The biggest cryptocurrency was trading in range for the past 24h and it currently sits at $7400 (as of 16:30 CET), down by 0.1% since yesterday. The recent price jumps resulted in 16.5% raise on a weekly basis, but Bitcoin is still a little more than 60% down from its all-time high last December.
What we can see is a relatively calm day on the exchanges with a drop in trading volume over 24 period- $4,4B as per Coingecko ($6.4B being the value a day before).
BTC market cap grew up to $127.5B.
The current price stabilization suggests a calm before the storm and a possible preparation for a rally towards $8k psychological resistance line in the next few days. This, of course, will be only possible if short-term price remains above previous resistance of $6.8k and we don’t see further corrections.
I think overall sentiment is positive and crypto engines are starting. I can feel the good vibes around the mainstream media as well.
Forbes reported the largest investment bank on Wall Street – Goldman Sachs is in process of evaluation if it will be adding bitcoin and cryptocurrency services to the company main portfolio.
According to David Solomon, the newly appointed CEO of Goldman Sachs, the company is already offering clients publicly-traded derivatives tied to bitcoin but bank must “evolve its business and adapt to the environment.”
“We are clearing some futures around bitcoin, talking about doing some other activities there, but it’s going very cautiously,” said Solomon. “We’re listening to our clients and trying to help our clients as they’re exploring those things too.”
At the same time, future is even brighter for Stellar and XLM. As per Cryptocompare the financial advisory company Stronghold will be launching a venture-backed USD anchor on Stellar blockchain. The cryptocurrency is backed “at one-to-one U.S. dollars” and the backup reserves will be held by Prime Trust – Nevada-regulated chartered company.
IBM is partnering with Stronghold and will explore various use cases for the token with its financial institution clients.
Maybe this is the beginning of the end for Tether? Fingers crossed.