08.08.22 - 15.08.22
Last week results
Instruments:
The cryptocurrency market remains positive. Most digital assets continue to rise on Bitcoin's coattails, which finally broke its bearish rally.
▶️ MicroStrategy, the largest investor in Bitcoin, has announced that Michael Saylor will become the company's executive chairman. He'll focus "on innovation and long-term corporate strategy," which involves further buying and holding Bitcoin. This news supported the crypto pioneer.
▶️ The Poloniex exchange offered up more good news. It'll support a potential Ethereum fork on a Proof-of-Work (PoW) algorithm following the merger of the core network with the Beacon Chain, scheduled for September this year.
▶️ US financial conglomerate Morgan Stanley intends to offer its clients digital asset instruments, a development that added even more positivity to the crypto market.
These week’s key events
The cryptocurrency market remains positive. Most digital assets continue to rise on Bitcoin's coattails, which finally broke its bearish rally.
▶️ MicroStrategy, the largest investor in Bitcoin, has announced that Michael Saylor will become the company's executive chairman. He'll focus "on innovation and long-term corporate strategy," which involves further buying and holding Bitcoin. This news supported the crypto pioneer.
▶️ The Poloniex exchange offered up more good news. It'll support a potential Ethereum fork on a Proof-of-Work (PoW) algorithm following the merger of the core network with the Beacon Chain, scheduled for September this year.
▶️ US financial conglomerate Morgan Stanley intends to offer its clients digital asset instruments, a development that added even more positivity to the crypto market.
📈 Bitcoin shoots for growth
Bitcoin (BTC/USDT) continues to hold above a key support level at $20,700, which makes it possible to say that a major reversal is coming. On-chain indicators are also signalling the formation of a bottom. Bitcoin's price has a good chance of rising.
💡 Here are three reasons to buy Bitcoin right now:
🔹 Whales continue to take advantage of Bitcoin's fairly low exchange rate to build up their wallets. What's more, a new whale appeared in the cryptosystem, buying $3 billion worth of BTC.
🔹 The Bitcoin balance on exchanges continues to shrink after a short-lived burst in July when miners actively sold off mined coins to compensate for operational expenses. When considering the fact that both shrimps and whales are buying up even cheaper Bitcoin, the market could see a shortage form in the market, which could push Bitcoin to further growth.
Fig. Bitcoin balance on all exchanges. Source: Glassnode
🔹 Technical analysis: Bitcoin's (BTC/USDT) break through its July high at $24,600 should be seen as a buying opportunity with an initial target of $27,980 and the potential to move to $32,000.
❗️ Seize this opportunity to open a trade at the right time.
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