Bitazza Crypto Weekly: Both Asian and American Investment Firms Maintain a Strong Focus on Crypto Investments -

Grayscale Files for Ethereum Futures Trust ETF: Grayscale has applied to the U.S. Securities and Exchange Commission (SEC) to establish the Grayscale Ethereum Futures Trust ETF. This move follows Valkyrie, a digital asset management company that had previously applied to launch its Futures ETF.

Laser Digital Asset Management Unveils Bitcoin Adoption Fund: Laser Digital Asset Management, Japan’s largest investment bank and a subsidiary of Nomura Holdings with assets valued at over $500 billion, has launched the Bitcoin Adoption Fund. This new fund allows institutional investors to invest directly in Bitcoin.

Coinbase Holds Nearly 1 Million BTC: According to blockchain analytics platform Arkham, Coinbase currently holds almost 1 million BTC, valued at more than $25 billion. This accounts for nearly 5% of the total Bitcoin supply. MicroStrategy remains the largest holder of BTC, with over 152,800 BTC valued at over $4 billion.

Mt.Gox Delays Repayment Schedule: Mt.Gox has announced that it will postpone the deadline for repaying its creditors from October 31, 2023, to October 31, 2024. The exchange holds approximately 142,000 BTC, BCH, and cash, totaling 69 billion yen.

Ethereum Developers Announce Potential Upgrade Delays: The Ethereum development team has revealed that the next upgrade, Deneb-Cancun or “Dencun,” may be delayed until early next year. The upgrade addresses scalability issues within the Ethereum ecosystem by implementing the EIP-4844 proposal.

Weekly Technical Analysis: 26 September – 2 October 2023

Bitcoin (BTC)

In the broader perspective, Bitcoin has managed to stay above its 200-week moving average and continues to hold a support level at $25,000. For long-term investors, this serves as a viable accumulation zone with another potential buy-in at $21,500. For mid-term traders, a confirmation signal is pending if the price surpasses the $32,000 mark.

Ethereum (ETH)

On the weekly timeframe, Ethereum generally shows potential for recovery, while its daily movements remain rather directionless. For long-term investors, initial buy-ins can be considered at the first support level of $1,600 and at a secondary support level of $1,200. A resistance level at $1,700 remains key for confirming a trend reversal.

CurveDAO (CRV)

CurveDAO has increased by 21.3% over the past week, gradually creating new highs. The trading strategy here suggests buying on dips, with the first support level at 16.50 Baht. If this level holds, the next resistance to test is 20.50 Baht, breaking, which could reverse the overall trend to bullish.

Chainlink (LINK)

Chainlink saw an increase of 16.5% in the past week. A significant resistance target is at 276 Baht. If this level is surpassed, the overall trend could turn bullish. Short-term buying could be considered at a support of 236 Baht; however, if this level does not hold, consider exiting to prevent further loss.

Trading and Investment Considerations For The Week

The Federal Reserve’s monetary policy meeting results came out as expected, maintaining the current interest rates. However, signals were sent that interest rates might increase again this year and that stricter financial policies will continue to be enforced. This outcome continues to put pressure on other asset prices.

Nevertheless, the price of Bitcoin, when compared to DXY or the U.S. dollar, is relatively stable and has started not to be as affected by the strengthening of the U.S. dollar. This is a good sign. Bitcoin has outperformed the U.S. stock market over the past 7 days.

The decision to postpone the debt repayment to Mt.Gox creditors for another year could help alleviate the pressure to sell off Bitcoin. The partial sell-off of FTX coins to repay creditors is not expected to affect the market significantly.

This week, key economic figures will be announced, including the U.S.’s Q2 GDP, on Thursday, September 28. The market expects it to grow by 2.2%, while the latest forecast is at 2%. The Federal Reserve chairman will also talk about the economic situation on the same night. High market volatility is expected that night.

The overall market outlook has no negative factors that could pressure the Bitcoin price. At the same time, there are no new positive factors either. The market is still waiting for a Bitcoin ETF’s approval next month. Coins performed exceptionally well over the past week, including LINK, CRV, and IMX.

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.

*Materials in Bitazza Weekly Newsletter are intended to be used and must be used for informational purposes only. The views, information, or opinions expressed are solely those of the individuals involved and do not necessarily represent those of Bitazza and its employees. The information contained herein is not intended to be a source of advice or financial analysis with respect to the material presented, and the information and/or documents contained in this website do not constitute investment advice.