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Turbulent week for the Bitcoin price, upcoming volatile Christmas? The weekly market update

December is almost over and it’s safe to say that it was action packed. For the past week, Bitcoin’s price went on a roller coaster ride, falling to a low of around $ 6,500, only to correct itself to around $ 7,200 there, where it is currently trading, and many wonder if it has bottomed out A year ago, Bitcoin was trading at around $ 3,122, which means it was able to more than double its value.

It is worth noting that Bitcoin’s dominance has increased while the price bounced up and down throughout the week. In the past seven days, it’s up nearly 2% to stand at 68.3%. This means that despite the turbulent price movements, altcoins struggled to claim new grounds.

Looking at altcoins, the week was relatively disappointing. Most of them are charting a decline of more than 5% against both Bitcoin and the USD. Of course, as it almost always does, Bitcoin’s rebound helped the Altcoins as well, and they managed to make up for some of the losses earlier in the week.

The market is evolving and there was exciting news from the European Union. In January 2020, new and strict regulations will come into effect that would require cryptocurrency companies to perform more thorough KYC and AML check-ups. Fidelity Digital Assets, one of the world’s largest asset managers, will also expand its crypto services in Europe.

Looking back, the week was eventful in terms of both price action and news. At the beginning of the Christmas week it is interesting to see whether Santa Claus arrives earlier or not.

Market data

Market Cap: $ 190 billion

24h vol .: $ 71 billion

BTC dominance: 68.3%

Bitcoin: $ 7,196 (0.56%)

ETH: $ 128.65 (0.65%)

XRP: $ 0.193 (2.33%)

The bearish feeling: 70% believe Bitcoin’s bottom is below $ 6,000. The week got off to a tough start for Bitcoin as the price plummeted to around $ 6,500. A prominent analyst took to Twitter to ask where people think Bitcoin will bottom out. The majority said it would be under $ 6,000.

Fidelity Digital Assets is expanding its cryptocurrency services in Europe. One of the largest asset managers in the world, Fidelity, is expanding its cryptocurrency services in Europe. The news is positive regarding the institutional investments that are flowing into the market. This will allow larger investors to use compliant and institutional storage solutions for Bitcoin.

Strict regulations for cryptocurrency companies in the EU will come into effect in January 2020. European Union-based cryptocurrency companies and services now have less than a month to comply with the new regulations. After January 10th, the Fifth Anti-Money Laundering Directive (5AMLD) will come into effect, requiring thorough KYC / AML procedures.

The next crypto trend for exchanges? Coinbase is now the largest Tezos validator. According to a recent report, Coinbase, the largest US-based cryptocurrency exchange, is the largest validator for Tezos (XTZ). Interestingly, this sets off a new potential trend, and the folks wondering about validation of exchanges become a hotter topic in the months to come.

Exactly a year ago, Bitcoin price hit the 2018 bear market at $ 3,122. Time flies when it comes to the price of Bitcoin. Just a year ago, the world’s largest cryptocurrency hit its low in 2018 at $ 3,122. Now, after a tumultuous 2019, Bitcoin has more than doubled in value and is currently trading at around $ 7,200.

Vitalik Buterin: The Ethereum Foundation sold 70,000 ETH at an all-time high. The co-founder of the second largest cryptocurrency by total market capitalization admitted that the Ethereum Foundation managed to sell 70,000 ETH when it hit its all-time high. In view of the price at the time, the sold ETH brought in around 98 million dollars for the foundation.

Diagrams

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Litecoin and Binance Coin – click here for the full price analysis.

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