Monday's Market Outlook #4
Last week was a good week for cryptocurrency.
Although Bitcoin wasn't purchased as a reserve asset for some of the companies we were hoping for, it was (for the first time) mentioned in earnings reports by multiple financial institutions like Next Capital Management, Morgan Stanley's AIP, and even BNY Mellon.
This is possibly bigger than having Bitcoin in some tech company's balance sheet because this goes to show that legacy installations are eyeing Bitcoin with fervent intent. For instance, BNY Mellon holds $38 trillion dollars in assets under custody and is one of the oldest and largest banks in the United States. BNY Mellon also admitted that having exposure to a gold mining company, and not having exposure to Bitcoin, hurt the funds performance.
At the same time in the altcoin space, Cardano laid the foundations for the largest blockchain government deal in history. The company behind Cardano, IOHK, announced two massive deals in the heart of Sub-Saharan Africa.
Firstly, Cardano will be working with Ethiopia's Minister of Education, Getahun Mekuria, to onboard nearly 6 million students and teachers alike onto the blockchain using their novel identity solutions platform, Atala PRISM. Apart from this massive leap forward, not only for cryptocurrency but for developing Ethiopia, Cardano also partnered with World Mobile, a telcom solutions company that will front run Cardano's platform on their mobile devices to nearly 100,000 people in Tanzania. Cardano sets out to provide loans to these people using Cardano liquidity in what they call RealFi loans by the end of the year.
And just last night, Ethereum broke through its price target of $3000. This is huge for the project and for the rest of the space. As Ethereum picks off market share from Bitcoin, Bitcoin dominance starts to spill off and money begins to flow into the rest of the markets in what we like to call Altseason.
In last weeks' Market Update, we talked about the macro targets for Bitcoin and how this cycle will be more volatile and lengthy than the previous cycles before it. Today we will break down what Bitcoin is doing on the shorter time frames, and also what Ethereum is going to do as it will be important for the rest of the altcoin space to watch.
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