There is an optimism in the market
Cryptos still recovering from the recent sell-off
China’s state electricity firm eyes blockchain
Bitcoin back in green, but still below the key of $7000. It has been a win for the cryptos yesterday. Bitcoin rose from 6.7k to 6.8k, whilst Ethereum rose from 396 to around 410. Ethereum’s 200 MA matched with its 50 MA, hitting the death cross, which normally ends up with huge selling off. However, the cross symbolized more about the selling-off reaching a lifespan of 3 months, rather than indicating future sell-offs. The huge slide from all-time highs supports this argument.
There is an optimism in the market as Gemini rolled out Bitcoin and Ether Block Trading, allowing institutional investors to place large trades without driving the prices of cryptos up and down, significantly reducing the possible volatility (a deterrent to small traders), in the market. Confidence in cryptos increase. Such news matched with the Intercontinental Exchange’s decision to not rule out crypto futures launch, saying that different products could be on the table one day. Once again, showing optimism over crypto-products - a boost to the crypto-space. The combination of these news sent cryptos soaring.
As the market was still recovering from the recent sell-off, it appeared that the sell-off, by no means, showed a lack of enthusiasm amongst the public. Argentina’s Bitcoin Day was matched with support and participation, proving that the country is one of the leading forces in the technology, showing at the same time how countries and their people haven’t given up on cryptos. This is a boost to the cryptos.
In China, more positive news are coming out, turning the tide. China’s state electricity firm eyes blockchain for its Internet of Energy plan, following China’s 1billion-funded blockchain launch yesterday. The tide is turning, and cryptos get a massive boost from China’s support. Again, sending prices higher.
Negativity is also present in today’s market, but didn’t stop the cryptos from rising. Ledger Wallet users can’t access their bitcoin cash. Such news matches with previous news related to crypto exchanges, where investors find it hard to get back their holdings and gains, showing despite confidence in the community, small investors will find it hard to actually invest in it. The pessimism, however, was completely counteracted my general positivity today.