Dear Teroxx Community,
This week we experienced a market of digital assets, which showed a slightly negative trend.
As usual, we are also providing detailed videos for those who want to delve deeper into the subject.
Digital Asset News
The bitcoin price has been in a price range between $26,000 and $31,000 since mid-March, but the end of this prolonged sideways movement seems imminent – as experts agree.
Among them also QCP Capital, whereby the analysts of the company target the trend reversal already for the end of June.
The investment firm cites as the main reason that the “sideshow” over the U.S. debt ceiling will soon be resolved, which will likely allow the bitcoin price to complete its sideways movement with an upward breakout – similar to 2020.
“Now that the political debate over the debt ceiling is over and it will be raised by January 2025, we can all get back to the day-to-day business of trading and not open up this sideshow again until the next presidential election,” analysts said. And further:
“So we’ll now continue with our normal program around macroeconomic factors and developments in the crypto market.”
Deutsche Telekom will become a validator for Ethereum’s Layer 2 platform Polygon, making it one of only 100 validators to offer staking and validation services for the blockchain network and Polygon’s supernets in the future.
Polygon is a key Layer 2 in the Ethereum ecosystem, offering developers a range of scaling solutions, including zero-knowledge rollups, sidechains and data availability protocols.
Deutsche Telekom MMS, which provides consulting and software development services, will act as a Polygon validator for its parent company. This move is expected to further secure Polygon’s proof-of-stake sidechain and supernets chain and provide overall improvements in security, governance and decentralization of protocols. “Deutsche Telekom is not only a renowned infrastructure provider for mobile and Internet, but is also strongly committed to expanding its presence and reliability as an infrastructure provider in the Web3 space.”
Senior European Union (EU) officials today signed the long-awaited Markets in Crypto-Assets (MiCA) crypto regulation into law, after the draft legislation recently received final approval from European finance ministers.
On May 31, Swedish Agriculture Minister Peter Kullgren, along with EU Parliament President Roberta Metsola, signed the long-awaited cryptocurrency regulatory framework into law, some three years after the European Commission first unveiled MiCA. The draft was debated for a long time in the EU legislative process and repeatedly adjusted, with various aspects of the bill being the subject of heated debates before it was now finally adopted in 2023.
MiCA aims to create a single regulatory framework for cryptocurrencies across EU member states. Once officially signed, the law will next be published in the Official Journal of the European Union and will come into force. However, MiCA regulations are not expected to be implemented by individual countries until sometime in 2024.
Thought of the week
While an extension of the U.S. debt limit is inevitable, it does not fix the problem, but once again only postpones it. There seems to be no long-term solution to sovereign debt, so the swelling problem is priced into markets and asset prices. A positive solution would boost the markets, while a “not solution” would cause no surprise.
Digital Asset Markt
Bullish outlook: A positive market environment could take Bitcoin back to ~$28,000-$29,000.
Bearish outlook: If a catalyst is still not visible in the market, support zones could be retested.