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CRYPTONAIRE WEEKLY MAGAZINE 203RD EDITION IS OUT NOW
The #1 CRYPTO TRADING MAGAZINE
Despite the slight downturn, the institutional adoption of Bitcoin continues to increase. Filings with the United States Securities and Exchange Commission show that four wealth management firms have bought shares in Grayscale’s Bitcoin Investment Trust.
A survey of about 42,000 people in 27 countries by product comparison website Finder showed a high adoption rate in Asia. Among the countries polled, Vietnam had the highest adoption rate at 41%, while India and Indonesia had a 30% adoption rate.
Bitcoin and altcoins have made a strong recovery in the past week. The sentiment turned around after the U.S. Federal Reserve Chairman Jerome Powell, during a House Financial Services Committee meeting on September 30, made it clear that he does not intend to ban cryptocurrencies but said that stablecoins should be regulated. This energised the bulls who had been on the backfoot since China renewed its crackdown on crypto services on September 24.
Bitcoin bounced off the 100-day simple moving average (SMA) on September 29 and broke above the descending channel on October 1. This move suggests that the downtrend could be over. The 20-day exponential moving average (EMA) has turned up and the relative strength index (RSI) has jumped into the positive territory, indicating that
bulls have the upper hand.
The BTC/GBP pair could now rally to £38,257.06 where the bears are likely to mount stiff resistance. If the bulls defend the 20-day EMA during the next dip, it will increase the possibility of a break above £38,257.06 If that happens, the pair may start its northward march to £42,653.53 and then retest the all-time high at £47,240.05.
Alternatively, if the price turns down from the current level or the overhead resistance and breaks below the 20-day EMA, the pair could plummet to £31,011.
Lastly please check out the advancements happening in the cryptocurrency world.
Enjoy the issue!
Featuring in this weeks Edition:
- Main frame Protocol
- Asia Broadband
- DeGeThal
- Bondex
- bitcci
- Main frame Protocol
- Asia Broadband
- DeGeThal
- Bondex
- bitcci
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CW - Website Work
203rd Latest Crypto News Digital Magazine | 12th October 2021
Read 12th October latest crypto news digital magazine of Cryptonaire Weekly. You can subscribe to the latest issue of the crypto magazine for updates.
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