An overview of what is happening in the crypto markets, summarised daily by Crypto Finance AG Senior Trader Patrick Heusser in the market commentary.
Market commentary
Good Morning!
There has been a substantial amount of news about the DeFi space of late. And there are many interesting articles out there that argue that it is not sustainable. The current cool-off is therefore definitively healthy; it was needed. It will give everyone some time to digest all the information they need to understand and choose the right projects - the ones that are here to stay.
Bitcoin
Currently, Bitcoin (BTC) seems to be in a lurk, trying to take advantage of all the action going on around it. There have been several pushes to get BTC to 11,000, and, eventually, to surpass this level. It is definitely high time that bitcoin makes it through the resistance between 11,000 and 11,200, and reaches levels we have seen in the past: e.g 12,000. An interesting pair to follow over the next couple of days is the battle between Ethereum (ETH) and BTC, with an important support at USD 0.033.
Chinas BSN
Another important piece of news to us (we have reported about it in our daily commentaries and monthly reports) is China’s Blockchain Service Network (BSN). China is definitively progressing quickly, and is integrating three more public chains (ShareRing, Algorand, and Solana). This topic is front and centre for us. We will continue updating you on it as we learn more.
Happy trading!
