The best of the week in the market of cryptomoedas in Brazil and the world.
Bitcoin started the week with a good performance, coming out of the $ 59 thousand and reaching close to $ 62 thousand on Monday (28). During the week, the quotation went back, was traded again at around R$59 thousand and had a slight recovery. At the time of writing this article, Bitcoin is traded at around $ 60,000.
The impact of the prices was worse for the altcoins. Some registered falls of up to two digits in the last 24 hours of closing of this article. Among the top 20, the worst performances came from NEO and Chainlink, both 15%. Other altcoins, such as ETH, XRP, Polkadot, Cardano and Tezos also showed a negative performance. The falls were 1.36%, 1.61%, 4.45%, 3.44% and 5.5% respectively.
BitMEX, Hack and Trump
Market performance may have been directly impacted by the legal problems faced by one of the world’s largest exchanges. CFTC accused BitMEX of trading a derivatives exchange illegally, moving about US$ 1 trillion without authorization to trade with US investors.
Another issue that continued to negatively impact the crypto market was the KuCoin hack. After the attack, the hackers started moving the stolen tokens to the decentralized Uniswap exchange. Despite this controversy involving DeFI protocols, they continue to attract capital. APY.Finance raised $67 million in the launch of its mining program.
The negative price movement was not exclusive to the cryptomoeda market. The world stock markets fell this Friday (02) after the announcement that Donald Trump, president of the United States, is with coronavirus. Following that, the betting market heated up with doubts about Trump’s ability to complete his mandate.
Bitcoin, Real and Dollar
Despite this week’s price drop, Bitcoin was considered the best investment of the third quarter, accumulating 21.33% appreciation. And the Real was considered the worst currency in the world against the dollar, with almost 40% devaluation.
The Brazilian market, despite the news about the devaluation of the state currency, had a great novelty in the scenario of crypto currency. The Securities and Exchange Commission, CVM, approved the creation of the first fund 100% backed by Bitcoin of Brazil, QR Asset Management. QR Asset Management launched on Thursday (01) the fund with full allocation in Bitcoin, QR BTC MAX FIM IE.
The future pricing scenario also looks positive. The trader Byzantine General highlighted 23 factors that indicate that Bitcoin is facing a big rally in the medium term. The same should happen with the altcoins, according to Benjamin Pirus, who after studying several scenarios and performance of some altcoins, indicated that a big rally for currencies like Litecoin, Ethereum, Zcash and Ripple may be close.