Dear Teroxx Community,

This week we saw a market of digital assets that once again showed strengthening and consequently slight upturns.

Weekly overview

As usual, we are also providing detailed videos for those who want to delve deeper into the subject.

Digital Asset News

Bitcoin (BTC) will slowly evolve from a risky to a low-risk investment product in the second half of 2022, emerging as one of the winners from the upcoming global recession. At least this is the assessment of Bloomberg expert Mike McGlone in an exclusive interview with Cointelegraph:
“I expect Bitcoin to become more of a low-risk investment product like government bonds and gold, and no longer a high-risk financial product like stocks.”
Accordingly, much like the stock market, the crypto market would currently be wiping out the excessive speculation that has built up, all leading up to 2021. But while stocks are likely to continue correcting downward for longer, bitcoin’s new status could soon send it soaring again:
“I firmly believe we’re going to see a pretty severe global economic crisis where Bitcoin […] can shine along with gold and U.S. Treasury bonds.”

“Here comes Wall Street…” as former Grayscale CEO Barry Silbert notes hopefully.

Blockware chief analyst William Clemente also sees this as a real milestone for the crypto market leader.
“Last comment on the subject, I think the Blackrock announcement is probably the best news ever for long-term bitcoin investors,” as the expert assesses. To this he adds:
“Not just the news itself, but that it sends a signal to others that they need to offer BTC to their clients as well, because otherwise they’ll lose their business.”
Yet five years ago, BlackRock CEO Larry Fink had called Bitcoin an “index for money laundering.” By 2020, that stance had seemingly changed, because by then Fink was already calling the leading cryptocurrency a “global market.”
BlackRock says its planned investment product is a bitcoin private investment fund.
“The mutual fund will be available to U.S. institutional investors and will track Bitcoin’s price performance,” the announcement said.

Ethereum’s long-awaited merge could come even a bit sooner than planned after core developers have now moved up the tentatively scheduled date to Sept. 15.
The new date was floated yesterday (Thursday) during a Core developer conference call, as responsible developers such as Tim Beiko and Terence Tsao agree that a Total Terminal Difficulty (TTD) of 5875000000000000000 could be reached as early as that day, to which the switch could be made.
Before the merge can be completed, the Bellatrix hardfork must first be carried out, which should ensure that all nodes have the necessary software to be able to complete the switchover. This hardfork is scheduled to be applied on September 6, just under 10 days before the merge.
Today, Friday, the Goerli test network successfully completed the last major dress rehearsal for the switch, after similar tests had previously succeeded without problems on Sepolia and Ropsten.
The merge is expected to reduce Ethereum’s power consumption by more than 99.99%, in addition to providing greater security and scalability to the network.

Anthony Scaramucci, the founder of hedge fund Skybridge Capital, is convinced that the future of crypto markets will be bright, which is why he advises investors to “look beyond the current crisis.”
The hedge fund manager comes to the corresponding forecast in a recent interview with CNBC, in which he refers, among other things, to the new cooperation between the crypto exchange Coinbase and the influential asset management firm BlackRock. Thus, their new bitcoin mutual fund would be a very positive sign.
“Finally, BlackRock CEO Larry Fink is noticing the institutional demand for digital assets, otherwise he would hardly launch such an investment product and cooperate with Coinbase,” he said.
“I remind people that there are only 21 million Bitcoin (BTC) in total, and there will be a shortage that will leave very little supply,” Scaramucci said.
Overall, many market participants view the innovation in Ether as the driving force and catalyst for upswings in the near term.

Technical term of the week

Bloomberg Terminal: Almost every institutional investor uses this terminal to plan, make and monitor investments. There are now 50 connected digital assets, making it much easier to invest in them.

Digital asset market

There were market moves last week that were driven by news.Overall, most digital assets saw a minor bounce last week, which strengthened the market and indicated that market sentiment was turning positive and thus the markets were looking for and finding a temporary way out of the crisis.

However, the main drivers of prices last week were Ethereum and Blackrock. While the merger at Ethereum is expected to be completed in mid-September, Blackrock has publicly positioned itself in the digital asset space, now offering institutional investors easy investments in Bitcoin and other digital assets. With nearly $10 trillion in assets under management, Blackrock is the largest and most important asset management and investment institution in the world.
This is leading to major boosts in Ethereum in particular, while the rest of the market has only been “slightly” boosted by this news.


Bullish outlook: If an establishment above half of $25,000 can take place, ~$28,000 could be the next price target.

Bearish outlook: Weakening markets could lead for sell-offs down to ~$22,500.