Weekly Cryptocurrency Market Brief

Bitcoin continued its bullish movement during the past week, as it reached the psychological level of $50,000 per Bitcoin. This was the 5th consecutive weekly green candle for Bitcoin, hitting the 61.8% Fibonacci retracement level on the weekly chart, where it faced some resistance and is now experiencing a healthy retracement that may hold over lower support zones before resuming its bull run. The rise of Bitcoin was accompanied by corresponding moves by the altcoins to the upside.

FTX Token (FTT) has increased by over 140% in the past month and a half, rallying from the lows of $22.5 on July 16, 2021, and hitting $55 per token on August 13, 2021. The price has since consolidated and experienced some resistance at about $51. FTT would seek to break this level in order to continue its bullish run to the upside, with its sights set on the high it reached on May 12, 2021, at over $66 per token.

Hedera Hashgraph (HBAR) has also made significant gains over the past few weeks, almost doubling in price and rising from the low of $0.15 on July 21, 2021, to reaching the high of $0.294 on August 24, 2021. It is currently facing a significant resistance at the $0.30 level, a break of which would lead to a potential move to the $0.40 level price level, which was tested several times between March and May 2021. A bullish continuation in the cryptocurrency markets could present another opportunity to break the $0.40-0.45 zone reached in the spring, on the way to registering new highs for HBAR.

VeChain (VET) was trading at the $0.055 support level on July 20, 2021, before a bullish engulfing daily candle printed on the next day paved the way for a bullish trend, resulting in VET reaching almost $0.146 on August 16, 2021. This is equivalent to a 165% growth in less than a month. A break of the $0.15 resistance level would set the stage for a move towards the $0.28 all-time high that was reached on April 17, 2021.

(Note: The above thought piece covers the wider VA industry, and may not be an activity that Arabian Bourse Limited (ABX) is looking to be licensed to undertake.

ABX has received in-principle approval from Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM) and is currently in the process of obtaining an FSP. ABX aims to be the first of its kind fully regulated, virtual asset MTF and custodian in the region focused on institutional and retail investors.)

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