Bybit: ETHBTC Recovers to May Levels, BitGo to Become NEAR’s Custodian
Chart of the Day
On Tuesday, the crypto market rose alongside U.S. stocks in a broad-based rally amid growing speculations about the markets reaching an imminent bottom as investors assessed the outlook for earnings. BTC broke above the $23k barrier and reached a local peak near the $23.8k level before heading for a downward correction. As of the time of writing, the largest cryptocurrency by market cap is attempting to reclaim lost grounds at $23.5k after posting a 6% gain in the last 24 hours. A bullish trend line with the support level near $22.7k is taking shape on the hourly chart, while BTC’s technical indicators have flipped green, suggesting that bulls are gaining pace, at least in the short term. Bybit official blog reports.
However, BTC’s 20% gain over the past week pales next to the performance of ETH, which has seen its price blasting through the $1,600 handle with a nearly 50% jump over the same period. If the current momentum is sustained, ETH bulls may even eye the $1,800 mark in the near future. Meanwhile, the ETHBTC pair has skyrocketed by 40% to reach 0.07, a level last seen in mid-May before the implosion of some of the largest names in the space. However, here is a cautionary note if history is of any indication. The bear cycle in 2018 saw a 75% rebound in the ETHBTC pair before the price of ETH nosedived unfashionably to a quarter of its peak value.
Most major altcoins bode well on the bullish momentum generated from the renewed investor confidence and the imminent Ethereum Merge. The majority is in the green, with FLOW leading the pack on a 20% increase over a similar time frame.
Talk of the Town
Digital asset company BitGo has agreed to support the NEAR Foundation’s bid to widen its ecosystem by venturing into the world of institutional investments. In a statement released on Tuesday, the institutional custodian firm announced that it will support the NEAR Foundation protocol and its assets with qualified custody services. Institutional investors will be able to custody and stake NEAR tokens via hot and custody wallets on BitGo. BitGo will also serve as a custodian of NEAR’s treasury, though the amount of holdings was not disclosed.
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