Here’s a summary of what’s been going on in the cryptocurrency market in the past few days. NEM’s XEM led the markets on Sunday while leading financial institutions, Fidelity and Goldman Sachs doubled down on their crypto-related activities. Meanwhile, the majority of the digital assets kept quiet over the weekend.
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NEM’s XEM saw a 5 Percent Gain
The top 20 cryptos generally kept quiet over the weekend. NEM’s token, XEM, led the way with its 5 percent gain on Sunday. However, the gains were capped at the lower band of the daily Ichimoku cloud. XEM/USD has been consolidating below the cloud, and the key pivot level of 0.1229 since August 9th, 2018. As the range has narrowed down in the past couple of months, the Ichimoku cloud has also been thinning.
The digital currency needs a renewed bullish sentiment in order to break above the Ichimoku cloud and reach the Fibonacci retracement levels of $0.16 and $0.22. Ranked number 17 on the list, NEM’s market capitalization now stands just a bit under 1 billion dollars.
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Fidelity and Goldman Sachs Dive More into Crypto Independently
Elsewhere in the markets, leading financial institutions, Fidelity and Goldman Sachs, made headlines last week with new involvements in the cryptocurrency industry. More specifically, Fidelity Investments launched a new crypto service for its institutional Wall Street customers last Monday. This could be one of the biggest news in the cryptocurrency market in 2018. The new digital currency service includes custody and trade execution, and will be called “Fidelity Digital Asset Services LLC.”
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Goldman Sachs, on the other hand, joined a venture founded by one of its former partners, billionaire Mike Novogratz, to invest in a cryptocurrency custody startup called BitGo. The endorsement from the two firms with robust Wall Street roots may get more institutions, and wealthy investors dive in the crypto investing market, especially as the U.S. stock market slows down and is on the verge of a meltdown. While we’re expecting more volatility in the market before the next big surge, now may be a good time to get your hands on cheap crypto assets for long-term investment strategies. Regardless, invest responsibly and subscribe to get more updates! As the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio.
Don’t forget to complete your risk management due-diligence before developing your investment strategy.