Dear Teroxx Community,
This week we saw a crypto market, which went mostly sideways and saw some smaller sell-offs in Altcoins.
Weekly overview
As usual, we are also providing detailed videos for those who want to delve deeper into the subject.
Latest crypto news
Despite lateral movement, the omens for Bitcoin remain good. Bitcoin’s (BTC) share price performance in September was predominantly sideways, with the price decline of Altcoins and DeFi-Kryptos adding to the difficulties.
Therefore, although the price lacks momentum, the on-chain data suggest that the Bitcoin block chain is gaining new participants in large steps.
Some experts suspect that the increase in new Bitcoin participants is due to the downturn of the Altcoins and DeFi tokens. Over the past 30 days, these have each lost double-digit amounts, which may have prompted many crypto investors to flee towards Bitcoin.
Eesti Pank, the Central Bank of Estonia, has announced its intention to carry out a study on the development of an infrastructure for digital currencies. The aim is to investigate whether a so-called Keyless Signature Infrastructure (KSI) based on block chain technology can serve as a platform for a digital currency of its own. Estonia already uses the KSI block chain technology for e-government services. In this context, the research project will also investigate new payment methods that are opened up “through the use of electronic IDs and other e-government services”.
The recent downturn in many DeFi projects suggests an overvaluation, but turnover and TVL suggest that there is reason for optimism. Total Value Locked”, i.e. the total assets invested in DeFi projects, has risen to more than $10 billion, although DeFi cryptos prices have actually fallen slightly. The turnover of large DeFi projects has increased significantly in the last 30 days. Nevertheless, the associated crypto currencies have lost. Thus, despite the correction, a healthy market is emerging.
Technical term of the week
Controlling Software: The controlling software provides a real-time overview of all open positions, profits/losses and stop loss. This allows you to intervene at any time and secure the funds.
Crypto Market
Overall, the digital asset market was slightly negative. After the market got off to a positive start this week, Bitcoin again failed to break through the $11,000 mark and experienced a sell-off. In Bitcoin, the $10,500 mark held as support and saw slight positive movement from this support. The Altcoin market could not maintain the levels and saw a bigger dip than the Bitcoin.
Donald Trump’s Covid-19 illness put the markets in a bearish mood and was the driving force behind the market’s negative performance this week.
As long as $10,500 as support in Bitcoin holds, the market seems to be in a positive mood.
Bullish outlook: Resistance at $11,000 is still very strong. Only a huge breakout above this line could be called as a “run”.
Bearish outlook: A loss of the $10.500 and a sell-off to $10.000 could bring back the bears. For now it´s not looking like a weak market.
