Dear Teroxx Community,
This week we saw a digital asset market that could not break through the resistance around $50,000 and saw a small pullback in most assets.
Weekly overview
As usual, we are also providing detailed videos for those who want to delve deeper into the subject.
Latest crypto news
US central bank is “very positive” about financial markets and bitcoin. In a speech at the Jackson Hole conference, Powell accordingly made it clear that the Federal Reserve will slowly scale back its bond purchases. “The exact timing and speed of the halt in purchases is not a finger pointing to a rising federal funds rate anytime soon, because we want to be as cautious as possible in doing that.” Crypto experts were correspondingly optimistic.
“Fasten your seatbelts, the futures have expired at the end of the month, and Bitcoin is on the way up,” as Scott Melker, for example, commented on the current situation, given the considerable open interest of $2 billion.
The NFT market raked in nearly $2.5 billion in the first half of the year, which is why corporations like Visa are now taking notice. For the fans – Visa sees NFTs as a “promising medium” for sports and the arts. Visa’s foray into the NFT market was no mere quick fix, but is based on a detailed evaluation of the associated technology, with the payment service provider concluding that it is a “promising medium for fan engagement.” In this context, NFTs, or digital crypto collectibles, are quite exciting for “fans, teams, leagues and athletes,” according to Visa. In the process, NFTs even have the potential to become the most important way for fan engagement and customer loyalty, and to open up new sales channels, he says.
Trees for Bitcoin – Canadian investment firm wants to enable carbon neutral ETF. Investment firm Accelerate Financial Technologies wants to plant an equivalent number of trees for all investments in its proposed bitcoin ETF.
As Bloomberg reported Friday, the Calgary-based investment firm wants to plant 3,450 trees for every $1 million of Canadian dollars invested in its bitcoin (BTC) index fund.
In doing so, Accelerate aims to make its own bitcoin ETF as carbon-neutral as possible by neutralizing the CO2 emitted during the mining of the market-leading cryptocurrency through the trees. According to the company’s own calculations, each major investment should offset 1,000 tons of carbon dioxide.
Technical term of the week
Resistance zone: A price zone that cannot be penetrated by positive volume. This is followed by smaller and sometimes larger sell-offs, which strengthen this resistance. A majority of market participants thus see this zone as a local high.
Crypto Market
After failing to break through the $50,000 resistance in the long run, the market saw minor setbacks. Thus, on a weekly basis, most digital assets failed to post big jumps and saw low volatility. Overall, the trading week was thus largely quiet. Some altcoins (Solana, Tezos) were able to buck this trend and saw positive movement. Market cap fell ~5.3% for the week, highlighting the smaller setbacks in a variety of assets.
Bullish Outlook: A break through the resistance zone at ~$50,000 is considered an indicator of whether the bullish trend can continue.
Bearish outlook: Sell-offs to ~$45,000 or on a larger scale to ~$42,000 would halt the bullish sentiment.
