Bitcoin weekly price analysis 22 August: The market’s top coin lifts its weekly value

Posted: 22 August 2018 7:19 am
News

The world's leading cryptocurrency moved sideways for most of the week, posting gains in a bear market.

Key takeaways

Bitcoin began the week Tuesday 14 August at US$6,114.32. From there, the cryptocurrency has seen some wild price movements but continued to gain value over the past seven days.

Bitcoin

Following last Monday's digital currency "bloodbath", bitcoin has been on a tear, rising to US$6,587.45 on Wednesday 15 August before slipping back down to US$6,288.34 on Thursday 16 August.

The token hit a weekly high of US$6,613.81 on Friday 17 August but struggled to maintain momentum over the weekend, seesawing as low as US$6,353.73 on Saturday 18 August. On Monday 20 August, the coin took a sharp dive again but has since recovered during today's trade and finished a little higher by market close.

At the time of writing, bitcoin held a value of approximately US$6,451.67.

24-hour trading volumes have decreased from US$5.3 million at the start of the week, down to US$3.7 million.

Bitcoin short orders are close (1,146 orders) to a new all-time high, according to crypto exchange Bitfinex.

Cointelegraph reports that bitcoin "continues to show relative resilience", despite bears dominating the market.

Bitcoin futures volumes fell for the third consecutive trading session on Monday, totalling 2,480 transactions. Volumes slipped almost 70% this week, when over 8,000 contracts were traded, according to data from CME Group.

21-year-old Jacob Burrell Campos was arrested crossing the border from Mexico to the United States and is facing trial on 31 charges. According to his recently-unsealed indictment, all the charges relate to illicit bitcoin trading including operating an illegal money transmitting business, failing to maintain an anti-money laundering program, international money laundering and conspiracy to structure monetary transactions.

You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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