Dear Teroxx Community,
This week we saw a digital asset market that took Bitcoin above $60,000 but failed to spark any new “hype.”
As usual, we are also providing detailed videos for those who want to delve deeper into the subject.
Latest crypto news
Yoni Assia, the CEO of the Israeli social trading platform eToro, blames a mix of several factors for the current surge in the crypto market. He sees the economic situation in times of the Corona crisis as one of the main reasons.
“I think that a confluence of several factors is responsible for the current records on the stock market and the crypto market,” as Assia notes. To that end, he adds, “We’re seeing unprecedented monetary and fiscal policies from governments around the world, giving us zero interest rates and even negative interest rates in some countries.” As a result, investors are actively seeking ways to hedge capital against potential inflation.
Deutsche Bank economists conclude that Bitcoin’s price “can continue to rise.” A market capitalization of 1 trillion. U.S. dollars and the potential for further growth make Bitcoin (BTC) “too important to be ignored,” Deutsche Bank analysts note. In doing so, Deutsche Bank economists conclude that the cryptocurrency’s price “can continue to rise” as long as asset managers and companies continue to invest. Accordingly, the researchers point out that central banks and governments now “understand that Bitcoin and other cryptocurrencies are here to stay.” Accordingly, serious regulation of the industry would be inevitable.
Bank Morgan Stanley wants to join forces with shareholder Bident to acquire crypto exchange Bithumb. Now the bank is already negotiating with Bident, one of the largest shareholders of Bithumb, which holds almost 10% of the company shares of Bithumb Korea, about a joint acquisition of the crypto exchange.
In turn, another article reveals that Morgan Stanley plans to invest between 300 – 500 billion South Korean won, which is equivalent to $254 – 441 million. The acquisition would actively position the bank in the digital asset industry and raise the value of the crypto exchange to over $2 billion.
Technical term of the week
Low-Volume-Paris: Are trading pairs that have low volumes due to lack of investor interest. Here, suitable investment is difficult and price movements often follow pump & dump patterns.
Bullish outlook: $60,000 breached and support settling above this line could send the market into a new “hype” and provide for rising prices.
Bearish outlook: If selling continues to dominate, a retest of local supports could take place and push consolidation further.