Author: Editorial Office CVJ.CH

Bitcoin USD daily basis Bitcoin USD Chart Analysis – Sell Off to the 30,000 USD Support Zone The trend of lower daily trading levels that started on May 12 consistently continued in the reporting week, and finally led to a downright sell-off. The omens were already bad with the break of the 50,000 USD support zone on the weekend of the previous week. Accordingly, the bears took the reins and two trading days with lower daily lows and highs followed on Monday and Tuesday. The respective daily lows at the beginning of the week at 42,300 USD were already close…

This week, the crypto market suffered a catastrophic crash that left investors and traders alike. Weak hands were flushed out, leaving only what the community refers to as “diamond hands” behind. The term was coined due to the precious gemstone being among the hardest substances in the world – nearly unbreakable. It requires a specific state of mind, skills, and of course, years of experience with markets. The crash especially crushed newcomers to crypto; however, Covesting’s top strategies are still well in profit, showing that the diamond hand traders on the peer-to-peer copy trading community know how to control their…

The Federal Reserve Bank will publish a report on the potential transition to a Central Bank Digital Currency (CBDC) in the summer of 2021. The advanced projects of several countries, first and foremost China, as well as the increasing digitalization have intensified the discussion. The U.S. Federal Reserve did not reveal any specific plans for a Central Bank Digital Currency (CBDC). However, Federal Reserve Chairman Jerome Powell referenced advances in payment technology and admitted that the central bank is “carefully monitoring innovations and will adapt”. A digital dollar could boost people’s confidence in the currency, payment networks, banks and other…

Oracles are building blocks that allow different blockchains to communicate with eachother and real world data. They play a central part in the current crypto ecosystem and are integrated in almost all protocols. An overview of the oracle project DIA in an interview with president Michael Weber. DIA (Decentralised Information Asset) is an open-source, financial information platform that leverages crypto economic incentives to source and validate data and oracles. The platform provides the infrastructure for market actors to supply, validate, use and share financial data. DIA’s data sources and methodologies are transparent and publicly accessible for everyone. This will create…

Chinese financial authorities have banned financial institutions and payment companies from offering services related to cryptocurrencies and warned investors against speculative crypto trading. Instead, they are developing a central bank digital currency (CBDC). Chinese financial officials announced that the country would crack down on financial institutions that operate cryptocurrency businesses or offer related services. The decision follows several announcements that have already come from China. Even now the government’s position is unclear and bans have been introduced and lifted several times. Chinas “Crypto Ban” Specifically, a number of activities have been banned. These include registration, settlement and trading of cryptocurrencies.…

A summarizing review of what has been happening at the crypto markets of the past week. A look at trending sectors, liquidity, volatility, spreads and more. The weekly report in cooperation with market data provider Kaiko. The last 7 days in cryptocurrency markets: Price Movements: Bitcoin closed the week down 21% and Ethereum down 8% in a market-wide sell-off triggered by Elon Musk. Volume Dynamics: In just one year, the average trade size for Ethereum has more than tripled on Bitstamp, Kraken, and LMAX Digital. Order Book Liquidity: Market depth evaporated in another case of algorithmic market making perpetuating price…

Bitcoin USD daily basis Bitcoin USD Chart Analysis – “Sell Off” to Close the Week The upward movement formed in the previous week could not be continued in the reporting week. On Monday already, the market tested the strength of the recent 14-day trend of higher daily lows. This was still defended with a daily closing price of 55,866 USD. On Tuesday, accordingly, trading followed at a slightly higher level than the previous day, directly at the 50-day average. For the time being, momentum seemed to be lost and thus a larger selling wave occurred on Wednesday, which brought the…

A few months ago, US car manufacturer Tesla announced a billion-dollar investment in Bitcoin. Since then, it was also possible to buy electric cars with the cryptocurrency. This option has now been suspended, the reason being the carbon footprint of the Bitcoin blockchain. In February 2021, Tesla CEO Elon Musk described himself as a “big supporter” of Bitcoin (BTC). Shortly after, the company announced a $1.5 billion investment. Further, customers were also able to pay for electric cars with the cryptocurrency. This week, Musk changed his mind – Tesla no longer accepts Bitcoin as a payment method due to concerns…

A week ago, eBay announced that payments with cryptocurrencies were under consideration. Now, the operator of one of the largest online marketplaces has decided to enable the buying and selling of non-fungible tokens (NFTs). Will the technology make the leap into the mainstream? The U.S. company eBay recently enabled the sale of non-fungible tokens (NFTs) for digital collectibles such as trading cards, images or video clips on its platform. It is the first e-commerce company to jump on the recent hype surrounding unique blockchain tokens. “Everything collectible has been on eBay for decades and will be for decades to come.…

A summarizing review of what has been happening at the crypto markets of the past week. A look at trending sectors, liquidity, volatility, spreads and more. The weekly report in cooperation with market data provider Kaiko. The last 7 days in cryptocurrency markets: Price Movements: Ethereum continues to surge to new all times highs in a week marked by notable institutional developments. Volume Dynamics: In just one year, the BTC-USDT trading pair on Binance went from accounting for more than 40% of total exchange volume to just 6%. Order Book Liquidity: The quantity of selling orders on ETH-USD order books…

Cathie Wood, founder and CEO of Ark Investment Management LLC, joined the board of Swiss crypto platform Amun Holdings Ltd. She has already personally invested in the operator of 21Shares AG, which specializes in exchange-traded products (ETPs). Wood met Amun co-founder and president Ophelia Snyder before the pandemic at a 2019 conference, and they struck up a conversation about the structure of the industry and the potential of new technology applications. Snyder believes that Cathie Wood’s advice on critical business strategy, product development and distribution will be critical as 21Shares expands globally. Wood, in turn, is excited about the sharp…

Over the past year, some banks have expanded their services to cryptocurrencies due to strong demand. Especially in the US, this trend is picking up. Now UBS also wants to allow its wealthy clients to invest in cryptocurrencies. Internationally, banks have been rather skeptical about Bitcoin and other cryptocurrencies in the past. But according to Yan Zhao, president of crypto custodian NYDIG, demand is gradually becoming too great to ignore the new asset class. This is increasingly evident in the United States. In the “crypto nation” of Switzerland, the reaction of big banks lagged behind for quite a while. Now…

Bitcoin USD daily basis Bitcoin USD Chart Analysis – Back at the 50 day average The reporting week was characterized by a consolidation below the resistance zone 59’000 – 60’000 USD. On Monday, the area around 57’000 USD, newly regained by the upward movement of the previous week, was held. On Tuesday, a first major selling wave in 12 days led back to 53’250 USD. However, the incipient counter-movement on Wednesday impressively showed that the bulls are still active in the market and let the bitcoin price bounce back to 57’515 USD, which corresponded to an increase of over 8%.…

According to crypto custodian and Stone Ridge subsidiary NYDIG, hundreds of U.S. banks will soon allow trading and holding of Bitcoin. After a long period of reluctance, established financial services providers are also opening up to the new asset class. New York Digital Investment Group (NYDIG) is a subsidiary of Stone Ridge, a $10 billion alternative asset manager. The crypto-custodian already manages $6 billion in digital assets. Among them are the Bitcoin investments of parent company Stone Ridge and insurance firm MassMutual. Major bank Morgan Stanley also used NYDIG’s services to launch its Bitcoin funds. CNBC reported that according to…

A summarizing review of what has been happening at the crypto markets of the past week. A look at trending sectors, liquidity, volatility, spreads and more. The weekly report in cooperation with market data provider Kaiko. The last 7 days in cryptocurrency markets: Price Movements: Ethereum reached a historic new all time high above 3’000 USD early Monday morning. Volume Dynamics: 80% of all Tether volume occurs on just four exchanges. Order Book Liquidity: The quantity of asks on Ethereum order books has nearly doubled over the past week, which suggests profit taking amidst record highs. Volatility and Correlations: Bitcoin’s…

Bitcoin USD daily basis Bitcoin USD Chart Analysis – After Correction Back to 50 DMA The reporting week was characterized by a countermovement of the correction phase that lasted more than 11 days after the recent all-time high was reached. On Sunday evening, the Bitcoin price marked the low of this correction at 47,000 USD. On Monday, a clear countermovement could be recorded, which led the Bitcoin price back to just below 54,000 USD at the end of the day. A consolidation took place up to and including on Thursday on the recaptured terrain around 55,000 USD. On Friday, a…