Dear Teroxx Community,

This week, we saw a digital asset market that was able to break through initial resistance zones, causing most prices to rise.

Weekly overview

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

Latest crypto news

The head of MyEtherWallet explains why two improvements to the London hardfork are of primary interest. The Ethereum blockchain received its long-awaited upgrade called “London” on Thursday, bringing with it a number of important changes. Kosala Hemchandra, the CEO and founder of MyEtherWallet, believes two changes are particularly crucial.
“The London upgrade made about five major changes to the Ethereum network, however, I think only two of them are really important for users,” Hemchandra said.
One is the move to proof-of-stake, he said, and the other is lower transaction fees due to EIP-1559.

After receiving a BaFin license, Coinbase is now an officially regulated crypto custodian in Germany. All services offered by Coinbase Germany are subject to supervision by BaFin. German customers had been able to use Coinbase to trade cryptocurrencies such as bitcoin (BTC), ether (ETH) and litecoin (LTC) even before that. The company benefited from a transitional arrangement for the licensing requirement for crypto custodians that has been in effect since January 1, 2020.
However, with the receipt of the BaFin license, Coinbase is further expanding its range of services in Germany. The announcement states:
“As of now, staking is also available on Coinbase for German customers. With staking, owners of cryptocurrencies provide their coins for the validation of transactions on a proof-of-stake blockchain and receive new coins in return. On Coinbase, ATOM and XTZ, for example, can currently be staked.”

In addition to Grayscale’s mutual funds, JPMorgan now offers one crypto fund each from Osprey and NYDIG. Major American bank JPMorgan Chase has quietly added six crypto mutual funds to its lineup over the past three weeks.
The move means the bank’s retail clients can now access the new bitcoin investment fund from New York Digital Investment Group (NYDIG).
NYDIG, which is part of Stone Ridge Asset Management, offers investments in bitcoin futures through its “Stone Ridge Bitcoin Strategy Fund.”
In addition to NYDIG’s fund, the bank added five other crypto investment funds to its program last month, these are: the Grayscale Bitcoin Trust, the Bitcoin Cash Trust, the Ethereum Trust and the Ethereum Classic Trust, all from Grayscale Investments, and the Bitcoin Trust from Osprey.

Technical term of the week

Flippening: Flippening describes a future scenario where Bitcoin has to give up the leading position in the list of cryptocurrencies for another cryptocurrency.
The term flippening was colloquially coined in 2017 and refers to the possibility of Ethereum (ETH) taking over the market capitalization of Bitcoin (BTC). Increasingly, we see volume shifts, so that ETH has more trading volume than BTC on some days.

Crypto Market

Last week we saw market moves that saw bitcoin test the strong resistance zones at ~$42,000 several times.Ultimately, positive sentiment allowed the market to break through these levels, establishing new local highs and making the overall market situation bullish.  Altcoins generally saw a bigger rise than bitcoin and also saw increased price gains. The successful update in Ethereum caused larger price jumps, so local resistances also fell in most altcoins, resulting in a very positive week. Market cap rose more than 10%, underscoring this run. On-chain data shows that since the positive move from the deep support levels (~$30,000), there has been very strong interest in digital assets, driving a lot of volume into the markets.

BTC/USDT, 60

Bullish outlook: If Bitcoin can attack further resistance a jump to ~$50,000 would be possible.

Bearish outlook: Should the price fall back below the old resistance / new support at ~$42,000, this could make the market more bearish again.