Dear Teroxx Community,
This week we saw a digital asset market, which has completed a pleasing development on a weekly basis!
Weekly overview
As usual, we are also providing detailed videos for those who want to delve deeper into the subject.
Digital Asset News
Ripple CEO Garlinghouse is celebrating a “big win” because an SEC filing was denied. However, he is silent about a rejected application by the company itself. A New York state court judge ruled Friday on two motions filed in the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple Labs.
Ripple argued that the company was not given adequate notice by the agency that it considered the token a security. In doing so, it denied the company due process. The judge denied the SEC’s motion to dismiss this defense argument from April, confirming that it can be used in the proceeding.
The judge denied another April motion from Ripple chief executive Brad Garlinghouse and chief executive Chris Larsen that the case be dismissed for allegedly aiding and abetting the sale of unregistered securities.
The case is notable because this matter is being resolved in court, not out of court. The outcome of the case, if there is no settlement, could set a precedent that would affect cases against crypto companies. It remains exciting to see how this dispute will turn out!
Australian Liberal Senator Andrew Bragg opened the Australia Blockchain Week conference with a groundbreaking legislative proposal. He hopes it will lay the foundation for a new ecosystem for digital assets in Australia.
The proposed Digital Services Act (DSA) includes reforms to crypto market licensing, custody, decentralized autonomous organizations (DAOs), debanking, and taxation. Senator Bragg told the conference that the legislative package is intended to “protect (crypto) consumers from malicious operators.”
He explained the four main pillars on which the DSA is based. According to his execution, the DSA is technology-neutral, has broad and flexible principles, is regulated by a minister rather than a bureaucratic agency, and will rely on government funding and personnel.
Accordingly, as Cointelegraph Markets Pro and TradingView data show, BTC/USD is hovering above $41,000 on Sunday.
Friday’s upswing can thus be defended further after an interim high of 42,400 US dollars was retraced on Saturday, marking the highest level since the beginning of the month, as it were.
In the weekly chart, Bitcoin could thus achieve the best weekly close since the beginning of February.
“The picture can still change, but right now the Bitcoin price looks better than it has in a long time,” as crypto expert Lyn Alden summarizes the current situation.
In the days before, experts’ forecasts were still cautious, with analyst Pentoshi, for example, warning that any upswing would probably be short-lived and new losses could be expected first.
According to this, an upswing above 42,500 US dollars could catapult the crypto market leader up to 45,000 US dollars, but in the worst case, a crash down to 29,000 – 32,000 US dollars is imminent. Now, however, the analysts’ opinion seems to be slowly changing. Thus, the markets currently seem consolidated and ready for a volatile movement at any time.
Technical term of the week
Fear and Greed: This index shows how the current market sentiment can be interpreted. The more the pendulum points in the direction of Fear, the more negative the markets are as a rule. The stronger the pendulum swings in the direction of Greed, the more bullish and partly overheated the markets appear. This index can help in the interpretation of the market situation and provides a price independent overview.
Crypto Market
Bitcoin was able to show bullish tendencies last week and provided very positive altcoin movements with upswings. Currently, smaller resistances were formed, from which minor setbacks started, but these turned out to be “small”, whereby the positive trend was maintained. An easing in the global financial markets and the positive performance of tech stocks helped with this positive underlying structure. After the market rise towards the end of the week, the market is now looking for a new trend at the start of the week and keeps the price levels in a narrow price range. Overall, the market experienced a positive and thus restful (in terms of prices) week.
Bullish outlook: $45,000 as next resistance target could be a realistic target with positive weekly development.
Bearish outlook: $40,000 should hold as support, otherwise the market would fall back into the patterns of the past months.
