Nasdaq intends to offer institutional cryptocurrency custody services.

The Nasdaq Stock Business intends to enter the cryptocurrency custodian market by offering institutional custody services for Bitcoin and other cryptocurrencies. 

Nasdaq plans to launch institutional custody services for cryptocurrency

The Nasdaq stock exchange intends to enter the crypto custody business by offering institutional custody for Bitcoin and other cryptocurrencies. Despite the fact that Nasdaq is no stranger to the cryptocurrency industry, this decision represents the start of a new chapter for the corporation.

The specifics - Nasdaq is prepared to introduce institutional crypto custody services, putting the corporation in direct competition with established crypto firms such as Coinbase and Gemini. Since 2018, the US exchange has supplied these firms with trading and market monitoring technology services. Nasdaq and Hashdex established a digital assets curriculum in 2021 to give financial advisers with educational tools. According to an unnamed source, the new service is presently awaiting regulatory approval.

Nasdaq digital assets

Nasdaq announced the launch of Nasdaq Digital Assets on Tuesday, a new crypto-focused business that follows Nasdaq's wider aim to make a footprint in the crypto market. The new division expands on the successful solutions offered by Nasdaq in previous years, such as marketplace technology, crypto-native anti-financial crime tools, and index solutions for crypto-related tradeable items.

Adena Friedman, President and CEO of Nasdaq, stated that the underlying technology of the digital asset ecosystem has the ability to alter markets. "Our focus will be on providing institutional-grade solutions that deliver increased liquidity, integrity, and transparency to assist the evolution," she explained.

  • Ripple showing increasing relative strength
  • Fantom is oversold, but the slump is far from done.
  • Michael Saylor is unable to stop purchasing Bitcoin.

Ripple showing increasing relative strength

Ripple (XRP) has outpaced the wider crypto market, outperforming the Altcoin index in terms of relative strength. The XRP price, on the other hand, is still caught inside a 4-month consolidation pattern, with the upper resistance line near to $0.50.

Relative strength ripple

The relative strength indicator can assist us in determining which cryptocurrencies outperform the overall market. When the XRP price reaches a higher low and the Altcoin index, which measures the overall performance of the altcoin market, has a lower low, it's also a positive indicator.

This suggests that the price of XRP is growing while the price of other cryptocurrencies is declining.

Pattern of Consolidation

The 4-month-old consolidation pattern resulted in a $0.287 local low and $0.457 resistance. If the present XRP relative strength continues to rise, the coin is likely to retest the top of the consolidation pattern.

The surge might potentially continue to the 200-day simple moving average, which is now at $0.50.

Stochastic Indicator for the Week

Furthermore, for the first time since the current consolidation period, the stochastic indicator on the weekly chart is emerging from oversold readings (below the 20 mark). This might help to sustain the recent uptick.

Fantom is oversold but the downtrend is not over yet

Fantom (FTM) has been one of the most severely impacted cryptocurrencies in the last 30 days. The cryptocurrency is still not ready for a comeback owing to the influence of a random snake, despite this year's sell-off setting a record for the greatest ever oversold weekly stochastic.

Stochastic Snake Effect FTM

The FTM weekly stochastic is exhibiting a snake effect, indicating a number of failed cross signals. The stochastic did not depart oversold values during this time, maintaining below the 20 mark.

The upside looks to be restricted until the weekly stochastic crosses outside of the oversold zone. This will occur as soon as the stochastic crosses the 20 threshold.

As the bulls have a chance to emerge, the cryptocurrency may encounter firm support near $0.15. A breach over the falling channel's resistance level might indicate a turnaround. Please keep in mind that we utilize the logarithmic scale rather than the linear scale.

The long-term trend of FTM

The 48-period simple moving average also reflects the 4-year halving cycle in FTM pricing. The 48-SMA is now trading at the psychological threshold of $1.00. We will remain in a bear market as long as we trade below the 48-SMA.

The 12-SMA, which tracks price activity over a year, may be used to watch price action in the near term. If we break out and close above the 12-SMA, we will have an earlier indication of a reversal.

Michael Saylor Can't Get Enough of Bitcoin

According to CEO Michael Saylor, global asset management business Microstrategy has purchased an extra 301 bitcoin for $6 million. With the recent acquisition, the business now controls around 0.62% of all bitcoins in circulation.

Details - On Tuesday, Microstrategy CEO Michael Saylor said that the business had purchased another 301 bitcoins for roughly $6 million at an average price of $1,851 per bitcoin. Microstrategy purchased 130,000 bitcoins for $3.98 billion, resulting in an average price of $30.639 per bitcoin. The company's investment has decreased dramatically as a result of the present fall in the market price of BTC. Microstrategy could have raised the same amount for $2.48 billion if it had purchased bitcoin at its present price.

Wallets with significant BTC holdings

Other wallets that contain a substantial quantity of Bitcoin besides Microstrategy include cryptocurrency exchange Bitfinex (170,000 BTC) and Binance Reserve Wallet (125,000 BTC). Binance, the world's largest crypto exchange, has multiple wallets carrying enormous sums of bitcoin.

While many Bitcoin supporters have complimented Michael Saylor for continuing to acquire Bitcoins despite the slump, he has also attracted numerous detractors. Michael Saylor seemed to prefer round numbers, since he purchased precisely 301 BTC to surpass the 130,000 threshold.

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