Weekly Crypto Market Analysis: Bitcoin price drops below $8000 and Libra loses the backing from VISA and PayPal
Get the weekly summary of cryptocurrency market trends, news, and forecasts!
This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $217 billion
- Bitcoin’s price drops below $8,000
- Ethereum price fails to reach the $180 threshold
- Ripple still struggles to overcome the $0.30 hurdle
- Facebook’s Libra loses support from Visa, MasterCard, and PayPal
Crypto Trends 13-20th of October 2019: Performance & Analysis
The third week of October 2019 has seen the crypto market continue its depressing run. The promising start from a total market cap of $226 billion on Monday quickly depreciated to reach $217 billion at the time of this writing.
Bitcoin continues the drop that started nearly 3 months ago. The world’s most popular crypto is preparing to go below the price of $8,000 in the upcoming week. BTC value is now below 50 % of its highest ever value.
The current downtrend is similar to Bitcoin’s evolution of March 2018. Very soon, we could see it bottom out again, hit a dead cross and block sellers on the wrong side of the market. According to coinmarketcap, it currently resides at $8,005.04 per unit.
After unsuccessfully trying to go over the $180 cap, Ethereum dropped to a current price of $173.25. The continuing drop of BTC may harm ETH as well.
Ripple has been trying for 3 months straight to go over the $0.30 mark, and this week has seen the 3rd most valuable crypto fail once again. Right now, it sits at $0.289.
Elsewhere, Tether managed to achieve a 0.20% increase in value over the past 7 days, while Litecoin (-5.85%), EOS (-7.49%) and Stellar (-3.06%) all lost significant points, according to coinmarketcap.
What’s in the News?
- The Bank of England announces new cryptocurrency standards for Libra and other developers
- Major companies, including PayPal, VISA, MasterCard and eBay withdraw from the Libra Project
- Ripple announces a $750,000 investment in a new XRP mobile wallet from BRD
- Major automotive companies, including BMW, Honda and Ford team up on a blockchain project that aims to record vehicle identity and make payments for parking and highway tolls more efficient
- Ripple chooses to invest in the Mexican exchange Bitso to improve payments network.
- Indian startup InstaDAPP announced that it raised over $2.4 million for the development of a new crypto wallet
- Ethereum Name Service announces the launch of a multicoin support feature for more than 15 crypto wallets, thus expanding its backing for BTC, ETH, and LTC.
- A man in California has sued AT&T over the alleged loss of $1.8 million including cryptos
- Ernst and Young (EY) announces the release of a public finance management blockchain solution to improve efficiency and transparency in governments
Next Week’s Market Forecast
The upcoming week has crypto traders hanging on the edge of their seats. The main point of interest will be the evolution of BTC and whether Bitcoin will plummet below the $7,500 mark.
Libra has a busy week ahead, too. The head of Libra Project, David Marcus addressed regulatory concerns earlier this week. His inputs however only increased the pressure on the development process.
Losing the support of financial institutions does not sit well with Facebook. Even the travel-reservation giant Booking.com withdrew from the association and the future does not look rosy for Libra.
Elsewhere, crypto enthusiasts are looking forward to the Pantera Blockchain Summit in San Francisco (21-22 of October). Also, the end of the week sees the opening of the Money 20/20 Conference in New York (27-30 October).