- Ethereum (ETHUSD on xStation5) keeps on rallying after breaking a stunning $1,000 mark
- South Korea carries out inspections on some banks handling of crypto accounts
- A cryptocurrency hedge fund headed by the former Goldman Sachs vice president raises amazing $140 million
Looking across the most traded cryptocurrencies one may spot relative calmness except Ethereum which has already made another surge following a breakout of a $1,000 handle last week. The digital currency got a boost as investors recalled about some tests of Ethereum blockchain declared to be carried out by the most prominent banks (you can find out more on this topic under the link). In effect, Ethereum extended its gains making a new all-time high at $1,210, however the price has retreated since then. That said, one may assume a possible deeper pullback which in turn could be seen as an ideal buying opportunity by the greatest Ethereum enthusiasts. From a technical point of view sellers could eye an upper boundary of an ascending channel as their first line on defence. Nonetheless once the price slips below this level a bit deeper correction might be on the cards and then the price could come back to a $1,000 mark where more buyers could lurk.
Ethereum (ETHUSD) continues its increase begun last week. After breaking an upper limit of the channel buyers sped up their momentum but the price faced a hurdle a touch above $1,200. Consequently one cannot rule out a possible withdrawal at least toward the broken channel. Source: xStation5
While traders have beamed with optimism regarding Ethereum of late, other cryptocurrencies have not shared so upbeat moods. Moreover, we’ve just gotten another regulatory-related news coming from Asia. According to Reuters a South Korean watchdog is carrying out inspections of six banks (including Bank of Korea) pertaining to handling of virtual currency trading accounts. The regulator is reportedly looking at all possible measures to curb the adverse impact of digital currency trading including a shutdown of related institutions. Why is the regulator doing so? According to people familiar with the matter there is a high possibility that cryptocurrency transactions processed by those banks could be used in money laundering. The regulator chairman added also that the cryptocurrency fever in South Korea is much stronger than it is in other countries and therefore it could be a significant hazard to the financial stability.
Bitcoin (BTCUSD) failed to break above an upper limit of a rising channel and it backed down in the aftermath. Currently buyers struggle to retain the price within the channel but it may be a tough task as momentum is not favourable for them. Once the price declines below a lower limit of the channel it could lead to a more severe pullback. Source: xStation5
There is no doubt that cryptocurrencies captured attention over the course of the past months therefore it should not be surprising that a lot of hedge funds emerged. One of them can boast about $140 million it raised since August 2017 when it was funded. Blocktower Capital is a cryptocurrency hedge fund being headed by the former Goldman Sachs vice president Matthew Goetz. Even as the company wrote in its latest statement that its major goal is "bringing professional trading and portfolio management to an emerging digital asset class" it did not pin down cryptocurrencies they will focus on for trading as well as whether they will invest in ICO tokens or stocks of any companies having something to do with blockchain.
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