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Weekly Digest: Key events of the past week

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The past week was up and down, with cryptocurrencies trading in various directions. Several crypto assets saw a correction after previous upward movement. However, some altcoins managed to trade upward.

The best performers are:

⦁ Terra (LUNAUSDT) + 40.40%

⦁ Synthetix Network Token (SNXUSDT) + 22.60%

⦁ Enjin Coin (ENJUSDT) + 21.75%.

The news scene had some ups and downs.

China’s central bank once again pressured cryptocurrencies by declaring Bitcoin and stablecoins to be speculative instruments that could undermine the stability of the financial system.

More negative news came from the Spanish bank Santander’s British division, which decided to block payments to the Binance cryptocurrency exchange. Barclays had recently announced a similar decision.

There was some good news for cryptos, such as Bank of America’s changing attitude towards them. The bank created a group to study blockchain and cryptocurrencies, calling them one of the fastest-growing and emerging industries.

This week’s ones to watch:

Bitcoin

Bitcoin (BTCUSDT) is moving toward its $35,040.00 resistance level. Breaking through this level would open a path to stronger resistance at $36,600. If it overcomes that level, it can be expected to increase to around $41,000.

Here are four reasons to buy Bitcoin right now:

⦁ This week, investors in the Grayscale Bitcoin Trust, which is backed by real BTC (worth 16,240 bitcoins) will have to decide to sell them or continue holding for another 6 months. Given cryptocurrencies’ potential, there most likely won’t be any huge sell-offs of these assets, and that’s good news for Bitcoin.

⦁ Lincoln Avenue Capital, a large US real estate company, announced that it acquired 1,000 BTC. The developer announced that its strategy will be to invest in cryptocurrency. It plans to direct 20% of its assets toward this endeavour.

⦁ Open interest in Bitcoin futures continues to trend upward (a 7-month high), which would suggest that major players are taking on new positions.

⦁ Technical analysis: the $35,040 mark represents a strong support level for BTCUSDT. Breaking through this level could open up the possibility of rising to $36,600 and then $41,000.

Useful links

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DISCLAIMER: Any opinions, news, research, analyses, prices, or other information contained on StormGain_crypto is provided as general market commentary and does not constitute investment advice. StromGain_crypto, StormGain, its employees, partners, or contributors will not bear any liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

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