GB Market Commentary 23/11/2021
by Marcus Sotiriou
Estonia is now the latest country to adopt Bitcoin as their largest bank LHV allows customers to buy crypto. Starting from next week you’ll be able to trade major assets like Bitcoin, Ethereum and Chainlink on the LHV mobile app. Yesterday I mentioned how Australia’s Commonwealth Bank, who have more customers than the whole population of Estonia, recently announced they will allow customers to trade Bitcoin and Ethereum. However, the LHV news is significant because it shows that the cryptocurrency industry is a global movement and gives weight to the argument that at some point every bank in the world will need to integrate crypto.
Bitcoin is currently in a downtrend on lower time frames (shown above by the descending resistance). If Bitcoin can break above the $60,000 level that would confirm a double bottom pattern which is a bullish signal and could result in Bitcoin resuming its uptrend in the short term to new all-time highs. Positive news regarding The E-commerce giant Mercado Libre, which are like the South American eBay, have announced they will enable crypto investments in Brazil. I think that this kind of adoption from tech companies will mean that the crypto market will not experience a bear market lasting multiple years like the past, as it continues its jump into the mainstream.