Bitcoin Cryptocurrency News

Bitcoin Price Stuck While NASDAQ Breaks All-Time Highs: The Weekly Crypto Report

The last seven days were relatively calm when it comes to Bitcoin as it marks a slight decrease of less than 1%. However, on June 15th, the price dropped to about $9,000, but it managed to recover very quickly and has traded in a narrow range since.

Overall retail interest in the asset seems to be decreasing as Bitcoin recorded the lowest number of searches in the past three months, data from Google Trends revealed.

The asset remains mostly correlated with legacy markets, but the latter appears to be catching some speed. The NASDAQ Composite index marked an all-time high on June 10th and is currently trading slightly below that. The same is true for Nasdaq 100. The S&P 500 is also very close to its former highs before the March declines as it trades only 5% below it.

On another note, the altcoin market remains relatively unchanged since last week. In fact, Bitcoin’s dominance, which indicates BTC’s overall share relative to the entire market, hasn’t changed.

Nevertheless, the week wasn’t short of exciting developments. Ubisoft released a new Ethereum-based collectible game to support UNICEF campaigns, while one of Japan’s largest banks, Nomura, partnered with Ledger to offer Bitcoin custody to its clients.

At the same time, an unpublished book by John Bolton, the former national security advisor in President Trump’s administration, revealed that the latter told Secretary Mnuchin to go after Bitcoin as far back as 2018.

As we reported earlier today, there’s probably a huge move coming for Bitcoin as it’s forming a symmetrical triangle on the lower time frames. The following days should be very exciting.

I am a believer of the HODL philosophy because we are still in the nascent stage of blockchain technology. Although we are in a bear market now, my outlook on the adoption and growth of blockchain solutions remains unchanged. Blockchain transactions has been growing exponentially and demand for cryptocurrency like Bitcoin [BTC], Ethereum [ETH], Ripple [XRP], Litecoin [LTC] and other Altcoins will only continue to grow exponentially in the next five to ten years.

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