HomeTradingCrypto market exchange: BitGo shines some light in the space

Crypto market exchange: BitGo shines some light in the space

Scrolling through the list of the top 100 most capitalized, only three unknown tokens are in positive territory.

You have to go to the 74th position to find QASH up 5% from yesterday morning’s levels, followed by CyberMiles (CMT) at 84th place which scores the best rise in the last 24 hours, over 7%.

Finally, we find Theta Token (THETA), 87th in the standings with a 2% increase. Among the worst of the top 10 are EOS and Litecoin (LTC), both down by more than 9%.

Total capitalization revises the $190 billion threshold, a level violated for a few hours last week, sinking to its lowest level since last November.

Bitcoin‘s capitalization continues to remain above 56%, as does Ethereum, just above 10%, after staying for two days below this level.

The willingness of the main overseas financial institutions to adopt cryptocurrencies is growing more and more. During the summer, numerous news emerged from some of the world’s financial leaders (Citigroup, Morgan Stanley, Goldman Sachs, Gemini, Bakkt), all interested in getting their hands on various products in the sector.

Information security specialist BitGo announced last Thursday that it had received approval from the South Dakota Division of Banking to offer cryptocurrency storage services.

After months of debate and rejection of several ETF proposals by the US SEC, mainly motivated by the lack of security of a sector subject to cyber attacks, an important page in the history of the adoption of cryptocurrency is being written now.

BitGo becomes the first, and currently the only, cryptocurrency depositary to be authorized in the United States.

The company’s CEO, Mike Belshe, said: “This is the missing piece for infrastructure, it’s a treacherous environment today. As the crypto-asset class seasons and institutional demand builds, there are a plethora of opportunities for traditional firms to engage in the ecosystem. These include the provision of custodial and asset management services as well as traditional brokerage functions like market-making“.

We have now begun the creation of a revolutionary financial system. Financial institutions cannot afford to stand by and watch, many are already getting their hands on it.

Source: https://it.tradingview.com/symbols/BTCUSD/

Bitcoin (BTC)

The rebound in prices, coinciding with the hypothesis of the current monthly cycle beginning from the low of September 9, does not seem to have sufficient strength to push the prices above 6500 dollars, level repeatedly tested last week that saw sales prevail every time.

Yesterday afternoon’s downward movement brought prices back to test the support of 6200 dollars, the first short-term bulwark in defence of 6000 dollars. It is difficult to talk about speculation with prices that, despite some sudden movements, remain above the long-term support.

Traders are afraid to be the first to make the wrong move. If the data return prevalence of downward positions on spot markets, traders’ sentiment remains close to the highs reached in early August.

Source: https://it.tradingview.com/symbols/ETHUSD/

Ethereum (ETH)

Ethereum experiencing a lot of volatility. In a few hours, the prices retraced by more than 15%, returning below the psychological level of 200 dollars, cancelling about half of the rise that increased prices by more than 30% with a double-digit daily step for three consecutive days. The next days of the week will provide more precise technical answers.


Federico Izzi
Federico Izzi
Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".