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  • Top 3 Coins to Watch – Week 12

    Top 3 Coins to Watch – Week 12

    Decentralized finance (DeFi) protocols and non-fungible tokens (NFTs) are the hottest categories on the cryptocurrency markets right now. While DeFi has already had its first hype-driven boom during the summer of 2020, the NFT markets have only recently started to see exponential growth. From crypto art and in-game collectable items to digital identity solutions – the NFT’s use cases seem almost unlimited. While this hyped-up subgroup of cryptos might be a bit overheated at the moment, almost every project that has recently implemented a new NFT-related feature has seen the price of its coin skyrocket. The NFT-focused project in this week’s selection is accompanied by a governance token of a famous decentralized exchange and a project that focuses on decentralized governance.

    1. Uniswap (UNI)

    UNI is a governance token of Uniswap – an automated liquidity protocol and currently the most popular decentralized exchange (DEX). UNI tokens are ERC-20 tokens that allow holders to decide on the future of Uniswap by voting on proposals. The governance token holders also oversee the usage of funds from the community treasury, and the protocol’s fee switch.

    Buy/Sell UNI

    Uniswap V3 could Solve the Issue of Extremely High Network Fees Soon

    The Ethereum-based decentralized exchange (DEX) protocol Uniswap quickly rose to popularity during the DeFi summer of 2020. However, the unicorn themed DeFi protocol is currently struggling to compete with other, much cheaper forks of the project. The main problem is that a transaction fee on Ethereum can range from $20 to over $100 on a bad day, making Uniswap essentially useless for many of the unconfident DeFi newcomers as well as traders who want to trade smaller volumes. But Uniswap team has hinted that all these issues will be addressed in the next protocol upgrade, called Uniswap V3, which is scheduled to be released later this year. Uniswap’s CEO Hayden Adams tweeted:

    “2019: Uniswap V1 proved AMMs can compete with traditional exchanges; 2020: Uniswap V2 will prove AMMs can do things traditional exchanges cannot; 2021: Uniswap V3 will face slippage and capital efficiency head on to prove AMMs can outcompete traditional exchanges on all fronts”.

    Reportedly, Uniswap is going to address the issues by integrating a Layer 2 scaling solution since waiting for Ethereum to solve its scaling and congestion issues on their own with Ethereum 2.0 might end in disaster for the popular DEX protocol. Uniswap V3 could roll-out as soon as this May. If the announced upgrade successfully solves at least part of the protocol’s current issues, Uniswap could reclaim its throne of the DEX with the highest trading volume.

    In addition, rumors are spreading that Uniswap as well will take a dive into the popular world of non-fungible tokens (NFTs). Whether the project is just going to lunch tokenized swag, e.g., an Unishirt or Unisocks ($SOCKS), which they have done before, or implement a major NFT feature such as an integrated decentralized NFT marketplace, remains unknown. Either way Uniswap V3 could send ripples throughout the space once it is deployed and could fuel UNI to rally even past the $50 mark.

    2. Enjin (ENJ)

    Enjin Coin (ENJ) is an Ethereum-based cryptocurrency (ERC1155 token) used to directly back the value of next-generation blockchain assets. It is designed for social gaming as it allows virtual goods to be traded on the blockchain using smart contracts and ENJ as a payment method. The project aims to change the fundamental nature of virtual worlds by providing infinite high-speed transactions between players and game providers at zero cost. More than a million people are already using Enjin’s products to manage, create, and trade these blockchain assets.

    Buy/Sell ENJ

    Leaked Website Indicates that Coinbase Could be Preparing to list Enjin

    Enjin is one of several projects that successfully capitalized on the recent NFT hype. The gaming-based project announced two scaling solutions (JumpNet and Efinity) earlier this month. With the aforementioned solutions Enjin aims to facilitate gasless (free) transactions of both fungible and non-fungible tokens (NFTs) from any blockchain. Following the announcement, ENJ has seen a massive rally, causing the token’s price to increase by more than 200% – it surged from around $0.40 to a local high of $1.51 on March 4. The market capitalization also spiked from less than $100 million to more than $1 billion in merely a few days. But the rally did not stop just there as demand drove ENJ to set consecutive all-time highs of $1.94, $2.20, and $3.03, which is the current ATH price, set on March 15.

    In light with the increased demand for ENJ several exchanges began looking into the project. While ENJ pairs were supported by Binance and the FTX exchange even before the rally, numerous exchanges, such as Gemini, Huobi and OKEx have only recently introduced the support for ENJ spot trading or futures contracts. Nevertheless, it seems that we are still awaiting one big and important listing – the one from the U.S.-based Coinbase exchange. The good news is, that the listing could be just around the corner, at least according to a leaked EnjinCoin support website which has been published on the exchange’s support section for a few days. Although Coinbase supports Enjin custody already from September last year, many took the accidentally published support page as a confirmation that ENJ spot trading is soon going to be made available on Coinbase. The influx of new investors and fresh capital due to a Coinbase listing and the hype around this event could cause ENJ to ascent even higher.

    3. DAO Maker (DAO)

    DAO Maker is a blockchain-based platform that is looking to assist start-up companies in the launch, management, and closure of a token sale. The project aims to support several token sales models, all of which will be fully compliant with regulatory requirements.

    Buy/Sell DAO

    Dao Pad Investment Platform Goes Live on March 25

    The DAO Maker is going to launch a multi-investment platform called the Dao Pad on March 25. The Dao Pad will allow DAO token holders to easily participate in the future token offerings. To kickstart the Dao Pad, the Cere Network project will be conducting a public token sale on the freshly launched platform. To be eligible to participate in the Cere token sale, investors will first need to stake at least 1000 DAO tokens on the platform. Besides staking to participate in token offerings, the DAO token can also be used to provide liquidity to Uniswap V2 liquidity pools and participate in the project’s governance. In addition, incentives for users are also paid out in DAO. March has been a very important month for the projects as the DAO Maker team have conducted HAPI Strong Holder Offering (SHO) and the DAFI Protocol SHO earlier this month. In addition, 3,209,535 DAO token worth around $13,088,593 have recently burned. All of this has translated to a good price performance for DAO. The token is currently changing hands at around $8.00, very close to its all-time high price of $8.51 set yesterday, March 22. DAO is also up by more than 40% in the past month.

  • 1xBit Casino Users can Now Bet with Provably Secure Cryptocurrency Cardano (ADA)

    1xBit Casino Users can Now Bet with Provably Secure Cryptocurrency Cardano (ADA)

    Bitcoin Press Release: Leading betting casino and sportsbook 1xBit has added support for the top 5 cryptocurrency Cardano (ADA). 

    22nd March 2021, Limassol, Cyprus – Cardano (ADA) has been one of the success stories of the 2020/2021 crypto bull market and has soared into the Coinmarket top 5 over the last few months with no sign of slowing down. As a leader in the crypto betting industry 1xBit casino recognises that the provably secure nature of the ADA token makes it an ideal option for the crypto betting industry and has now added it to the growing list of supported currencies on its online casino and sportsbook. 

    What is Cardano?

    Much like Ethereum, Cardano is a smart contract platform that was conceptualized by Charles Hoskinson (one of co-founders of Ethereum). Being a smart contract platform, it allows users to exchange money and assets (property, shares, and stocks) while maintaining maximum transparency and eliminating the need for a middleman. 

    However, what is new and unique about Cardano (and the blockchain technology that it utilizes) is that it has been developed using scientific philosophy and peer-reviewed academic research. It is the first of its kind to make use of ‘high assurance code’ to standardize, protect, and promote the Cardano protocols. Active Cardano users are awarded in the ADA utility token for their participation on the network.

    How Does Cardano Compare to Bitcoin and Ethereum?

    Satoshi Nakamoto’s concept of Bitcoin was revolutionary when it was first conceived. It was the first cryptocurrency that leveraged blockchain technology to offer a decentralized finance counterculture that did not involve the government or any other middleman. However, the problem with these first generation blockchain(s) was that they did not allow for complex conditions to be added to transactions. 

    Ethereum sought to resolve these problems by offering smart contracts that improved the utility of cryptocurrencies that utilized blockchain technology. The Ethereum network gave developers the opportunity to create applications that use a programming language running on blockchain.

    To date, it is the most evolved form of blockchain technology that focuses on resolving concerns about scalability, interoperability, and sustainability. This is why Cardano (ADA) offers much promise and may even revolutionize the cryptocurrency landscape.

    Probably Secure ADA Perfect For Crypto Casino Games

    One of the most popular uses for Cardano is gambling: betting and playing casino games because of how it has been deemed ‘provably secure’ (player-friendly mechanism that ensures there is no foul play). That’s why 1xBit is excited to welcome and embrace Cardano (ADA) on its casino and sportsbook. 

    What are the Benefits at 1xBit?

    1xBit is an online casino & sportsbook where fun meets crypto: the list of cryptocurrencies has already reached 30, including EOS, BNB and now Cardano!

    For anyone wondering why they should join 1xBit? Some of the benefits include: 

    • Welcoming bonus. All newcomers are rewarded with a 7 BTC welcome bonus for the first 4 deposits. We want you to have a jolly good time!
    • 30 cryptocurrencies. 1xBit is cryptocurrency-friendly. Now that we accept Cardano (ADA), it is about to get all the more fun here!
    • Anonymous casino. You do not have to input any private or personal information to get started on 1xBit. Enjoy 100% anonymity.
    • Multi-currency account. We have 100+ game providers and 5000+ slots at 1xBit, all of which can be enjoyed through your multi-currency account.

    Hop over and join in on the fun at 1xBit!

    For more information about 1xBit, please visit – https://1xbit.com/

    Check out the official 1xBit blog for the latest articles – https://1xbit.com/blog/

    Media Contact Details

    Contact Name: Bitcoin PR Buzz Press Team

    Contact Email: press@bitcoinprbuzz.com

    1xBit is the source of this content. This Press Release is for informational purposes only. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all.

  • Bitsz: The Future of Digital Trading is Decentralized

    Bitsz: The Future of Digital Trading is Decentralized

    With the total market capitalization for the cryptocurrency market at a record $1.7 Trillion dollars 2021 is experiencing a bull market buoyed by mainstream adoption and institutional investment for the first time in its history. The ICO fueled market bubble of 2017 has been replaced by tangible blockchain technology adoption in almost every major global industry. 

    Market Growth And Increased Demand

    This seismic market shift offers opportunity for cryptocurrency exchanges offering new and innovative solutions to some of the problems posed by a rapidly expanding market. Demand is reaching boiling point and even the most reputable exchanges are becoming increasingly strained under a huge surge in traffic. This year Binance, Coinbase and Kraken all saw major disruptions due to an influx of “new unique users”. 

    Centralized Exchanges And A Changing Of The Guard

    With most major industries beginning to recognise the benefits of blockchain technology, it is surprising that digital asset exchanges are one of the last to relinquish their centralized ways. 

    Centralized exchanges (CEX) facilitate trades via an orderbook, aggregating users orders with specialized software but don’t offer the ability for users to exchange crypto or fiat currencies with each other. 

    Centralized exchanges are vulnerable to hacks, struggle with hard-fork events and face significant regulatory risk. Systems are often kept off-chain, with escrows for users transactions not recorded on the blockchain as a result. This opens up risk of security breaches, and unsafe storage protocols for sensitive information. With blockchain technology leading the way towards a trustless economy, third parties are becoming increasingly obsolete and centralized exchanges will have to evolve to survive. 

    The Rise Of The Decentralized Exchange

    Thet 12 months has seen a waning public trust in centralised exchanges due to hacks, sites disruptions, market manipulation and regulatory questions. These nagging issues have has a positive effect on the DEX market however, with exciting decentralized alternatives like Robinhood, 1INCH and Uniswap enjoying some of the limelight for their trustless approach to p2p trading. 

    In January 2021 decentralized exchange tokens outperformed their centralized counterparts with (UNI) Uniswap, Synthetix Network Token (SNX), SushiSwap (SUSHI), and Loopring (LRC) all recording significant growth in market value. 

    DEX crypto trading platforms offer superior privacy and security through p2p transactions between their user-base. Hard-coded algorithms are used to execute trades without the need for intermediaries. Decentralized exchanges are more focused toward a seamless user experience and also lack the ability to restrict trading, so users will not be subject to frustration random disruptions.  

    Bitsz.io 

    One company making strides in the DEX space is Bitsz.io, a blockchain-based tech company with a strong focus on regulatory compliance and users experience. Bitsz offers a seamless P2P trading environment where all users can freely trade both crypto and fiat with one another, without the need of any controlling third party. 

    TruTrade Multi Asset Exchange

    Trutrade is a one-stop exchange and digital solution that provides maximum security, arbitrage  through machine learning and one of the fastest trading engines in the world, capable of processing up to 10 millions transactions per second.

    Tru Trades offers its users future derivatives trading, so that they can trade on credit by depositing a small amount of cash. TruTrade smart contracts support insta lending and borrowing options to users and complete assurance to both parties. The exchange supports multiple payment options including a debit and credit card payment solution with full KYC.

    With the project’s development TruTrade is on course to secure its first roadmap milestone of 10,000 users by Q2 2021 and with the new web app for Android and iOS touted for Q3, Trutrade is on course to have 1 million exchange users and 200,000 mobile app users by 2022.

    TruTrade also focuses heavily on User Friendly UI, incentive programs, and has some of the best trading trading fees as low as 0.05%. The exchange offers superior data protection with both KLM and BDPR compliant policies.

    Bitszbot Trading Engine

    Bitsz Trading Engine is the beating heart of TruTrade asset exchange and a uniquely powerful tool that can handle an impressive 10 million transactions per second. It was also designed to fight the growing issue of market manipulation and uses machine learning to detect any nefarious trading activity. Bitszbot is also a market intelligence platform and feature for binary options traders.

    Bitszcoin

    Bitszcoin is a Proof of Work fork of Pivx with a Proof of Work algorithm which offers a quark-based blockchain to provide a transparent and secure system. There are 100 Million pre-mined coins. Bitszcoin will be available for trading on the exchange.

    Bitsz’s inception will bring the cryptocurrency industry toward a greater purpose – removing the issues that plague centralised finance. Who knows where the industry will be in a year’s time, but it’s clear that Bitsz will be at the core of it.

    To visit the next generation of DEX, visit the Bitsz website at https://bitsz.io/

  • CoinStats raises $1.2 million pre-seed round of funding

    CoinStats raises $1.2 million pre-seed round of funding

    London, United Kingdom, 22nd March, 2021,

    Yerevan, Armenia, March 22nd 2021: Leading cryptocurrency portfolio management platform CoinStats raises  $1.2 million pre-seed round of funding from investors that include Imperii Capital as well as Stefan Cohen and Jonathan Weiner. Leading investors aim to support the platform’s rapidly growing 1 million monthly active users and future product development as cryptocurrency asset class matures.

    The capital will be used to build new features that will ensure more accessibility and convenience in managing cryptocurrency assets for its nearly 1 million monthly active user base. The CoinStats team plans to enhance existing products and services that include building a dedicated CoinStats wallet and trading capabilities for its community.

    “As digital currencies mature, people will want to not only track their assets and wealth with just a few clicks from their mobile devices, but also trade from all their accounts and wallets in one place” said Narek Gevorgyan, founder and CEO of CoinStats. “CoinStats aims to show how easy it can be to manage digital assets in real time”. 

    Jonathan Weiner, a fintech and CoinStats investor added: “With the promise of wallet and trading capabilities, CoinStats is redefining the modern management of crypto assets. We are seeing one of the fastest-growing crypto companies in the world and I am super excited to partner with Narek and the CoinStats team.”

    Stefan Cohen added: “The existing financial infrastructure has been inefficient and expensive for users looking to monitor their digital asset holdings. With CoinStats, both experienced and novice investors will be able to view, track, and trade their crypto assets all in one place.”

    As the cryptocurrency industry matures over the course of the next decade, retail investors will seek ways to securely and conveniently manage their digital assets in real time and all in one place, as they would for their traditional assets. CoinStats has within five years accrued a base of one million monthly active users and aims to rapidly expand over the course of the next year.

    About CoinStats

    Founded in 2017, CoinStats is a free Bitcoin and cryptocurrency portfolio tracking app. It provides 1 million monthly active users the ability to view and track their cryptocurrency holdings in real time from over 300 exchange and wallet providers all in one place. CoinStats tracks Bitcoin, Ethereum, Litecoin and 7,000 additional cryptocurrencies.  

    Contacts

    Public Relations Lead

    • John McLeod
    • Funday Agency
    • john@funday.agency
    • 07886920436
  • SushiSwap Enters the Avalanche Ecosystem

    SushiSwap Enters the Avalanche Ecosystem

    Key highlights: 

    • SushiSwap, a fork of Uniswap, is very popular among DeFi users and even has a higher TVL than Uniswap
    • SushiSwap is now also coming to the Avalanche ecosystem to offer lower fees, faster transactions, and some other benefits

    SushiSwap is now also available on the Avalanche blockchain

    Interest in DeFi has grown significantly in recent months, and this has contributed to the congestion on the Ethereum blockchain. DeFi users on Ethereum are now paying high transaction costs, which has resulted in a lot of criticism and users looking for alternative DeFi platforms. SushiSwap, an automated market maker protocol, says that they will be launching their service on the Avalanche blockchain in addition to Ethereum. 

    SushiSwap started as practically a clone of Uniswap that introduced a governance called SUSHI. This attracted users who were interested in yield farming, and the total value locked in SushiSwap is currently larger than on Uniswap. SushiSwap is a decentralized protocol, where users can swap between different tokens directly on the blockchain or earn an income by providing liquidity to pools.

    When using SushiSwap on the Avalanche ecosystem, users need AVAX tokens rather than ETH for their transactions. Avalanche is building out its DeFi ecosystem, and it facilitates faster transactions and lower fees for DeFi users. DeFi is primarily centered around Ethereum at the moment, but its expansion to other blockchains will provide new options to users.  This is especially important since currently, Ethereum users have to pay hundreds of dollars in transaction fees in some cases.

    Thanks to Avalanche’s recently-launched Ethereum bridge, the Avalanche blockchain saw a boost in activity, with transactions and unique wallets increasing rapidly. 

    According to DeFi Pulse SushiSwap is the largest decentralized exchange by total value locked. SushiSwap has managed to distinguish itself from Uniswap through its governance model and user incentives. Therefore, many users have selected SushiSwap, and the exchange has experienced rapid growth. 

    Now, users who aren’t prepared to pay the high fees on Ethereum can consider using the popular decentralized exchange on Avalanche instead.

    Moving forward, the DeFi ecosystem on Avalanche could continue growing thanks to the platform’s low transaction fees and quick transaction finality. Will SushiSwap’s expansion to Avalanche turn out to be a smart decision?

  • Cometh Launches New Layer 2 DEX on Polygon, Fueled by DeFi and NFTs

    Cometh Launches New Layer 2 DEX on Polygon, Fueled by DeFi and NFTs

    Innovative blockchain game Cometh has launched ComethSwap, its own Layer 2 decentralized exchange. The announcement was made on Cometh’s official social media accounts with more details explained by the team. The new exchange lets users swap any ERC20 token at a low cost with high transaction speeds.

    ComethSwap is part of an ecosystem which combines DeFi and NFT capabilities. It runs on Polygon’s (ex-Matic) Layer 2 which has intertwined capabilities with the game. Portions of fees generated circle back to players while properly incentivizing liquidity providers.

    “ComethSwap is another big step towards building the fully fledged decentralized ecosystem around Cometh in Layer 2”     — Cometh Contributor Nathan Sexer.

    The development team also announced upcoming liquidity mining programs following the launch. A UNIV2 liquidity mining scheme at ≈200% APY via Uniswap (L1) is still active while another round of incentives is set to come with “attractive APY and exclusive NFTs.”

    About Cometh 

    Cometh is the first DeFi Layer 2 powered blockchain game with yield-generating NFTs. It combines these features into a fun strategy game where players pilot spaceships who are tasked with mining asteroids for tokens. In-game transactions are denominated in the game’s stakeable ERC20 $MUST ⚗ token.

    Twitter: https://twitter.com/MUSTCometh
    Telegram: https://t.me/cometh_io
    Medium: https://medium.com/cometh
    MUST Token: https://coincheckup.com/coins/cometh
    Whitepaper: https://www.cometh.io/cometh-white-paper.pdf
    OpenSea: https://opensea.io/accounts/cometh_nft_forge

  • Lindsay Lohan to Release Exclusive NFT Collectibles On TRON

    Lindsay Lohan to Release Exclusive NFT Collectibles On TRON

    San Francisco, California, 18th March, 2021,

    American actress, singer, songwriter, entrepreneur, and television personality Lindsay Lohan is launching her new exclusive NFT on TRON blockchain.

    While Ethereum costs users too much to own any NFTs, TRON blockchain and TRC721 protocol are viable alternatives to the high gas fees and slow transition speed on Ethereum. 

    Lindsay, an admired and loved creator, is no stranger to the NFT and crypto world. She has been active and vocal about crypto adoption and has shown great interest in the NFT space. She is trailblazing by being one of the first few to pave the way leading towards mass adoption by providing content and educating people globally on all things crypto. Her highly anticipated new NFT auction will go live on March 20th. 

    “Hollywood and the Music industry are finally waking up to crypto and it is large part thanks to NFT’s,” said Lindsay Lohan. “The whole world has been keen on learning more about the NFT space. I couldn’t be happier to be a part of this revolution, helping to bridge the gap between creators and content admirers. I’m also really excited to be jumping on board with Justin Sun, Founder of TRON, on Clubhouse to further discuss NFTs and the launch of my artwork. Be sure to catch our fun-filled and informative session” 

    “We welcome the launch of Lindsay’s NFT on the TRON blockchain,” said Justin Sun founder of TRON and CEO of BitTorrent. “Lindsay is a true icon and has been very vocal about crypto, blockchain adoption and NFT’s. I’m looking forward to an exciting discussion with her this Thursday.”

    The ClubHouse will be live March 18th 10:30pm PST and here’s the link:  https://www.joinclubhouse.com/event/MwkpYaBe 

    About TRON 

    TRON is dedicated to accelerating and the decentralization of the internet through blockchain technology and decentralized applications. Founded in September 2017 by Justin Sun, the company has delivered a series of achievements, including MainNet launch in May 2018, network independence in June 2018, and TRON Virtual Machine launch in August 2018. July 2018 also marked the acquisition of BitTorrent, a pioneer in decentralized services boasting approximately 100M monthly active users.

    Website | Telegram | Medium | Twitter | Reddit

    Contacts
    • Marketing
    • defi_supply@tron.network
  • Nifty Gateway Is one of the Biggest Winner in the NFT Market – Analysts Say it Could Be Worth Over $1 Billion

    Nifty Gateway Is one of the Biggest Winner in the NFT Market – Analysts Say it Could Be Worth Over $1 Billion

    Key highlights:

    • Messari, a cryptocurrency analytics company, published a new report focusing on the NFT market
    • According to the report, Nifty Gateway one of the biggest winners in the NFT market, with a valuation between $774 million and $1.2 billion

    The NFT market has attracted a lot of attention recently. While NFTs have been around for several years, they became a major trend in the cryptocurrency space only a few months ago. This new interest for the innovative NFT technology has created many winners, with the Gemini-backed Nifty Gateway arguably being the biggest. The platform, which was bought by Gemini in November of 2019, is the biggest player in the NFT market and could be valued as high as $1.2 million, according to an estimate from Messari. 

    The NFT industry is in the spotlight currently, and the report is the result of this huge wave of interest. A record-breaking $69.3 million auction for an NFT created by renowned digital artist Beeeple has brought unprecedented attention to this technology.

    What are NFTs?

    NFT is short for non-fungible tokens. These tokens exist on a blockchain and are useful for representing ownership of digital products like digital art, video game items and collectibles. In theory, NFTs can also be used to represent ownership of physical assets. One popular platform that uses NFTs is NBA Top Shot, where users can collect videos showing impressive highlights from NBA players.

    Sales volumes for NFT platforms have skyrocketed recently, and Messari estimates that Nifty Gateway is the biggest player in the space. OpenSea is another big player, and its valuation is estimated between $321 and $498 million.

    An aggressive estimation for the NFT market

    The estimations mentioned above for the platforms were focused on a conservative model for forecasting NFT income in 2021. Using a more speculative model, the valuation for Nifty Gateway could be between $5.5 to $8.6 billion.

    Digital art is one of the most popular use cases for NFTs right now. However, the potential of NFTs is much broader. Documents, music, and many different digital products can also represented via NFT. Twitter founder Jack Dorsey is experimenting with NFTs as well, and is selling an NFT that represents the first tweet ever published on the Twitter platform. 

  • Bitcoin and Ethereum on the Bounce As Morgan Stanley Brings Bitcoin Investments to Clients

    Bitcoin and Ethereum on the Bounce As Morgan Stanley Brings Bitcoin Investments to Clients

    Konstantin Anissimov, Executive Director at CEX.IO

    The Bitcoin (BTC) and Ethereum (ETH) markets are on the side of the bulls today as both digital currencies received liberation from the market bears. A soothing succor is returning to the market following days of constant dips from the world’s two largest cryptocurrencies by market capitalization.

    Both Bitcoin and Ethereum have broken past their key resistance hurdles at $56,000 and $1,800 respectively. The market is agitated as this upsurge is needed to reconfirm the potentials of the market to close the quarter at an average of the differing price targets set by various investors and traders backing the markets.

    At the time of writing, Bitcoin has gained 4.16% and is trading at $58686.9, per data from the CEX.IO price feed. Ethereum’s bounce has earned it a 2.02% growth in the past 24 hours, and currently exchanging hands at $1822.47 per Ether. The correlation on the upswing for both digital currencies is reinstated and in hopes of sustained performance, both asset classes may yet close today with a correspondingly balanced growth rate.

    A brief look at the forces moving the market today.

    Bitcoin Bulls Capitalizing on Morgan Stanley’s BTC Move

    The bullish resurgence of Bitcoin takes its precedence from the news from one of the United States’ biggest investment banking giants, Morgan Stanley, who is providing access to Bitcoin funds for its clients. According to media reports, the firm will provide access to three funds, including two from Galaxy Digital, and will let clients have direct exposure to Bitcoin investments.

    Besides the fact that the move is the first of its kind from a US bank, it will be temporary succor for American investors that have been anticipating a more mainstream investment vehicle that will let them tag along the moving train of the fast-growing emerging asset class. The Bitcoin fund access from Morgan Stanley is reserved for high networth individuals, but that is even a better bet for Bitcoin as more inflows of funds are expected.

    Per the breaking news, BTC has sliced through the key resistance levels including the $56,000, and the $58,000 psychological levels respectively. From a low of $54,100 on March 17th, Bitcoin is now looking to retest the $60,000 resistance level, a push that is being resisted as the bear pressure is peaking at the current price level.

    The BTC-USD 4-hour chart shown above is reflecting the ongoing bear pull, forming a resistance on Bitcoin’s ambitious surge to breach the $60,000 price zone. With an RSI that is slightly below the buying point, the retracement of the price movement from the upper Bollinger Band may stir a healthy correction from the bull run ignited based on the Morgan Stanley news.

    However, the longer-term prospects of Bitcoin remain bullish, and a break about the $60,000 level should not come as a surprise. A dip back to the $56,000 support zone cannot also be ruled out.

    Ethereum and the Meitu Inc Favoritism

    Ethereum is comfortably unchallenged as the second-largest digital currency, and Meitu Inc, the tech firm from China is remarkably favoring Ether as its number one cryptocurrency. The company announced a new purchase of a total of 16,000 units of Ether at an aggregate consideration of approximately US$28.4 million as well as 386.08581655 units of Bitcoin at an aggregate consideration of approximately US$21.6 million.

    Per the obvious allocation, the company has more stake in Ethereum than Bitcoin, an unusual move seen when compared to the publicly traded company that has adopted digital currency investments as an alternative to holding fiat currencies.

    Ethereum is not taking this recognition for granted, surging past the $1,800 resistance zone, in a move that suggests a new break above the $1,900 price mark. While the buyers were keeping at ensuring this target is reached, their efforts were met with unwelcome resistance from the bears who appear to be taking over the market at this time.

    Ethereum gains are being parred off in correlation with the observed Bitcoin trends, as the impact of the Meitu favoritism is swiftly waning. While Ethereum battles the enormous challenges it is faced with, market bulls are optimistic the coin will crest and make the $2,000 level its major support level by the end of the first quarter.

    In the short term, Ethereum may drop back to the $1,700 price level, with eys being kept on the $2,100 as the next major price target.