- Crypto majors stall as and Tezos outperforms.
- Digibyte CEO steps down and DGB tanks.
- Bakkt grows its institutional client base as demand for regulated assets grow.
- Fortnite players approve of Reddit’s news cryptocurrency.
Crypto majors and Tezos outperforms.
Bitcoin (0.15%) sentiment has been mixed on Monday as the price moved back and forward between positive and negative for the session. The price has found some support 9600 which confluences with the hourly 55 exponential moving average (EMA). There is also a trendline on the hourly chart that the price has bounced off which added to the strength of the aforementioned 9600 level.
Litecoin (3.39%) is still under the 50.00 psychological level and doesn’t look like pushing higher after a technical resistance zone halted any potential move. Ethereum (2.86%) has fared slightly better and continues to holds above the 200.00 zone.
The clear outperformer on Monday has been Tezos. The altcoin has risen 5.39% on the session and could potentially test the psychological 3.00 level in the coming days. Just a few sessions ago the price bounced off the 55 daily EMA. The Relative Strength Index (RSI) has also pushed higher above the 50 mid-line which is another positive sign.
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Digibyte CEO steps down and DGB tanks.
Digibyte founder Jared Tate announced he is leaving over the weekend. Upon leaving he took a dig at the culture in the crypto world citing greed as one of the main reasons.
All 90% of the people care for is cashing out when a coin moons. It’s a primal force. I get that. But everyday I see this tech being used to enrich the few at the expense of the long term good of the many.
DGB/USD chart below the market has not taken the news well. The price is around 10% lower on the session after being one of the best performers over the year. It is not clear when the CEO will return but maybe there will be an unwind of some of this selling pressure. Mr Tate said he will still be keeping his holdings of DGB.
Bakkt grows its institutional client base as demand for regulated assets grow.
Bakkt participation has risen with great effect and now has more than 70 firms now using its Bakkt Warehouse which allows companies to store digital assets.
Bakkt has also partnered with “two of the largest financial institutions.” one of which is Marsh, the world’s leading insurance broker.
The latest announcement comes as the company prepares to launch its app which is due to be released this year and the new project will allow users to spend their crypto on everyday things.
Fortnite players approve of Reddit’s news cryptocurrency.
Reddit has released the test versions of Ethereum-based “Community Points” in Fortnite and cryptocurrency subreddits. It looks like Fortnite users are interested in the tokens much more than crypto enthusiasts. While Reddit’s new project is tokens based on the Ethereum blockchain, they are not entirely a “cryptocurrency” in a traditional sense. It is more of a reward/loyalty system that aims to promote user engagement.
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