- In a conference for clients, Goldman Sachs bank put in the same headline inflation, Gold and Bitcoin.
- The business around the interchange of cryptocurrencies begins to yield properly.
- Ripple's CEO draws attention to China in the race for digital national currencies.
One of the world's largest investment banks, Goldman Sachs, announced a conference for its clients entitled “Implications of Current Inflation, Gold and Bitcoin Policies”.
No details of the above are known, but the crypto ecosystem takes as good news the simple fact that Bitcoin is treated on par with Bitcoin by an institution like Goldman Sachs.
The adoption of Blockchain technology is accelerating. A look at the latest news:
Brad Garlinhouse, CEO of Ripple Ltd, has requested through a Tweet that American lawmakers move quickly towards greater integration of digital currencies into the real economy. According to Mr Garlinhouse, the US cannot stand by and watch China's rapid progress in this field.
In India, the central bank (RBI) has authorised commercial banks to provide services to the cryptocurrency industry, something forbidden until now.
Another sign of the growing adoption of Blockchain technology is the generation of usage fee income. In the last 24 hours alone, the Ethereum network has generated over $426K in fees. The Bitcoin network has generated in the same time frame $827K in transactions commissions.
ETH/BTC Daily Chart
The ETH/BTC pair is currently trading at the price level of 0.0224. The 50-day exponential moving average is offering stiff resistance to the advance and could take ETH/BTC to the 0.022 level
Above the current price, the first resistance level is at 0.023, then the second at 0.0242 and the third one at 0.0254.
Below the current price, the first support level is at 0.0226, then the second at 0.022 and the third one at 0.0217.
The MACD on the daily chart flattens out when the indicator reaches the neutral level. The ETH/BTC pair has recently needed several days of lateral movement to cross over to the bullish side of the indicator.
The DMI on the daily chart provides us with a clearer picture of the current situation. The bulls have lost all their advantage over the bears and are now facing each other.
BTC/USD Daily Chart
The BTC/USD pair is currently trading at the price level of $9174 and holds above the price congestion support of $9150. The 50-day exponential moving average is rising rapidly and already offers support at the price level of $8600.
Above the current price, the first resistance level is at $9600, then the second at $10000 and the third one at $10400.
Below the current price, the first support level is at $9150, then the second at $8750 and the third one at $8575.
The MACD on the daily chart lose some of its downward momentum and is taking on a flat profile. The current structure of the moving averages is similar to that of the beginning of March. A few days later the price of the BTC/USD pair plummeted.
The DMI on the daily chart confirms the open scenario we have seen in the ETH/BTC pair. The two sides of the market are facing each other, and the winner could lead the market in the coming weeks.
ETH/USD Daily Chart
The ETH/USD pair is currently trading at the price level of $206. It is holding on to the low above the price congestion support level of $205.
Above the current price, the first resistance level is at $208, then the second at $218 and the third one at $225.
Below the current price, the first support level is at $200, then the second at $195 and the third one at $190.
The MACD on the daily chart is the bullish side profile, and you can no longer distinguish between the moving averages that make up this indicator. The only thing it provides, in this case positively, is that it remains in the bullish zone.
The DMI on the daily chart shows the bears leading with a small advantage over the bulls. Both sides of the market are above the ADX line, which could lead to violent movements both upwards and downwards.
XRP/USD Daily Chart
The XRP/USD pair is currently trading at the price level of $0.1958 as it is unable to pass the confluence of the 50-day exponential moving average and 100-day simple moving average at $0.20
Above the current price, the first resistance level is at $0.20, then the second at $0.22 and the third one at $0.237.
Below the current price, the first support level is at $0.19, then the second at $0.18 and the third one at $0.163.
The MACD on the daily chart flattens out entirely above the zero levels of the indicator, continually playing with the upside and downside of the indicator.
The DMI on the daily chart shows the bears controlling the XRP/USD pair although they are losing support from the ADX line today. The bulls are moving upwards and could take advantage of the weakness on the selling side to try and take the lead in the pair.
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
Why crypto may see a recovery right before or shortly after Bitcoin halving
Cryptocurrency market is bleeding, with Bitcoin price leading altcoins south in a broader market crash. The elevated risk levels have bulls sitting on their hands, but analysts from Santiment say this bleed may only be cauterized right before or shortly after the halving.
Manta Network price braces for volatility as $44 million worth of MANTA is due to flood markets
Manta Network (MANTA) price was not spared from the broader market crash instigated by a weakness in the Bitcoin (BTC) market. While analysts call a bottoming out in the BTC price, the Web3 modular ecosystem token could suffer further impact.
Bitcoin price uptrend to continue post-halving, Bernstein report says as traders remain in disarray
Bitcoin is dropping amid elevated risk levels in the market. It comes as traders count hours to the much-anticipated halving event. Amid the market lull, experts say we may not see a rally until after the halving.
OMNI post nearly 50% loss after airdrop and exchange listing
Omni network (OMNI) lost nearly 50% of its value on Wednesday after investors dumped the token following its listing on top crypto exchanges. A potential reason for the crash may be due to the wider crypto market slump.
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.