Cryptocurrencies Price Prediction: Bitcoin, Elrond & Stellar — Asian Wrap 13 July

BNY Mellon selected to provide services for Grayscale Bitcoin ETF following SEC approval

The oldest bank in the United States, BNY Mellon, has been designated to provide asset services for Grayscale’s flagship investment product, its Bitcoin Trust (GBTC).

Starting on October 1, BNY Mellon will provide Grayscale Bitcoin Trust with fund accounting and administration services. 

Digital asset manager Grayscale announced that the firm had designated BNY Mellon to serve as an asset servicing provider once the Bitcoin Trust is converted into an exchange-traded fund (ETF). 

Elrond Price Prediction: EGLD in search of platform, eyes 25% ascent

Elrond price witnessed an impressive upswing between June 26 and July 2, which was followed by a steep downtrend after piercing the high probability reversal zone. The pullback will continue until it finds a suitable support level.

Elrond price has retraced roughly 23% over the past week, after an 82% climb between June 26 and July 2. The downswing was inevitable due to the exponential growth in EGLD’s market value and the entry into a high probability reversal zone, extending from $96.91 to $108.83.

XLM Price Prediction: Stellar may briefly rebound before resuming 30% decline

XLM price triggered a larger symmetrical triangle pattern on July 7 while trading in a descending channel since June 30. For now, the longer-term outlook remains bearish, but there is evidence that Stellar may be on the cusp of a mild rebound on the intra-day charts that could test the channel’s upper trendline or even the 50 six-hour simple moving average (SMA).

On July 7, XLM price convincingly broke out from a symmetrical triangle pattern, marking the second symmetrical triangle to trigger since June 11.