So the moment has come for the breakdown of the psychological level of $50,000, it did not take so much time. The bullish cycle was clear, and since the spring correction, many cryptocurrencies have made x2-x3 from the bottom. I'm not talking about completing the journey, just don't forget why you are in the market. Withdraw partially received profit, increase your deposit.
The information background continues to feed the market with positive emotions. Today there was news that the largest debit electronic payment system PayPal, which, actively working with cryptocurrencies in the United States, opened up the opportunity for UK customers to buy, store and sell cryptocurrency.
"Our global reach, digital payments expertise, and consumer and business knowledge, combined with strong security and compliance controls, gives us a unique opportunity and responsibility to help people in the UK explore cryptocurrency," said PayPal Vice President Jose Fernandez da Ponte.
PayPal users in the UK can transact with Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
Based on the experience of PayPal in the United States, the functions of using cryptocurrency in the UK will be expanded in the future.
The news stream does not end there, one of the most influential crypto-exchanges, Coinbase, announced its intentions to purchase digital assets worth over $500 million and will invest 10% of all profits in them in the future. This was announced by its CEO, Brian Armstrong.
Do not forget that Coinbase shares are listed on the NASDAQ exchange, therefore, this message is addressed not only to the crypto world but also to institutional investors who invest in cryptocurrency through the company's shares.
This kind of investment approach is common among qualified market players, such as BlackRock, an investment firm that acquired stakes in Nasdaq-listed mining firms Marathon Digital Holdings and Riot Blockchain.
Investment volume: 6.71% of Marathon Digital Holdings ($207 million) and 6.61% of Riot Blockchain ($175 million).
Thus, the world's leading finance company BlackRock, which manages more than $8.7 trillion in assets, is focused on the growth of the crypto market in the future. Since the value of shares of mining companies is directly related to the growth of cryptocurrencies.
The latest news to date was the announcement by the first largest mortgage lender in the United States, United Wholesale Mortgage, that they plan to accept payments in cryptocurrency this year.
In fact, we are once again observing the process of adaptation of cryptocurrency in everyday life.
What is happening on Bitcoin and Ethereum trading charts?
The Bitcoin quote is trying to stay above the psychological level of $50,000, but this is not the most important thing. What traders are most interested in now is that the $50,000 level has been broken, which means that in theory, the upward cycle has recovered. This means that the all-time high of $64,900 can be updated soon, and the market will again enter a greedy period.
If our expectations coincide, then possibly from October to November, the local high will be updated.
Ethereum resumed its upward trend after a short stagnation. Buyers are on the way to the level of $3,500, which may be touched soon. The psychological region of $4,000/$4,300 will become a fairly strong obstacle for traders, but if by this time the hype becomes even larger, the region may lose its strength.
The index of emotions (aka fear and greed) of the crypto market is at 79 points, this is an area close to FOMO* (Lost Profit Syndrome*), where an insane amount of capital and new participants (excitement) are pouring into the market. In fact, the emotional state of the market returned to the levels of mid-April. This is very good for an upward cycle.