CV Market Watch™: Weekly Trading Overview (17-24 August) (BTC) survived another week with relatively lower volatility, following a series of interventions by the Tether treasury wallet. BTC now fights to remain above the $6,000 level, which many see as key for the sustainability of miners.
Bitcoin (BTC) lost another bout with the US Securities and Exchange Commission as expected, as nine different ETF proposals were shot down. For now, the market seems to have settled into the knowledge that an ETF may not arrive soon. This also means that BTC trading and prices are boosted by internal trades in the crypto market, most notably by the Tether (USDT) dollar-pegged asset.
!Bitcoin!
BTC has a negligible net gain of 0.75% in the past seven days, standing at $6,547.49. Over the past week, BTC had volatile days, on trading volumes depressed toward $3 billion in 24 hours. On August 22, BTC peaked above $6,700, only to sink back again. The probable reason was the tranche of 100 million USDT tokens moved to Bitfinex on August 21. On Friday, the share of USDT trading in Bitcoin had expanded to 58.7%, based on data from CryptoCompare, once again indicating that the funds supporting BTC prices are mostly linked to USDT speculation.
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