Bitazza Crypto Weekly: Defying the Bears: ARK Invest Submits Application for Ethereum ETF -

Crypto Weekly 12 – 18 September 2023

ARK Invest and 21Shares have submitted a proposal to the U.S. SEC to establish an ETF that invests in the spot market of Ethereum, the second-largest cryptocurrency. Coinbase will act as the custodian. This comes as the consideration for Bitcoin ETFs has been recently postponed.

Visa, a global payment company, has accepted payments in USDC coins on the Solana blockchain. This will provide merchants with more options, particularly for international payments, which will become faster and less expensive.

Google has updated its advertising policy to allow the promotion of games that use NFTs as part of the game, such as in-game items or to help users develop their games. This change will take effect from September 15. However, advertising for gambling purposes is still prohibited.

Tether, the issuer of the stablecoin USDT, has become one of the largest buyers of U.S. government bonds, with a total value of $72.5 billion. This makes Tether one of the top 22 largest holders of U.S. government bonds.

CCData reveals that the trading volume of cryptocurrencies in spot and futures markets on centralized exchanges (CEX) dropped to $2.09 trillion in August, marking the lowest level this year. The spot market trading volume is at its lowest since March 2019, at $475 billion.

Grab, the popular super app in Southeast Asia, has started offering Web3 services in its application with the approval of the Central Bank of Singapore. Users can set up Web3 wallets to receive blockchain rewards, make payments, and more, operating under the Polygon chain.

The Block reports that the number of daily active addresses on the Solana chain has dropped to a record low of just 204,000 addresses. The main impact is expected to be from its close relationship with FTX trading platform, along with U.S. SEC’s interpretation that Solana’s SOL token qualifies as a security.

Weekly Technical Analysis: 12 – 18 September 2023

Bitcoin (BTC)

BTC has not yet reached new highs and is at risk of a downtrend, as evidenced by a Dead Cross, where the 50-day moving average crosses below the 100-day moving average. If the price falls below $25,200, the downtrend will become more pronounced. For those with low-risk tolerance, consider delaying investments.

Ethereum (ETH)

ETH is adjusting downwards following BTC. The trend is likely to continue to decline. A significant support level is at $1,600. The trend may turn bearish if this level is not maintained, but there’s a short-term profit opportunity if it can hold.

Stellar (XLM)

XLM increased by 10.3% in the past week. The trend could recover but must stay above a support level of 8.30 THB. The next resistance target is 9.10 THB.

Enjin (ENJ)

ENJ increased by 6.5% over the past week. The price is quite volatile, and one must watch the support level at 0.700 THB. The first resistance target is at 9.10 THB.

Trading and Investment Considerations For The Week

A key highlight this week is the announcement of the August CPI on Wednesday, September 13th. The market expects it to be 3.6%, up from the previous 3.2%. The CPI number could influence the US Federal Reserve’s decision in the upcoming meeting on September 20th. The FED Watch Tool predicts a 92% chance that interest rates will remain the same.

Traditionally, the US stock market tends to dip in September before rising in October and November. Bitcoin, which has been increasingly correlated with the US stock market, may follow the same trend.

The market still lacks positive catalysts until the U.S. SEC considers approving Bitcoin ETFs in October. For now, long-term accumulation of large-cap coins like Bitcoin and Ethereum could lead the market in its next bullish phase.

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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