After another weekend of wild price swings, the crypto market got its mojo back after Musk pared criticism of its market influence, saying Tesla had sold Bitcoin but can resume transactions with it. Investors eagerly await Tesla’s next earnings update – due next month – for any disclosure of changes in its position.
Goldman Sachs Group is moving beyond the world of bitcoin and expanding into ether. The bank plans to trade options and futures in ether, the coin that will power the Ethereum network in the coming months.
On the flip side, some fund managers say Bitcoin is a hallmark of speculative excess and the foam is still going strong even after plummeting 35 percent last month. About 80 percent of the fund managers surveyed by Bank of America described the crypto market as a bubble.
Some professional managers are still skeptical about whether crypto is a viable asset class given its extreme volatility and regulatory uncertainty.
“We are seeing a positive increase in the dynamics of the major cryptocurrencies. While the prices of Bitcoin, Ethereum, and other major altcoins haven’t shown big spikes, technical data suggests a healthy spike. The overall markets are showing stability, ”said Edul Patel, CEO and co-founder of Mudrex.
Crypto shopping cart: Quick look
(Source: coinmarketcap.com, as of 9.30 a.m., ACTUAL on June 16, 2021)
- Bitcoin: $ 40,086.73, down 0.97 percent
- Ethereum: $ 2,527.11, down 2.29 percent
- Tether: $ 1.00, less than 0.01 percent
- Binance Coin: $ 361.56, down 3.10 percent per
- Cardano: $ 1.55, down 1.50 percent
- Dogecoin: $ 0.3166, down 2.99 percent
- XRP: $ 0.8647, down 2.56 percent
- USD coin: $ 1, up 0.03 percent
- Polkadot: $ 23.86, down 5.30 percent
- Uniswap: $ 23.33, down 3.46 percent
Note: price change in the last 24 hours
Tech View from ZebPay Trade Desk
Polygon (matic), the 15th largest cryptocurrency, has shown phenomenal growth in the past week or so, suggesting the asset has attracted significant interest from investors and traders, especially since Mark Cuban decided to support the cryptocurrency of Indian origin.
Polygon forms a Layer 2 scaling solution supported by Binance and Coinbase. The project aims to enable mass adoption of cryptocurrencies by solving the scalability problems that exist on many blockchains.
Tech-wise, Matic formed a “Dragonfly Doji” pattern (trend reversal pattern) on a 12-hour timeframe, rising nearly 47 percent to $ 1.71 from its recent low of $ 1.159.
The asset will encounter resistance or profit posting around $ 1.72. Therefore, for Matic to continue bouncing, it will have to break and close the USD 1.726 level.
Support: $ 1,159, $ 1,424
Resistance: $ 1.726, $ 1.989
The time is in UTC and the daily time frame is 12:00 PM – 12:00 PM UTC
(The views and recommendations in this section are the analysts’ own views and recommendations and do not reflect those of ETMarkets.com. Please consult your financial advisor prior to entering into any position in any of the above assets.)