Bitazza Crypto Weekly: Global Financial Institutions and Investment Firms Remain Committed to Web3 -

Crypto Weekly 19 – 24 September 2023

Franklin Templeton has filed for a Bitcoin ETF with the U.S. SEC, with Coinbase as the custodian. Franklin Templeton manages over 1.5 trillion U.S. dollars in investment assets.

Deutsche Bank has partnered with Taurus, a digital asset startup, to offer global custody services for digital assets, including digital tokens, NFTs, and other digital assets. Previously, Deutsche Bank had applied for a crypto custody license from German financial regulators.

PayPal has launched an off-ramp service that allows users to convert digital currencies into dollars smoothly. This follows their previous on-ramp service, which enables customers to buy digital currencies directly from their digital wallets. This service also works with Wallet, dApps, NFT Marketplaces, and Metamask.

Grab, the largest technology startup in ASEAN, is testing a Web3 Wallet service in Singapore in collaboration with Circle, the creator of USDC. This service supports both stablecoins and digital assets like NFTs. Users can also earn NFT-based rewards and collectables at shops.

Jamie Coutts, a Bloomberg analyst, reports that over 50% of Bitcoin mining now uses renewable energy. This also has led to a decrease in greenhouse gas emissions, along with a significant increase in the hash rate, partly due to Bitcoin mining operations moving out of China.

Sebastien Borget, co-founder of The Sandbox, reveals that about 50% of The Sandbox’s business comes from various countries in Asia. In contrast, the West and North America have the perception that the metaverse is already dead.

Investment management company VanEck reveals that on-chain transactions in DeFi have continuously declined in value. The total value locked (TVL) decreased by 8% in August, from 40.8 billion dollars to 37.5 billion dollars. Additionally, token trading has also dropped by over 15.5%.

Weekly Technical Analysis: 19 – 24 September 2023

Bitcoin (BTC)

BTC has dipped to a new low at the level of $24,800, but buying pressure has returned. Even though, technically it isn’t considered a downtrend, the failure to make a new high still poses some trading risks. However, the downside is expected to be limited. Long-term accumulation still appears to be a viable strategy.

Ethereum (ETH)

RUNE has increased by 23.1% over the past week and continues to adjust upwards. The trading strategy emphasizes “Buy On Dip.” The first support level is at 62 THB. If this level is maintained, short-term profit-taking resistance is at 76 THB.

Thorchain (RUNE)

VeChain (VET)

VET has increased by 15.8% over the past week. The trend is likely to recover further. Keep an eye on the first support level at 0.590 THB as a good entry point, and take profits at the short-term resistance level of 0.610 THB.

Trading and Investment Considerations For The Week

The key highlight this week is the Federal Reserve meeting on Wednesday, September 20. Although the recent U.S. inflation rate has risen to 3.7%, slightly higher than market expectations, the latest FED Watch Tool predicts a 98% chance that the Federal Reserve will maintain the current interest rate. It’s not expected to affect Bitcoin prices significantly.

Even though September is generally not a good month for Bitcoin, the coming October has historically been a positive month.

October is also when the U.S. SEC is scheduled to announce the approval results for establishing Bitcoin ETFs from five major applicants, including Blackrock. This could be an opportunity for institutional investors to re-enter the U.S. stock market before the high season, potentially making October a good month for the crypto market.

Disclaimer:
-Cryptocurrency and Digital tokens are highly risky; investors may lose all investment money. Investors should study information carefully and make investments according to own risk profile.
– Past Returns/Past Performance does not guarantee future returns/performance.

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