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Bitcoin continued its last weekend’s bearish sentiments, it has currently been, trading at $6,618.6 levels while articulating, BTCUSDtrend slides through descending triangle resistance, although bulls bounce back above 21DMAs, but the rallies are not backed by momentum indicators (refer daily chart).
The strong support zone is observed at 21EMAs as the major trend is still wedged between $5,700 – $11,700 levels. While on the contrary, bears are lingering to slide below 21EMAs as both RSI and stochastic curves show downward convergence to signal intensified bearish momentum. To substantiate this bearish stance, MACD displays bearish crossover to signify prevailing downswings to prolong further (monthly plotting).
Despite the strong correction cryptocurrency prices have seen, Kling is still eyeing this market and intends to launch a crypto-focused hedge fund over the new few months, as per the sources of Bloomberg.
While on the other hand, Circle, the billion-dollar start-up backed by investment banking tycoon Goldman Sachs, has generated a cryptocurrency in the name of “stablecoin” whose value is attached to the U.S. dollar and backed by physical currency stored in company-owned bank accounts.
Circle and the CENTRE open source consortium has introduced a service to tokenize US dollars and use those dollars over public blockchains on the internet: USD/Coin, also known as USDC. Retail investors and institutional clients can join in this service to deposit US dollars from bank accounts, convert those dollars into tokens usable everywhere the internet reaches (subject to the token’s compliance controls), and redeem USDC tokens and cash out to bank accounts.
Currency Strength Index: FxWirePro's hourly BTC is inching at -149 (which is bearish), USD spot index is flashing at 126 levels (which is bullish), while articulating (at 06:58 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
