Weekly Cryptocurrency Summary – Bitcoin (BTC / USD)
The price of Bitcoin climbed to a new ATH (all-time high) above $ 66.80, before correcting down against the US dollar. BTC Currently trading below $ 63,000, and it is still vulnerable to further losses. Recently there was a downward correction below the $ 65,000 support level. On the BTC / USD hourly calendar, there was also a break below a strong bullish trendline, with support near $ 63,200.
A low has been established near $ 62,050 and the market is now consolidating its losses. Near the $ 63,200 level there is immediate resistance, near the 23.6% Fib retracement level of the reversal from the $ 66,982 rise to the $ 62,050 low. The 100-hour SMA is also slightly above the $ 63,200 mark.
A decisive break above the resistance level of $ 63,200 could pave the way for another rally. The next major resistance is near $ 64,500, after which the price could reach $ 66,000. Bitcoin’s decline could be prolonged if it does not breach the $ 63,200 barrier zone.
The reason for Bitcoin’s previous rally could be attributed to Tesla’s third-quarter earnings report, which suggested the company currently owns Bitcoin at a value of $ 1.26 billion, according to its balance sheet. In the third quarter, the electric car industry recorded a Bitcoin-related depreciation of $ 51 million. Additionally, Tesla CEO Elon Musk tweeted a meme showing the price of Bitcoin at $ 69,500 and Ether at $ 4,200. This positive development had a positive impact on BTC stocks, thus limiting further losses. Along with the existing $ 5.5 billion investment, the Houston Firefighters’ Relief and Retirement Fund (HFRRF) in Texas has started investing in Bitcoin and Ether. “This is the first time that a public pension plan in the United States has announced an investment in digital assets. The HFRRF said on Thursday it had bought Bitcoin and Ether for the Houston Fire Department’s defined benefit plan. However, this does not have any noticeable impact on the price movement of Bitcoin at this time.
Another critical factor that has helped the BTC / USD pair stay bid is the recent selling bias of the US dollar. Even though vital US economic data allowed the US currency to rise earlier, the greenback lost strength and fell in Asia on Friday morning, indicating a second week of decline. According to data released Thursday, sales of existing homes in the United States rose 7% month-over-month to 6.29 million units in September. The dollar initially received a boost from better-than-expected numbers, but failed to maintain that rise when the Asian session began.
Weekly Cryptocurrency Summary – Ethereum (ETH / USD)
The ETH / USD the coin failed to break above the $ 4,100 resistance zone, and it is still showing bearish signs around the 4,053.34 level. With a 24-hour trading volume of $ 26,490,777,106, Ethereum’s current price is $ 4,125.75. In the past 24 hours, Ethereum has lost 1.18% of its value. With an actual market cap of $ 487,914,900,292, it is currently ranked # 2 in the market. The maximum supply is not known.
It has an outstanding supply of 118,025,867 ETH tokens. Unfortunately, the selling bias surrounding the world’s largest cryptocurrency, Bitcoin, has also played a significant role in driving ETH prices down. Bitcoin is showing bearish signals against the US dollar, below $ 53,000. BTC could fall even deeper, possibly testing the $ 60,000 support level.
The seller bias surrounding the greenback, on the other hand, was seen as one of the main factors that helped limit the losses in the ETH / USD price. The broad-based US dollar failed to maintain its bullish bias from the previous session, becoming well offered that day. On Friday morning, the dollar was lower in Asia, even as bullish economic data raised hopes for an economic recovery in the United States.
However, losses in the ETH prices were also limited after the addition of $ 25 million worth of Bitcoin and ether to the portfolio of a US public pension fund for firefighters. According to Bloomberg, the Houston Firefighters’ Relief and Retirement Fund has $ 5.5 billion in assets, and it has now invested $ 25 million in the two major cryptocurrencies. The New York Digital Investment Group (NYDIG), a Bitcoin investment arm of Stone Ridge Asset Management, facilitated the transaction.
Weekly Cryptocurrency Summary – Litecoin (LTC / USD)
Weekly Cryptocurrency Summary – Ripple (XRP / USD)
The latest developments in Bitcoin, the world’s largest cryptocurrency, have not had a positive impact on the crypto market. Elon Musk’s electric car company Tesla (Nasdaq: TSLA) presented its third quarter earnings report on Wednesday. The company generated $ 13.757 billion in revenue, up 57% from the same period last year. “The third quarter of 2021 has been a record quarter in many ways,” he said. “Our net profit, operating profit and gross profit are all at record levels.” Tesla’s net digital assets as of September 30 were $ 1.26 billion, up from $ 1.311 billion at the end of the second quarter. In the third quarter, Tesla announced a $ 51 million Bitcoin-related depreciation. The Ripple price drop could be temporary as Ripple Inc, a distributed ledger company, announced a partnership with Al Ansari Exchange, a UAE-based FX and global transfer provider. The company chose RippleNet Cloud to enable cross-border transfers to Maylasia. MoneyMatch, a Malaysian fintech company, will be used to facilitate cross-border payments. Thanks to the partnership, Malaysians living in the United Arab Emirates can now use Ripple’s cloud technology to send almost instant payments to loved ones back home.
Weekly Cryptocurrency Summary – DOGECOIN (DOGE / USD)
The DOGE / USD coin pair has flashed red since the start of the day, after failing to stop its rally downward from the previous session. The Dogecoin price is currently trading at $ 0.24558.2 with a 24 hour trading volume of $ 1,397,528,729. Dogecoin has fallen 2.27% in the past twenty-four hours. The current market rank is # 8, with a live market cap of $ 38,384,210,776. There are 131,128,539,044 DOGE coins in circulation, and the maximum supply is unknown.
However, Dogecoin’s declines emerged even after billionaire and business mogul Elon Musk released his company’s third quarter earnings report. According to Tesla’s third quarter earnings release, its balance sheet is currently $ 1.26 billion in Bitcoin. In the first quarter, the electric car maker recorded a loss of $ 51 million due to Bitcoin. Meanwhile, Musk tweeted a meme describing the price of Bitcoin at $ 69,500 and the price of Ether at $ 4.2,500. further losses of Dogecoin at bay.