The price of Ether saw gains in its BTC pair on Monday as Bitcoin price dropped below $60,000.
- Bitcoin price rallied after some good news from Morgan Stanley and the US Federal Reserve.
- Morgan Stanley will soon be launching three BTC funds.
- The US FED has indicated that interest rates could hike by 2022.
The mining subsidiary of Japanese financial conglomerate SBI Holdings is opening its pool services to institutional and retail customers alike.
- The India government plans to ban cryptocurrency in the country.
- It will soon block all the IP addresses of all crypto exchanges in India.
- The crypto ban law in India will be one of the strictest laws in the world if approved.
Tesla Inc chief Elon Musk said on Wednesday the company's electric vehicles can now be bought using bitcoin and the option will be available outside the United States later this year.
- Within the last seven days, Theta, VeChain, BitTorrent, and Harmony are the leading popular cryptocurrencies that are currently achieving great numbers.
- Major cryptos like Bitcoin, Ethereum, Cardano, and Polkadot are among the worst performers among coins ranked in the top 20 by market capitalization.
- At the moment, the global cryptocurrency market capitalization is down by 3.93% as the market wades through a price correction.
- Lesser-known DWS is up by an impressive 3,730.10%, while Nestree is down by 98.43% within the last seven days.
Bitcoin price started a steady increase and tested the $56,500 zone against the US Dollar. BTC is now correcting gains, with many supports near $54,000.
- Bitcoin traded as high as $56,694 before starting a downside correction.
- The price is still above the $54,000 support and the 100 hourly simple moving average.
- There was a break below a key bullish trend line with support near $55,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to find a strong buying interest near the $54,000 support zone in the near term.
The combination of blockchain technology and AI is one of the hottest emerging digital trends of the 21st century as they provide data reliability and faster processing speeds when used together. As more companies recognize the affordability of the new technologies, the value of the global blockchain AI market is set to increase from $220.5 million in 2020 to $973.6 million in 2027.
The price of Ether broke out against Bitcoin for the first time in almost a month as its technical momentum strengthens.