Dear Teroxx Community,
This week we saw a crypto market, which could not set any further positive accents, but is still bullish.
Weekly overview
As usual, we are also providing detailed videos for those who want to delve deeper into the subject.
Latest crypto news
The large crypto stock exchange Coinbase and Apple are further in clinch, after Coinbase felt itself some months ago almost forced to remove its own App from the Apple Store. So Armstrong writes: “Apple has been very restrictive about crypto currencies over the years and it still blocks some important features, such as the ability to earn crypto currencies by performing certain tasks and the unrestricted use of DApp browsers”.
Investors are increasingly withdrawing their crypto assets from crypto exchanges, which is not necessarily a bad sign for the market. According to Glassnode’s crypto market researchers, the crypto exchanges they are monitoring currently contain 2.6 million Bitcoin, the lowest value since November 2018.
Stani Kulechov, the founder and CEO of the Aave crypto project, wants to help Tesla get into the hype about Decentralized Financial Services (DeFi). Kulechov therefore addressed himself directly to the prominent Tesla managing director Elon Musk in a corresponding tweet. In his message, he offered to “tokenize” Tesla vehicles, i.e. to digitally securitize them on his Blockchain.
Technical term of the week
DApps: A DApp denotes a decentralized app. Unlike common apps, such as the instant messenger WhatsApp, DApps are not operated, maintained or developed by a single vendor.
Crypto Market
The majority of the crypto market was “quiet” but slightly negative in the last week. Of the Top10 crypto currencies only Litecoin could make slight positive price jumps. The market capitalization fell by ~2%. The start of the week was very positive for the market. Bitcoin was able to break through the resistance at $12,000 and formed a new local high at ~$12,500. As in the previous attempts to break through this mark permanently, the market saw a sell-off. Thus, the price of Bitcoin slipped back towards $12,000 within a few hours and could not hold these levels either. Subsequently the market oscillated between $11,800-$11,500 and could not set any new accents. The trading volume did not experience any major breakouts either, which also supports the low upward volatility. Thus, the market experienced a strong start to the week and could not sustain this performance. In general, the market is still bullish.
Bullish outlook: Resistance at $12,000 remains the “magic” limit for Bitcoin. Only a permanent withdrawal from these levels would be able to turn this resistance into a support. But this requires positive movements and increased trading volume.
Bearish outlook: A loss of the $11,500 mark could push the market down to $10,500. A loss of the five-digit levels seems currently impossible, but a flaring up Covid-19 fear on the world markets could also affect the crypto currencies.
