A 22-Billion-Dollar Week

ByteTree Market Health Update; Issue 36

Bitcoin average daily return

Bitcoin breakout

Source: Bloomberg. Bitcoin with 200 day moving average and support levels past 2 years.

Alt rally

Source: Bloomberg. Bitcoin (black), Litecoin (green), gold (gold) and Ethereum (purple) rebased to 100 since 31/12/2000.

Network Demand Health Model

A note from Henry Bezant, Crypto Analyst

  1. National banks are able to enter the cryptocurrency custody market, which will drive down costs and increase access for millions of others wishing to purchase and hold digital assets. This will encourage greater investment in the industry and widen the network of active participants, adding value to the networks they operate on. Furthermore, this may also provide the necessary platform for more institutional investors to enter the market (a recent study by Fidelity found that 80% of institutional investors find cryptocurrency appealing).
  2. The authorization of National Banks to provide custodian services for digital assets acts as a stamp of approval for the industry, increasing the trust of both retail and institutional investors in digital asset security and may compel other regulators to follow suit.

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