Cryptocurrencies Jump to 1-Week Highs Amid Good News

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by | 19th June 2018 | 0 comments

Cryptocurrencies left minimums behind after major currencies jumped to 1-week highs. Investors welcomed news about new crypto licenses in New York, banks pilot programs and schools curriculums.

Bitcoin jumped to 1-week highs at 6,807, Ethereum advanced to 520.00, and Bitcoin Cash rose to 889.00. All three assets are moving horizontally on Tuesday in a low volume session.

A new crypto license in the block

Payments company Square Inc. got the approval for a virtual currency license from the New York State Department of Financial Services (DFS). “We are thrilled to now provide New Yorkers with Cash App’s quick and simple way to buy and sell bitcoin,” said Brian Grassadonia, Head of Cash App.

According to the press release, “DFS has conducted a comprehensive review of Square’s application, including the company’s anti-money laundering, anti-fraud, capitalization, consumer protection, and cybersecurity policies. The new licensee is subject to ongoing supervision by DFS.”

Superintendent Vullo also said that DFS is pleased to “approve Square’s application and welcomes them to New York’s expanding and well-regulated virtual currency market.”

DFS has proved nine firms for virtual currency charters of licenses. “DFS has also granted licenses to Xapo, Inc., Genesis Global Trading Inc., bitFlyer USA, Coinbase Inc., XRP II and Circle Internet Financial, and charters to Gemini Trust Company and Paxos (formerly itBit Trust Company).”

Business schools in a hurry to offer blockchain and bitcoin lessons

In a recent Financial Times report, companies reporter Hannah Murphy commented that business schools are opening new classes about blockchain technology and bitcoin.

“Business schools and universities are rushing to launch courses on cryptocurrencies and blockchain, as demand for greater understanding of the technologies grows after the crypto boom,” Murphy said.

Universities are interested in teaching their students issues like tokenization, ICOs and other ways to raise capital. Also, how an individual can anticipate new technologies disruption and how to take profit of market situation amid blockchain.

Russian banks go to the offensive on cryptos

Russian banks Sberbank and Alfa Bank are working on a pilot project that includes cryptocurrency portfolios for private clients according to local newspaper Kommersant.ru.

The project will contain special funds the will focus on the six top popular digital currencies in an environment supervised by the Bank of Russia. “Our goal is to speed up the recognition of the digital assets as a legitimate financial asset as soon as possible,” said Alfa Bank in a statement.

Bitcoin trades at a 1-week high

Bitcoin jumped around 4.0% on Monday as investors welcomed good news about the crypto market and they found buying interest at current levels.

On Tuesday, BTC/USD is trading almost flat on the day around 6,700. The pair is on the defensive after bouncing from June 13 lows at 6,135 and rallying 11% in less than a week.

Technically, moving averages are still pointing to the downside; however, momentum and MACD are starting to signaling some bullish potential.

To the upside, the pair needs to close above yesterday high to push bulls to buy. A break above 6,900, will open the doors to the 7,200 and 7,300 levels.

On the other hand, if bitcoin breaks below 6,380, it will find next support at the 6,000 level with a focus on the critical 5,870 line. Below, only the 5,550.

Ethereum extends recovery above 500.00

ETH/USD Daily Chart - 19-06-18

Ethereum closed Monday with gains and it logged its third day with increases in the last six. Alternating daily gains and losses, but advancing ground to reach the 500.00 level.

Ethereum is trading flat on Tuesday around 516.70. Indicators are now pointing for some bullish appetite in the near term.

To the upside, Ethereum needs to consolidate gains above 500.00 before making bulls believing at all. Above that, 560.00 is the natural resistance and then 630.00.

To the downside, if the pair closes below the 500.00 level again, and it falls below the 450.00, Ethereum will find support at 430.00. Then, the last frontier lies at 400.00.

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