Dear Teroxx Community,
This week, we saw a digital asset market that saw sell-offs on a weekly basis and could not maintain previous price levels in most digital assets. In lockstep, the global financial markets also saw major pullbacks last week.
As usual, we are also providing detailed videos for those who want to delve deeper into the subject.
Digital Asset News
Market-leading crypto asset management firm Grayscale has finally made its two Bitcoin (BTC) and Ethereum (ETH) investment trusts accessible on the Robinhood trading platform, which is popular primarily with retail investors.
So as of today, Friday, Robinhood users can easily invest in the Grayscale Bitcoin Trust (GBTC) and the Grayscale Ethereum Trust (ETHE) via the platform’s app. Through their investment, investors acquire equity shares in the respective investment fund.
The Grayscale Bitcoin Trust is the largest bitcoin investment fund ever. As of today, there are $24.6 billion in assets in the investment vehicle. Meanwhile, the assets under management (AUM) for the Grayscale Ethereum Trust amount to $329 million.
Luna Foundation Guard (LFG) is a Singapore-based nonprofit organization associated with the Terra Luna ecosystem. This has now raised $1.5 billion to buy more Bitcoin (BTC) for its reserves.
With the money, LFG was able to buy 37,863 BTC via over-the-counter swaps with broker Genesis Trading. Additionally, it also bought BTC through Three Arrows Capital, a leading crypto hedge fund. The company said Thursday that this deal included a $1 billion over-the-counter swap with Genesis against $1 billion in UST and a $500 million purchase of BTC from Three Arrows Capital.
LFG now holds about $3.5 billion worth of BTC, making it one of the 10 largest bitcoin holders in the world, according to CNBC!
Bitcoin (BTC) is becoming increasingly popular in the UK, boosting crypto adoption there. More and more Brits are buying cryptocurrencies, according to a Qualtrics study conducted by Coinbase.
The key finding from it is that 33 percent of the popular own crypto. That compares to 29 percent in October 2021. In addition, more than half (61 percent) of respondents said they plan to buy again in the next 12 months.
Danny Scott, CEO of the UK’s leading bitcoin exchange CoinCorner, finds these numbers “incredibly high.” Scott said, “we’re having a quiet period in the retail investor market at the moment.” He added that “when the price settles down, newcomers will also show more interest.”
In all likelihood, the percentages won’t be accurate, because is the environment, the age structure and the amount of people surveyed that determine a survey’s success. However, it illustrates that digital assets are part of everyday life and investment portfolios for many!
Technical term of the week
Market structures: Represent the overriding sentiment and development of the market in the recent past and thus project recommendations for action in the near future.
Negative market structures usually ensure fewer market participants, falling prices and uncertainty. Positive market structures usually result in increased trading volume, participants entering the market, and rising prices.
Digital asset market
Bullish outlook: A global market trend and upswing (3-6%) would provide a big bounce for many pressured prices in the digital asset space.
Bearish outlook: Loss of support region would be able to push Bitcoin below the psychologically important ~$30,000 level.