Dear Teroxx Community,
This week we saw a digital asset market that was positive on a weekly basis and brought Bitcoin close to its all-time high!
As usual, we are also providing detailed videos for those who want to delve deeper into the subject.
Latest crypto news
“However, when you look at where BTC is headed in the coming months, it becomes clear that now is not the time to sell.” “A two-week close above the 1.618 Fibonacci level already spiked the record run in 2013. We are currently right below this level,” the expert said on Sunday.
At the same time, the current price development also shows clear parallels to the record run of 2017, which puts the recent behaviour absolutely within the bounds of normality. Only the interest in the mainstream is slowly waning again. As the data from Google Trends shows, there have been fewer searches for “Bitcoin” recently than in the days and weeks before.
The British mining company Argo Blockchain wants to build an 800-megawatt data centre in West Texas, which is estimated to cost between 1.5 billion – 2 billion US dollars. Especially the favourable electricity prices and the openness to technical innovations are the reasons why Texas was chosen as the location. After the Chinese government’s strike against the domestic mining industry, more and more Bitcoin (BTC) mining companies have now settled in Texas, which is due to the US state’s conducive framework conditions. For example, the companies Blockcap, Riot Blockchain and many more are based here.
This shows that the mining industry is very lively and constantly growing.
Google parent company Alphabet has made an equity investment of 1 billion US dollars in the market-leading Chicago Mercantile Exchange (CME), which is also a major player in the crypto market with some derivatives. In addition to the substantial investment, Google is entering into a multi-year collaboration with CME Group to help the major options exchange move to the cloud. “This long-term partnership with Google Cloud will enable CME Group to fundamentally transform derivatives trading through technology, making it more accessible and efficient for all market participants,” as CME CEO Terry Duffy explains in this context. And further: “This partnership will also enable CME Group to bring new products and services to market even faster.” According to CME Group data, the exchange last recorded daily trading volume of 6,243 contracts for its bitcoin futures, with open interest of 13,417 contracts. The exchange operator’s market capitalisation is $79.8 billion, making it one of the largest players in the entire capital markets.
Technical term of the week
Metaverse: This term has become hype due to the renaming of Facebook to Meta. The metaverse combines the real physical world with virtual as well as augmented reality in the form of a shared online world. In essence, it describes how a virtual world can improve, renew and make the real world more efficient, although this means that real social life would increasingly say goodbye.
Bullish outlook: If a new all-time high in bitcoin is reached, it could take the markets towards $70,000 per bitcoin.
Bearish outlook: $60,000 has been established as support. If these levels do not hold, the market could see a major correction.