Bitcoin price defends its positions above the 3,900 USD, but remains in correction, losing about 0.3% today to 3,925 USD. The main cryptocurrencies are also edging slightly lower with Ethereum losing 1.55% to 134.53 USD, while Litecoin and EOS decreased by 3%.
Thus, the total value of the cryptocurrency market decreased slightly to 133.527 billion USD.
Bitcoin price traded above the 3,940 USD level recently before correcting lower. However, it is following a solid bullish path and buyers seem to be in control above 3,800 USD.
Bitcoin is placed nicely in an uptrend above 3,800 USD and 3,840 USD and is likely to climb higher and it could break the 4,000 USD barrier to set a new monthly high.
Market analysts believe that the market will continue to surge this week. With the positive sentiment creeping in across the markets, a number of the top 20 coins have had substantial rallies, and more importantly, they have managed to keep hold a lot of their gains.
The next key resistance for Bitcoin is near the 4,000 USD and 4,050 USD levels. If the cryptocurrency succeeds to break it, it will target 4,200 USD, which is the basic threshold in a short-term.
Meanwhile, the Ethereum price longs are reapproaching all-time highs and near the level and there is a history of longs unwinding above 510,000. If the ETH price is able to overcome the 138 USD and 140 USD resistance and longs increase, then the possibility of traders taking profits from the recent swing lows increases. Therefore, traders might exercise caution when buying into strength and entries near the swing lows could be a more sensible strategy.
Blockchain ETF will start trading on the London Stock Exchange
While most of the crypto community looks forward to the ETF, the independent investment company Invesco, which manages assets worth 800 billion USD, has announced the launch of the largest ETF focused on a blockchain.
The Exchange-traded fund will include a portfolio of 48 different companies that are tied to the blockchain technology.
Some of the examples were those of Taiwan Semiconductor Manufacturing, which delivers chips to Crypto Dice Makers and the CME Group, the first US regulated exchange to launch Bitcoin futures. It will have a management fee of 65 basis points and will include other companies like Apple, Intel and Advanced Micro Devices (AMD).
The ETF will initially invest in a portfolio of 48 companies based on its own rating system developed by Elwood Asset Management, a specialized encrypted investment boutique supported by Alan Howard, co-founder of the hedge fund Brevan Howard.
“Blockchain has been around for a decade, but many people still see it just as the technology behind cryptocurrencies”, said the CEO of Elwood, Bin Ren. “The true potential, however, may extend far beyond that. We are beginning to see the technology being used by financial services companies in particular, but we expect greater application of blockchain technology across a wide range of industries. We believe the potential for blockchain to change the global economy is greatly underappreciated in today’s market, much like the internet was in the beginning, when most people couldn’t see past its usefulness for email”, added he.
Investors are interested in Wall Street firms, which are betting on the cryptocurrencies and the emerging technology behind them. Thus, a group of 14 publicly traded companies with exposure to the crypto technology is performing better than the S & P 500 since the beginning of the year.