Dear Teroxx Community,
This week we saw positive market movements due to the new all-time-highs of Bitcoin and other digital assets, while we saw sell-offs today!
As usual, we are also providing detailed videos for those who want to delve deeper into the subject.
Latest crypto news
After the GameStop affair, the scolded BitMEX boss advises investors to enter the crypto markets. The reason for this advice is the affair surrounding the shares of the video game retailer GameStop. The trading platform Robinhood, which specialises in small investors, had suspended trading in the GameStop share in the wake of the developments surrounding the security. “The big guys didn’t like the way the game was going, which is why they upped the stakes so much until it was back in their favour,” as the BitMEX chief summarises what happened. According to this, the small investors simply had no chance of winning the “game” of the financial markets.
The Swiss canton of Zug will allow its citizens to pay taxes in the form of Bitcoin (BTC) and Ether (ETH) in the future. The cantonal government of Zug confirms on its website that tax bills may be paid with cryptocurrencies with immediate effect. “This further step towards the adoption of cryptocurrencies was made possible by the pioneering spirit of the Zug Finance Department in cooperation with the Bitcoin Suisse payment system. Further proof of the innovative spirit of the blockchain nation Switzerland.”
The Bitcoin index fund, which is licensed in Canada, immediately enjoys great popularity among North American investors. As Bloomberg Law reported on 18 February, the Canadian index fund (ETF), which is listed on the Toronto Stock Exchange (TSX), has achieved a trading volume of more than 80 million US dollars in the first hours alone. “We are convinced that Bitcoin, as the first and largest cryptocurrency, will continue to grow and establish itself as an alternative asset class, thereby further consolidating its appeal as an investment product,” said the head of the investment firm Purpose Investments.
Technical term of the week
Rising Wedge: It is a bearish pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows. In contrast to symmetrical triangles, which have no definitive slope and no bullish or bearish bias, rising wedges definitely slope up and have a bearish bias.
Bulish outlook: If Bitcoin can break the $60.000 mark it would be a good indicator for a huge buy pressure in the market.
Bearish outlook: If the builded supportzone around $50.000 will be broken to the downside it could lead to a bearish market.