$BTC 24 Hour High $9,167.78 $BTC 24 Hour Low $8,830.97 $BTC -1.3%
After two weeks of relatively tame volumes in the digital asset space, markets have started moving in apparent anticipation of the upcoming halvening event - projected to be May 12th at block 630,000. With $BTC rewards going from 12.5 to 6.25, classic market dynamics (supply vs. demand) may be making its mark on the price with just seven days to go.
Digital assets market cap is starting the week at 249B, up 10.9% over the past 5 days that saw $BTC price go from 7,750 levels to break through 9,400 at the highest point.
Trading at oversold levels, ~520K $BTC traded during the two days to end April (29th and 30th). For reference sake, April’s average daily traded volumes was around 65-70K $BTC, only breaking 100K coins four times previously during the month.
$BTC dominance up to 65.7%, after hovering around 63-64% range for much of the week.
$BTC hashrate followed the price movements. After logging its lowest rates during “Black Thursday” (dropping 44% to around 105 EH/s) it’s now at its all time high at 140 EH/s
During this most recent push,
ETHBTC fell 6%, 0.0253 to 0.0236
BCHBTC fell 9%, 0.031129 to 0.028
Alt market: With most top 20 coins up ~7-10%, $XLM and $ETC were the only coins to outperform $BTC over the past 7 days:
$BTC +15.5% @ 8,900
$XLM +16.9% @ 0.073
$ETC +16.4% @ 7.20
News that caught our eye:
US Congress considering using Blockchain technology to conduct remote voting post COVID-19. Internal memo acknowledges that “Blockchain can provide a secure and transparent environment for transactions and a tamper-free electronic record of all the votes….it also reduces the risks of incorrect vote tallies.”
Moneygram reverses course on it’s use case for $XRP, stating that the Ripple system will only be used for testing new markets and services, and will not be utilised in their core markets. This contradicts their initial partnership press release which implied that $XRP would be used to enable faster payments between the US and Mexico.