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.
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.
9/24/2021 The People's Bank of China banned all crypto transactions on overseas Chinese services along with its domestic ban. Bitcoin is down over 8% today and Ethereum is down 11.48%. Our outlook I think we're seeing a lot of noise around China and their condemning of cryptocurrencies before they digitize their own. In the short […]
Let's look into the Bank of England's Monetary Policy Summary which took place on Thursday the 23rd of September, 2021. Quick Summary: BoE keeps interest rates unchanged at 0.10% BoE will maintain its asset purchasing target at £875B The vote to keep policy unchanged passed with a 7-2 vote The minutes of the MPC meeting […]
9/23/2021 The precious metal snapped three days of gains and tumbled back down to the support range from $1740s-1760s approximately. Gold is down -.56% on the day going into the opening of the NY session. Our outlook Gold will likely rise on the US indices falling, and is usually due to slowing economic growth. Because […]
9/21/2021 Bitcoin Update For the past month, Bitcoin went on a tear rising over 20% from the beginning of August. Recently, however, China and other risk-off factors have contributed to a 23% decline from the recent highs around $52,760. Now the most prominent crypto has touched these monthly lows which could be a potentially good […]