Dear Teroxx Community,
This week we saw a crypto-market that saw a bullish trend even with the monday sell-offs. Bitcoin was able to hit new All-time-highs!
As usual, we are also providing detailed videos for those who want to delve deeper into the subject.
Latest crypto news
Due to the current price developments, Bitcoin is shining stronger than gold. Several financial experts confirm the thesis that Bitcoin’s current climb is partly due to the fact that the cryptocurrency is taking more and more market share from gold as a hedge against inflation. As young investors play an increasingly important role in the future, the asset class of cryptocurrencies becomes all the more legitimate. Alongside gold as the leading store of value, Bitcoin is also increasingly making a name for itself as a hedge against inflation and an uncertain economic situation. Recent price developments could be the first indication that Bitcoin is slowly gaining the upper hand in the competition for this function.
Ripple CEO Brad Garlinghouse is speaking out extensively for the first time about the US Securities and Exchange Commission’s lawsuit against XRP. Garlinghouse has revealed in a new Twitter thread that his company was unable to reach an out-of-court settlement with the US Securities and Exchange Commission regarding the SEC’s lawsuit concerning the company’s cryptocurrency XRP.
In the same breath, he also criticises the “legal chaos” in the US surrounding the regulation of cryptocurrencies: “We have tried to reach an agreement and will try again under the new administration so that we can resolve this matter in a way that allows the XRP community to continue to drive our innovation, investors are adequately protected, and the orderly operation of the markets is restored.”
Joe Biden’s administration, which will take office in just a few days, wants to give the American economy a helping hand with massive new aid payments, which could give the current record run of Bitcoin (BTC) another big boost. Past aid packages already showed some of the money going into digital assets. Bitcoin as digital gold is accordingly a driving force behind the increased demand by institutions. This has seen Bitcoin gain 300% in 2020 despite (or perhaps because of) the crisis. In the last three weeks alone, the cryptocurrency’s price has doubled. If the US dollar loses value due to the new aid measures, Bitcoin’s soaring price could be further fuelled.
Technical term of the week
Delisting: If an asset cannot generate enough trading volume, if there are legal disputes, as in the example of Ripple, or if the team behind the asset is not working on successful further development, delistings often occur. This leads to a “price collapse” of the asset.
Bulish outlook: If the sell-off establishes new support levels, the $40,000 mark could be tackled again.
Bearish outlook: $32,000-$30,000 should hold as a support zone, otherwise larger setbacks and sell-offs are likely.