Author: Editorial Office CVJ.CH

Over the past year, some banks have expanded their services to cryptocurrencies due to strong demand. Especially in the US, this trend is picking up. Now UBS also wants to allow its wealthy clients to invest in cryptocurrencies. Internationally, banks have been rather skeptical about Bitcoin and other cryptocurrencies in the past. But according to Yan Zhao, president of crypto custodian NYDIG, demand is gradually becoming too great to ignore the new asset class. This is increasingly evident in the United States. In the “crypto nation” of Switzerland, the reaction of big banks lagged behind for quite a while. Now…

Bitcoin USD daily basis Bitcoin USD Chart Analysis – Back at the 50 day average The reporting week was characterized by a consolidation below the resistance zone 59’000 – 60’000 USD. On Monday, the area around 57’000 USD, newly regained by the upward movement of the previous week, was held. On Tuesday, a first major selling wave in 12 days led back to 53’250 USD. However, the incipient counter-movement on Wednesday impressively showed that the bulls are still active in the market and let the bitcoin price bounce back to 57’515 USD, which corresponded to an increase of over 8%.…

According to crypto custodian and Stone Ridge subsidiary NYDIG, hundreds of U.S. banks will soon allow trading and holding of Bitcoin. After a long period of reluctance, established financial services providers are also opening up to the new asset class. New York Digital Investment Group (NYDIG) is a subsidiary of Stone Ridge, a $10 billion alternative asset manager. The crypto-custodian already manages $6 billion in digital assets. Among them are the Bitcoin investments of parent company Stone Ridge and insurance firm MassMutual. Major bank Morgan Stanley also used NYDIG’s services to launch its Bitcoin funds. CNBC reported that according to…

A summarizing review of what has been happening at the crypto markets of the past week. A look at trending sectors, liquidity, volatility, spreads and more. The weekly report in cooperation with market data provider Kaiko. The last 7 days in cryptocurrency markets: Price Movements: Ethereum reached a historic new all time high above 3’000 USD early Monday morning. Volume Dynamics: 80% of all Tether volume occurs on just four exchanges. Order Book Liquidity: The quantity of asks on Ethereum order books has nearly doubled over the past week, which suggests profit taking amidst record highs. Volatility and Correlations: Bitcoin’s…

Bitcoin USD daily basis Bitcoin USD Chart Analysis – After Correction Back to 50 DMA The reporting week was characterized by a countermovement of the correction phase that lasted more than 11 days after the recent all-time high was reached. On Sunday evening, the Bitcoin price marked the low of this correction at 47,000 USD. On Monday, a clear countermovement could be recorded, which led the Bitcoin price back to just below 54,000 USD at the end of the day. A consolidation took place up to and including on Thursday on the recaptured terrain around 55,000 USD. On Friday, a…

Another exchange-traded fund (“ETF”) and exchange-traded product (“ETP”) sponsor, WisdomTree, has announced the expansion of its digital assets range with the launch of a physically-backed Ether (ETH) ETP. The product with the ticker ETHW was listed on Börse Xetra and SIX, the Swiss Stock Exchange. The company now offers physically-backed Ether and Bitcoin ETPs in Europe, both with a total expense ratio of 0.95% and passported across the European Union. Strong demand for ETPs The exchange-traded product (ETP) is supposed to provide investors with a simple, secure and cost-efficient way to gain exposure to the price of Ether, the native…

The US investment bank JPMorgan, Singapore’s largest bank (DBS) and the state-owned investment firm Temasek have jointly launched a new blockchain company focused on global payments and cross-border transactions between banks. The new company called Partior seeks to digitize commercial banks’ money using the blockchain technology. It aims to reduce the existing friction in cross-border payments, transactions and foreign exchange settlement. The project is similar to, and potentially seeks to build the foundation for, plans around central bank digital currencies (CBDCs). Blockchain project by major banks Partior, which means “to distribute and share” in Latin, envisions an extensive network for…

Fundraising projects using cryptocurrencies are growing in popularity due to cross-border transactions being easy to execute. A fundraising campaign for Covid aid in India collected millions of dollars in contributions within a few days. However, some hurdles do still exist. India, the nation with the second largest population in the world, is currently suffering from a “tsunami” of new Covid cases. The country recorded nearly 350’000 illnesses on Sunday, which authorities and health facilities are struggling to combat. This marked the fifth consecutive day that India reported a record number of Covid cases, with the total number so far reaching…

Not much is left of the ambitious plans that Facebook presented to the public as Libra in the summer of 2019. The global corporation did not manage to dispel the concerns of critics. The evolution from currency basket “Libra” to the stablecoin “Diem”. Libra was a digital blockchain currency proposed by the American social media company Facebook. As a so-called stablecoin, Libra was supposed to represent the value of a basket of currencies. However, regulators expressed concerns, so many companies dropped out and Libra released a new whitepaper a year ago. However, the frontal assault on payments and central banks…

A summarizing review of what has been happening at the crypto markets of the past week. A look at trending sectors, liquidity, volatility, spreads and more. The weekly report in cooperation with market data provider Kaiko. The last 7 days in cryptocurrency markets: Price Movements: After Coinbase announced they would list Tether, a premium emerged and has persisted for days. Volume Dynamics: Ethereum trade volume is growing relative to Bitcoin, a sign that traders increasingly consider the asset a viable investment. Order Book Liquidity: Binance.US is low liquidity compared to Binance Global and its biggest U.S. competitor, Coinbase. Volatility and…

Bitcoin USD daily basis Bitcoin USD Chart Analysis – Strong correction over the weekend The reporting week was characterized by the Sunday selloff that brought the bitcoin price to the 51,000 USD zone at the daily low and started accordingly cautiously. The regained territory around 55,000USD was held for the time being on Monday and Tuesday with trading ranges of 3,500 USD. On Wednesday, however, there was renewed selling pressure, which brought the bitcoin price back to 53,784 USD at the end of the day. From Thursday, consistently lower daily closing prices followed, characterized by respective lower daily highs. Consequently,…

The complete overview of the day’s events on the (crypto) markets. Compactly summarized in the market commentary of the CVJ.CH editorial team. Market Commentary Bitcoin (BTC) Just over a week ago, Bitcoin (BTC) reached a new all-time high at around $65,000. Shortly thereafter, a rapid correction brought the price back to the $54,000 zone (-15%). After a short consolidation phase, the next correction of similar magnitude brought the price back below the $50,000 mark. Currently Bitcoin is trading at $48,500. This means that the total plunge has accounted for around -25%. Although the correction may seem deep, it is not…

The Swiss issuer of crypto Exchange Traded Products (ETPs) 21Shares is launching the world’s first Stellar XLM ETP (AXLM) and Cardano ADA ETP (AADA) on the regulated market of the Swiss stock exchange (SIX Exchange). During the last rebalancing review, Stellar was admitted by the Index Provider (MVIS – HODL5) to the 21Shares HODL basket ETP as fourth constituent after Bitcoin Cash (BCH) and XRP were removed. According to the ETP issuer, now was a good time to add additional single asset ETPs for Stellar and Cardano to the current range of single crypto ETPs. Cardano (ADA) and Stellar (XLM)…

Venmo now offers its more than 70 million customers the opportunity to buy, store and sell cryptocurrencies directly in the app. Adoption of crypto-assets as a means of payment appears to be surging, including the simplification of what was originally a complex purchase process. Starting this week, U.S. customers of Venmo will have the ability to trade Bitcoin, Ethereum, Litecoin and Bitcoin Cash directly. The PayPal subsidiary also offers tutorials and videos in the app to answer frequently asked questions. This is designed to help customers learn more about the world of cryptocurrencies. Strong demand for cryptocurrencies According to the…

Tokenization has been a hot topic lately, with a lot of new projects getting launched. Especially in Switzerland, the so-called “Crypto Valley”, this aspect of the blockchain technology has gained traction. A conversation with Tokentrust CEO Marco Grossi on the tokenization of commodities. In short, tokenization is the representation of an asset on the blockchain. For trading traditional financial products it may be only a small step forward, but for illiquid assets such as real estate, art or commodities, tokenization can open up new worlds. Thanks to their divisibility, global transferability, and the low transaction costs of blockchain tokens, smaller…

A summarizing review of what has been happening at the crypto markets of the past week. A look at trending sectors, liquidity, volatility, spreads and more. The weekly report in cooperation with market data provider Kaiko. The last 7 days in cryptocurrency markets: Price Movements: Following new all time highs, crypto markets experienced a steep sell-off over the weekend with billions in forced liquidations. The volatility caused Tether to appreciate to its highest USD price in more than a year. Volume Dynamics: Binance’s BNB and BUSD tokens have undergone an exponential surge in trading volume. Order Book Liquidity: Bid-ask spreads…