Dear Teroxx Community,
This week we saw a digital asset market break through resistance around $50,000, making for positive markets!
As usual, we are also providing detailed videos for those who want to delve deeper into the subject.
Latest crypto news
The Supply Shock Valuation Model attributes the shortage of Bitcoin a boosting effect on the further price development. A forecast model that measures the “shortage” of Bitcoin (BTC) concludes that the market-leading cryptocurrency should reach a price of at least USD 55,000. The so-called “Supply Shock Valuation Model” is no exception, as it expects Bitcoin to reach a minimum price of $55,000.
In the model, only the no longer available currency units of Bitcoin are divided by the number of available BTC, from which, however, a much deeper insight can be gained than assumed. As Woo himself describes, the forecasting model allows him to “peer into a crystal ball, and predict investors’ intentions even before they have placed their orders.”
“In this view of supply and demand, an investor who does not want to sell is on the demand side, while an investor who wants to sell is on the supply side.”
SEC chief Gary Gensler believes crypto assets need to be government regulated to survive in the long run. Speaking to the Financial Times, Gensler stressed the need for a regulatory framework for crypto platforms. This would serve their own survival. He stated that crypto assets should be regulated in the same way to protect investors and combat illegal financial activities.
He said the global market capitalization of all cryptocurrencies has already risen to over $2 trillion. “If crypto is to maintain its relevance in five or 10 years, it must be done under government supervision.”
In the next Twitter app update, there could be bitcoin tips via the Lightning Network. Twitter is reportedly working on enabling Bitcoin (BTC) gratuities for content creators.
According to MacRumors, Twitter’s latest iOS beta includes some lines of code that suggest Bitcoin could also be accepted at the so-called “Tip Jar.” Tip Jar a feature on Twitter that allows users to tip. As Cointelegraph previously reported, Twitter CEO Jack Dorsey hinted earlier that the app would work on Bitcoin tips.
Twitter introduced Tip Jar in May. It’s designed to allow users to reward content creators on the popular social media platform with tips.
If reports of Bitcoin tipping are true, BTC will be offered as a payment method on Tip Jar alongside Cash App, PayPal, and Venmo.
Technical term of the week
Lending: A way to lend digital assets for a fixed interest rate. Similar to a loan, this capital can be used for various purposes with dated repayment dates.
Bullish outlook: $55,000 as the next resistance zone if $50,000 can be established in the long term.
Bearish outlook: Sell-offs below $50,000 would make the market temporarily bearish.