- Fidelity Investments has launched a new Bitcoin trade group in conjunction with Coinbase, Square, and other investment firms.
- The group will aim to help Bitcoin and other cryptocurrencies to get regulated.
- Initial members of the council will include Paradigm, Coinbase Global, Fidelity Investments, and Square Inc.
The launch of the Crypto Council was propelled by the massive surge of cryptocurrency prices during the past few months. The total market capitalization has almost reached $2 trillion for the first time ever.
The Crypto Council for Innovation will play a big role in the upcoming regulations of cryptocurrencies. Fred Ehrsam, Co-Founder of Paradign and Coinbase's former president stated:
Crypto is at a mainstream inflection level. It’s in its very early levels and, very similar to the web (as soon as was), it’s very fragile whereas it’s in that stage.
What's the next step for the cryptocurrency market?
Having reached a $1.99 trillion market capitalization, this crypto run makes the 2017-18 rally look like nothing in comparison. On January 8, 2018, the crypto market reached $770 billion in market cap from a low of $21 billion at the beginning of 2017.
Market Cap of Assets
Although $2 trillion might seem like a lot, Apple alone holds about $2.1 trillion in market capitalization. Gold, on the other hand, has reached $11 trillion, which means there is still a lot of room for Bitcoin and cryptos, in general, to go up.
BTC/USD 3-day chart
Bitcoin is trading at $59,000 at the time of writing, close to a new all-time high. The digital asset has just defended the 15-EMA on the 3-day chart, which has proven to be an accurate indicator of huge bounces.
The past two times that BTC held this level, the digital asset rebounded by 93% and 42% respectively. On March 26, BTC defended it again, which means that a new leg up is nearby.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
MANTA suffers 4% pullback after unlocking tokens worth $40 million
Manta Network (MANTA) unlocked over 8% of its circulating supply on Thursday. The unlocked tokens were airdropped and distributed in public sale, according to data from Tokenunlocks.
XRP struggles to recover as lingering Ripple lawsuit could reach Supreme Court, former SEC litigator says
The SEC vs. Ripple potential showdown at the Supreme Court is likely, says former SEC litigator Ladan Stewart. XRP Ledger calls developers, businesses and investors to build on the blockchain, extending Apex 2024 registration until April 30.
Bitcoin Layer 2 Merlin chain TVL climbs 20%, defying broad market correction
Merlin chain’s TVL added 20% this week, and crossed $800 million on Thursday. Bitcoin Layer 2 assets noted double-digit losses in the past week. Stacks, Elastos, SatoshiVM, BVM are hit by a correction as Bitcoin hovers around $61,000.
If Bitcoin restarts bull run, these altcoins are likely to explode Premium
If Bitcoin’s consolidation ends and the bull run resumes, altcoins are likely going to trigger a massive rally. Last cycle’s hot tokens like SOL, AVAX, WIF, ONDO, etc., could see renewed enthusiasm.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.