Dear Teroxx Community,
This week we saw a digital asset market that was slightly positive on a weekly basis, but not consistently bullish.
As usual, we are also providing detailed videos for those who want to delve deeper into the subject.
Latest crypto news
There are currently 639 active fintechs in Germany. This is shown in the “German Fintech Report 2021” by Germany Finance, the working group of the German financial centres. The report is based on a database from Startbase, which is operated by the Stuttgart Stock Exchange Group.
Between 2018 and 2020, 243 fintechs were founded – that is around ten percent of all start-ups in Germany. This makes financial technology (fintech) the second strongest sector in the German startup ecosystem in terms of startup activity.
The locations of the German fintech scene vary greatly. 90 percent of all fintechs are located within the six major hubs: Berlin, Hamburg, North Rhine-Westphalia, the Rhine-Main region, Baden-Württemberg and Bavaria. Berlin, the largest hub, is home to 182 of the German fintechs (28 percent), while Baden-Württemberg, the smallest hub, is home to only 49 (8 percent). Fintech is thus also an emerging industry in Germany, although it is not yet as popular and successfully established as it is in the USA, for example.
Senator Hagerty wants to ensure that the US will “continue to lead the way” in blockchain and crypto. “Blockchain technology offers incredible potential for innovation and broad social participation in finance. It’s an industry in which the US is, has been, and hopefully will continue to lead in the future. The odds are especially good for this, as other countries like China have now banned private sector activity in the blockchain industry.” Innovation in this industry should thus in no way be suppressed or slowed down.
Bitcoin has already almost recovered from the retreat of the Chinese mining industry. According to the latest estimates, the hashrate, i.e. the computing power of the Bitcoin network, is already almost back to the level it was in May, when China suddenly cracked down on the domestic mining industry, which was leading the world by far. “Today’s hashrate is surpassed by only 6 other days in Bitcoin’s history,” as Chares Edwards of crypto investment firm Capriole puts the numbers game. To this he adds: “In terms of network security and performance, we’re almost at a record high again. That’s actually incredible.”
Technical term of the week
Fintech: The term “FinTech” stands for the short form of the term “Financial Technology” and has not yet been legally defined. In general, this term describes companies that offer innovative, technology-based application systems related to the topic of “finance”. Although these are often so-called “start-ups”, this is not a mandatory requirement. Already established companies also use innovative technologies and can fall under the term “FinTech”.
Bullish outlook: If the market climbs above the resistance of $64,000 on positive sentiment, the all-time high could be retested.
Bearish outlook: Loss of support region at $60,000 would end the bullish trend for now and selling could increase.