Market Analysis

In-depth technical & fundamental analysis for currencies & commodities

Is it safe to buy Bitcoin now?

OCTOBER 21, 2022

From a Fundamental Point-of-view

Bitcoin could be a potential haven for Russian oligarchs seeking to avoid sanctions, as there will be no censorship on the Bitcoin network and cryptocurrency transactions. Russians may have trouble converting their money back to fiat, yet the cryptos could act as a robust store of value for a significant part of holdings that do not need to be liquid.

The SEC is reviewing around 40 Bitcoin-linked ETFs, and a report from Bloomberg suggests the regulator will approve some of these. Bitcoin spiked initially after the report, which indicated that Invesco and ProShares could be among the providers cleared to start trading on Bitcoin ETFs.

Adidas is partnering up with Coinbase to accept payments in cryptocurrencies. There are also reports of an Adidas metaverse, "adiVerse", currently being built in partnership with Sandbox. This means fashion brands and other traditional companies which are normally not tech-inclined, especially in the crypto space, will gradually begin adopting their offer to life on the metaverse; virtual clothes, virtual sneakers, and other objects will be sold to increase their brand awareness on the virtual space as well as revenue.

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