Dear Teroxx Community,
This week we saw a digital asset market that brought little change to most assets on a weekly basis.
As usual, we are also providing detailed videos for those who want to delve deeper into the subject.
Latest crypto news
Jerome Powell reiterates his stance on bitcoin as a gold substitute. In essence, he says, “They’re more of an asset for speculation, so they’re not particularly used as a currency. It’s more of a speculative asset. It’s essentially a substitute for gold, not the dollar.” Thus, for him, Bitcoin is less of a currency and more of a store of wealth.
Searches for Bitcoin originating from Turkey exploded after news broke of the 14% drop in the value of the Turkish lira. According to Google Trends data, the number of searches for Bitcoin increased by 566% in the hours immediately following the news of the lira’s decline. Turkish citizens are looking for an active hedge against their currency.
“We share the rising rise of crypto with the rest of the world. The developments (on crypto around the world) and the state of crypto in Turkey are closely monitored by our ministry,” the ministry announced at the time.
The People’s Bank of China intends to allow anonymous digital yuan transactions of small amounts to protect “reasonable” anonymity needs. Mu explained that a completely anonymous CBDC “is not feasible” because a national digital currency must meet requirements related to anti-money laundering, anti-terrorist financing, and anti-tax evasion. But that does not mean China’s digital yuan does not offer privacy for users, he asserted. The approach of so-called “controllable anonymity” is a key feature of China’s digital yuan, which means that the government provides certain tools to ensure maximum user privacy and financial security related to AML measures, Mu said.
Technical term of the week
Breakouts: Often determined by larger price fluctuations, after a breakout from a previous chart pattern.
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.