May,3rd) Bitcoin Weekly Report
#1. Weekly News Summary
Bitcoin Loses Grip in Climb Up as Ethereum Surges
Bitcoin slipped a bit on Sunday, stalling around $56,780 as it continued to try to climb back up, after falling hard in late April. Ethereum, another cryptocurrency, meanwhile surged higher, getting closer to reaching $3,000.
www.thestreet.com/investing/bitcoin/ethereum-surges-over-7-daysWill Bitcoin replace gold as the ultimate store of wealth?
Albert Einstein reckoned the only reason we have time is so that everything doesn’t happen at once. If he was around today, he may have been forced into a rethink. Last year we saw one of the sharpest falls in financial markets ever, followed by one of the quickest recoveries.
www.abc.net.au/news/2021-05-03/the-great-bitcoin-challenge-can-it-topple-gold-/100111226Nexon Joins Tesla in Bitcoin Bet With $100 Million Purchase
Owen Mahoney, president and chief executive officer at Nexon Co. Ltd., discusses his bitcoin strategy following the company’s purchase of $100 million of the cryptocurrency. He speaks on “Bloomberg Daybreak: Australia.”
https://www.bloomberg.com/news/videos/2021-05-03/nexon-joins-tesla-in-bitcoin-bet-with-100-million-purchase-video
#2. Bitcoin Open Interest at major exchanges
Binance: As Bitcoin price rebounded, its open interest also increased up to almost 19 billion dollars.
BitMEX: It went down about $ 3,000 dollars.
bybit: It went up about $400 million dollars that its values are 23 billion dollars.
#3.Bitcoin Dominance
Bitcoin dominance dropped 1% again and now remains around 48%. It means altcoins are getting strength.
#4. Bitcoin Price and its correlations
Correlation
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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