Bitcoin has bounced been bouncing back again. According to Marcus Sotiriou, Sales Trader at the UK based digital asset broker GlobalBlock, the digital currency looks to be in a strong technical position having reclaimed its “50 week EMA at around $34,000 (shown in green) with a bullish engulfing candle. Following this weekly close Bitcoin impressively flew higher to over $39,000, as it attempts to print a 6th consecutive daily green candle. This adds light to the argument that the daily close below $30,000 was merely a deviation below the range. The upside has been capped however by the 21 week EMA (shown in blue) which is believed by many to be the bull market support band, hence acting as a strong resistance….Furthermore, Bitcoin has broken out of a 6 month long downtrend on the RSI, after a failed breakout 2 weeks ago. In comparison, this time the breakout has been clean and decisive, suggesting this could be the start of a major trend reversal. However, Bitcoin needs to recover the range high of $42,000 approximately to be technically bullish.”
There are also reports that Amazon is looking to accept Bitcoin payments by the end of the year. According to an insider “It won’t take long because the plans are already there, and they have been working on them since 2019”. It has also been claimed that Amazon is looking into launching their own native token by 2022. Furthermore, new job posts show that Amazon is hiring a digital currency and blockchain expert., proving the growing interest in cryptocurrency by institutions.”
I’m not convinced myself but if it does happen, it would be a big win for crypto fans though quite why anyone would use bitcoin to buy any good or service is slightly beyond me…
Back on safer ground, interesting to see that HANetf is bringing out a SASS and enterprise software ETF in the next few weeks. It’ll be called the Purpose Enterprise Software ESG-S UCITS ETF (Ticker: SOFT) and will include SaaS, PaaS, and IaaS companies. It also excludes companies with exposure to controversial weapons and fossil fuels. The ETF has been designated Article 8 under the Sustainable Finance Disclosure Regulation (SFDR). According to HANetf, SOFT will track the Solactive Purpose Enterprise Software ESG Screened Index NTR (SOFTWARN). The SOFTWARN index performance shows it achieved 50.28% returns in the past 12 months and 473.27% in the last 5 years. The SOFT enterprise software ETF will have a Total Expense Ratio of 0.59%.
Last but by no means least, if you want a brilliant primer on the Chinese e-commerce/content phenomena that is Pinduoduo then check out a blog collaboration between Not Boring and Chinese characteristics here . It is an excellent bear vs bull debate and really gets under the skin of this very strange, fast-expanding Chinese leviathan.