Dear Teroxx Community,
This week we saw a digital asset market which experienced major setbacks this week.
As usual, we are also providing detailed videos for those who want to delve deeper into the subject.
Latest crypto news
Australian researchers are casting doubt on Bitcoin’s (BTC) status as the best store of value, seeing its major competitor Ether (ETH), of all things, in a position to establish itself as the “world’s first deflationary currency”. The upgrade EIP-1559, which was installed in August, ensures that parts of Ethereum’s transaction fees are repeatedly “burnt” at regular intervals. This has now removed more than 1 million ETH from the available circulating amount of 118,583,580.
As the researchers calculate, EIP-1559 burns more than 50% of the 12,000 newly mined ETH per day. “If we look at the rate of increase in Ethereum’s circulating supply since the EIP-1559, the circulating supply is currently only growing at 0.98%, which is already less than half the 1.99% rate of increase for Bitcoin.”
Adidas wants to conquer “the world of infinite possibilities” with the Metaverse. “This autumn, Adidas, the sporting goods company known for keeping its finger on the pulse, is venturing into the latest cosmos of creativity: the Metaverse. What do we want to achieve there? We want to achieve that every participant can be the best version of themselves. The Metaverse is a place where everyone can present their most original ideas and live out their true selves, in whatever form. Thanks to blockchain [and NFTs], all participants can also securitise ownership rights to their creations.” Thus, Adidas wants to position itself early in this market and strengthen its position.
Payments company Square renames itself Block: Focus shifts to blockchain. In a tweet on Wednesday, Square said the rebrand is intended to bring together payments company Cash App, decentralised bitcoin (BTC) exchange tbDEX and music and video streaming platform Tidal under one roof. “Block refers to the neighbourhood blocks where we find our sellers, a blockchain, block parties with music, obstacles to overcome, a code section, building blocks and, of course, tungsten cubes,” Square said. Thus, a next company makes the step towards a company that sees the blockchain as the basis of its creation.
Technical term of the week
Profit taking: Often larger profits are booked sooner or later after volatile rises. This timing more often causes high volatility and short-term sell-offs. Markets usually react positively after a few days and do not lose the overriding trend.
Bullish outlook: $50,000 established as support would maintain the positive long-term market trend.
Bearish outlook: Further sell-offs would bring the market quickly to regions around ~$42,000, which is the upper end of the trend channel that defined the summer months.