GB Market Commentary 09/11/2021
by Jonas Luethy
Bitcoin made a new all-time high early this morning, peaking at $68500. Analysts are suggesting that a lack of supply is a major factor as some reports show that 85% of existing supply has remained inactive for the past 3 months. This comes as supply held on exchanges also reaches a record low. Analysts are suggesting $75000 as a target on the upside, but if the price takes a turn downwards, the price could fall to the 50-day moving average at around $56000. ETH also made a new all-time high today hitting $4842. The coin is now approaching the very important psychological level of $5000 which will likely be a strong resistance. The reason attributed to this strong price action is also lack of supply, as Ethereum is being burned at a faster rate than it is produced. The BTC market cap is now higher than that of Facebook and tesla as the total crypto market cap is 2.94 trillion. BTC dominance is at 44%.
Finally, New York City Mayor-elect Eric Adams has stated that he wanted crypto to be taught in city schools. He has also previously stated that he would explore ways that would allow New Yorkers to be paid in bitcoin as well as pledging to take his first three pay checks in bitcoin. Mayor of Miami Francis Suarez also pledged to take his next payslip in bitcoin as more and more public figures are coming out in support of cryptocurrency.