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
Institutions have been making the whales look small with their purchases since Bitcoin rose above US$20,000. The BTC/USD pair continues to reach new highs. The “original” whales are starting to look like plankton compared to the institutions that are now buying in big.
According to data from CryptoQuant on exchanges, outflows hit a one-year high in the hours before the $20,000-plus outburst. The combination of BTC shortages on exchanges and institutional buying in over-the-counter trading is laying the groundwork for a battle for the remaining supply.
The MicroStrategy boss offers to tell the Tesla boss his investment strategy for Bitcoin. Michael Saylor, the CEO of the large software manufacturer MicroStrategy, who has invested 425 million US dollars in Bitcoin this year with his company, advises Elon Musk to also bet on the cryptocurrency.
Accordingly, Saylor recommended to the prominent Tesla boss on Twitter today that he convert the electric car maker’s company assets from US dollars to Bitcoin (BTC). According to AssetDash, Tesla’s market value is currently a substantial $658 billion, even a fraction of which would have a massive impact on the crypto market.
Although some investors are switching from the precious metal to the cryptocurrency, Bitcoin will not eat up gold. Bitcoin’s (BTC) current surge is not coming at the expense of traditional financial products. At least that’s what the major investment bank Goldman Sachs thinks. A Goldman Sachs spokesperson said: “Gold’s current period of weakness relative to the real estate market and the US dollar has some investors concerned that Bitcoin is replacing gold as the market-leading hedge against inflation. […] While there is some substitution taking place, we do not expect Bitcoin’s popularity to rise to the point where it becomes a threat to gold’s status as an emergency currency.”
Technical term of the week
Sell-offs: Describe high and strong waves of selling. These are often followed by a rapid price correction of an asset. Many stop-losses are executed in this scenario, resulting in a “wave” of selling.
Bulish outlook: If the support levels hold and the “new” Covid-19 virus does not spread terror, the highs could be retested.
Bearish outlook: $20,000 should hold as the last support. If the market falls below this level, the bullish sentiment could evaporate.