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Bitcoin [BTC] Price Weekly Update: Hovering Over $8,500

Over the past few weeks, the hype around Bitcoin, BTC, has reduced and is nowhere close to what it was in the month of January, this year. Even though its price hasn’t reached $20,000 again, it still is holding itself around the $8,000 – $9,000 range quite comfortably.

A week in review – BTC price was around $9,868 on May 6th and suffered a massive drop of more than $1,400 over the last 7 days. It is now trading at $8,400 at the time of writing and appears to be going on the downtrend. In the past 24hrs, it has risen by 0.30% and faces resistance at $8,500 mark. It still is at the top position with a market cap of $143 Billion and has 37% market share. Despite the top richest people taking a stand against Bitcoin, BTC, where Warren Buffet still believes Bitcoin is phony money and wishes to buy all of Apple’s shares, it is still holding up pretty strong.

bitcoin price

As for the Bitcoin community – there are many stealwares running around on the internet and stealing people’s Bitcoins, BTC. One such software is in one of Electrum’s binary files. Electrum is a very popular Bitcoin wallet and more than a million users have their wallets registered on it.

GitHub source:

Recently, a website hosted at “electrum dot com” has been trying to defraud Electrum users, by distributing fake Electrum binaries that will extract the user’s seed words and private keys, and send them to a remote server.

To know more about the malware binaries, check out this link.

More and more millennials are now investing in cryptocurrencies for their retirement plans.  A survey conducted by The Student Report says that 21.2% of college students spend their financial aid money on acquiring cryptocurrency assets.

Rachel Wolfson writes on Bloomberg:

Interestingly enough though, one of the main reasons millennials are investing in cryptocurrencies is to save for retirement funds.

It is safe to say that millennials are not losing faith in cryptocurrencies, it’s just the old and rich who can’t seem to grasp the concept.

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Anshul Mohan

Anshul Mohan

CEO, Editor in Chief
CEO at CoinFrenzy, Mechanical Engineer, Blockchain enthusiast, Writer.