Bitcoin edges lower as extreme buying behaviour dips

13 Oct 2021

SGT 0815
📉 BTC | $56,229 (-$806, -1.4%)
📈 ETH | $3,509 (+$2, +0.1%)
📈 XRP | $1.10 (+$0.00, +0.2%)
📉 LTC | $173 (-$4, -2.4%)

🎢 Bitcoin momentum is appearing to wane after entering “highly overbought” territory on several momentum indicators such as the Fear & Greed Index, last week.

💀 JP Morgan CEO Jamie Dimon also contributed to bearish sentiment by again stating yesterday that Bitcoin is “worthless”, an opinion he has been expressing since 2013 – when Bitcoin started the year trading at $13.40.

🔎 Coinbase (-2.8%) will join Binance and FTX in launching a NFT minting, purchasing, and showcasing function. Such a platform would be a direct competitor to the largest NFT marketplace currently – OpenSea.

🧐 Citigroup’s (-1.5%) “Disruptive Innovations” report has specifically named Disney, Electronic Arts, and Robinhood among other companies specialising in intellectual property, licensing, and merchandise, as specific beneficiaries of NFTs. NFTs would theoretically allow content owners to bypass middlemen in terms of distribution and monetisation, a potential draw for such companies to adopt them.

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