CV Market Watch™: Weekly Crypto Trading Overview (May 10-17, 2019)

Cryptovest

Published May 20, 2019 03:12AM ET

Updated May 20, 2019 04:21AM ET

Bitcoin (BTC) returned to volatility, extending the gains from support levels near $6,000. The leading coin easily broke above the $7,000 level last weekend and went on to regain the $8,000 tier for the first time in about 12 months. But following an old pattern, BTC also crashed quickly, wiping hundreds from its price.

Cryptopia Exchange Closes Indefinitely as Liquidation Investigation Starts

Bitcoin (BTC) had two consecutive weekend booms, continually breaking above to a higher range. This week, BTC climbed to a peak at $8,320.52, just before returning to the $7,300 range in a fast correction. The move re-sparked talks of a “Bart Simpson” pattern, the usual quick climb, a few days of stability, followed by a crash.

The current rally arrived with absolute record volumes of above $30 billion’s equivalent in 24 hours, peaking at above $33 billion. This time, the share of actual fiat in dollars increased to about 15% of volumes, while the share of USDT trading fell to about 62%. But it is still early to say if this means renewed investment interest, or another bout of concerted speculation using both dollars and stablecoins.

This article appeared first on Cryptovest

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Written By: Cryptovest

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