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!

Weekly overview

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.

Crypto Market

This week we saw positive movements in almost all digital assets. Market capitalisation also increased as a result. Bitcoin is “running” from all-time high to all-time high and currently seems to know no resistance. Bitcoin even surpassed the price of 1 kg gold and Elon Musk (who is known for his statements influencing the markets) tweeted a lot about the digital assets again.
Bitcoin started the week at just below the $50,000 mark. After the first attempt to break through this psychological hurdle failed, the market saw a smaller sell-off of ~5-7%. As usual lately, the dip was bought back strongly and Bitcoin was able to “gamely” conquer $50,000 and saw no sell-off until the weekend except for a small sideways move around $53,000. So we saw a typical bullish pattern where FOMO (Fear of missing out) drove prices ever higher. Thus, a new all-time high was set at ~$58,400. From this level, the market subsequently saw slight profit-taking and consequently, selling pressure in the market increases, how we can easily see due to the dip today!
Support zones formed by the market are between $52.000 to $50.000.

BTC/USDT, 60

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.