CV Market Watch™: Weekly Trading Overview (August 31 - September 7)

Over the past week, Bitcoin (BTC) was initially gradually gaining ground, starting from around $7,000 last Friday and rising towards $7,400 on Wednesday – a level not seen for more than a month. But while upbeat sentiment was taking hold, mysterious bears triggered a flash crash, wiping out nearly $1,000 from the value of 1 BTC and nearly $40 billion from the whole cryptocurrency market. The most probable reason behind the crash were reports that Goldman Sachs was abandoning its plans to launch a Bitcoin trading desk. The rumors were later dispelled by the major investment company, but the Bitcoin sentiment was already damaged.

Bitcoin (BTC) received no support from Tether (USDT), and slid sharply from $7,300 to the $6,900 range, followed by another crash towards $6,400. On Friday, as of 12:30 UTC, BTC traded at 6,436, almost without change for the past 24 hours, but losing more than 7% for the week.

BTC lost the support from USDT, as the Tether treasury wallet pulled back some of the extra liquidity sent to Bitfinex. Trading volumes remained around $4.5 billion, but the share of USDT trading remained above 50%, at one point climbing towards 60% of all activity. In the past weeks, USDT has become even more influential for the price of BTC.

Ethereum (ETH) crashed further, with some seeing no bottom to the price weakness. However, ETH remains above $200 for now, and is one of the most actively traded altcoins, with a share of trades habitually above 10%. ETH lost more than 20% in the past seven days, down to $223.90 on Friday, as massive selling lifted daily volumes to about $2 billion in the past two days.

XRP (XRP) suffered the slide to $0.29, losing about 10% this week on the general market weakness.

Bitcoin Cash (BCH, BCC) continues to be shaken by accusations of undue attempts at influence from Bitmain, as well as from Craig Wright, who opposes the coin’s development path. BCH slid to $508.53, down about 5% this week.

EOS (EOS) also struggled, sliding to $5.07, unable to defend the prices above $6. EOS slid by more than 18% over the past week.

Stellar (XLM) recovered on Friday toward $0.21, with only a small weekly loss of 6.5%.

Litecoin (LTC) survived the crash by stabilizing at around $56.60, down 6.4% this week, but recovering slightly ahead of the weekend.

Cardano (ADA) slid by more than 15% this week, to $0.085, as the coin lost support and trading volumes remained weak.

Monero (XMR) Monero (XMR) touched a peak of nearly $140 during the week, following an upbeat analyst report. Despite the flash crash, the anonymous coin still kept some of the gains, and is one of the few that is in the green in the past week. XMR added 3.7% to $113.16

IOTA (MIOTA) abandoned the attempt at higher positions, returning toward the $0.50-$0.60 range. MIOTA recovered a bit, ending the business week at $0.57, still down more than 19%.

DASH (DASH) survived the September 5 haircut with a loss of just about 5% this week, to a price of $177.68 on Friday.

TRON (TRX) remained one of the most talked-about crypto assets, but the price slid another 16%, leaving TRX at $0.02.

NEO (NEO) stabilized in the past seven days, standing almost without change at $19.71. NEO threatened to sink below the $18 range, before recovering.

Ethereum Classic (ETC) was more volatile than usual, crashing to $11.72, down 7.42% this week. ETC slid down the charts, as the Coinbase trading failed to support prices. ETC is relatively more stable among altcoins, but still suffers on the withdrawal of Korean investors.

Binance Coin (BNB) had a slight loss to $10.05, down a 6.6% in the past seven days.

The past week was another piece of evidence for the fact that Bitcoin is still king. While altcoins have spectacular rallies, they also incur deeper losses. The dominance of BTC remained high, despite the price crash, making up 54.4% of the total market capitalization for crypto assets. The influence of Tether proved its importance by once again strongly correlating with the market movements, as the lack of a concerted support from treasury tokens led to a crash in BTC prices. Inversely, the inflow of USDT to Bitfinex in the past weeks has been followed by a BTC price recovery.

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.