Shift in South America:
Recently, we have seen news about Venezuela and El Salvador (Latin America) and the potential cryptocurrency adoption since the monetary value of their money is virtually worthless. At first, El Salvador rejected the proposition, but recent news shows that they are now considering the implementation of bitcoin payments as salaries. Venezuelan usage of the coin ranks as number 3 in the world because of financial fallouts with their own money. This shift in Latin and South American crypto usage could be a good sign for bitcoin and crypto in general as the trend of mass adoption continues.
Net Positive Change in Bitcoin Investments:
For the first time since October 2020, investors have switched sentiment overall to bullishness on Bitcoin as the majority of long positions exceeds the shorts. This is also interesting because a technical scare hovers on the coin's chart. A potential death cross on the daily chart looks like the event will happen soon if the 50 DMA crosses under the 200 DMA. If this happens, it could spark lots of bearish sentiment in the market and possibly a continuation in the downtrend.
Goldman Sachs New Partnership:
Goldman Sachs has formed a partnership with Galaxy Digital and is trading bitcoin futures contracts at a higher rate than before. What makes this good news for bitcoin is that the more bitcoin trading in banks means lesser volatility in the market.
Dogecar:
The Tennessee Lottery 250 this weekend is giving this meme coin some spotlight. 23-year-old Stefan Parsons is going to be driving the infamous "Dogecar" in the race this Saturday which is good publicity for dogecoin, however, brokers have not set odds for him in the race so you cannot bet on the Dogecar to win.
Two surprises occurred this week from both central banks of Australia and Canada. Economists forecasted an unchanged discount rate, but the banks had other plans in mind. This caused a heavy positive move for AUD and CAD after reaction to the news. Here is what we are looking for in these types of pairs going […]
Over the past week, several news events paved the way of sentiment on monetary policy. Through the forest of mixed uncertainty, we can find the clearing of one asset that looks ready to take off. Gold has come back to a critical level, and it is up to smart money what happens next. EdgeFinder Analysis […]
Gold is up nearly half a percent today while USD down a third of one as of 10:18 am EST. As we wait for the upcoming and looming NFP numbers this Friday, we can assess the economic data we already have. EdgeFinder Analysis The stock market sighed in relief after the debt ceiling bill finally […]
