Dear Teroxx Community,
This week we saw a digital asset market that was able to set a new Alltimehigh on Bitcoin before a smaller correction set in.
As usual, we are also providing detailed videos for those who want to delve deeper into the subject.
Latest crypto news
Bitcoin and the cryptocurrency market as a whole are bullish again: institutional investors are responding and investing more. In total, institutional managers now hold 72.3 billion US dollars in assets (as of 17 October). That is an absolute record. In comparison, institutional crypto holdings still amounted to 57 billion US dollars in March and rose to 71.6 billion US dollars by May.
Over the past week, digital asset investment products have seen inflows of $80 million.
Most of these were related to Bitcoin, Ethereum, Polkadot and Cardano.
The long-term outlook remains positive, but first the crypto market leader needs to establish key support. The area around the $60,000 mark initially looks like a strong support where clear buying interest is emerging again. The previous record high of $64,900, on the other hand, could not be established as support, which makes the lower mark all the more important now if the entire bullish trend is to be maintained and the market should jump back into the spheres around the all-time high that was formed.
The managing director of Robinhood is convinced that crypto as an asset class “has come to stay”. More than 1 million people are already on the waiting list for the much-awaited crypto wallet of the successful trading platform Robinhood, as its CEO Vlad Tenev reports. “We see great opportunities to be able to expand this business area further,” as Tenev adds in this context.
Indeed, Robinhood users have been demanding for some time that the platform launch its own crypto-wallet, as neither deposits nor withdrawals in the form of cryptocurrencies have been possible so far. Only US dollars can be used to buy and trade cryptos on Robinhood.
On 22 September, Robinhood fulfilled this wish by announcing that it was developing a crypto-wallet.
This impressively illustrates how great the interest in digital wallet apps is.
Technical term of the week
All-time high: Describes a market event in which a certain asset reaches an unprecedented price level. This moment is usually associated with a strong preceding bull run and attracts great media interest. Increased volatility around this region is often to be expected.
Bullish outlook: Support formation at $60,000 completed and even minor buying pressure could push the market back towards the all-time high.
Bearish outlook: Loss of the support region at $60,000 would end the bullish trend for the time being and selling could increase.