The market plunged back and institutions continued to buy bitcoin

Bottom line of the week: the market plunged back and institutions continued to buy bitcoin.

Summing up the results of the week, we recall the sharp market downturn, new institutional investments in bitcoin, the conviction of Alexander Vinnick, a BTC-e related businessman, and other key events.

The current week saw the market fall, with Bitcoin falling around $18,000 on Wednesday 9 December. Another wave of corrections to the December low of around $17,500 took place on Friday 11 December.

A comparable decline in the Bitcoin price was seen on 1 December before the asset took off at $20,000, and investors‘ hopes for continued Bitcoin Profit reviews growth revived at the end of the week. On Sunday, the first crypt currency returned to above $19,000, regaining previous losses.

At the time of publication, Bitcoins was trading at around $19,230, up 4.8% over the last 24 hours and 0.5% over the week.

According to trader and analyst Ton Weiss, continued quarantine due to the coronavirus pandemic, increased dollar issuance and institutional purchasing of Bitcoin create a favorable ground for further bullish rally.

„The pandemic is helping bitcoin because more money is being printed, more people hate the government and more companies are looking for opportunities to hedge risks. Already 30% of the world’s people have lost their jobs,“ explains Weiss.

Earlier, Bloomberg analysts said that the range of fluctuations in the price of bitcoin could reach $10,000-50,000, and capitalization could rise to $1 trillion between 2021 and 2022.

The first ten digital assets by capitalization at the end of the week look like this.

The capitalisation of the stelecoins exceeded $25 billion

The total market value of the five most popular stelecoins exceeded $25 billion, which is more than 4% of the total capitalisation of the cryptocurrency market.

Tether is the irreplaceable leader among steblcoins. Its capitalisation is around $20 billion, and its share in the segment is 80%.

USDC is the second most popular stelecoin and its capitalisation this week exceeded $3 billion.

The chart below shows the segment’s growth dynamics over the past few years.

The combined value of assets blocked in DeFi-enabled services exceeded the record $15 billion this week for the first time. At the time of publication, this figure was $14.59 billion.