Dear Teroxx Community,

This week we saw a digital asset market that experienced a positive week and established some high supports.

Weekly overview

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

Latest crypto news

The weekend has flushed several cryptocurrencies into higher territory, with XRP leading the climb with a whopping 30% gain. The push of the Ripple cryptocurrency is based on the recent partial successes in the lawsuit against the US Securities and Exchange Commission and rumors of a resumption at some crypto exchanges. The current surge is a real slap in the face for the U.S. Securities and Exchange Commission, which claims in its lawsuit against issuer Ripple that XRP constitutes “an unlawful security.” This accusation alone resulted in several crypto exchanges removing the then third largest cryptocurrency from trading.

UK-based crypto exchange Bitstamp has appointed Sameer Dubey, former head of payments at major UK bank Barclays, as its new chief operating officer (COO).
According to a related announcement yesterday (Thursday), Bitstamp hopes to use Dubey’s expertise to help it scale its own business. Dubey was previously head of payments for corporate clients at Barclays and also sat on the bank’s blockchain advisory board. Most recently, he held a senior position at German direct bank N26.

Major crypto exchange Kraken is planning a possible IPO next year, CEO Jesse Powell has confirmed.
Powell made the relevant remarks to the CNBC television channel after Kraken had previously released record figures for the first quarter of 2021, showing a significant increase in new customers and in trading volume.
To that end, he said, “We’re working toward being able to go public sometime next year. […] Similar to Coinbase, we would probably target a direct IPO.”

Technical term of the week

Psychological market levels: are price levels that, regardless of chart patterns, offer investors a perceived favorable buyback point, even though the risk-reward ratio is poor. In bitcoin, for example, these are the $10,000 increments (30,000, 40,000, 50,000, etc.).

Crypto Market

Last week we saw market moves that first led to minor sell-offs. When Bitcoin failed to attack the $60,000 level and major resistance prevented a bounce, the market saw a local sell-off down to ~$55,500. This was a dip of ~7%. Throughout the rest of the week, the market was able to recover this sell-off and saw a smaller push over the weekend, allowing the $60,000 to be scaled, thus weakening and temporarily overcoming the resistance. Some altcoins saw a very positive week and thus most asset prices and market cap were able to rise on a weekly basis.

BTC/USDT, 60

Bullish Outlook: If Bitcoin manages to establish a support higher than $60,000, it would provide new buying power and higher prices.

Bearish Outlook: Another loss of the $60,000 level could further establish it as resistance.