WEEKLY CRYPTOCURRENCY NEWS

Bitcoin Fund Raises Over 1 Billion Capital

Grayscale, the world's largest digital asset management firm, announced its Q3 report and stated that the firm raised over $ 1 billion in the capital in a single quarter. The interest in Grayscale funds, in which only institutional and accredited investors can participate, is considered as an indication that institutional investors considering cryptocurrency investments seriously.


 

115 Million $ BTC Investment from Stone Ridge
After the BTC investment of Twitter founder Jack Dorsey's company Square, BTC investments of corporate companies started to increase. On top of that, Stone Ridge, an important company in the financial world, announced that they added $ 115 million worth of Bitcoin to their treasury reserves.

 

Italian Banks Are Integrating Into Blockchain
The Italian Banking Association (ABI) announced that about 100 banks have been integrated into the country's Blockchain network Spunta. In the application that started in March 2020, there are 55 banks in the first stage and while data transfer is provided, approximately 100 banks have been integrated into the system and it was stated that the agreement between banks can be completed in a short time like within a day.

 

Cryptocurrency Ban from Russia

The Central Bank of Russia recently passed a law on cryptocurrencies following CBDC statements.  According to the statement, non-qualified investors will only be able to buy a maximum of 600,000 Rubles ($ 7,700) worth of cryptocurrencies.

WEEKLY CRYPTOCURRENCY ANALYSIS

BITCOIN [BTC] 357805.65 TRY

This week is quite positive for Bitcoin. Firstly, Twitter founder Jack Dorsey’s company Square bought 50 million dollars of BTC, after that the open contracts on Bitcoin futures reached a 7-month high and these news show that institutional investors’ interest on Bitcoin is increasing. Furthermore, BTC realized price (which helps to predict total cost of users) had an all-time high as it went up to 6,296$. In addition to that BTC adresses with non-zero balance had also an all-time high this week and these are supporting Bitcoin’s positive fundamental outlook.

On the technical side, last week BTC got a support from the uptrend which started in march and maintained the rise. This week continued to upwards movement and went up until 11,700 $ levels. Thus, BTC also tested the downtrend which started in June 2019 but it failed to break this trend and it led to a fallback. Bitcoin congested between these two trends and an upwards breakout can move BTC above 12,000 $ while a failure can lead to a fallback to 11,150-10,950 $ zone. At this point, it would be beneficial to be patient and cautious for the possible reactions on trend lines.

RESISTANCES 11,500/ 11,850/ 12,100/ 12,350
SUPPORTS 11,150/ 10,950/ 10,800/ 10,600

BITCOIN [BTC] 357805.65 TRY +7.00 +0.03 VOL 21 BTC

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