The Crypto Pulse September 13th
Rollbit's weekly analysis and review of the news in Bitcoin, Ethereum and cryptocurrency markets.
Rollbit's weekly analysis and review of the news in Bitcoin, Ethereum and cryptocurrency markets.
News 📰
Standard Chartered Sees Bitcoin Hitting $100,000 by Early Next Year
A new cryptocurrency research team at Standard Chartered has predicted Bitcoin will reach $100,000 by early 2021 and could get to $175,000 over the long-run. The bank's cryptocurrency team also said it valued Ethereum at $26,000-$35,000 if their Bitcoin target is reached.
Geoffrey Kendrick, the head of Standard Chartered's new crypto research unit, said in a note on Tuesday, "As a medium of exchange, bitcoin may become the dominant peer-to-peer payment method for the global unbanked in a future cashless world. Cyclically, we expect a peak around $100,000 in late 2021 or early 2022."
Walmart has not Partnered with Litecoin, Despite Reports
On Monday September 13th, Litecoin soared to the highest level in almost 4 months, reaching above $230 on the back of a fake press release (which has since been deleted) that stated retail giant Walmart was going to accept LTC.
Holders of litecoin enjoyed a short-lived 20% bounce following a fake report that Walmart would accept the cryptocurrency as payment.
— MarketWatch (@MarketWatch) September 13, 2021
However, $WMT said that the release wasn’t authentic, sending the digital asset’s price skidding lower. https://t.co/KIR6Lfyfy3
However, the retail company then stated it was fake and LTC erased all the gains, currently trading ~$178, just below the day's opening price.
Crypto Flash Crash Wipes Out $400 Billion In Market Value
On Tuesday September 7th, a wave of liquidations causes the cryptocurrency market to erase $400 billion in value, with BTC-USD dropping from a high of near $53,000 and reached lows of $42,900. The price of bitcoin has still not fully recovered and is trading around the $44,400 level at the time of writing.
On the other hand, altcoins such as ALGO, ATOM and DOT have moved higher and fully recovered the September 7th crash outperforming all other large-caps.
Survey: 48% Of Brazilians Want To Make Bitcoin A Legal Currency
According to a survey conducted through the Toluna research platform, 48% of Brazilians said that their country should adopt Bitcoin as reported by local news outlet Valor Investe. The study stated, "Brazilians were the biggest supporters of recognizing bitcoin in the region, with 56% supporting El Salvador's approach and 48% saying they want Brazil to adopt it too."
September 7th was Bitcoin Day for El Salvador, which became the first country in the world to adopt BTC as legal tender.
Other News
- The SEC extended its review of VanEck's Bitcoin ETF application until November 14, 2021,
- Ethereum recorded negative daily issuance for the first time since EIP-1559 on September 3rd, where the daily net emission of ETH was -333.
- Cardano's Alonzo hard fork went live on September 12th, bringing smart contract functionality to the third most valuable blockchain network,
- MicroStrategy acquired another 5,050 BTC, bringing the company's total holdings to ~114,042 BTC,
- LaLiga partners with Sorare for NFT fantasy soccer card game,
- Algorand set up a $330 million fund to encourage growth of decentralised finance on the blockchain platform.
Market Analysis 📈📉
7-day Price Change
Data as of September 13th, 19:00 UTC
Let's look at the Bitcoin chart.
The daily chart shows that BTC-USD closed below the 200-day moving average on September 10th but has remained above September 7th's low near $42,900. The 200-day moving average currently stands at $45,868 and a daily close above this level is likely to lead to more gains. If the price of bitcoin remains below this level, then bitcoin is likely to range between $44,000-$46,000.
The 4-hour chart for bitcoin below shows that dips to $44,000 and below have been bought up. The price is currently near the lower Bollinger Band, suggesting a move to the upside from here is more likely, with the middle band and upper band providing resistance at $45,277 and $46,297.
Ethereum is trading comfortably above the 200-day moving average, which currently lies at $2,516 versus the current price of $3,225 (shown below). Despite the large downward momentum on September 7th, the $3,000 level held up.
Looking at the Bollinger Bands for ETH on the daily timeframe, a move above the middle band at $3,476 will probably open up another attempt at $4,000. However, the middle band may also act as resistance. The lower band currently provides support at $2,886.
Solana's SOL token reached highs above the $200 handle last week (shown below), but has since fallen and tested the support at the Fibonacci level of $152, suggesting the market will now establish another attempt at the resistance provided by the Fibonacci level at $196.
Have a great week!
-The Rollbit team