The boxing world saw Tyson Fury regain his world heavyweight title from Deontay Wilder last night, in a convincing win for the Brit. But how did bitcoin and other cryptos perform this week?
Bitcoin Price: Down, Up, Down, Up
This week started badly for bitcoin prices. Having just fallen back below $10k it continued to drop, not finding solid support until it got down to $9500.
Crypto Twitter started to foretell a deeper correction to as low as $8200, but thankfully it was way off the mark this time.
A golden cross formed on the daily chart for the 50-day and 200-day moving averages (MA), and the price seemed to respond, popping its head back up into five figures and hitting $10,100. Analysts were in disagreement as to which way BTC price would go next, up or down?
We didn’t have to wait long to find out, as Bitcoin dumped hard, dropping $1000 in just a few hours, before finding support at $9500.
A day or two later and BTC had stabilized, giving the bulls something to play for, although gains didn’t really materialize until this morning when bitcoin price crept back up to $9900.
Flash Loans And DeFi Making Headlines
Decentralized Finance (DeFi) dominated the news this week, firstly with renewed optimism for an ETH 2.0 launch following an Ethereum conference in Denver. Ether reacted well to the news, with price pushing up to a new yearly high.
Then flash loans hit the headlines for all the wrong reasons. Someone exploited a loophole in bZx’s flash loan platform to net a profit of $350k.