HomeTradingInstitutional investors could change the current bitcoin value

Institutional investors could change the current bitcoin value

The second day of the week continues with yesterday’s opening trend, with the prevalence of red signs for more than 60% of the tokens listed on Coinmarketcap that, after having surpassed 2000 tokens, has an average of 8-10 new daily entries.

Despite this, capitalisation continues to stand at just over 210 billion dollars, a sign that is not entirely comforting even if we are in a context that cannot be considered negative given the three important announcements made last week: Fidelity, Goldman Sachs and Michael Novogratz‘s fund, Bakkt.

The latter has set the launch date for December 12th. An event that will officially sanction the entry of the old financial world into what many now see as the future of assets.

Over the weekend, Binance exchange CEO, Changpeng Zhao, provocatively posted a Twitter question to his followers asking what would happen if Fidelity decided to invest in the cryptocurrency sector even just 5% (about $350 billion) of managed capital, tripling the current market capitalization.

Looking a the ranking, with particular focus on the top 20, only one handful is distinguished by the colour green: Stellar Lumens (XLM), Monero (XMR) and Ethereum Classic (ETC) with increases of around 2%. The best one is Tezos (XTZ), which achieves another good increase above 4%.

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

Current bitcoin value (BTC)

Prices are now in contact with the upper side of the downward triangle and are waiting for a good reason to make the movement explode, either upward or downward. The contraction of volumes in recent days, which in the last 24 hours has recorded just over 3 billion dollars traded, one of the lowest levels since the beginning of the year, indicates the investors’ fear of anticipating the wrong move.

Sooner or later, someone or something will decide to pull the trigger. The phases of contraction, especially those which are so prolonged, usually end with violent shocks. What happened last week may just have been a test.

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

Ethereum (ETH)

Today as well is a copy-paste from recent days. For over a month, price congestion has forced prices, except for three occasions, into a channel between 200 and 240 dollars. Trading volumes remain interesting even if far from the August records. Uncertainty due to network developments (see Constantinople’s postponement) does not help to bring back purchases.

The thresholds of $190, downwards, and $250, upwards, remain technically crucial.

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".