Aug 30th, Bitcoin Weekly Report
#1. Bitcoin Weekly News Summary
Bitcoin Has No Value: People Bank’s Of China Official Announces Further Crackdown
Bitcoin (CRYPTO: BTC) and other cryptocurrencies “are not legal tenders and have no actual value support,” according to Deputy Director of the Financial Consumer Rights Protection Bureau of the People’s Bank of China (PBoC) Yin Youping.
Cuba becomes the latest country to authorise and regulate cryptocurrencies like Bitcoin
Cuba’s government said on Thursday it will recognise and regulate cryptocurrencies for payments on the Carribean island.
Bitcoin’s key momentum metric just flashed bearish with BTC price pinned under $50K
The run-up in the Bitcoin (BTC) price toward $50,000 last week risks exhaustion due to a mismatch between the cryptocurrency’s price and momentum trends.
#2. Bitcoin Open Interest at major exchange
Binance: During the weekend, it dropped about $200 million and it is now about $2.8 billion.
BitMEX: It maintained at the level of $730 million.
Bybit: It dropped $5,000 and it is now around $1.4 billion.
Bitcoin Dominance remains at the level of 43.5%.
#4. Bitcoin Price and its correlations
The value of correlation may vary from -1 to 1. The closer the value gets to 1, the higher the two assets are associated and moving in the same direction. When it is closer to -1, it is vice versa. Zero in value means there is no correlation at all.
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