Dear Teroxx Community,

This week we saw a digital asset market that took Bitcoin above $60,000 but failed to spark any new “hype.”

Weekly overview

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

Latest crypto news

With gold losing more than 11% of its value in recent months, more and more investment managers are questioning the precious metal’s status as the market’s leading hedge. “Gold’s function as a hedge against inflation is overstated. Although it is a useful store of value over very long-term periods, centuries, it is far less reliable over most practical investment periods.” The decline in value is underscored by the fact that more and more capital is also being withdrawn from gold ETFs. Some experts suggest that the investors in question are migrating into bitcoin (BTC). Bitcoin’s positive development seems to make it more and more a serious competitor to gold.

Innovative crypto entrepreneurs Sam Bankman-Fried and Edward Moncada want to make cryptocurrencies increasingly mainstream. As the Miami Herald reported yesterday, crypto exchange FTX is currently negotiating a sponsorship deal with the American basketball league NBA to acquire the naming rights to the Miami Heat’s stadium.
“As confirmed by multiple sources, the city of Miami is close to signing a contract with a crypto company to buy the naming rights for the Miami Heat’s arena. This deal would make an NBA stadium associated with bitcoin and cryptocurrencies for the first time.”

WisdomTree files for bitcoin index fund (ETF).
The New York-based asset management firm is seeking SEC approval for its bitcoin ETF. The relevant application was filed on March 11. It states that the so-called WisdomTree Bitcoin Trust should be listed on the BZX platform of the Chicago Board of Options (CBOE) under the ticker BTCW. In June 2020, WisdomTree had previously filed for an ETF to invest up to 5% of the related investment capital in bitcoin futures.

Technical term of the week

NFTs: Non-fungible tokens are used wherever virtual goods can be collected and traded as unique objects, i.e. for virtual art or individual objects in computer games, especially DApps.  Nike holds a patent on its NFT shoe “CryptoKicks.” Microsoft has published its own NFT project called “Azure Heroes” on its cloud platform Azure with the aim of rewarding the developer community.

Crypto Market

Last week, we saw market moves that led to positive price breakouts. While support below $50,000 was established at the start of the week, the market oscillated up to resistance at ~$52,000 and was subsequently able to break through it. With the momentum and the general positive market environment, a sideways move to market support was initiated at ~$57,000. Through this and the lack of sell-offs, the market was bullish again and could thus attack the $60,000 mark and set a new all-time high at ~$62,000. Thus, a bullish week with renewed ATH for bitcoin. Altcoins saw mixed moves and some could not build on the positive previous weeks. At the start of the week, the market saw sell-offs, so in bitcoin currently the $60,000 mark can be seen as a strong resistance, while support levels above $50,000 have to be formed first.

BTC/USDT, 60

Bulish 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 the market continues to bounce strongly off this line, a retest of support at ~$47,000 would be possible.