Trending Bitcoin News and Market Sentiment, Weekly Edition, 7th August 2020: Bitcoin Metrics Fly, Crypto Sentiment Peaks, Crypto Mum Till 2025

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  • Bitcoin and Ethereum recover from Monday’s crash as crypto sentiment remains on a high
  • The US SEC has confirmed Hester Peirce as Commissioner until 2025

We cap off another bullish week for crypto markets as Ethereum and Bitcoin both mark their territory having recovered from a Monday slump, with ETH trading just below USD 400 and Bitcoin at USD 11,655 (CoinDesk) at time of writing on early Friday morning US time.

And has the markets been flying or what?

Apart from the rise in US dollar valuations, which are hard to ignore, there are quite a number of metrics to look at for more evidence that the sentiment is decidedly bullish, after spending weeks below USD 10,000 prior to late July.

We take a look first at the latest data on-chain, which shows that despite the pandemic and economic slowdown impacting economies and employment figures all over the world, capital from new investors are still flowing into Bitcoin. When looking at the number of new Bitcoin addresses, we are now approaching the levels last seen in 2017 when Bitcoin was at an all-time high, almost three years ago. RoundBlock Capital CEO Brock Connelly said on Twitter:

“Has anyone noticed, daily active addresses (Bitcoin) is back above June 2019 levels, and approaching high of 1.29mm in December 2017. BTC market feels much different now.”

Connelly showed an image of on-chain metrics from IntoTheBlock that shows also some strong gyrations coming up to this week, suggesting that Bitcoin’s uptrend is set to continue, even after striking it over 25% gains over the past 20 days.

Quite important also to note is how quickly things recovered from Sunday/Monday’s flash crash when over USD 1 billion worth of futures were liquidated in 60 minutes. The massive liquidation sent markets into a panic, as weak hands sold their lots, but the manner in which prices have recovered over the next four or five days shows that the market and investors are willing to stabilize and prevent what could have been a precursor to extreme volatility. Most traders won’t be worried at these days below USD 12,000 either since that has historically been a strong resistance level and every attempt since 2018 to close a weekly candle above it has only been followed by sustained retracements.

But for now, addresses accumulating Bitcoin continue to be well in profit, and IntoTheBlock data suggested that as of now, 93.76% of all Bitcoin addresses are now in profit — that’s over 27 million addresses in profit. They explained:

“The Bitcoin network has a total of 702.11 million addresses, from which 30.99 million currently have a balance in BTC. At the current price of $11,758.8, 93.76% of the addresses with a balance are currently profiting from their BTC positions.”

And to top off this week, one of crypto’s strongest and most well-loved advocates, US Securities and Exchange Commission (SEC) Commissioner Hester Peirce, affectionately dubbed Crypto Mom by the cryptosphere, has been confirmed by the regulatory body to serve in her current position for another five years through to August 2025.

Her second term will be especially good news for most people in the industry, while those outside it will also be pleased to have the woman who has been known from both sides to be positive and objective in her regulatory vision, despite being well on the side of blockchain. SEC Chairman Jay Clayton and commissioners Elad Roisman and Allison Herren Lee made the confirmation in an announced statement following a vote from the Senate this week. They said:

“We congratulate Hester and Caroline on their Senate confirmations. On behalf of our 4,500 dedicated colleagues, we applaud their long standing commitment to investors and look forward to their continued work to advance the SEC’s vital mission of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation.”

Earlier in February, Peirce presented a draft proposal that looked at providing digital tokens a safe harbor in the form of a three-year grace period for developers to build a decentralized network, safe from the repercussions of possible legal action from the SEC. It was quite an unusual intervention from the Commissioner but while it was welcomed by the blockchain industry, the SEC likely would not have seen it as procedural, even if some dubbed it “the most groundbreaking development for the U.S. cryptocurrency market to date”.

It wasn’t the first time Peirce chose to stand apart from the regulatory agency, and has always pushed for decentralization, publicly opposing the SEC’s rejection of Wilshire Phoenix’s Bitcoin Exchange Traded Fund (ETF) application this year.

She herself has criticized the US SEC’s repeated rejections and deferrals of applications of Bitcoin ETFs, which she warned “impedes innovation in this country and threatens to drive entrepreneurs, and the opportunities they create, to other jurisdictions”. is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

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