Dear Teroxx Community,

This week we saw a digital asset market that saw bigger sell offs.

Weekly overview

As usual, we are also providing detailed videos for those who want to delve deeper into the subject.

Latest crypto news

According to Galaxy’s estimates, the annual energy usage of Bitcoin stands at 114 TWh, while the banking industry consumes over 260 TWh each year.
Amid the ongoing concerns over Bitcoin’s (BTC) energy consumption, a new study states that the traditional banking system consumes much more energy than the Bitcoin network.
Michael Novogratz’s cryptocurrency firm Galaxy Digital released a report Friday titled “On Bitcoin’s Energy Consumption: A Quantitative Approach to a Subjective Question,” providing open-source access to its methodology and calculations.

Bitcoin market dominance falls to three-year low of 40%
Altcoins have risen to a three-year dominance high after tagging a record combined capitalization of nearly $1.5 trillion last week. While Bitcoin tumbles in response to Elon Musk’s Twitter account yet again, altcoin dominance has surged to its highest level in roughly three years. Bitcoin hit a market dominance low of 33% in January 2018 when it was cooling from its previous peak while the altcoins were just hitting theirs. It is currently not far off its second lowest level of 36%, three years ago in May 2018.

 

The IOTA Foundation has presented a concept for the planned EU vaccination certificate based on its own tangle. The “green passport” is to document a digital proof of a received vaccination against the coronavirus, a survived disease and also current test results in a tamper-proof and machine-readable way already from the beginning of June.
In the project, which is merely coordinated by the EU, the national authorities are to take over the issuing process. The proof must meet a number of criteria, such as the option of digital use via app and paper format using a QR code.
IOTA has teamed up with U.S. company Zebra Technologies for its concept. Together, they can provide the technological infrastructure needed for the “green passport” while taking all requirements into account.

Technical term of the week

FUD News: Describe news that brings fear, uncertainty and doubt to the market. Are often news with dubious sources and only serve to support a negative trend. Usually have only short-term relevance for the market.

Crypto Market

Last week we saw market moves that pushed bitcoin below the $50,000 mark. Weakening tech stocks, heightened inflation fears and the gradual openings of many countries temporarily drove the markets lower. Bitcoin and other assets could not hold the high support levels and consequently sell-offs set in. On a weekly basis, most assets are down by double digits. Therefore, the maximum task was to secure the assets and to sit out the dangers. Currently, a local low (support) seems to have been reached. First and foremost, the announcement by Elon Musk and Tesla to no longer accept Bitcoin as a means of payment was the driver for the sharply falling prices in the slightly negative markets. After successful long-term support formation, we expect increased volatility, which should bring some opportunities.

BTC/USDT, 60

Bullish outlook: $50.000 is the next resistance to break. If Bitcoin can manage this the dip is finally confirmed as a support.

Bearish outlook: $40.000 should be the lowest support for the current bull cycle. Losing the support could lead to another dip.