Kripto Hírlevél: A Bitcoin 24 000 USD fölé próbál visszapattanni (Angol hír)

Today we are seeing a dynamic rebound in the digital asset sector. Bitcoin, which is trying to get back above $24,000, will also be followed by Ethereum, where bulls will have to overcome significant resistance at $1,750:

• Analysts at Bloomberg Intelligence indicated that Ethereum is building a lead over Bitcoin and gaining in important on-chain metrics including daily volume, number of active addresses and network users. The green, deflationary version 2.0, to which the cryptocurrency is expected to eventually transition on September 19, according to analysts, is likely to meet with institutional interest, which would likely support buyers. Bloomberg also expects the digital asset to eventually enter the path of ETFs, which must first be approved by regulators;
• The world's largest institutional bitcoin holder, the Grayscale fund is still in court with the U.S. Securities and Exchange Commission (SEC), which once again in July refused to transform the Grayscale Bitcoin Trust into an ETF buying bitcoins on behalf of shareholders. The case could take up to about two years to conclude;
• Last week, BlackRock the largest fund managing about $8 trillion in assets became a partner of one of the largest cryptocurrency exchanges in the US market, Coinbase. The BlackRock fund will support institutions using the Coinbase Prime platform to manage and transact in BTC. The giant will also provide institutions with access to its flagship artificial intelligence-based tool Aladdin, potentially enabling institutions to 'learn more about the market';
• BlackRock is working closely with fintech company Circle, which is building the growing, fiat dollar reporting stablecoin USDC. It has also invested $700 million in the ISO 20022-compatible cryptocurrency Algorand in the spring of 2022; the new ISCO settlement standard is ultimately expected to displace the SWIFT interbank settlement system, with an estimated completion date of 2025. The fund has repeatedly emphasized its interest in the digital asset market. As the world's largest fund providing iShares ETFs, BlackRock could potentially also be interested in providing their cryptocurrency counterparts;
• The Filecoin cryptocurrency, which gained nearly 100% in the previous week, is attempting to return to growth and has pierced the $9 per token level. Filecoin focuses on file storage, currently has more than 4,000 storage providers, and nearly 400 organizations are involved in building the network. The project has established partnerships with Harvard University and Lockheed Martin, among others, through its IPFS - Interplanetary File System. The network is of interest to Cloudflare and Microsoft, among others. 

Bitcoin recorded its worst month since 2011 losing nearly 38% of its valuation in June, Ethereum's declines proved even deeper. The second largest cryptocurrency lost more than 45%, marking the largest loss since March 2018. The current market rebound should not come as a surprise. Historically, such deep declines have proven to be an opportune time to buy.At the same time, the deteriorating macro landscape and risk factors that have surfaced in 2022 may hold back broader demand. Source: Glassnode

The amount of transactions in the Ethereum network correlates with the behavior of the cryptocurrency price. The rebound observed since mid-July is supported by a surge in the number of transactions, making the potentially observed increase fundamentally justified by on-chain data. Source: Glassnode

Ethereum's 82% decline is still relatively smaller compared to previous bull markets. It took Ethereum more than 1,100 days to return to 2018 levels. If the ETH developers face problems in the face of the transition to version 2.0, the second largest cryptocurrency's bess could be prolonged, contrary to buyers' expectations. Source: Glassnode

Over the past 2 years or so, TVL (Total Value Locked) has increased more than 23 times from $10.7 billion to over $250 billion. The bankruptcy of Luna and decentralized lending platforms like Celsius and 3AC funds caused a huge drop in leverage in the market which resulted in $181 billion in outflows from TVL over the past 7 months. The powerful decline indicates a 'market cleansing' and could build a base for further increases once confidence returns to the cryptocurrency market and investor sentiment toward risk improves. Source: GlassnodePrevious downturns meant hundreds of days of weakness for Ethereum when the price stayed below 'Realized price' levels, i.e. the average purchase price of ETH on the blockchain. Currently, this period lasted only 40 days, the price broke above the 'Realized Price' levels at $1650 relatively quickly. Ethereum is currently trading above $1730. The MVRV indicator tracks the levels of the average purchase price of ETH on the blockchain and allows to estimate the period of undervaluation of the market. Source: Glassnode 

Bitcoin chart, interval W1. Bitcoin is moving above key level of 200 SMA on weekly interval 3 weeks straight but had some problems until today. Bulls are trying to move price forward. Source: xStation 5
Ethereum chart, interval W1. Ethereum is moving above 200 SMA on weekly interval more 5 weeks straight which can be bullish indicator. Source: xStation 5