• Cryptocurrencies: 2980
  • Markets: 20891
  • Market Cap: $225017806697.11
  • 24h Vol: $51582840559.333

End of Week Observations

End of Week Observations

The worst thing that can happen to Bitcoin is that it crashes and dies. Leaving behind a fundamental dream conceptualised by the unknown creator, Satoshi Namakto who dreamed of a system to stop hyperinflation and governments controlling monetarise supply.

However, what could rise out of the ashes is a Phoenix that is DLT, better known as Distributed Ledger Technology. This is what most financial companies are seeking to use to speed up their processing, thereby increasing their internal efficiency records.

What Happened to Bitcoin this week?

As stated in several articles throughout the week, Bitcoin was due to go down to the figure of close to $6,200 in which it hit on Thursday. This was owed to CME/CBOE future settlements on the prescribed day by Nouvive. Moreover, the Commitment of Traders illustrates that those who longed till $8,400 covered their positions before shorting from that level to $6,100.

What happens next?

We will see Bitcoin go from $6,400 to $7,100 before dropping back to $6,777, waiting for the settlements to end before again aiming for $8,000 during the second week of September.

What about the rest of the Market?

The rest of the market are currently on critical support levels, interestingly, on a Nouvive index between just Bitcoin and Ethereum – These two make up 75% of the Market, we saw The two on the N2 Index pass critical support seen in April, before bouncing up the past three days.

If this continues, Bitcoin will continue to thrive.