What This Crypto SPAC Could Do For The Cryptocurrency Market

7/9/2021

Private crypto firm, Bullish, has agreed to go public through a $9 billion deal with Far Peak Acquisition Corp (FPAC). This new exchange company will likely be set to go public near the end of 2021, according to news sources. Bullish is funded by Block.one which holds $10 billion in crypto assets and cash. When the deal goes through, Bullish will get $600 million in proceeds and an extra $300 million in PIPE.

Our outlook

Bullish Global's debut in the public market will be yet another milestone in the cryptocurrency world. Whether you are bullish or not, companies will continue to try to work in this field and improve the technology surrounding it, just like any emerging industry that's got high speculation. When this happens, lots of money, attention and time goes into it, and this will only fuel cryptocurrency further. That probably means that we will see less volatility over time as institutions pile in, so investing now hold significant risk but could also pay off in the long run.

Trade Setups

BTCUSD

Bitcoin up on the day but is also forming lower lows and highs on the 4H. Price may come up to test this falling trend line, and it would need a break above to prove that we'll see a bullish move. Otherwise, bitcoin might form a lower low.

ADAUSD

Cardano found a bottom around 1.280s and showed rejection on the 4H timeframe. Price could come up to test resistance at the falling trend line, and a break could mean a test near 1.570s.