Cryptocurrencies. Trading forecast and signal for today, May 6, 2021
Bitcoin strengthened towards the $57,400 resistance level. Ethereum returned to the price value of $3,400, and the price of XRP rose to $1.39. The total capitalization of the cryptocurrency market has increased to $2.36 trillion.
Investments in cryptocurrency-based products rose to $489 million last week. The indicator reached its highest since February of this year, with products on Ethereum being particularly popular. According to a new report from digital asset management company CoinShares, the influx of money into Ethereum investment products reached 30 million last week. Many digital asset managers saw an outflow of investment in Europe, while their North American counterparts confirmed the active growth of investments in similar products. The largest inflow of investment was in Bitcoin-related products. Analysts at CoinShares believe that some investors are starting to take riskier positions while others capitulate and take profits.
Over the coming months, customers of some US banks will be able to buy, sell and store bitcoin using existing accounts. To provide financial institutions with such opportunities, a subsidiary of the asset manager Stone Ridge has entered into a partnership with the financial technology giant Fidelity Information Services (FIS). Hundreds of banks are already participating in the program, most of them small institutions with several branches. In recent months, plans to launch bitcoin-related products have been reported by major financial corporations such as Morgan Stanley, Goldman Sachs, and JPMorgan. But it was about cryptocurrency access solutions for major players. The new initiative will allow retail customers to invest in digital assets through the traditional banking system.
Bitcoin, ETH and XRP Trading Signal for Today, May 6, 2021
The forecast expects the Bitcoin price to rise to the levels of 57700, 58000 and 58500 Dollars. Ethereum will reach the levels of $3425, $3450 and $3500, while XRP will reach the price values of $1.40, $1.42 and $1.45.