Dear Teroxx Community,
This week we saw a digital asset market that established strong support zones.
As usual, we are also providing detailed videos for those who want to delve deeper into the subject.
Latest crypto news
Market-leading graphics card manufacturer Nvidia reports record figures for the first quarter of 2021, but in the process the company downplays the impact of the record run in the crypto market as the driving force, instead crediting the gaming industry with the lion’s share of the success.
Accordingly, the chipmaker notes an overall revenue growth of 84% in its quarterly report, despite significant supply bottlenecks in chipset manufacturing across the globe in recent weeks and months. The company generated a total of $3.45 billion through sales of graphics cards, again an increase of 81%. However, Nvidia attributes only $155 million in revenue to crypto miners who use the GPUs for mining cryptocurrencies.
It is possible that the company deliberately plays down the influence of the miners, because Nvidia relies on the gaming industry as its main customer base in the long run, which is why it has even installed a mining brake for the GTX series in recent months to make the graphics chips less attractive for miners.
Stablecoin issuer Circle recently raised $440 million in investment capital, but other crypto companies have also received a lot of money recently. The rapid development of the crypto market in recent years has also been accompanied by considerable growth of many crypto companies. In a new list, the business magazine Forbes has now summarized some of the currently highest investments in companies from the blockchain and crypto sectors. In second place is the mining company Bitmain, which was able to raise a total of $422 million through a financing round in 2018. But that’s not all, as Bitmain appears twice on the list, as the crypto miner has already generated $292.7 million in investment capital in 2018.
BlockFi was again able to generate $350 million in the current year, which is the third largest investment amount, while Dapper Labs and Blockchain.com ranked fourth and fifth with investments of $305 million and $300 million, respectively.
The hype of recent months has significantly boosted the industry’s fundraising, as evidenced by the fact that “five of the 12 largest crypto investments ever were made in 2021.”
Cardano has been back in the spotlight since Sunday, as its associated cryptocurrency ADA leads the crypto market’s recovery after the project moved one step closer to launching smart contracts. A big reason for this is that the smart contract testnet “Alonzo” has finally launched. To that end, IOHK explains:
“The Alonzo hardfork will bring some exciting and long-awaited innovations and features to Cardano by incorporating Plutus scripts on the blockchain. These, in turn, will enable the inclusion of smart contracts on Cardano, enabling a wide range of new DeFi applications on the network for the first time.”
Technical term of the week
Support Zone: Describe price zones that serve as support and repurchase zones. Here there is not a specific point, but a zone in which coins are accumulated. Following there is a rise due to the formation of a strong support.
Bullish outlook: $40,000 should be broken as first resistance to make the market bullish.
Bearish outlook: $33,000 should serve as support. Should this not be the case, sell-offs to below $30,000 could follow.