Institutions Flock to Bitcoin and Crypto as Ethereum readies for the Beacon Chain Mainnet Launch, what Pumped VeChain (VET) Prices?
- A third of U.S. and European Financial firms are invested in crypto
- ETH 2.0’s Onyx Test network has been released by Prysmatic Labs
- Cardano released the Haskell Shelly public test network
- VeChain (VET) and Maker tokens are this week’s top performers
Crypto Trending News: Bitcoin, Ethereum, VeChain, Cardano, and Maker
Bitcoin is not fully embraced in Wall Street. Skeptics exist to water down what this novel technology truly stands for.
U.S. President Donald Trump in 2019 took to his favorite channel, Twitter, and declared that Bitcoin and crypto, in general, are backed by “thin air.”
For companies that seek to create a sort of global currency to rival the USD, they must be vetted by US regulators.
Despite President Trump’s insistence, Wall Street is beginning to warm up to the idea of crypto and Bitcoin.
Data from Grayscale Investment–a firm through which institutional investors can allocate funds to cryptocurrencies, reveals that HNWI and institutions are ramping up their purchase of cryptocurrencies.
In Q1 2020, Forbes reported that their investment soared 88 percent.
Also, BTC was recently listed in a German stock exchange as an ETP.
A parallel finding by Fidelity Investment revealed that 33 percent of U.S. and European firms have invested in digital assets.
Besides, Paul Tudor Jones has also weighed in and is of the view that Bitcoin is a reliable store of value and a horse he can confidently place his bet on.
The Bitcoin (BTC) is currently up three percent in the last trading week, changing hands at $9,796.
Meanwhile, Ethereum developers have their eyes fixed on Serenity. Towards that end—and in preparation for the Beacon Chain mainnet, Prysmatic Labs on June 10, 2020, released the Onyx Test network.
This follows Topaz, a test network that had all the parameters of ETH 2.0. Onyx is the final specification of before the mainnet launch and multi-client ready.
This test network has new validators and accepts Genesis deposits.
ETH prices continue to consolidate below the $250 resistance level. It is currently trading at $247, and stable week-to-date.
On June 9, 2020, Cardano—a peer-reviewed smart contracting platform, launched the Haskell Shelley public test network in readiness for their migration away from a federated system to a fully decentralized network once Shelly mainnet launches in late July 2020.
Operators will be allowed to set up stake pools as Cardano experiments on the extent of their decentralization which Charles Hoskinson says will be better than Bitcoin (US SEC officials recognize Bitcoin and Ethereum networks decentralization levels).
VeChain and MakerDAO are noteworthy mentions this week following their stellar performances. VET, the native coin of the VeChain’s Thor blockchain, is up 45 percent in the last week of trading.
MakerDAO (Maker) token price is also up 64 percent week-to-date at the time of writing.
Litecoin (LTC) Price Analysis
Week-to-date, the Litecoin price is stable against the USD. Even so, it is down against BTC and Ethereum (ETH).
In the daily chart, $50 remains as a strong sell wall. Bulls are yet to close above this liquidation level.
Such buyers breach this level at the back of high trading volumes (preferably exceeding those of June 2, 2020—data streams from Coinbase via Trading View), LTC could rally to $65 and even Feb 2020 highs of $85.
At the moment, as long as prices are consolidating below $50 and within June 2, 2020 bear candlestick, LTC may crater back to $40. Note that there is a double bar bearish reversal pattern of June 1-2, 2020. June 2, 2020 bear bar has high trading volumes building a strong case for bears more so if prices fail to cross $50.
The immediate support level is the 3-month support trend line and $40, the immediate bear target.
Disclosure: This is not trading or investment advice but the opinions of the author. Do your due diligence.