New Delhi: Led by Bitcoin, eight out of top 10 digital currencies gained as much as 14 per cent on Thursday as of 09.30 hours (IST). The crypto market has welcomed El Salvador’s and South Korea’s move, which is likely to increase the acceptability of digital tokens.
El Salvador in South America has become the first country in the world to grant legal tender status to Bitcoin. Majority of lawmakers approved a bill, which was moved by President Nayib Bukele. South Korean lawmakers have now drafted new crypto legislation to be presented to the National Assembly for consideration.
Invesco is planning to launch a pair of cryptocurrency-focused exchange-traded funds, even as regulators have repeatedly delayed the approval of a US Bitcoin ETF.
Interactive Brokers Group Inc plans to begin offering cryptocurrency trading through its brokerage within a few months, the company’s chairman said on Wednesday.
More regulation of the cryptocurrency space is needed to help institutional investors become more comfortable with digital assets and have the burgeoning asset class really take off, Mike Novogratz, founder of crypto investment firm Galaxy Digital said.
According to ZebPay Trade Desk, “The week has been in the red for most assets in the crypto space. The market has seen a fall in prices, volumes, and market capitalization. This suggests that the overall sentiment in the market is still bearish, however, post the market reset, the volatility has also reduced among these assets.”
“There have been several important developments in the crypto space this week. But, we would like to highlight a few that have gained significant traction among investors and the community in general,” it added.
Tech View by Giottus Cryptocurrency Exchange
The cryptocurrency market rebounded 9% on Wednesday as Bitcoin (BTC) broke through key resistance levels to $37,000 range overnight. All top 10 cryptocurrencies, barring stablecoins, have grown by at least 5% in the 24-hour period ending 9.30 hours IST.
The Bitcoin chart has exhibited a rollercoaster ride lately. Technical analysis generates mixed feelings, with probability of both a bear market and a relief rally on the cards.
After breaking the rising wedge pattern on June 7, BTC is now retesting trendline support turned resistance which can eventuate into either a bullish or bearish trend.
Investors are also on the lookout for the possibility of a death cross (when 200 and 50 day moving average cross) which might induce bearishness for weeks ahead. If BTC breaks the $40K level, we could witness a reemergence of the bull run.
Support: $33,400 and $30,800
Resistance: $39,000 and $41,500
Time is in UTC and the daily time frame is 12:00 AM – 12: 00 PM UTC
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)