It is chaotic being a crypto operator in China right now. In an effort to go green, China is clamping down on all cryptocurrency activities, including trading and mining.
There is a shift ongoing. In a note to investors, JPMorgan reveals that institutional players—or the deep-pocketed—are pivoting away from Bitcoin derivatives settling for ETH products.
Bitcoin is a perfect asset for diversification, an Economist piece notes. The copy states that Bitcoin moves independent of other asset classes—referring to the stock market, bonds, etc.
As it turns out, most crypto owners are gullible. They would blushingly likely invest in a crypto asset simply because a celebrity endorses it. Think of Kanye West or Kim Kardashian backing a periphery asset that then pumps due to the paid promotion.
On-chain analysis now links HODLers' activities to steadying and firmer prices. According to GlassNode, long-term Bitcoin holders, also known as HODLers, have been, in recent weeks, exiting their multi-year positions and immediately buying, steadying, and even pumping prices higher.
Monero is one of the most liquid and earliest cryptocurrencies. While Ethereum and Bitcoin have considerable market share, leaders in their category, Monero, choose privacy coins. The platform is designed to be completely anonymous. As such, transactions cannot be traced by third parties.
Institutions, governments, and millions of individuals across the globe hold Bitcoin. PSV, the Dutch footballing giant, has BTC in its balance following the club's partnership with Anycoin Direct—a Bitcoin exchange.
VanEck has listed three more ETNs, including Polkadot's and Tron's, at the Deutsche Börse. These now join other similar products tracking Bitcoin, XRP, Ethereum, Litecoin, and Bitcoin Cash. All these ETNs are available for trading at the Frankfurt Stock Exchange, allowing regulated institutions to gain exposure for listed products.
Crypto is freedom. Payment is instant and can be done straight from smartphones—scan and go. That's the experience among El Salvadorians. If a poll by Redfield & Wilton Strategies is anything to go by, then it appears voters in swing states—Texas and Arizona—would want their states to legal crypto payment.
Ethereum may evolve to become ultrasound money following the London Upgrade and on course of replacing gold and BTC. However, there are concerns for bulls reading from price action. In the weekly chart of the ETH/USDT chart there is a double top.
El Salvador made history as the first country to make BTC legal tender. They bought the dip on September 7 when Bitcoin prices crashed and bought even more on September 20. Announcing their ramp-up, President Bukele said the country now holds 700 BTC or slightly over $32 million, signaling confidence in the coin's long-term prospects.
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