Cryptocurrencies appreciated in value this week and did not hesitate to extend their rebound on Wednesday as Bitcoin price is now above $7,500 for the first time since June. Rival cryptocurrencies like Ripple, Etherium and Litecoin also followed the positive trend however Bitcoin remains deeply below its all-time high in the previous December. It is very obvious that some positive and productive developments in the finance world have created this bullish movement for cryptos and the advancement it is not by chance nor trend.
According to reports, the CFA institute has added Crypto currencies as a subject in its professional examination and the subject will be studied in depth by the program participants. CFA is a very serious and professional institute and is among the top qualifications in the finance industry. The qualification, which a very small number of people hold on a global scale, is a vast source of knowledge broken down in several modules which all together could be referred to as the finance bible. The qualification is a series of difficult examinations in which the candidate is required to sacrifice greatly and study consistently. Make no mistake, these examinations are very demanding and the person qualified as a Certified Financial Analyst is considered as privileged somewhat. Now, in order for this Institute to add Cryptocurrencies as a study subject, it must mean that this financial instrument has reached a level of significant awareness and it no longer belongs to a so called bubble or scam as portrayed by many. It also means, that future qualified CFA’s most probably could be required to give Cryptocurrency investment advice or perform in depth studies on the topic. It also exemplifies the fact that such an important institute recognizes digital currencies importance and dominance in the financial world. Of course, an opinion on Crypto’s will come solely to the person’s critical thinking and individuality, when it comes to giving advice.
On a separate note, IBM will be partnering with U.S.-based financial services provider Stronghold in order to support a new digital coin called Stronghold USD which will belong to the group of stable coins. Stable coins are digital assets that follow other financial instruments like major Currencies or Metals and imitate their movements. Stronghold USD, will be pegged to the US dollar and clients will deposit in USD in order to purchase the coin. Stronghold USD’s main use will be aimed to help financial company’s fulfill their payments and transactions faster and safer. Foreign exchange matters could also be removed as applications that use block chain and stable coins become more mainstream. Companies like IBM with massive reputation and experience getting involved with cryptos and block chain technology, could be a trick down the sleeve for the industry. It could most certainly remove negative publicity towards digital currencies, and help restore confidence in the near future.
Moreover, we have noticed a strong change of mind towards cryptos lately. More investors are now open towards considering coins. For example, Chief Executive Officer of Blackrock Larry Fink said in an interview with Bloomberg that their firm is currently researching crypto coins. Though, Fink was quick to state that they have not come across investors interested in Bitcoin, the fact that they want to learn more about how the instrument works is the first step to making progress in this industry.
As a conclusion and to keep it completely sincere, we must stress the fact that a lot has to be done so that digital coins become a recognized way of exchange. Even though we are not completely ready yet to let go of our real money and traditional ways of trade, the day when transaction will be done only between the purchaser and the seller, without a third party involved, could be getting closer.
Bitcoin with its latest rally broke two of previous resistance levels now turned to Support $7,120 and $6,700.
Should the digital currency continue its upward movement, it could move towards the $7,690 resistance level and break it aiming for the $8,186 resistance area.
The crypto coin could also remain in a sideways movement between the $7,690 resistance level and the $7,120 Support level.
Should Bitcoin come under selling interest, the coin could drop to the $7,120 Support level and aim for the $6,700 Support barrier. $6,700 has been tested various times in the past and is considered a strong support level.