GB Market Commentary 30/09/2021
by Adrian Kenny
Bitcoin has remained well above the $40,750 support against the US Dollar. Analysts believe it may be indicating a bottom near the $40,750 mark and it could start a strong rally. Bitcoin has recovered above the $41,500 and $42,000 resistance levels. At the time of writing the price is trading above $42,500 and the100 hourly simple moving average and is believed could indicate an upward move. Institutional investment has continued to enter the market with a recent filing by the Morgan Stanley investment fund shows they have doubled down their investment in bitcoin during the recent dip below the $40,000 mark.
Ethereum started a fresh increase from the $2,750-2,780 support zone against the US Dollar. It is believed that the ETH price could retest the main $3,150 resistance zone in the near term. The price is now trading above $3,000 and the 100 hourly simple moving average.
Many Etherum critics have voiced concerns over data received from Etherscan, showing a recent transaction by the exchange Bitfinex cost a massive $23.7 million in fees! The move was a $100,000transaction for DeversiFi, a non-custodial exchange. And as the data showed, the wallet seems to be the only one paying that much in fee charges. This is off the back of the news that Polygon briefly overtookEthereum for active addresses after a 330% surge over the past 3 months.
Ripple board member Rosa Rios has shared her views around how she views the XRP token's primary purpose. She indicates that the XRP token is a cryptocurrency with a primary purpose of "facilitating cross-border payments," as opposed to other digital assets that "find their value in speculation." Ripple has also announced it will dip its toe into the NFT space. The Company has created a $250M NFT Creator Fund forXRP Ledger. The San Francisco-based fintech firm unveiled a creator fund to foster non-fungible token(NFT) development on its own blockchain.
The Bank of England has unveiled an all-star tech line-up for its upcoming CBDC conferences. The Central banking powerhouse has assembled executives and experts from Google, Amazon, PayPal, and ConsenSysto assist The BoE with its CBDC research. In other UK news the UK Regulator, the FCA, has fired a warning shot to nefarious Cryptocurrency advertisers and scammers. The Regulator has voiced a stark warning to advertisers on Social Platforms and the production of Fraudulent Financial and Crypto themed Ads. The UK's Financial Conduct Authority (FCA) has stated it will work closely with the platforms to eliminate ads for risky financial products in general but highlighted a particular focus on cryptocurrency-based content.
Twitter continues with its positive support of the Cryptocurrency community, unveiling plans to add a verification badge for NFT profile pics, a very current and very prominent use case for the digital asset class. The platform will give the users the option to set their crypto-collectibles as a profile picture.