Market Analysis

Bitcoin price made new 2019 high at $8900 after remaining in the tight range throughout last week. Surging 39% in May 2019 alone. Bitcoin futures opened gap-up for the second time this month due to the fact that future market remains closed during the weekend. There was little on the development side that could have triggered such a rally. Inflation inflicted Argentina saw Bitcoin breaking an all-time high, trading above 3,50,000 peso. In dollar terms, Bitcoin is trading above $20000 in the country. At this point, a healthy retracement is not ruled out which would give a dip to the investors to buy. On the fundamental development front, BTC transactions remained flat roughly over past one month, despite a massive surge in the price. The number of transactions per day signifies the adoption level of the asset.

Source:TradingView.com

Bitcoin Transaction Value Per Day

Source:Blockchain.com

Altcoins also joined the rally with major coins rising around 5% on an average. Major companies such as AT&T and Facebook might drive the cryptocurrency adoption further. After AT&T announced accepting cryptocurrency as payment, Facebook announced its GlobalCoin in making. Further, Crypto Hedge fund managers and investors have been positive on the current rally. Morgan Creek fund manager A. Pompliano stated recently stated that Bitcoin might enter in two to three year Bull Market.

Overall, the sentiments look positive and slightly inclined towards FOMO. Investors and traders are eyeing $10000 level as the next stop.

Weekly Growth Blockchain Wallet Users

Weekly Gainers & Losers

Major Developments this Week

Bitcoin — AT&T announced accepting Bitcoin payments for its services. In separate news, Facebook is reportedly working with Winklevoss brothers and Coinbase over developing a digital currency, dubbed as GlobalCoin.

— AT&T announced accepting Bitcoin payments for its services. In separate news, Facebook is reportedly working with Winklevoss brothers and Coinbase over developing a digital currency, dubbed as GlobalCoin. Ethereum — Bosch Ltd. announced that their new project would be backed by Ethereum Blockchain. In a separate development, Grayscale Investment revealed that it has got approval from FINRA to offer shares in its Ethereum trust publically. Separately, Ethereum co-founder Vitalik Buterin has proposed creating on chain, smart contract based Ether mixer.

Bosch Ltd. announced that their new project would be backed by Ethereum Blockchain. In a separate development, Grayscale Investment revealed that it has got approval from FINRA to offer shares in its Ethereum trust publically. Separately, Ethereum co-founder Vitalik Buterin has proposed creating on chain, smart contract based Ether mixer. Ripple — The Siam Commercial Bank, one of the largest banks in Thailand has announced integration with the Ripple Blockchain.

The Siam Commercial Bank, one of the largest banks in Thailand has announced integration with the Ripple Blockchain. Ethereum Classic — Ethereum Classic stated that they are working on 4 projects related to Interoperability namely — OpenRPC, Metronome, peaceBridge and TokenBridge.

Ethereum Classic stated that they are working on 4 projects related to Interoperability namely — OpenRPC, Metronome, peaceBridge and TokenBridge. Bitcoin Cash — Bitcoin.com and developers have launched Bitcoin cash register for iOS after launching the Android version of the same. In another development, the community has been split after the news of two developers carrying reorg on the chain broke out.

Bitcoin.com and developers have launched Bitcoin cash register for iOS after launching the Android version of the same. In another development, the community has been split after the news of two developers carrying reorg on the chain broke out. EOS — Block.One is reportedly looking 10% buyback of its stock in EOS exhibiting confidence in EOS. In other news, China’s CCID has retained its tag of ‘Best Cryptocurrency on the basis of three factors.’

— Block.One is reportedly looking 10% buyback of its stock in EOS exhibiting confidence in EOS. In other news, China’s CCID has retained its tag of ‘Best Cryptocurrency on the basis of three factors.’ DASH — Dash Core Foundation is looking to create additional deflationary pressure by creating the Dash investment Foundation. The project has been proposed by CEO Ryan Taylor.

Dash Core Foundation is looking to create additional deflationary pressure by creating the Dash investment Foundation. The project has been proposed by CEO Ryan Taylor. TUSD — According to data from TokenAnalyst, there are currently there are 17,700 HODLers of TUSD. Surprisingly their market capitalisation has reached $241.57 million (at the time of writing)

Wider Market Update: Weekly News Analysis

The Financial Action Task Force is working towards setting new international standards for regulating cryptocurrency this month. The rules would go beyond just covering the KYC regulations of the customers.

Dutch Bank ABN Amro has abandoned the launch of a custodial Bitcoin wallet “Wallie” due to risk concerns as per the report published by The Next Web.

The Dutch Financial Criminal Investigation Service has seized Bestmixer.io, one of the largest Bitcoin mixer services.

CME, the crypto derivative platform has disclosed the month of May being the best one so far. In an investor letter, CME stated that 33,677 Bitcoin futures contracts were traded on May 13th.

A report from Diar stated that Stablecoin has hit an all-time high with $4 billion tokens representing the US dollar on the Blockchain.

A Russian news agency reported that Bank of Russia might be interested in issuing a Gold-backed Cryptocurrency.

Weekly Dapp Statistics

Source:Dapp.com

Fiat to Crypto Trade

Disclaimer

Every effort is made to provide accurate information in this newsletter. However, XDAT cannot guarantee that there will be no errors. XDAT makes no claims, promises or guarantees about the accuracy, completeness or adequacy of contents herein and liabilities for errors and omissions.

Information provided in this correspondence is intended solely for information purposes and is obtained from sources believed to be reliable.

XDAT is not responsible for any losses incurred as a result of using any information contained here. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Any third party opinions, links, news, research, analysis, prices, or other information contained in this newsletter are provided as such as general market commentary and do not constitute as investment advice.

None of the content published in this newsletter constitutes a recommendation that any particular cryptocurrency, portfolio of cryptocurrencies, transaction or investment strategy is suitable for any specific person. The services and content that we provide are solely for informational purposes. The generic market recommendations provided by XDAT are based solely on the judgment of its personnel and should be considered as such. You acknowledge that you shall enter into any transactions relying on your own judgment. Any market recommendations provided by us are generic only and may or may not be consistent with the market positions or intentions of our company and/or our affiliates.

Exciting updates coming your way, stay tuned!

Follow us on Twitter | LinkedIn | Reddit | Facebook | Telegram | YouTube