fake,” he responded during a White House press conference.

Despite not making progress beyond $11,000, however, Bitcoin is still proving bulls right this month. As noted by various analysts on Sunday, BTC/USD has now spent longer trading above $10,000 than ever before — 64 days on Monday.

Still looking stronger than ever, essential Bitcoin network fundamentals continue to highlight miner dedication. Both weekly average hash rate and difficulty remained bullish as the week began, with difficulty set for a 5.1% increase at the next readjustment in five days’ time.

DXY pits USD against a basket of trading partner currencies and has improved its position considerably since mid-September. As Cointelegraph reported, this strongly contributed to downward pressure on BTC/USD. Despite this, Bitcoin has held up better than expected over the past week, suggesting that the relationship to the index may be easing.

Last week, statistician Willy Woo forecast in advance that Bitcoin would “soon” leave its ties to traditional markets behind, including other safe havens such as gold. In the meantime, however, any decisive move in DXY still has the potential to impact Bitcoin’s price trajectory in the short term.

Bitcoin markets could spend some time grappling with the fallout from South Korean exchange KuCoin’s major hack, estimated to be the fourth-largest in history. Totaling $150 million, some of the stolen funds from the exchange subsequently moved to Uniswap, a popular automated market maker, or AMM, used to trade DeFi tokens and other cryptocurrencies.

According to monitoring resource Whale Alert, millions of dollars in various tokens have left the identified sources of stolen funds to Uniswap over the past two days. The hack did not involve Bitcoin directly, and BTC/USD appeared little shaken by the events — something in marked contrast to previous years when hacks often sparked major price volatility.

Source


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 89.6% 18 $48 084.51 -1.09% 4.69% $904 956 857 058 $27 961 083 561
2 Ethereum (ETH) ETH Ethereum predictions 74% 50 $3 421.97 -2.71% 0.11% $402 372 528 292 $14 651 693 364
3 Cardano (ADA) ADA Cardano predictions 65.2% 67 $2.38 -0.94% -8.90% $76 104 680 024 $1 873 232 040
4 Binance Coin (BNB) BNB Binance Coin predictions 65.6% 70 $411.53 -1.39% -0.75% $69 192 704 719 $1 130 545 170
5 Tether (USDT) USDT Tether predictions 95.6% 1 $0.998306 -0.16% -0.24% $68 176 839 441 $56 276 623 103
6 XRP (XRP) XRP XRP predictions 67.2% 61 $1.080662 -0.51% -1.43% $50 382 872 054 $2 049 227 741
7 Solana (SOL) SOL Solana predictions 56.4% 90 $161.83 2.23% -9.89% $48 057 404 496 $4 399 561 667
8 Polkadot (DOT) DOT Polkadot predictions 60.8% 81 $34.04 -2.22% 7.04% $33 616 818 668 $1 565 978 665
9 Dogecoin (DOGE) DOGE Dogecoin predictions 66.8% 75 $0.240174 -1.47% -2.38% $31 547 290 825 $853 022 336
10 USD Coin (USDC) USDC USD Coin predictions 90.8% 1 $0.998160 -0.15% -0.25% $29 355 863 429 $1 913 601 923
11 Avalanche (AVAX) AVAX Avalanche predictions 67.6% 69 $72.99 1.73% 17.93% $16 079 530 755 $1 649 638 415
12 UniSwap (UNI) UNI UniSwap predictions 66.8% 64 $24.39 -1.92% 2.22% $14 920 531 930 $258 250 447
13 Terra (LUNA) LUNA Terra predictions 67.6% 64 $36.13 1.13% -13.85% $14 511 856 283 $813 065 559
14 Chainlink (LINK) LINK Chainlink predictions 74% 50 $28.55 -2.09% 2.09% $12 946 785 264 $933 348 492
15 Binance USD (BUSD) BUSD Binance USD predictions 94.8% 1 $0.998089 -0.17% -0.25% $12 789 067 210 $4 458 804 943

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