Here’s Why Bitcoin Price Swings to $3,700 & Crypto Market Turns Green


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Here’s Why Bitcoin Price Swings to $3,700 & Crypto Market Turns Green

Bitcoin and altcoins are seeing the greens between 2 to 5 percent range with Ethereum surging over 8 percent. The market turned green as Bakkt announced its first acquisition declaring they are not sitting idle while awaiting regulatory approval from CFTC. Meanwhile, Vontobel, a Swiss multi-billion dollar bank announced its entry into the crypto industry via custody services.

Bitcoin & Altcoins Turn Green

AT the time of writing, Bitcoin has been trading at $3,700 according to Coinmarketcap data with over 3 percent gains in the past 24-hours. The leading cryptocurrency is managing the daily trading volume of $5.5 billion.

Source: Coinmarketcap

Currently, the entire crypto market is seeing greens in tandem with Bitcoin as total market cap goes to $123 billion. About the surge in altcoins’ price, Joshua Frank, the co-founder of crypto analytics platform TheTIE.io stated,

“Interestingly, we saw that the sentiment of four of the five other largest cryptocurrencies: XRP, Ethereum, Bitcoin Cash, and EOS moved positive prior to the jump this morning. In the case of Bitcoin sentiment was actually pretty negative during the increase.”

Source: Coinmarketcap

Technical Analysis Favours the Greens

Apart from Bakkt and Vontobel, the technical analysis also supports the price rise as Mati Greenspan, the senior analyst at eToro shared,

“The support area between $3,000 and $3,500 is holding, just as we’ve been discussing these last few months.”

According to Jon Pearlstone, publisher of CryptoPatterns newsletter, though Bitcoin struggled with $3,500 on the weekend, it rose above this level on “solid volume” which he said showed “a successful retest of key support.” It could lead the cryptocurrency to “test higher resistance levels at $4000 and above,” he stated.

Bakkt Acquisition & Multi-Billion Dollar-Swiss Bank’s Entry into Crypto

The greens entered the market as Bakkt announced its first acquisition of “Rosenthal Collins Group (RCG), an independent futures commission merchant with nearly 100 years of earning clients’ trust.” This acquisition is to expand its risk management, compliance, and treasury operations.

According to Kelly Loeffler, this ensures that,

“We’re not standing still as we await regulatory approval by the CFTC for the launch of regulated trading in our crypto markets.”

Moreover, Vontobel, a Swiss multi-billion dollar bank officially announced its entry into the crypto custody business. Roger Studer, the Head of Vontobel Investment Banking stated,

“Digital Asset Vault represents the logical next step in the development of our range of services for digital assets. With our innovative strength and experience, we have thus closed the gap between existing and digital assets. By incorporating digital assets into our own banking infrastructure, we have also become the first provider to already meet the high standards required by financial intermediaries and their regulators.”

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Here’s Why Bitcoin Price Swings to $3,700 & Crypto Market Turns Green
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Here’s Why Bitcoin Price Swings to $3,700 & Crypto Market Turns Green
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Bitcoin and altcoins are seeing the greens between 2 to 5 percent range with Ethereum surging over 8 percent. The market turned green as Bakkt announced its first acquisition declaring they are not sitting idle while awaiting regulatory approval from CFTC. Meanwhile, Vontobel, a Swiss multi-billion dollar bank announced its entry into the crypto industry via custody services.
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Disclaimer The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Author: Anjali Tyagi

Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.

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Anjali Tyagi 440 Articles

Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.

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