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Bitcoin’s Market Dominance Might Have Peaked!
Benjamin Cowen does not expect Bitcoin’s dominance to climb back to 70%.
Danielle du Toit
August 19, 2024
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Here's what we've got for you today:
Bitcoin’s Market Dominance Unlikely to Return to 2020 Highs
Goldman Sachs Lowers US Recession Risk to 20% - What it Means for Bitcoin
Global Exchanges Vie for Licenses in Turkey Amid Regulator Shift
Vitalik Buterin Transfers $1M Ether to Privacy Protocol Railgun
Benjamin Cowen believes it is very unlikely for Bitcoin’s dominance to climb back to the levels it reached in December of 2020.
Cowen does not expect Bitcoin’s dominance to climb back to 70%, instead setting a target of 60%.
Cowen also predicts that Bitcoin could reach the 60% dominance level as early as September or as late as December.
Another analyst suggests that Bitcoin’s dominance might have already peaked at the current cycle's top around 57.50%.
Economists at Goldman Sachs have cut their probability of a recession in the US within the next year to 20%.
This probability is down from their previous estimate of 25% and they “would probably cut our recession probability back to 15%, where it stood for almost a year” if the US jobs report for August “looks reasonably good.”
The economists are confident that the US Federal Reserve will cut interest rates by 0.25% during its September meeting.
According to Markus Thielen from 10x Research, Bitcoin traders might welcome a rate cut, there is a risk that it could signal a recession that could lead to a Bitcoin price correction.
Companies like Coinbase, KuCoin, and Gate.io are some of the latest to join a growing list of applicants vying for a foothold in Turkey.
The momentum started on Aug. 9, when the CMB announced that 47 crypto companies initially applied for business licenses under the new regulatory framework, which very quickly increased to 76 applications.
Despite the surge in applications, the CMB clarified that inclusion in the “List of Those in Operation” does not automatically grant official authorization.
The CMB stated that the list will be updated as companies address regulatory deficiencies or as the board completes its investigations into each applicant.
Buterin has sent 662 ETH in total, worth $1.91 million, to the Railgun protocol in the last 10 months.
Railgun operates on Ethereum and similar blockchains, using zk-SNARKs to ensure user privacy.
Vitalik Buterin described Railgun as a strong privacy tool as it complicates bad actors' ability to join the pool without compromising users' privacy.
On the other hand, blockchain analysis firm Elliptic reported that the North Korean hacking group Lazarus used Railgun to launder more than $60 million in ETH that was stolen in June of 2022.
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