Bitcoin (BTC) had an encouraging week after breaking the $7,000 level, but the fears of a protracted bear market took the prices down below that range, which suggests a new price drop.
|
Bitcoin (BTC) Hashrate Goes Through the Roof as Prices Break Above $7,000 |
Bitcoin (BTC) saw support from Tether (USDT) tranches, which led to an immediate recovery above $7,000. But the climb topped at $7,100, and BTC retreated again. On Friday, BTC retreated to the $6,800 range on Friday, later recovering to $6,979.81 as of 11:00 UTC.
!Bitcoin!
BTC grew by 6.5% net in the past seven days, even after the setbacks. Trading volumes fell in the usual range of around $4.4 billion’s equivalent. But this time, the influence of Tether expanded. For almost every day in the past week, the BTC/USDT pair accounted for more than 50% of all trades, and rising to more than 57% on Friday. Almost every day, there is evidence that the price of BTC is supported by the USDT inflow, which now makes up the majority of trades.
|
Tether (USDT) New Intervention Lifts Bitcoin (BTC) to $6,800 |
Ethereum (ETH) remained well below the $300 range, as the entire market struggled for direction. On Friday, ETH inched up to $282.07, with a net gain in the past seven days of 1.81%. ETH remains one of the most actively traded coins, is widely distributed through exch...
This article appeared first on Cryptovest
