Dear Teroxx Community,
This week we saw a digital asset market, which showed little change price-wise, but completed a support formation in recent days and showed bullish moves to start the week!
As usual, we are also providing detailed videos for those who want to delve deeper into the subject.
Digital Asset News
Although the bottoming out for Bitcoin does not seem to be complete yet, some experts predict that there could be new gains for the time being.
“The daily chart looks good, the market is pointing to a bounce for now, but that doesn’t say anything about what it will look like,” analysts said. To this they add:
“The FireCharts show that there is clear resistance at $30,700 and at $32,000, so there could be a sideways move first before the upswing follows.”
The push for risky financial products has weakened the U.S. dollar, as it were, so the U.S. dollar index (DXY) is now heading further back down to earth after hitting a twenty-year record high in recent days. This could facilitate investments in the digital asset market in the coming weeks.
The topic of LUNA / UST also continues to occupy many people. Now there is news:
To manage the restart of the crashed cryptocurrency Terra (LUNA), the majority of the community of this blockchain project has now decided to burn a large part of the supply of the associated stablecoin UST.
Back in early May, Terra CEO Do Kwon had stated that burning parts of the UST supply could be a possible solution to stabilize the crypto project. Following this logic, users of the project have suggested that 1 billion currency units of the TerraUSD (UST) stablecoin be burned from the community pool.
Although Do Kwon has provided a wallet address for burns, the Terra business leader stresses that he advises investors against depositing funds to it, because in the end, they would only diminish their own wealth.
Whether these steps will lead to a long-term recovery is highly doubtful. The public prosecutor’s office in South Korea is already investigating – nevertheless, new news on this topic is attracting a lot of attention.
Video games were developed in the late 20th century as a means of distraction from everyday life. But newer technologies and a digital society have helped turn a leisure activity into a multi-billion dollar industry that continues to grow.
From the 1970s to the 2000s, pay-to-play games were the dominant model. Here, you could either buy the software with a one-time payment or use it over time, usually in the form of monthly subscriptions. In the 2010s, companies gradually explored the free-to-play model, benefiting from global app stores and marketplaces that spawned successful franchises like Fortnite and Apex Legends. Recently, the play-to-earn (P2E) model has also become more popular. Not only can gamers play for free, they can actually earn money while playing.
With the introduction of blockchain technologies, games have become more than just entertainment. Blockchain-based games give gamers, users, and developers more opportunities thanks to the ownership of NFTs and the economic characteristics of cryptocurrencies. In addition, blockchain-based games and their underlying infrastructure have received at least $7 billion in investment from VCs and institutional investors since early 2021.
Technical term of the week
Token Burning: The working capital of digital assets can be reduced if they are intentionally sent to an incorrect wallet address. This results in the supply being reduced forever. These tokens are subsequently no longer available and reduce the working capital. With the same or increasing demand, this type of deflation subsequently ensures higher / stabilized prices.
Digital asset market
Bullish outlook: Support formation above half of the $30,000 level could lead to another 10-15% bounce.
Bearish Outlook: If $30,000 serves as resistance, the market could see fresh setbacks and push Bitcoin back to $27,500.