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The cryptocurrency market does not feel as bad as many would like it to, but it is worth accepting this and the fact as it is.
Yesterday, the media reported the strengthening foundation of the cryptocurrency industry, which was quite strong news. So, Wells Fargo, Morgan Stanley, Goldman Sachs, JPMorgan, Citibank, and hundreds of other banks are already preparing their own products based on cryptocurrencies.
What does this give us?
More than 24 million Americans will soon be able to officially buy cryptocurrencies through more than 650 banks across the country. The number of new participants will grow exponentially year after year, and it will not be so easy to dismiss the existence of such an undesirable substitute.
Why do banks do this?
The answer to this question is indecently simple, they do not want to give the possible profit from this industry to services like Coinbase, which just launched deposits in USDC tokens at 4% per annum on June 30, which is several times higher than bank rates.
Banks are afraid of the outflow of customers, and in this case they are ready to do anything to keep them.
It is worth considering a very important and strategic move: as soon as large banks start mass introduction of innovative assets, an information wave will emerge, which will be supported by the media. All this can lead to a strong strengthening of cryptocurrencies, which speculators will definitely pay attention to in short-term trading.
The second news is not so global, but it reflects how much the opinion of opponents of cryptocurrencies can change.
Billionaire George Soros' investment fund will soon start trading Bitcoin. The Soros Fund Management team has been studying digital assets for a long time, and this solution is most likely more than just an experiment.
George Soros is an American trader, financier, investor and philanthropist, and perhaps one of the most famous personalities in the financial world. Not so long ago, Soros was catching up with negative FUD* towards Bitcoin and the entire industry as a whole, and now he is considering investment strategies. I wouldn't be surprised if in the future we hear from his funds that they have impressive cryptocurrency portfolios and have already earned a lot of money.
FUD is a psychological manipulation tactic used in marketing.*
What happens on Bitcoin and Ethereum trading charts?
Nothing drastic happened regarding my article from June 29, but still, Bitcoin touched the price level of $36,675, this is a strengthening of more than 25% since the breakout of the support level of $30,000 on June 22.
Our strategy is still focused on a sideways move in the range of $30,000 / $41,500, since a breakdown and holding the price beyond these levels can indicate a subsequent move in the market.
As for the positive information background described above, this is the foundation that will bear fruit in the future, unless, of course, the rhetoric changes.
After a prolonged weakening, Ethereum managed to partially restore the positions lost in the market, strengthening by about 32% in 4.5 days. Please note that the local minimum of May 23 - $1,728, which has not succumbed to the onslaught of sellers, serves as a pivot point.
In this case, if we are considering an upward development, then first the quotes should settle above the $2,400 level, which will give more confidence in the upward course. The biggest price changes are expected after the price is kept above the $3,000 mark. In this case, a sequential stage of recovery of the upward trend may begin.
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