Welcome to your weekly crypto market update
Inside you'll find a recent market recap, news highlights, price updates and interesting tidbits.
Market update
Is Bitcoin ready to make a big move? We saw another week of low volatility where the largest crypto by market cap ranged between $14,500 and $15,000 AUD - the holding pattern is likely due to events in the US that spooked markets across the board.
We can see that Bitcoin is being squeezed into an ever shrinking corner of an ascending triangle pattern formed back at the start of September. The $15,000 level appears crucial and Bitcoin is having trouble getting above this key resistance area. Of note, BTC now sits on top of the key 50 EMA on the daily charts but if BTC continues sideways, the likelihood we see a breakdown from the ascending triangle grows.
The sense is that the market is building towards a big move. This is the time for bulls to flex their muscles and put bears to the sword above $15,000, pushing the market higher on the back of renewed confidence in US Stocks. If $15,000 can be breached with confidence, then the low $16,000’s will be a firm target. Bears will be watching for a fake-out above this level and look to push price down to the base of the triangle at $14,800.
Alt-coins have had a moment as BTC goes sideways...Zilliqa was a big mover up 32% and Zcash up 15% over 7-days.
Beginners guide to reading the market update
When you're at the start of your crypto journey, we understand that there is a lot to learn. We want to educate our members and help make sense of the market's recent movements and trading terms. Each week our market update will also be available in an easy to read version.Â
News highlights
Key Tesla Investor Sees Bitcoin Marketcap worth $1-5 Trillion
2020 has seen a bevvy of heavy hitting investors and Wall Street titans jump onto Bitcoin as the fastest horse for the future and now adding to the list, a major Tesla investor thinks the Bitcoin Market Cap will be worth between $1-5 Trillion US Dollars during the next decade. In her latest report, Ark Investment Group’s, Yassine Elmandjra thinks Bitcoin has one of the most compelling risk-reward profiles of any asset and is on a path to monetization.Â
All Stocks Could Become Tokenized
In a boost for the digital currency and tokenized asset space, US SEC Chairman, Jay Clayton said in a recent webinar, that he thinks all stocks will be tokenized one day. He went on to say that the “door is wide open” if someone were to present a way to tokenize ETF’s that created efficiencies. The admission by one of the US’s leading regulators signals a progressive push towards harnessing blockchain technology and making sure traditional regulatory frameworks don’t stifle the innovation of this exciting space.Â
Bitcoin to 100k by 2025 According To Bloomberg
Well respected analysts at Bloomberg Intelligence have sensationally suggested that the price of one Bitcoin will be worth 100k USD by 2025. Mark McGlone, Bloomberg’s head analyst says “Bitcoin has a tendency of adding zeros to its price.” This prediction is based on supply and demand data which shows that institutional demand is growing and supply of the digital asset is decreasing with over 90% of Bitcoin already mined
Latest prices
BTCÂ $14,751.59Â -0.52%
ETHÂ $464.17Â -2.73%
BCHÂ $298.85Â -0.19%
XRPÂ $0.333562Â -1.61%
LTCÂ $62.15Â -0.75%
Did you know?
Bank Penalties for criminal activity within the last decade are greater than Bitcoin’s entire market cap.
Bank Fines since 2008 = $325 Billion
Bitcoin’s MarketCap = $198 Billion