GB Market Commentary 09/09/2021
by Freddie Williams
After a close above $46,000, Bitcoin’s price attempted a break above $47,000. However, BTC failed to gain momentum above $46,800. It is moving lower and trading below $46,500. An immediate resistance is near the $46,500. The first major resistance is near the $47,000 level. The main hurdle is still near $47,200, above which the price could test $48,500. If there is no upside break above $47,200, the price could start another decline. The main support sits near $45,500, below which the price could drop to$44,000.
Ethereum price recovered above the USD 3,500 resistance level, but the bulls faced a strong resistance near USD 3,550. ETH failed to test USD 3,600 and it moved down. There was a break below USD 3,500. If the price fails to stay above the USD 3,400 level, there is a risk of a drop to USD 3,250. On the upside, an initial resistance is near the USD 3,500 level. The next major resistance is now forming near USD 3,550.
Solana has surpassed XRP by market cap, according to data provided by coin ranking siteCoinMarketCap. The high-flying coin is currently valued at $53 billion after a stunning rally, climbing to sixth place. SOL is now up an astonishing 8429% year-to-date. Despite the recent market sell-off, the crypto is up another 6% today. XRP, on the other hand, is one of the very few major crypto’s that failed to log a new all-time high during this bull run. In the last 24 hours Raydium is up 39%, Fantom is up 39%and Algorand is up 30%.
Ukraine is the latest country to legalise Bitcoin as the cryptocurrency slowly goes global. Ukraine is the fifth country in as many weeks to lay down some ground rules for the cryptocurrency market, a sign that governments around the world are realising that Bitcoin is here to stay. In a nearly unanimous vote, the Ukrainian Parliament adopted a law that legalises and regulates crypto.
U.S. based cryptocurrency exchange Coinbase says the Securities and Exchange Commission (SEC) has threatened to sue over its yet-to-be-launched “Lend” program. Coinbase said it had been in discussions with the SEC over its program for almost six months. Despite these ongoing discussions, Coinbase says the SEC issued a “Wells Notice,” according to a blog post on Tuesday. A Wells Notice or letter is the U.S.regulator’s formal way of announcing it may bring charges against companies or employees.
The third-largest Bitcoin wallet has been busy during the current market downturn, with the whale entity adding almost 500 BTC to its stash. As of press time, that whale still holds 4000 more BTC than at the all-time high at $65,000, bringing its worth to $5 billion.
La Liga partners with Sorare to enter the world of NFTs. La Liga is the first of the top 5 world football leagues to sign a major NFT partnership. It will allow LaLiga to expand the Clubs’ international brands by reaching new fans and creating a new revenue stream. Sorare is a marketplace to trade digital cards from more than 180 football clubs and has over 500,000 registered users on the platform. NFT hype continues to build, seeing lots of people migrating over to Solana based marketplaces as this overcomes the problem of high gas fees on Ethereum. I would approach the NFT space with caution over the coming weeks as we could potentially see a drop off.