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Bitcoin [BTC]: Fidelity’s announcement is the biggest announcement this year, says One Alpha CEO

Priya

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Bitcoin [BTC]: Fidelity's announcement is the biggest announcement this year, says One Alpha CEO
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Yaniv Feldman, Founder, and CEO of One Alpha, spoke about Fidelity’s step in the cryptocurrency market and the path it is paving for the institutional investors, in an interview with CNBC Crypto Trader. He also spoke about the difference between Fidelity’s announcement and Yale Univesity’s announcement about entering the cryptoverse.

Earlier this year, Fidelity Investments, the third largest asset management company in the world, announced the launch of Fidelity Digital Assets. The main agenda is to make Bitcoin [BTC] and other cryptocurrencies more accessible to institutional investors. The market speculates that the platform will be launched early next year.

Feldman admitted that this is the biggest announcements of 2018 in terms of “crypto institutionalization” in the last 3 months. This includes Intercontinental Exchange’s Bakkt, which is set to launch next month, TD Ameritrade’s investment in ErisX, a cryptocurrency exchange, which is expected to offer cryptocurrency trading from Q2 2019. Feldman said:



“… Fidelity being the third largest asset management company in the world with 7.2 trillion dollars assets under management, it’s definitely, you know, the big institution that everyone has been waiting for and it’s not, you know, just investing in something. We’re pulling in a joint venture, it’s actually creating a subsidiary completely focused on providing digital asset services .”

The CEO further spoke about the difference between Fidelity’s announcement and Yale Univesity’s announcement. Earlier this month, Yale University, an Ivy League university, also invested in a cryptocurrency fund, Paradigm, helping the platform raise over $400 million.

Feldman opined that Yale has invested in a cryptocurrency fund which invests in cryptocurrency, stating this as a “second level”. Whereas, Fidelity is stepping in the market directly and is providing services which range from custodial for institutions to execution services. He went on to say:

“…where they’re gonna execute trade trade orders for institutions across multiple exchanges and on top of that you’re going to provide multi-tier advisory and support services for institutions going into the game meaning that institutions or Fidelity’s biggest customers now trying to find their way into crypto are gonna get on hand training and advisory services directly from fidelity which is basically the entire toolset an institution would need to get into the game”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Bitcoin [BTC] surges above $5,500 and breaks major resistance level; collective market rises

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Bitcoin [BTC] surges above $5,500 breaking major resistance level; collective market surges
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Bitcoin [BTC] broke out of its sideways trend that saw coins fall after a brilliant start to April. This “break-out” is especially significant since it came days after the coin was trading sluggishly, pulling the market cap below $175 billion.

After breaking the $5,200 level on April 16, the coin held steady, showing no noticeable dips. However, it also began losing the momentum it had gained when it rose by 15 percent on April 2. Many saw the past week as Bitcoin losing steam, opining that a drop to as low as $4,000 would manifest. This pessimism coupled with the delisting dilemma saw the global market decline by 3.31 percent over the past weekend.

Given this backdrop, the present Bitcoin price incline was even more bullish for the collective market. Further, this was not just an effort to shrug off “sideways bears,” but instead, two key levels were broken in order to usher a collective market rise and sustain BTC bullishness.

Source: Trading View

RESISTANCE

The first, as indicated by eToro’s senior market analyst Mati Greenspan, was the resistance level of $5,350. When Bitcoin began to consolidate following the early April high, Greenspan stated that if the BTC price were to punch above the aforementioned level, it “would likely serve as confirmation that we’re pushing higher and will lead to further buying pressure.”

Greenspan stated that the $5,350 level acted as a major support level throughout 2018. Hence, it is incredibly important that Bitcoin surge above it in the next rise to consolidate buying pressure. Another important point to signal the coming of a bullish market was the 200-day moving average which Bitcoin has stayed above since the April 2 rally.

PSYCHOLOGY

The other significant level for the collective market is Bitcoin’s ascendance over $5,500, which it managed courtesy of this rally. Many, including Greenspan, pegged $5,000 as a key psychological level for the coin and hence, the rise above $5,500 less than three weeks after $5,000 was broken will bring back optimism to the BTC market.



Further, as was seen in the April 2 rise, the Bitcoin pump resulted in the king coin increasing its market dominance. At the close of March, Bitcoin was edging closer to losing the majority. However, the rally saw its share increase to 52.4 percent within a day. Following this recent 4.61 percent increase against the US Dollar, the king coin’s dominance increased to 53.2 percent.

Given the elasticity of the collective market to changes in Bitcoin’s price, the market was awash in green as Bitcoin broke the resistance and psychological levels. Amid this bullish charge, some coins stood out for their above-average gains, which included Bitcoin Cash [BCH], Cardano [ADA], EOS [EOS], Litecoin [LTC], and the exchange-ousted Bitcoin SV [BSV].





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