Stocks and Securities
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Blockchain and cryptocurrency
Overnight we’ve seen a bit of “rally” in the cryptocurrency market. We saw the overall market capitalization increase about $25B USD, or just under 10%, going from $228B to $253B. This rally could be attributed to some good news being release that suggested that the last barriers for big money to enter the cryptomarket may soon be lifted. Recent news stating that the major hurtles that is stopping big money to enter the market are slowly being removed. One the final being the issue of Custody.
To date, custody has been one of the major challenges for institutional money entering the cryptosphere. Jurisdictions, where it is illegal for investment funds with more $150m USD under management to custody their own assets. thus, institutions will have to work with trusted third-parties, such as banks and other financial companies, to hold their assets in legal safekeeping. There is news that there are steps being taken by some companies to aid in alleviating this issue. A Japanese investment bank Nomura Holdings Inc. joined crypto firms Ledger and Global Advisors to create a custody consortium called Komainu. they plan to work together to to come up with solutions that can help big money finally dip their toes into the cryptocurrency ecosystem.
Few days ago we wrote an article providing our readers with a price action and prediction for Bitcoin (BTC). The price action of BTC looks far too familiar for us to get excited. As President G. W. Bush put it so elegantly, “There’s an old saying in Tennessee — I know it’s in Texas, probably in Tennessee — that says, fool me once, shame on — shame on you. Fool me — you can’t get fooled again.”
If you look at the price action of BTC, it looks far too familiar.. These spikes in prices are NOT healthy growth that you’d like to see in an asset. This is low volume pumps that are quickly led by dumps that we have seen over and over again.
we suggest that investors look for BTC to break resistance ($6300 – $6500) and maintain price above that range with healthy volume (see Figure below).
On the other note, the price action of ETH is what you’d like to see. If you refer to our previous article, we highlighted the low this key area as the zone to watch for a major bounce-back. For this reason we have added ETH to our daily stocks on the radar. As you can see the price action of ETH looks slightly healthier compared to what we’ve seen with BTC. The price of ETH is still tied with BTC, and that is something to keep in mind.
Bitcoin continues to stay within range. The price has not moved significantly since our publication of our previous report. We will post another update today, so please look forward to that. However, it is imperative to note that our bearish sentiment continues to stand.
Ethereum is up slightly this morning, however, looking at the chart in comparison to the Bitcoin chart, you can see that where Bitcoin goes, as does Ethereum. Ethereum seems ready to breakout. ETH is added to our daily Stocks on the Radar.
Stocks on the Radar
Ethereum (ETH) – Based on our previous post indicating this critical zone for ETH. Having lost more 50% of its value in just 54 days, the last time ETH was at these levels we saw a 120% bounce in matter of just 30 days. This is something to keep on your radar.
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Disclaimer: The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice. The Author does not hold any of the securities discussed above.
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