Contact information

Another week in crypto has been met with many cryptocurrencies making new all-time highs. Ethereum has certainly taken the spotlight in the past week, making new record highs, with the most recent at nearly $3,600. Bitcoin dominance has been dropping to lows of around 45%, while the leading cryptocurrency has failed to break resistance at around $59,500.

Hundreds of US banks to offer Bitcoin trading in the coming months

NYDIG, a crypto custody firm has recently announced that it will offer hundreds of banks in the United States to be able to offer Bitcoin-related services in the coming months. The partnership between NYDIG and FIS will provide a framework for banks to offer crypto trading to their customers – right from their own accounts. 

According to a survey, many people would own Bitcoin if they could do so through their existing bank accounts, without having to take the extra step to use crypto exchanges. What will this mean for the crypto market?

Since hundreds of banks in the country with the highest engagement with digital assets will be able to have access to Bitcoin, this is only bullish for the market. In addition to the easier ramp for access to the crypto world, the endless money printing in the US has also led to investors fleeing in search of safe-haven assets, and Bitcoin is one of them.

PayPal, MicroStrategy and Square all post strong Q1 results

MicroStrategy’s shares have largely benefited from the firm’s cryptocurrency allocation since August last year. Michael Saylor, CEO at the Nasdaq-listed firm said he was pleased with the firm’s Bitcoin strategy. However, the earnings call said that the firm could increase or decrease its Bitcoin allocation in the future, meaning it could potentially sell BTC.

Both PayPal and Square exceeded expectations for the 2021 Q1 results. CEO of Square and Twitter, Jack Dorsey says he views the leading cryptocurrency as the internet’s potential to have a native currency. PayPal’s CEO points to crypto as a key growth engine and has plans to launch a new digital wallet. 

Ethereum at all-time highs, what’s next?

Ethereum had a huge month in April, backed by key factors that led to the massive appreciation in price across the crypto market. The decentralized finance (DeFi) and the non-fungible token ( NFT) markets have been seeing exponential growth, which fueled the ETH rally. The recently implemented Berlin upgrade, which is in line with the upcoming Ethereum 2.0 which would see a decrease in ETH issuance.

ETH options traders have also been very bullish on the second-largest cryptocurrency by market capitalization. Institutional investors have not missed out on the momentum, pouring money into ETH investment products. 

On the 12-hour chart, Ethereum has broken upwards out of a parallel channel, taking ETH price to new highs. Since Ethereum is now in price discovery mode, it could still have the momentum to push higher, although a risk of consolidation remains. Looking at the shorter time frames on the ETH/USD chart, the closest support area of Ethereum would be around $3,390. If that is lost, a key area of support is around $3,083.

Using the Fibonacci retracement tool, the next target for Ethereum, if it continues to move upwards, is at over $4,000. However, the 30-day MVRV ratio for Ethereum, which indicates the average amount of ETH in profit or losses currently stands at around 30%. Based on historical data, this means that ETH could be at risk of a correction. 

Needless to say, the market is open 24 hours a day and seven days a week. It’s almost impossible to know which way the market decides to move. You must have a proper strategy set in place, which includes the use of stop-losses and take-profits at the minimum. 

CoinPanel understands the lack of options in trading on crypto exchanges, including not being able to multiple functions simultaneously. By using an all-in-one crypto trading platform like CoinPanel, you will be able to set a Full Trade without even having the first entry order executed. 

This means you can plan your strategy ahead of time and set it on the CoinPanel platform instead of having to monitor the charts and wait for it to “beep,” then rush to the exchange to set your orders.

Join the automated crypto trading lifestyle, and never worry about missing out on a trade again. 

Share:

Leave a Reply

Your email address will not be published. Required fields are marked *