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Bullish Sentiment Spills Over To Institutional Investors As Ethereum Inflows Balloons

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Bullish Sentiment Spills Over To Institutional Investors As Ethereum Inflows Balloons

Institutional investors had been showing bearish sentiment towards Ethereum for the longest time. The second-largest cryptocurrency by market cap, which had initially caught their attention, was not doing as well as expected, and the outflows that followed were massive. However, it looks like sentiment among these large investors is beginning to turn positive as Ethereum has begun to record inflows.

Ethereum Inflows Balloons

Over the last several weeks, Ethereum inflows have been ramping up. Although they were nowhere near the volumes that had been recorded during the bull market, it had put a stop to more than 2 months of consecutive outflows for the digital asset.

Last week would prove to be no different, given that Ethereum’s inflows had come out to $8 million, a low volume, but it was inflows nonetheless. But the most important inflows were recorded in the week prior when the digital asset had initially been recorded to have seen inflows of $2.5 million.

Related Reading | More Than 57,000 Traders Liquidated As Bitcoin Declines Below $22,000

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Corrected numbers which had emerged this week had shown that not only was this number too low, it was off by more than $100 million. When the corrected data was published this week, it showed that inflows into ETH had reached $120 million in that single-week period, meaning that it was the largest single-week inflow in one year.

It is a testament to the changing sentiment among institutional investors when it comes to the altcoin. With the anticipated Merge approaching quickly, the bullish sentiment has washed over both small and large investors alike, prompting more investment into the digital asset.

A Week Of Inflows

Ethereum was fortunately not the only cryptocurrency to mark another week of inflows. The bullish sentiment had extended to almost every sphere of the crypto market, and the investors had reacted accordingly. So from bitcoin to digital asset investment products, the inflows continued.

Related Reading | Ethereum Weekly Exchange Net Flow Points To Growing Accumulation Trend

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Bitcoin had seen either week of inflows, with $16 million recorded for last week. Just like Ethereum, the numbers for bitcoin for the prior week had been incorrect, and corrected data showed a much higher inflow rate for the prior week with $206 million in total. The inflow trend was not limited to long bitcoin alone, though as short bitcoin continued its streak with $0.6 million in inflows.

Digital asset investment products would prove to be the big winners for the week with inflows of $27 million. The total asset under management has not been pushed back up to $30 billion with last week’s inflows. Europe also accounted for the majority of inflows as Switzerland alone recorded $16 million for last week. The USA and Germany would see lesser inflows of $9 million and $5 million.

What this data shows is how investors are looking toward the market with the recent recovery. However, given the recent decline in prices, it remains unsure whether the inflows will continue for the new week.

Featured image from News Text Area, chart from TradingView.com

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TA: Top 5 Crypto You Should Watch This Week – BTC, ETH, BNB, GMT

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TA: Top 5 Crypto You Should Watch This Week – BTC, ETH, BNB, GMT

Top 5 Crypto You Should Watch This Week, with many crypto altcoins producing price gains of two or more digits.

The recovery has sparked the excitement and belief that the bottom could be in for many crypto assets with the hope of a bull run in a short time. Let us discuss the top 5 crypto assets you should watch this week. 

Disclaimer: The picks listed in this article should not be taken as investment advice. Always do your research and never invest more than what you can afford to lose.

Bitcoin (BTC) Price Analysis As A Top 5 Crypto

BTC Price Analysis On | Source: BTCUSDT On Tradingview.com

From the chart, the price of BTC has continued to show bullish strength after retesting the price of $25,200 and was rejected from that region.

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BTC is currently trading at $24,170 at the point of writing this article. The price of BTC is in a rising wedge; a breakout above the wedge could see the price of BTC going to the region of $27,000 – $28,500.

A breakout below this rising wedge could see the price of BTC retesting the support region of $21,400.

Price Analysis Of Ethereum (ETH) On The Daily (1D) Chart

ETH Daily Price Chart | Source On Tradingview.com

The price of Ethereum has outperformed BTC in the past few days after showing bullish strength to a region of $2,000.

ETH price was rejected from $2,000 with what seems to be a resistance for ETH price to trend higher. 

The price of ETH is trading above the 50 Exponential Moving Average (EMA) at $1,886 at the point of writing. 

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If the ETH price maintains its bullish structure, we could see the price breaking $2,000 to a region of $2,500, but If ETH gets rejected, the price of $1,622 corresponds to the 50 EMA, which would be good support for the ETH price.

Price Analysis Of Binance Coin (BNB) On The Daily (1D) Chart

BNB Daily Price Chart | Source On Tradingview.com

The price of BNB was rejected from its resistance of $327 and is currently trading at $316.

BNB has maintained its bullish structure despite the rejection. A break of about $327 could see the price of BNB retesting the region of $388.

If the price of BNB gets rejected, the price of $286 that corresponds to the 50 EMA will act as a support.

Price Analysis Of Sand Box (SAND) On The Daily (1D) Chart

SAND Daily Price Chart | Source On Tradingview.com

The price of SAND has continued to struggle above $1.3 support which corresponds to the 50 EMA; a break below this region could see the price of SAND retesting $1.18.

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If the price of SAND breaks above the resistance of $1.4, we could see the price trending higher to a region of $2.

STEPN (GMT) Price Analysis As A Top 5 Crypto

GMT Daily Price Chart | Source On Tradingview.com

GMT has formed a bullish wedge as prices continue to range and bullish strength ahead of a breakout. A breakout to the upside could see the price of GMT trending to a region of $1.5.

The trendline on the daily chart for GMT price acts as support.

Featured image from Cryptimi, Charts from TradingView.com

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Analysis

Bitcoin, Ethereum Technical Analysis: BTC Lower, Following Brief Rally Above $25,000

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Bitcoin, Ethereum Technical Analysis: BTC Lower, Following Brief Rally Above $25,000

Bitcoin was trading lower to start the week, after the token briefly rose above $25,000 during Sunday’s session. As of writing, the global cryptocurrency market cap is currently trading 2.85% lower. Ethereum also dropped lower on Monday, with prices moving away from a recent high above $2,000.

Bitcoin

After a brief stint above $25,000 over the weekend, bitcoin (BTC) was trading in the red to start the new week.

On Sunday, BTC/USD hit an intraday high of $25,135.59, however the world’s largest token slipped to a bottom of $23,960.03 today.

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Sunday’s high was the most bitcoin has traded at since June 14, when prices of the token were over $26,700.

BTC/USD – Daily Chart

Looking at the chart, today’s decline in price comes after a resistance level of $24,800 was hit over the weekend, with bulls unable to sustain the uptrend required to push prices higher.

In addition to this, the 14-day relative strength index (RSI) is tracking at 56.44, which comes after failing to break out of a ceiling of 61.80.

This continues to be the main obstacle in the way of BTC rising back above $25,000 for a longer period of time.

Ethereum

In addition to BTC falling below $25,000, ethereum (ETH) also slipped to start the week, as the token dropped below $2,000.

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Over the weekend, prices of the world’s second-largest token by market capitalization moved above $2,000 for the first time since May.

However, on Monday, ETH/USD dropped to a low of $1,887.82, which was less than a day after trading at a high of $2,007.21.

ETH/USD – Daily Chart

This bearish turn in ethereum also comes as a result of the RSI being overbought, as it climbed above 71, which was its highest point since April 4.

As of writing, the index is tracking at 62, which comes as bearish sentiment swept through markets to start the week.

Prices will now be tested, with the index now close to a floor of 61, and should momentum move below this point, then we could see further declines.

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Can ethereum climb back above $2,000 this week? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Bitcoin

Leading European Tire Retreader Vaculug To Accept Crypto Payments

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Leading European Tire Retreader Vaculug To Accept Crypto Payments

Vaculug, a British company that brands itself as Europe’s largest independent tire retreader, will now accept cryptocurrencies for its products and services. Its management says the business must move with the times and offer customers more options than pounds and pence.

Vaculug to Take Major Coins, Offer Contracts in Cryptocurrency

U.K.-based tire retreading firm Vaculug has announced it will accept two leading cryptocurrencies, bitcoin (BTC) and ethereum (ETH) as a means of payment for tires and related services. The company claims it’s the first in the industry to do that.

In a press release, Vaculug also revealed it intends to sign fixed price contracts in ‘crypto per kilometer’ and ‘crypto per vehicle’ formats, if customers would like to fix or link them to the prices of the two supported cryptocurrencies.

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Blockchain is not the future but the now, says Vaculug’s IT manager Jason Humphries. “We believe that all companies will have to accept cryptocurrencies in the near future and we are proud to be the first retreader to do so,” he commented.

Humphries thinks the company, which he describes as customer-centric, must move with the times and offer clients “more options than just pounds and pence.” He also insists that crypto payments will lower transaction costs for both sides while providing more value to the buyer.

“We are proud to have partnered with Vaculug to develop the modules required for their industry leading VMS management system to be able to receive secure payments through the blockchain,” said Sam Dunross, the CEO of Dunross and Chan Ltd. which will process the crypto transactions. He added that its platform has been developed with cybersecurity firms from Israel to ensure it’s secure.

Despite the latest crypto market downturn, the number of businesses introducing bitcoin payments has continued to grow. For example, Swiss luxury watchmaker TAG Heuer announced earlier this year that it accepts a dozen coins in the U.S. through an integration with Bitpay. And a survey conducted by financial services firm Deloitte and payment processor Paypal showed that 85% of merchants consider enabling this payment method a high priority.

Tags in this story

Bitcoin, BTC, Crypto, crypto payments, Cryptocurrencies, Cryptocurrency, Cryptocurrency Payments, ETH, ether, Ethereum, Europe, Payments, retreader, tire, tire retreader, tires, uk, Vaculug

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Do you expect increased adoption of crypto payments after this month’s relatively positive developments in the markets of major coins like bitcoin and ether? Tell us in the comments section.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, celio messias silva

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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