Having been through a prolonged slump, this week saw cryptocurrency market make a steady recovery from the bearish phase. While bitcoin somewhat stood its ground in the face of a downward trend in the market, other major crypto tokens like ether and XRP took the brunt of the pessimistic market sentiment, as both the digital currencies reached a dismal week low of $254 and $0.26, respectively.
However, both the cryptocurrencies have since made a slight recovery as at the time of publishing this write-up, they trade at $312.43 and $0.34, respectively.
Although bitcoin currently trades at $6500, cryptoanalysts are of the opinion that a bullish sentiment in the cryptosphere can only be established when the market price crosses the upward resistance figure of $6675.
VeChain (VET) and Lisk (LSK) Earn Big
Blockchainreporter reported on August 17 that altcoins like VeChain and Lisk gained considerable momentum this week with a surge in their respective token prices. VeChain (VET) experienced a 47% increase in its value, courtesy of factors like getting enlisted on Coinbase and getting entrusted with research and development in drug and vaccine traceability solution in China.
Lisk (LSK) announced on August 15, migration of Lisk Core 1.0 to its main network, Mainnet, leaving behind the old version Lisk Core 0.9.16. The new platform is expected to equip the users with a fresh API design, a revamped peer-to-peer communication layer, and an entirely new data field to enable /customers to send messages along with their transactions.
Fall in Lira and ETN Launch Propel the Crypto Market
Earlier this week, Turkish Lira crashed against the U.S. Dollar by a staggering 45 percent. This collapse accentuated the demand for bitcoin in the country, as the demand for the flag-ship cryptocurrency rose by more than 60%, according to the largest Turkish digital asset exchange Koinim.
It must be stressed that unlike India and Iran, cryptocurrency trade with banks is not illegal in Turkey. Country’s President Recep Tayyip Erdogan has appealed to the country’s citizens to trade all their held foreign currencies and gold for the Turkish Lira. This is seen as a desperate attempt to artificially inflate the demand for Lira in global markets to escape Venezuela like bitcoin adoption situation.
Lastly, Bitcoin Tracker One, a Sweden based exchange-traded-note has been made accessible to American individuals now. The instrument is now quoted in U.S. dollars under the ticket CXBTF. This is a major step forward to enable investment in bitcoin for American investors.