GB Market Commentary 25/10/2021
by Marcus Sotiriou
Bitcoin has stalled since making a new all-time-high earlier on last week. A correction has long been overdue since the rally from $39k to $66k in just a matter of weeks. However, Bitcoin has flipped the $60k level to support and is now trading at around $62,500, so it may not slow down just yet.
On chain analysis is more bullish than ever for Bitcoin, as the balance on exchanges is the lowest it has been since August 2017.
Institutions in the industry are showing continued interest as Singaporean payments company has now started a crypto as a service (Caas) offering for financial institutions. This will initially involve five cryptos. Furthermore, the number of OTC crypto stores in Hong Kong is becoming significant.
Lastly, cryptocurrency traders in China are still active in the space even after the ban, mainly through DeFi. One Chinese investor said, “I still regularly trade crypto, how can authorities stop me when the industry has developed to evade centralised control?” It will be interesting to see how the cryptocurrency usage in China develops over the coming months/years.