Cryptocurrency Market Review

Cryptocurrency markets were broadly lower for a third consecutive session Friday, with leading cryptocurrency Bitcoin down by as much as 4.5% at one point. It recovered off its lows and finished the session lower by just 1.5% instead, and remains comfortably above the $10,000 handle.

The drop in price came in response to a mysterious whale movement of over $1 billion in Bitcoin to a single address, creating the largest non-exchange Bitcoin address. The coins came from an unknown address, and no one came forward to claim the transaction as their own, so the ownership of the 94,504 BTC is unknown, although it’s been speculated that the transaction could have been the exchange Bakkt, who opened their Bitcoin warehousing service on Friday, and will soon offer trading in Bitcoin futures with physical settlement.

The rest of the top ten cryptocurrencies were a mixed bag, with most falling, although Bitcoin SV gained 1%. Also gained were Litecoin and Monero, with both up by 0.2%. The other six of the top ten altcoins were lower in the range of 1.1% to 2.4%, with that largest loss coming from number two coin Ethereum.

In other crypto news, the company behind the stablecoin Tether is planning on releasing a new version that is backed by the Chinese Renmimbi, as well as another version backed by commodities such as gold, oil, and even rubber. The reasoning behind the commodity backed stablecoin is that the company has faced excessive risks in storing fiat currency with traditional banks. By moving to commodities they can avoid that risk.


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