Bitcoin weekly price analysis 21 August: The market’s top coin lifts its weekly value
The world’s leading cryptocurrency moved sideways for most of the week, posting gains in a bear market.
- Bitcoin has had a very positive week, fluctuating and trading up in value.
- Trading volumes have reduced dramatically week-on-week for the world’s leading cryptocurrency.
- A trader allegedly used bitcoin to launder money, without a licence, to write it off as an accident.
Following last Monday’s digital currency “bloodbath”, bitcoin has been on a tear, rising to $6,587.45 on Wednesday August 15 before slipping back down to $6,288.34 on Thursday August 16.
The token hit a weekly high of $6,613.81 on Friday August 17 but struggled to maintain momentum over the weekend, seesawing as low as $6,353.73 on Saturday August 18. On Monday August 20, 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 $6,451.67.
24-hour trading volumes have decreased from $5.3 million at the start of the week, down to $3.7 billion.
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, including operating an illegal money transmitting business, failing to maintain an anti-money laundering program, international money laundering and conspiracy to structure monetary transactions, all in relation to illicit bitcoin trading, according to his recently-unsealed indictment.
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