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Bitcoin below $ 45,000 at the beginning of the week – further losses threaten | 13.09.21




Bitcoin and Co remain ailing at the beginning of the new trading week. The introduction of Bitcoin as legal tender in El Salvador has turned out to be a nightmare for investors. From Timo Emden

Investors are also concerned with regulatory concerns about Coinbase. From a short-term perspective, the stock market lights are back to red.

The introduction of Bitcoin in El Salvador turns out to be an own goal – regulators could be pricked up
Around a week after Bitcoin was introduced as the official means of payment in El Salvador, the situation on the cryptocurrency market continues to be fragile. According to the motto: “By the rumor, sell the fact”, investors have acted in the past few days. Investors sold their positions on a large scale last Tuesday after anticipating the historic moment in advance. El Salvador was the first country in history to introduce the cryptocurrency Bitcoin as its currency. In addition to technical difficulties relating to the so-called “Chievo” digital wallet, riots in the country also made headlines. Overall, skepticism remains high not least in the population, but also far beyond. Regulators around the world may find themselves increasingly compelled to step up their regulatory efforts. It is possible that “sleeping dogs” were awakened by the advance.
BTC back below 200-day line – bargain hunters keep their powder dry
The current shortfall in the 200-day line, which is observed in many places, could also favor follow-up sales. For investors with a long-term perspective, this is a first-class warning signal. The most recent rally on the course is thus on shaky ground. From a fundamental perspective, too, the disillusionment is great almost a week after Bitcoin was introduced as legal tender in El Salvador. Overall, the situation remains fragile. The fact that even bargain hunters keep their powder dry speaks for a great deal of uncertainty among market participants.
US supervisory authority threatens Coinbase with lawsuit – investors unsettled
The US regulator, the Securities Exchange Commission (SEC), has threatened to sue the Coinbase crypto exchange. The background is that the US stock exchange wants to offer a product with which investors can earn interest with cryptocurrencies. The so-called “lending” describes a trend that has really gone through the roof, especially this year, and is becoming increasingly popular. However, according to its own statements, the authority classifies the product as a security, which would make it subject to corresponding securities laws. According to a spokesman, the start of the program will be postponed until at least October. Since Coinbase is considered an industry leader, investors are literally putting said regulatory uncertainties on the gold scales.




Editor’s note: Investors can now invest widely in the crypto world with the Euro Krypto Maxx certificate (ISIN DE000LS9RPE9). In addition to selected cryptocurrencies such as Bitcoin or Ethereum, the Euro Krypto Maxx also invests in the entire value chain of cryptocurrencies from mining to payment. Further details on the Euro Crypto Maxx can be found at Wikifolio.

Solana (SOL) loses over 12 percent – investors cash in
Solana (SOL), the seventh most important crypto currency in terms of market size, has literally been thrown under the wheels of profit-taking. On Monday, the currency lost another 12 percent compared to the previous day to around 154 dollars, which is also the lowest level in four days. Since the beginning of August, SOL has grown by almost 700 percent to its peak. Overall, the still booming NFT sector of the currency plays a big role here, regardless of the price capers that Bitcoin displays. NFTs, so-called non-fungible tokens, can make an asset unique using blockchain technology. The fields of application range, for example, from crypto art to virtual worlds. Digital works of art now sell for more than a million dollars. In addition, larger addresses are likely to have an eye on the NFT area and thus on Solana. In view of technical strengths such as speed and cost structures, Solana is considered superior to Ethereum. In the eyes of investors, the sector was recently seen as severely undervalued. The classic stock market adage also applies here: “The bull market feeds the bull market”. In view of the brilliant price evaluations, however, pronounced profit-taking at the moment is not surprising.

Bitcoin and Co .: It could go on like this
Overall, investors should be prepared for the rest of the trading days. The great euphoria has given way to a sober approach at the latest since the introduction of Bitcoin in the Central American state of El Salvador. The technical situation could also deteriorate further in this context. Falling below the $ 42,000 mark is likely to force further follow-up purchases to below $ 40,000. At the same time, another sensitive setback could represent entry opportunities for investors who recently lingered behind the sidelines. Stockbrokers should currently avoid reaching into the falling knife as much as possible. It remains to be seen that the situation will calm down. Further deterioration is to be expected in the NFT sector and at Solana as well. The slowdown in the overall market should not be underestimated.


Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.
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