WMA: Bitcoin continues its beauty sleep through historical Twitter hack

Data & Research / 19.07.2020

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 $270 billion
  • Bitcoin sways between $9,000 and $9,300 on a neutral trajectory
  • Ethereum drops by more than 2% and fails to overcome the $250 barrier
  • XRP drops below $0.20, but it bounces back to trade in green on the weekend
  • A historical hacking of Twitter sees some of the world’s most popular accounts “ask” for Bitcoin transfers

Crypto Trends 13th – 19th of July 2020: PERFORMANCE & ANALYSIS

The cryptocurrency market sees an exhilarating, eventful week come to an end. Even if Bitcoin failed once again to impress with a spike in value, the altcoins did not disappoint. Furthermore, exceptional news from social media and the outside world kept the crypto industry in the limelight.

The most popular cryptocurrency out there, Bitcoin caught the headlines for the nth time. However, it wasn’t for its value change, which maintained its boring wobble just above $9k and below $9,500 for the third week in a row. BTC ends the week trading at $9,123.

On Friday, Bitcoin took center stage after an infamous Twitter hack that saw accounts of 130 of the world’s most popular names suddenly ask for BTC donations. The hacked profiles included Elon Musk, Bill Gates, Jeff Bezos, Kanye West, and Barack Obama among many others. The cybercriminals went for the oldest scam in the book as they asked followers for BTC transfers in exchange for double payment.

Even major companies such as Uber and Apple were co-opted into the scam. Although not many users fell for it, the perpetrators also managed to download personal data from the hacked accounts. In a shamefaced apology, Twitter officials confirmed that “the attackers successfully manipulated a small number of employees and used their credentials to access Twitter’s internal systems.”

The event did little to alter BTC value, but it also harmed Bitcoin’s image as it fueled the pessimistic voices who consider the digital currency a global scam. It took the support of the U.S. Congress to clean a bit of the collateral dirt that hit BTC in the aftermath of the Twitter fiasco.

Elsewhere, the altcoin season continues as Chainlink experiences a staggering surge of 45% for the second week in a row. Tezos also increased by 30% over the past week, and the “joke” crypto Dogecoin received some unexpected support from Elon Musk to get a 14% boost on its value.

After a previous week on the rise, Ethereum dropped a few points across the past seven days. It has lost more than 2.2% in value, and it is now trading at $233. The last hours have seen it surging back towards the nearest resistance level at $245and farther from the closest line of support lies at $215.

Ripple’s XRP is going through a mild hangover after getting as high as $0.21 during the previous week. The 7-day period that is just ending sees XRP trading at $0.196. The investors expect it to rise above the next resistance level at $0.20 in the upcoming days, and to avoid the closest support level at $0.192.

What’s in the News?

  • Binance officially entered the debit card sector by acquiring the multi-asset digital wallet and Visa debit card platform Swipe
  • The Samsung Blockchain Keystore integrates the Stellar blockchain network into its system
  • An Indian finance bureaucrat revealed that India may soon regulate cryptocurrencies as commodities at a webinar hosted by crypto research startup CREBACO Global

Next Week’s Market Forecast

In the upcoming week, investors will be hoping for a Bitcoin awakening that would attract more attention to the cryptocurrency market. For now, that role is eagerly played by Dogecoin, but the meme-inspired token can only hold the headlines for so long.

Elsewhere, the ongoing COVID-19 pandemic registers new records of infections and deaths every day. While some countries plan to reopen their economies, others prepare to enforce a lockdown for the second time this year. The financial markets everywhere, including cryptocurrency, keep a close eye on the unfolding events that may affect them all.

avatar
A creative writer in the field of content writing for the past 7 years. Iulian is passionate about his work and his interest in areas such as technology, travel, sports, literature and gastronomy have aided him to the research quality in articles that reflect these themes. Recently, he discovered the Bitcoin and the blockchain technology and he’s a big fan now.