Dear Teroxx Community,

This week we saw a digital asset market that experienced a slight overall market increase due to strong altcoins.

Weekly overview

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.

Crypto Market

Last week we saw market moves that were negative for most digital assets. Bitcoin could not hold the levels around $59,000-$60,000 and saw a sell-off. Support could not be established until ~$51,000 and even the news that Tesla will accept Bitcoin as a payment method could not make the market bullish in the short term. After successfully establishing support, the market experienced a strong buyback, offsetting much of the sell-off. On a weekly basis, the market is +-0 in most assets. By establishing a higher support than in the beginning of March, this sell-off can be seen as a further strengthening of the market.

BTC/USDT, 60

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.