This week’s crypto trading activity has got the market all fired up and exited again with various headlines indicating the digital coins could be in for a comeback because of various positive developments in the industry and some upward movement of prices.
Standards of US Securities and Exchange Commission (SEC)
To start with, from the US the Securities and Exchange Commission (SEC) is said to be reviewing multiple bitcoin exchange-traded fund (ETF) proposals for the first time, since August 2018.
It was stated that managers of the prospect ETF’s have been in contact with regulators, in an attempt to cover for the needs or the data required for the proposal to be accepted.
It is said that due to a number of advances in the industry and new products, along with the new introduced futures offered on NASDAQ, have all added to the SEC’s reconsideration of giving licenses to these ETFs.
However to be more precise, SEC is said to have asked for certain standards to be kept making it direct on its requests. So the firms now will have to be in line with these standards or will not get approved.
JPMorgan Chase introduced JPM Coin
On another front, the largest bank in the US, JPMorgan Chase has introduced its JPM Coin in the previous days, viewed as a surprise by many market participants due to the fact that its CEO Jamie Dimon, has openly been strongly against digital assets in the past.
It was said that JPM coin is in its initial status making its first steps as a product, but most importantly is for institutional customers and will not be offered to retail customers for the time being.
Please note, the JPM coin has nothing to do with the traditional and most popular coins out there.
JP Morgan is among the greatest banks ever created and we do not believe they would carelessly through money in any digital coin for no reason.
It was made clear from various reports from people inside the bank that blockchain technology was the main interest the bank had and that is the advantage of the new coin.
To be more precise the JPM Coin is related to the ledger technology behind bitcoin rather than digital money and they are using blockchain to help clients transfer money to each other promptly.
Ripple XPR momentum is finally heating up
Furthermore, we would like to make a small reference to Ripples XRP, which advanced in the previous days and spread some enthusiasm within the market.
It appears the XPR momentum is finally heating up with a fresh gain of 7.1% observed, while the USD value per XRP has now risen to $0.3356.
Due to the fact that we have seen positive trends all across the crypto board, a positive sentiment has been created among investors, with some analysts making a case that a new bull run has started for the digital coins.
It’s obvious, that some upward momentum has been confirmed on popular coins like Bitcoin and Ripple and the coins have been able to hold the position at higher levels for the time being.
In any case, the overall crypto trading volume continues to rise, but a lot must be done to regain investor confidence as we believe investors remain cautious due to uncertainty combined with volatility that coins undertake with any direction being possible.
Blockchain remains the star?
Other news indicate that blockchain remains the star of the industry, with new interest being viewed almost every week.
Germany, the Eurozone’s largest economy is considering the introduction of blockchain technology across several of its industries.
More specifically it was said that an interest was seen from tech investors and a range of industries like the auto industry, the energy sector, and pharmaceutical companies.
To close with, we would like to advise our readers not to join the crowed and the current trend, and to be skeptical before making any decision prior to Investing in crypto coins, as bull runs have taken place in the past.
The question is whether the coins price can rise and remain higher?
Bitcoin Technical Market Outlook
If the digital coins is to remain in a buying trend then it could break above the 0.3245 (R1) resistance level aiming higher for the 0.3425 (R2) and the 0.3628 (R3) resistance levels.
However for the time being the digital coin remains between the 0.3245 (R1) resistance level and the 0.3019 (S1) support level.
In a bearish trend we may see the cryptocurrency moving lower for the 0.3019 (S1) support level and could aim even lower for the 0.2860 (S2) and the 0.2667 (S3) support levels.
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Comment by Hans
April 24, 2024
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