Investments

[INVESTMENT OUTLOOK] Hubbis and Independent Reserve bring you this week's Crypto News and Market Trends

Hubbis has teamed up with Independent Reserve to bring readers exclusive weekly updates on the latest developments in the crypto space.

This collaboration aims to provide valuable insights into market trends and keep readers informed about the ever-evolving world of cryptocurrencies.

In a summary provided by Independent Reserve's OTC desk, several key factors driving cryptocurrencies and risk assets are highlighted. The first is the growing adoption of cryptocurrencies by traditional financial institutions, which has a significant impact on the market. For instance, EDX Markets, backed by prominent investors such as Fidelity and Schwab, recently announced its support for Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). These digital assets have gained considerable traction, with LTC experiencing a 25% surge in the past five days. The market sentiment surrounding these assets often influences the broader crypto market.

Another crucial date mentioned in the summary is August 13, 2023. On this day, the U.S. Securities and Exchange Commission (SEC) is set to announce its decision on spot BTC exchange-traded fund (ETF) applications submitted by 21Shares, ARK, and Cboe. The outcome of these decisions could have significant implications, including the potential impact on BlackRock's ETF application.

Furthermore, the U.S. bond market is showing an inverted yield curve, with the spread between 2-year and 10-year U.S. Treasury Bonds widening to nearly -1.08. Historically, this indicates an upcoming recession and a potential interest rate-cutting cycle. Lower borrowing costs and increased monetary supply generally support risk assets, assuming the U.S. labor market remains resilient.

The OTC desk also discussed ongoing de-banking issues and impending regulations within the cryptocurrency sector during Blockchain Week in Australia. Trading volumes have remained steady, with a particular focus on BTC, ETH, and USDT. As altcoins experience a rise in popularity, market participants are likely to seek downside protection by diversifying their portfolios with ETH.

Readers can access the full market update for this week HERE to stay up to date with the latest news and developments in the crypto market.