Cryptocurrency Market Update: Bulls take a step back as Bitcoin, Ethereum and Ripple consolidate
|- Coinbase launches Coinbase Custody International to cater for growing demand for custody services in Europe.
- Bitcoin’s consolidation is likely to culminate in a massive breakout above $9,400 and $9,500 respectively.
The cryptocurrency market is taking a breather following an action-packed few days. The entire market has remained relatively slow apart from the shallow correction from $256 billion to $255 billion (current market capitalization). On the other hand, trading activities have gone down significantly. For instance, the total trading volume stands at $110 billion after a sharp drop from $123 billion on Wednesday.
Coinbase launches Coinbase Custody International
Coinbase has responded to increasing demand for institutional-grade custodial services with the registration of a new company, Coinbase Custody International Inc. The company’s spokesperson says that the branch, Coinbase Custody boasts of $8 billion in assets put under its safekeeping; a figure up from $7 billion. Coinbase wrote in a blog post:
“While Coinbase Custody has served European-based clients in the UK, Switzerland, Germany, Finland, the Netherlands and more since 2018, our dedicated presence in Europe will allow us to offer these services in a completely localized way, with local staff, localized [service-level agreements] and in compliance with local laws.”
Bitcoin price update
Bitcoin is hovering above $9,300 amid consolidation between $9,200 support and the resistance at $9,500. The bulls appear to have taken a breather before launching another assault at $9,400 as well as the next resistance at $9,400. The hourly chart also shows that Bitcoin’s technical picture has remained positively intact especially with the RSI having made it above the average. A break above $9,400 is the boost that BTC requires to push the gains above $9,500.
BTC/USD 1-hour chart
Ethereum and Ripple price update
The second and the largest cryptocurrencies in the world are trading slightly in the green. The bulls have managed to correct the negative retracement encountered during the Asian hours. Ethereum is now teetering at $175 following a 1% growth on the day. Ripple, on the other hand, is up only 0.5% to exchange hands at $0.2364. For both coins, the prevailing trend is bullish while volatility is expanding.
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