Cryptocurrencies Open with Gains After Another Day of Losses

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by | 14th June 2018 | 0 comments

Cryptocurrencies are trading positive on Thursday after closing Wednesday with losses amid investors concern on the viability and value of crypto assets. Ethereum fell to 450.00 on Wednesday, Bitcoin Cash to 800 and Bitcoin to 6,135.

Reuters to expand crypto coverage; 20% of financial firms to trade cryptocurrencies

Thomson Reuters expanded its partnership with MarketPsich Data LLC to include the top 100 cryptocurrencies in the market in its sentiment data offering.

Reuters launched its bitcoin sentiment data in March 2018, and after the success, the company is creating now a dedicated TRMI Cryptocurrency Sentiment package (TRMI 3.1) that will monitor more than 2,000 global news and 800 social media sites in real time.

According to the company, the Thompson Reuters survey showed that cryptocurrencies are gaining acceptance across the people and financial institutions are now looking to start trading them.

“Adding a cryptocurrency-focused sentiment feed to our suite of cross-asset solutions has therefore enabled us to provide our customers with invaluable insights that may help them make strategic investment decisions,” said Pradeep Menon, Managing Director, Global Head of Investing and Advisory, Thomson Reuters.

On the other hand, the same study showed that 20% of financial firms said they are considering trading crypto assets over the next year.

Coinbase to offer Ethereum Classic… due to compliance

Coinbase, the largest cryptocurrency exchange, is offering now Ethereum Classic on its platform according to a recent press release. The company stated that they added Ethereum Classic over other more significant crypto assets because of the compliance of the cryptocurrency with US laws.

In any case, Coinbase will add more currencies in the next months. “We’ll continue adding as many assets as we can in a secure and compliant manner,” said Dan Romero, vice-president and general manager at Coinbase. “Building a brand that’s most trusted and gives customers direct access to cryptocurrency with USD, EUR, GBP requires being compliant with local laws.”

Germany says cryptocurrencies are not a threat

Representants of the federal government of Germany doesn’t see the need for regulatory measures to control digital currencies according to Cointelegraph.

The German news outlet cited government sources that said the volume of crypto assets transactions is too low compared to the size of the financial system. In this framework, cryptocurrencies do not pose a threat to financial stability.

Bitcoin defends the 6,000 area

Bitcoin closed Wednesday with a 3.8% decline at 6,302. Now, the pair is trading 2.60% positive at 6,465. Previously, the pair traded as low as 6,135, its lowest level since February 2.

If the pair manages to consolidate levels below the 6,450, it will find next support at the 6,000 level with a focus on the critical 5,870 line. Below, only the 5,550.

To the upside, the pair needs to recover the 6,800 area before start believing in recoveries. A close above 6,900, will open the doors to the 7,200 and 7,300 levels.

Ethereum test the 450.00 area

ETH/USD Daily Chart - 14-06-18

Ethereum is trading 1.9% positive on Thursday after closing Wednesday negatively for the second day. The pair managed to bounce back from 450.00, and it closed yesterday at 476.00.

Indicadores are showing some signals of a turn in the trend; though it is too soon to say it.

If the Ethereum consolidates levels below 450.00, it will find support at 430.00. Below, the last frontier lies at 400.00.

To the upside, Ethereum needs a close above 500.00 to make bulls believing. Above that, 560.00 is the natural resistance and then 630.00.

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