Dear Teroxx Community,
This week we saw a digital asset market that experienced a slight overall market increase due to strong altcoins.
As usual, we are also providing detailed videos for those who want to delve deeper into the subject.
Latest crypto news
Investment firm 3iQ has partnered with Coinshares to jointly launch a bitcoin ETF in Canada. CoinShares CEO Jean-Marie Mognetti wants the move to “make digital financial products accessible to all types of investors.” The bitcoin ETF is expected to trade in both U.S. dollars under the ticker “BTCQ.U” and Canadian dollars under the symbol “BTCQ.”
The U.S. government has steadily tightened its crypto regulation in recent years, but an outright ban on Bitcoin is now unlikely, according to Tyler Winklevoss, founder and CEO of crypto exchange Gemini:
“If we were still in 2013, I couldn’t say that with certainty,” but today he is certain, as: “I am certain that the US will never ban Bitcoin. There are just too many court precedents that would prevent that. There’s the Coinflip case, for example, in which the CFTC got it right when it classified Bitcoin as a commodity like gold.”
Ripple continues its efforts to enter the Asian market by acquiring a stake in a cross-border payments company.
According to a blog post, Ripple has acquired 40 percent of cross-border payments company Tranglo. The goal here is to expand RippleNet’s on-demand liquidity or ODL service, which uses the cryptocurrency XRP. It still needs regulatory approval to complete this transaction. Investment firm TNG Fintech Group remains a majority owner of Tranglo.
Ripple is thus trying to shift more and more market share from the American to the Asian market, as unresolved issues make it difficult for Ripple to trade in America.
Technical term of the week
Local dips: Are sell-offs that having a big impact on the market based on a smaller timeframe. Based on a bigger timeframe this dip is not having a big impact on the price levels.
Bulisher outlook: A retest of $60,000 seems possible. This will require positive world markets and a successful start to the new quarter at the end of the week.
Bearish outlook: If the market establishes the zone as resistance, the lower levels of $52,000-$50,000 could be retested.