LUNO Market Analysis

 A relatively slow week in the markets ended in fireworks yesterday, as Bitcoin fired past $50,000 for the first time in its short-but-distinguished history. The question now is whether $50,000 is just a check-in point on the way to even higher climbs, or whether it marks this bull run’s high point?

 

The excitement all began last Monday, with Tesla’s announcement that they had bought roughly $1.5 billion worth of Bitcoin sparking a rapid ascent just when sentiment looked to have cooled somewhat. This week it was the turn of more traditional actors to keep the good news flowing, with Mastercard, BNY Mellon, and Deutsche Bank all making big crypto-related announcements. Who will make headlines next week?

 

It was a slower week for ETH, which is still hunting to set its own landmark high over $2,000. Can it follow Bitcoin’s lead?

Bitcoin tested $50,000 a number of times this week before eventually breaking through, with the resistance levels climbing higher and higher over the past week. The leading cryptocurrency now looks ready to push even higher, as we have seen new and higher tops several times over the past week. We’re seeing higher highs and higher lows, which means that the support levels are also pushing higher.

Market sentiment unchanged at extreme levels   The Fear and Greed Index stays at 95 this week, unchanged from last week, and still in the “Extreme Greed” area. Investors remain hopeful for new highs, and the severe drop in market sentiment recovered in just a few days. Bitcoin’s carbon footprint insignificant compared to the tech industry   Bitcoin’s climate footprint has once again gotten the attention of the media, but compared to other digital industries, Bitcoin’s climate footprint is still minuscule. Digiconomist estimates BTC’s carbon footprint to 36.95 Mt CO2. To put this into context, BBC estimates the total tech sector’s emissions to be 1600 Mt CO2. In other words, bitcoin contributes to approximately 2.3% of the global emissions affiliated with digital tech. So, why are we not paying attention to the digital tech industry’s emissions as a whole? The logical and forward-thinking path onwards is clearly to develop and focus on adding more renewable energy sources to the energy grid. Come join LUNO team: 1. Sign up with my invite link 2. Deposit and buy MYR 250 in BTC (Luno exchange not included) 3. We both get MYR 25.00 free BTC https://www.luno.com/invite/GT3W2 Code: GT3W2