Dear Teroxx Community,

This week we saw a digital asset market, which experienced stabilizations and slight upward movements!

Weekly overview

As usual, we are also providing detailed videos for those who want to delve deeper into the subject.

Digital Asset News

Bitcoin recently fell below $20,000 for the first time since 2020. For small investors, this was an opportunity to fulfill their dream of owning at least 1 BTC. The number of Bitcoin wallet addresses holding one BTC or more has increased very significantly in recent days. This is because the number of Bitcoin wallets holding at least one whole BTC has now increased by13,091 wallets. The number of all so-called “Wholecoiners” (wallets with at least 1 BTC as balance) thus grows to 865,254 wallets.
Christian Ander, founder of Swedish bitcoin exchange BT.CX, tells Cointelegraph that “this development is good for the whole ecosystem, because it allows it to grow from the bottom up, and that’s the kind of economy we want, an economy that starts from the bottom up.” To this he adds:
“These people have firm faith in the future of Bitcoin and the added value of this currency.”

The influential crypto trading platform is negotiating with blockchain company BlockFi to buy shares in the company, according to media reports, after the crypto exchange pledged a $250 million loan to the crypto financial services provider.
As reported by the Wall Street Journal yesterday (Friday), FTX and BlockFi are already in talks about buying equity stakes. So far, however, the two sides are said to have not reached a concrete agreement. The negotiations come amid a letter of intent from FTX to provide a $250 million loan to the blockchain financial services provider.
“BlockFi does not comment on rumors,” a spokesperson for the company told Cointelegraph. To which he adds, “We are currently still in negotiations on the loan deal and cannot disclose any further details.
In recent weeks, FTX CEO Sam Bankman-Fried has lent a hand to several crypto projects that have run into financial trouble in the wake of the crypto market’s woes. For example, Alameda Research, which is also under Bankman-Fried’s leadership, most recently loaned 15,000 bitcoin (BTC) to Voyager Digital to help the company bridge its losses from its collaboration with bankruptcy-threatened asset management firm Three Arrows Capital.
Crises offer great benefits to those who manage wisely, while others have not properly hedged these crises.

Changpeng Zhao, the founder and CEO of market-leading crypto exchange Coinbase, believes that “bad” crypto projects should not be bailed out by functioning crypto companies.
As Zhao states on the company’s own blog on Thursday, crypto projects that have been poorly managed, have launched bad products or have a bad business model should be left to their fate and not be picked up by the industry:
“In short, such ‘bad’ projects should not be bailed out. Unfortunately, some of these ‘bad’ projects have a lot of users who got them on board through over-the-top offers, creative marketing, or just a promising pyramid scheme.”
At the moment, a number of crypto companies are floundering due to the ongoing bear market. Even the important crypto savings platform Celsius is threatened with insolvency, which in turn could have a domino effect on the entire crypto industry due to interconnectedness.
Similar to the Binance CEO, SEC Commissioner Hester Peirce had recently expressed her opinion, who also rejects extensive rescue measures for the crypto industry.
Therefore, it is more important than ever for private investors to check every investment before investing!

Technical term of the week

Market stabilization: Describes a process that usually occurs after sell-offs. In this phase, sales decrease, volatility decreases noticeably and the market enters a sideways phase. However, there are rarely large positive countermovements during this period. Stabilizations are important to support a new market cycle.

Digital asset market

Last week we saw market movements that stabilized the market and resulted in the first positive price movements.The markets of digital assets were able to record a noticeable relaxation and slightly positive week. This had the effect of ending the negative weekly closes and stabilizing. Bitcoin was able to establish the $20,000 mark as support and altcoins were also able to break away from the low prices. However, caution is still advised! Due to the low volatility, no immense buybacks by market participants and no clear trend reversal in the global financial markets, this “recovery” is on shaky ground. Nevertheless, the market is facing a turning point, which could offer good opportunities!

BTC/USDT, 60

Bullish outlook: If the markets create a bounce from the recovery, $25,000 could be the next major resistance.

Bearish outlook: Any price levels below $20,000 pose a threat to market stabilization for digital assets.