Following the lawsuits against Binance from the SEC, the exchange and its CEO have filed a motion of dismissal.
Bitcoin Price Update
At the time of this writing, Bitcoin s price is $7,138.23 US dollars, up approximately 3% from the day prior. Yesterday’s up day is a reversal of the day before it. In terms of trend, though, note that the current price is now 15.29% below its 20-day moving average, and is currently in a downtrend over the past 14 days. Alternatively, for those interested in trading ranges that Bitcoin bounces between, its current two-week trading range in US dollars is between $7,105.61 and $9,747.12. Its market capitalization currently is estimated to be around $129.25 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 66.31%. It may be worth paying attention to the trend in Bitcoin’s dominance; the currency’s dominance has been going up slightly, as it has reported an average daily upward move of 0.09% the past two weeks. An upward move in dominance may suggest the case for altcoins is getting weaker, and so Bitcoin may end up being “the one currency” to rule them all.
Straight Off the Chain
Yesterday, the Bitcoin blockchain saw 279,470 transactions recorded on it. The trend in daily transactions is not clear, though it should be noted that transactions have declined by about 0.54% over the past week. Ultimately, if the currency does not succeed in growing transactions on its chain, its primary utility may be as a store of value. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $0.8 US dollars. The average transaction fee has been declining at a rate of about 4.88% per week, but the average amount of money sent in transactions, in US dollars, is up 20.41% week over week. In terms of how much computing power Bitcoin is using, over the past 30 days its hash rate has continued to bounce around, ultimately rising daily by approximately 0.14%. Ultimately, the security of Bitcoin is being something to pay attention to, because the hash rate trend is unclear — which implies the trend in mining strength is now harder to understand. As such, this might not enable Bitcoin to attract more high-value transactions.