Following in the footsteps of Morgan Stanley, Goldman Sachs has announced plans to allow its wealth management clients to trade in cryptocurrencies and other digital assets. In an interview with CNBC, Mary Rich, the global head of digital assets for Goldman Sachs private wealth management division, said that the rollout may happen sometime in the second quarter of 2021.
Bitcoin adoption by two of the world’s preeminent investment banks is likely to force other banks to walk down the crypto path sooner than later. The arrival of fresh money from the clients of these legacy institutions may further increase demand and boost prices higher.
In response to a question about Bitcoin’s (BTC) future value, Kraken CEO Jesse Powell told Bloomberg that one Bitcoin, which currently buys a Tesla Model 3, will buy a Lamborghini by the end of the year and a Bugatti by 2023.
Another bullish voice was that of Galaxy Digital CEO Mike Novogratz who said in an interview with CNBC that Bitcoin “is on an inevitable path to having the same market cap and then a higher market cap as gold.”
However, not everyone is bullish on Bitcoin. Boris Schlossberg, the managing director of FX strategy at BK Asset Management, told CNBC said that Bitcoin was “very, very close to perhaps an intermediate-term top here.”
Let’s analyze the charts of the top-10 cryptocurrencies to determine the trend and the path of least resistance.
Bitcoin has been sustaining above the descending channel since breaking out of it on March 29, which is a positive sign. However, the bears have not given up yet as they are aggressively defending the $60,000 level.
The price had turned down from $59,789 today, but an encouraging sign is that the bulls purchased the dip and did not allow the BTC/USDT pair to re-enter the channel. The bulls will now make one more attempt to rise above the all-time high at $61,825.84.
If they succeed, the pair could resume the uptrend and start its northward march toward the first target at $69,279 and then $79,566. The upsloping moving averages suggest the bulls have the upper hand.
However, the relative strength index (RSI) has been showing a negative divergence for the past few days. If the indicator turns down sharply from the downtrend line, it will suggest that the new uptrend may have to wait for a few days.
The bullish view will invalidate if the price turns down and breaks below the moving averages. On the contrary, if the RSI rises above the downtrend line, it will indicate that the momentum has picked up, enhancing the prospects of a rally.
Ether (ETH) has been knocking on the resistance line of the symmetrical triangle. A tight consolidation near a resistance increases the possibility of a break above it. The 20-day exponential moving average ($1,743) has turned up and the RSI is in the positive zone, indicating advantage to the bulls.
If the buyers can drive the price above the triangle, the ETH/USDT pair could retest the all-time high. If the bulls clear this hurdle, the pair could then start its rally toward the pattern target at $2,618.14.
However, the bears are unlikely to give up easily. They will mount a stiff resistance at $2,040.77. If the price turns down from this overhead resistance but does not re-enter the triangle, then it will suggest that bulls are buying on dips. If that happens, the pair may have a good possibility of breaking above $2,040.77.
On the other hand, if the bulls fail to sustain the price above the triangle, it will suggest that traders are squaring up their positions at higher levels. That could keep the pair range-bound for a few more days. The first sign of weakness will be when the price dips below the trendline.
The bulls are trying to propel Binance Coin (BNB) above $315. Although the price turned down from the overhead resistance today, the long tail on the candlestick suggests the bulls are buying on every minor dip.
Both moving averages are sloping up and the RSI is in the positive territory, suggesting the path of least resistance is to the upside. If the bulls can drive the price above $315, the BNB/USDT pair could rally to $348.69.
A breakout and close above the all-time high could start the next leg of the uptrend that could reach $430. This bullish view will invalidate if the price turns down from the current level and plummets below the 20-day EMA ($265).
Cardano (ADA) has been sustaining above the 20-day EMA ($1.16) for the past few days but the bulls have not been able to push the price above $1.30. This suggests a lack of demand at higher levels.
The 20-day EMA has flattened out and the RSI is just above the midpoint, suggesting a balance between supply and demand. The bears will now try to sink the price below the moving averages.
If they do that, the ADA/USDT pair could drop to the $1.03 support. A break below this support will suggest the start of a deeper correction to $0.80.
Conversely, if the price rebounds off the 20-day EMA and the bulls push the price above $1.30, the pair could rally to $1.48.
After a minor hesitation near the 20-day EMA ($34.35), Polkadot (DOT) has broken above the moving averages today. This shows strong demand at higher levels. The bulls will now try to push the price above the downtrend line.
If they succeed, the DOT/USDT pair could retest the all-time high at $42.28. If the momentum can conquer this resistance, the pair could start the next leg of the uptrend that may reach $53.50.
However, if the price turns down from the downtrend line, it will suggest that bears are active at higher levels. That could keep the pair range-bound for a few more days. The flat moving averages and the RSI above 58 suggest a minor advantage to the bulls.
XRP once again turned down from near the $0.60 overhead resistance. However, the positive sign is that the bulls have purchased the dip to the 20-day EMA ($0.51) as seen from the long tail on today’s candlestick.
The rising moving averages and the RSI in the positive territory suggest the path of least resistance is to the upside. The bulls are now likely to make one more attempt to push the price above $0.60.
If they succeed, a rally to $0.65 is possible. This level may act as a stiff resistance, but if the bulls can thrust the price above it, the XRP/USDT pair could pick up momentum. This bullish view will invalidate if the price dips below the moving averages.
Uniswap’s (UNI) rebound off the 50-day simple moving average ($27.26) on March 26 has not been able to clear the 20-day EMA ($29.12) hurdle. This shows that the sentiment has changed from buy on dips to sell on rallies.
If the bears now sink the price below the $25.50 support, the UNI/USDT pair could enter a corrective phase that could pull the price down to $20 and then to $18.
The marginally downsloping 20-day EMA and the RSI just below the midpoint suggest a minor advantage to the bears.
This negative view will invalidate if the price turns up from the current level and rises above the 20-day EMA. Such a move could extend the stay of the pair inside the range for a few more days.
THETA turned down from $13.95 on March 29, which indicates the bears are aggressively defending the $14 to $14.96 resistance zone. The bears will now try to sink the altcoin to the 20-day EMA ($10.27).
In an uptrend, the bulls generally buy the dips to the 20-day EMA as it offers an attractive risk to reward ratio. Therefore, if the THETA/USDT pair rebounds off this support with strength, it will suggest the sentiment remains bullish and traders are buying on dips.
That could keep the pair range-bound between $10.35 and $14 for a few more days. On the contrary, if the bears sink the price below the 20-day EMA, it will suggest a possible change in sentiment. The pair could then drop to the 50% Fibonacci retracement level at $8.88.
Litecoin’s (LTC) relief rally seems to have hit a wall at the 50-day SMA ($196) as the bulls have not been able to sustain the price above it. The bears will now try to sink the price to the trendline of the triangle.
If the price rebounds off the trendline, it will indicate that the bulls continue to buy on dips. That could keep the LTC/USDT pair trading inside the triangle for a few more days.
The flat moving averages and the RSI near the midpoint suggest a balance between supply and demand.
This neutral view will invalidate after the price either breaks above or below the triangle. That could signal the possible start of a trending move.
Chainlink (LINK) broke above the 20-day EMA ($27.79) on March 29 and 30 but could not climb the 50-day SMA ($29). Although the price turned down today, the bulls bought the dip as seen from the long tail on the candlestick.
The bulls may now make one more attempt to push the price above the 50-day SMA. If they manage to do that, the LINK/USDT pair could rise to $32. A break above this resistance will suggest advantage to the bulls.
On the contrary, if the price again turns down from the 50-day SMA, then a drop to $24 is likely. This is an important support to keep an eye on because if it cracks, the pair will complete a descending triangle pattern, which could signal a possible trend reversal. Such a move could open the doors for a decline to $14.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Market data is provided by HitBTC exchange.
ShapeShift Launches Decentralized Trading Through THORChain, RUNE at ATH
In an announcement on April 13, the Switzerland-based non-custodial crypto company stated that it was now fully integrated with THORChain, enabling users to trade native Bitcoin with Litecoin and Ethereum for the first time.
The move is a big deal because it is the first time a decentralized exchange has enabled crypto asset swaps across different blockchains without the need for bridging technology or custodian controlled wrapped tokens.
Launch all the things! 🚀 🚀 🚀 pic.twitter.com/lgkUxl2QJ6
— ShapeShift 🦊 (@ShapeShift_io) April 13, 2021
THORchain Crossing the Chains
THORchain launched its long-awaited MCCN, ‘multi-chain chaos net’ platform on Tuesday, April 13 amid a great deal of hype from the crypto community including ShapeShift CEO Erik Voorhees.
Less than a day before the launch, Voorhees stated that it would be a huge deal for crypto.
“Native cross-chain decentralized exchange. Never been done before. Arguably the biggest event in crypto this week, though it may not be obvious for a year or two.”
THORchain uses its own native token RUNE as collateral and an intermediary, so those wanting to trade BTC for ETH, for example, will have the trade go via RUNE yet the end-user will not notice.
The revolutionary platform has been in development for three years and yesterday’s launch could bring big improvements to the rapidly evolving DEX space.
Voorhees continued to extol its virtues:
“We saw the power of this technology and wanted to bring it to our users immediately. This is a continuation of our commitment to offer users an easy, self-custody platform for their decentralized trading needs.”
ShapeShift DEX users, including those making trades via the new THORChain integration, can also earn FOX Tokens with every trade which enables eligibility for other rewards on the platform.
FOX Pumps 45%, RUNE Hits ATH
ShapeShift’s FOX token exploded on the news, pumping 45% to reach an intraday high of $1.30. The exchange-based token has made 180% over the past month and hit an all-time high of $1.60 on April 6.
THORchain’s RUNE token has also been on fire, surging 19% on the day to hit an all-time high of $14.60 at the time of writing according to Coingecko.
RUNE has doubled in price over the past fortnight and pumped a monumental 1,150% since the beginning of the year.
AAX Exchange reveals: HKD, SDG, and GBP Top FIAT currencies deposited in April
[Press Release – Singapore, April 13, 2021 ]
After the 2021 easter holiday, AAX recorded the highest amount of fiat deposits into the exchange with a total over 10 million USD in 10 days. The top three currencies are Hong Kong Dollar, Singapore Dollar and Great Britain Pound.
AAX supports three methods for depositing fiat, including peer-to-peer trading, fiat gateways supported by fiat gateway partners, and direct bank transfer powered by First Digital Trust, the digital custody arm of Hong Kong-licensed and publicly registered trust company, Legacy Trust.
“For many years, the on and off-ramps between crypto and fiat have acted as a bottleneck,” said AAX’s CEO, Thor Chan. “Now that the infrastructure is in place, we’re seeing more and more individuals transition into Bitcoin for its disinflationary qualities or seek exposure to altcoins for portfolio diversification.”
“While our peer-to-peer and Fast Buy platforms are effective in serving most retail traders, with First Digital Trust we’re also able to serve high net worth investors as well as traders that are looking for cross-currency arbitrage opportunities.”
AAX, a member of the London Stock Exchange Group’s institutional partner platform, gives its investors the same tools and market infrastructure as what institutional investors generally expect to see on traditional exchanges.
Investors of all levels will find that AAX’s platform caters to their every need. Its newly created fiat deposit services provided through First Digital Trust adds an extra layer of trust to ease any concerns new investors in crypto might have when entering the crypto space.
AAX is a deep-liquidity and deeply trusted cryptocurrency exchange that is favored by more than half a million users. Powered by London Stock Exchange’s LSEG Technology, AAX offers crypto futures contracts, 50+ spot pairs, P2P fiat trading, savings products and top-grade API connectivity. AAX enables users to buy bitcoin easily via its OTC or Fast Buy platforms and supports over 20 fiat currencies.
Stellar-based gaming and collectibles platform Litemint to integrate DigitalBits
Non-fungible tokens or NFTs have stolen headlines the world over, plastered across both crypto and mainstream media. And, it’s no surprise. Beeple’s “Everyday’s – The First 5000 Days” sold at Christie’s for an astounding $69,346,250, asserting Beeple as one of the top three most valuable living artists. This sale established two historical landmarks: the first sale of a wholly digital piece of art with a unique NFT, and the acceptance of cryptocurrency (ETH) as the form of payment.
Paris Hilton recently released a comprehensive article on NFTs and their potential to empower creators. She also hinted at releasing her own. And this is only the tip of the iceberg, with musicians such as 3LAU and the King of Leons, as well as sports superstars like Tom Brady and Rob Gronkowski getting in on the action.
The DigitalBits Project, first launched in 2017 with an initial focus on consumer digital assets, has since expanded to include branded stablecoins as well as the rapidly growing world of esports and gaming. The XDB Foundation, the primary contributor to the DigitalBits Project, is now looking to enter the NFT space, having recently sealed a partnership with leading NFT and Collectibles Marketplace, Litemint, a technology company specializing in the creation of unique experiences for crypto enthusiasts, collectors, and gamers.
The introduction of NFT functionality to the DigitalBits blockchain introduces a wholly new vertical to the platform. As scalability issues continue to plague Ethereum, DigitalBits provides a welcome alternative to creators and users alike, allowing for significantly reduced gas fees and wait times.
Built on Stellar since its inception in 2018, Litemint recently unveiled its NFT and Collectibles marketplace, expanding beyond its initial gaming value proposition. Litemint brings NFTs and digital collectibles to the online gaming experience, introducing unique elements such as true asset ownership and seamless transfer and tradeability not available within today’s leading online gaming environments.
DigitalBits’ origins as a Stellar fork make it highly compatible with Litemint’s existing technology and allows for the activation of a number of potential synergies between the XDB Foundation and Litemint.
“With its unique closeness to the mainstream, gaming industry and core compatibility with the Stellar technology, DigitalBits is a perfect match for our NFT and collectibles platform,” stated Frederic Rezeau, Founder and CEO of Litemint. “I am confident that together, provided our ability to execute on the open-source Stellar technology, we can leverage exceptional business opportunities with a seamless integration of DigitalBits and their consumer-oriented market.”
Other organizations are also looking to DigitalBits as an alternative for their NFT initiatives. The network is highly scalable, capable of processing upwards of 10 000 transactions per second, with transaction fees as low as 0.00001 XDB (less than a penny at today’s prices), and confirmation times ranging between 2-5 seconds. Although Ethereum is the current market leader for NFTs, the network’s inability to scale has resulted in exorbitant fees when minting and transferring NFTs, creating a huge barrier to entry. The integration of the DigitalBits network with platforms such as Litemint now provides an agile, low-cost alternative for creators and users, streamlining the issuance, transfer, and trade of NFTs.
“I’m very excited to see the upcoming integration of the DigitalBits network into Litemint’s NFT and collectibles marketplace,” said Michael Gord, Managing Director of the XDB Foundation. “NFTs have the ability to add an entirely new layer to the user experience, allowing for unique activations that can be implemented across numerous different industries. I look forward to seeing the ongoing innovation that continues to emerge from this new asset class as more and more people begin to use NFTs.”
Litemint acquired Stellarport, a leading decentralized exchange, and service platform within the Stellar ecosystem, in January 2020, citing the massive opportunity created by bringing together crypto users and gamers, bringing unmatched dynamism to both platforms. The DigitalBits Project is an open-source protocol layer blockchain specializing in consumer digital assets, the development of which is led by the XDB Foundation. The XDB Foundation is a non-profit organization focused on driving growth and adoption of the DigitalBits blockchain and ecosystem.
Disclaimer: This is a paid post and should not be treated as news/advice
How NFTs, DeFi and Web 3.0 are intertwined
Altcoin Season 2021 Booming as BTC Dominance Hits 2-Year Low: The Weekly Crypto Recap
11% Of Business In Spain Use Blockchain Technology, Report
XRP Price Analysis: 10 April
Has the rally ended for altcoins like LINK, ADA, and NPXS?
Kava 5.1 Upgrade Aims to Improve Earnings for Bitcoin Lending
By The Numbers: The Rate Bitcoin Must Climb To Reach $100K By July
Kraken Daily Market Report for April 09 2021
Whole Earth Coin (WEC) Set for IEO to Inject New Life Into Aging Infrastructure
Coming this Sunday April 11th to New to the Street
Bitcoin’s time has come: TIME magazine to hold BTC on balance sheet
NYSE celebrates historic ‘first trades’ with NFT series
Enterprise-level partnerships send VeChain (VET) price to new highs
Watch these key technical levels as Bitcoin price nears $61,800 all-time high
XRP, VeChain, Enjin Price Analysis: 09 April
Why this CEO argues against KYC norms for Bitcoin
SingularityNET (AGI) rallies 1,000% as industries aim to merge AI with blockchain
Uniswap, Monero, Ethereum Classic Price Analysis: 10 April
SEC approves Exodus wallet for Regulation A stock offering
Oasis Foundation announces implementation of Tidal DeFi insurance platform
Blockchain6 days ago
Decentralized oracle solution Umbrella Network adds Huobi as validator node
Blockchain6 days ago
XRP Price Analysis: 08 April
Blockchain6 days ago
$48B Asset Manager Millennium Management Dabbles With Bitcoin
Blockchain6 days ago
Tesla’s landlord accepts crypto; will Elon Musk pay rent in Bitcoin?
Blockchain6 days ago
Why JP Morgan’s CEO calls Bitcoin regulation a “serious issue”
Blockchain6 days ago
Binance Smart Chain Daily Transactions 200% More Than Ethereum’s
Blockchain6 days ago
Bitcoin Miners Hit Jackpot as Hash Rate Peaks Again
Blockchain6 days ago
Crypto sentiment falls even as Bloomberg tips Bitcoin will hit $400K