Bitcoin Sets Up Test of $10K but Stocks are a Risk
Bitcoin was higher on the week above $9,500 as the coin finally broke out of a quiet drift lower and there is hope that another test of the $10,000 level is possible by the end of the week, or next. The risk to that move is a turn lower in stocks on Thursday which could signal a pullback in investor appetite if that selling continued of Friday and the weeks ahead.
Another analyst has weighed in with a bullish outlook for BTC after U.S. regulators gave banks the green light to provide custody holding services for cryptocurrencies. Charles Edwards of Capriole digital assets said that if US banks put only 1% of their assets into BTC then the price would double. He also pointed to the fact that Grayscale investment, which is listed on the Nasdaq exchange, owns 2% of the circulating BTC, so if volumes came in from banks or other corporations then the market could soar.
Litecoin Higher on the Week as Cryptos Gain
Litecoin was able to find support above the $41.00 level last week and has moved higher with the general market to trade at $44.00. A BTC move to $10k could see LTC move back towards the $50.00 mark.
The Litecoin Foundation highlighted the coin’s transactional popularity by noting, “Over $231 mln of #Litecoin has been sent over the past 24 hours. That equals 7.84% of its total market cap.”
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.