Dear Teroxx Community,
This week we saw a crypto market, which saw a bullish movement and a positive quarter opening.
Weekly overview
As usual, we are also providing detailed videos for those who want to delve deeper into the subject.
Latest crypto news
Regardless of whether US presidential election winner Donald Trump or challenger Joe Biden will prevail in the upcoming presidential election, experts see Gold and Bitcoin (BTC) as the real winners at the end of the year. Bitcoin and gold were both high in August, before both stocks started to decline again. This rebound was accompanied by a rise in the US Dollar Index (DXY), further evidence that an inverse correlation between gold and Bitcoin on the one hand, and the US Dollar on the
other side, exists.
The presidential election could have a massive impact on the US dollar, but experts are certain that the precious metal will remain unaffected.
The increased holding indicates that the Bitcoin 2021 feeders are betting on a new climbing section after the halving. There could be several reasons why investors are currently holding more than in the past.
Possible reasons: That a possible upswing next year could be the long-awaited climb after this year’s Bitcoin halving. Historically, Bitcoin has always climbed to a new record high 12 to 15 months after a halving. Bitcoin has also proved to be very resilient this year, climbing back above the 10,000 US dollar mark even after the crash caused by Corona in March.
By obtaining a security certificate, Ledger aims to regain the trust of its customers after a data leak. The crypto company Ledger, which manufactures hardware wallets and offers custody services, has successfully been awarded a security certificate according to the SOC Type 1 standard.
Technical term of the week
Hot Wallet: Refers to a wallet that is connected to the Internet. Here the assets held in safekeeping can be directly exchanged, traded or even issued.
Crypto Market
After support was held at $10,500 with some ease, the market started a bull-run. From this support level, Bitcoin climbed to $11,000 in three no-sell rises, reaching a local high of ~$11,450.
As a result, the rest of the digital asset market also saw an upswing and total market capitalisation rose by ~7%.
With the friendly and rising world markets (Nasdaq,SP500,Dow, Dax etc.) and the increased correlation to these markets, as well as the news that Twitter CEO (Jack Dorsey) has bought $50 million worth of Bitcoin, there was enough catalyst for a positive market environment last week!
Bullish outlook: If $11,000 is established as support, the market could see a rebound towards ~$11,750 before breaking through the next major resistance at $12,000.
Bearish outlook: A loss of the $11,000 and sell-offs on support at $10,500 could tip the positive market sentiment and create a large selling wall.
