Bitcoin Today: Banks are waiting for Investors

Price
Retreat from the 6600 resistance continues, Bullish Trend Line and 6500 level are broken, which shows the end of the two-weeks uptrend tendency. Leaving the 6500 – 6600 zone adds to it resistance power. To get over this zone BTCUSD will need to collect volumes on lower levels, preferably not lower than 6400. Movement below 6400 will skew the market bias into the bearish pattern.

Today forecast
Trading Bounds: 6400 – 6500.

Latest news

• Opinion: banks wait for institutional investors, which does not come for now
  At the moment, big investors are not interested in investing in digital assets, states Nikolay Storonsky, a former trader of Credit Suisse Group AG.
  “Unless these big institutional investors and hedge funds move heavily into the crypto world I just don’t think banks will move because they simply try to make money from their clients,’’ said Storonsky. “There is no interest from big institutional investors so far.’’
  This makes life difficult for a number of large banks that are developing various derivatives tied to digital assets and are trying to establish trade and storage of Bitcoin and other cryptocurrencies.
  Thus, Morgan Stanley is preparing to launch bitcoin swaps, Goldman Sachs is considering providing custodial services for cryptocurrency funds, and Citigroup has developed receipts for digital assets.
  However, in the opinion of Storonsky, banks will not be able to withstand competition with fintech projects.
  “Fintech will be very big in crypto for the foreseeable future,’’ he said. ‘’I just don’t think banks will catch up.’’
  After leaving the Swiss bank, Storonsky founded the Revolut project. In April of this year, the startup attracted $ 250 million from leading venture capital funds and increased its capitalization to $ 1.7 billion. By June 2018, the number of service users exceeded 2 million.
  The Revolut project issues cards with several currency accounts, allows you to exchange currencies without bank fees and use cryptocurrency.
  Recall that earlier the head of the largest investment company BlackRock Larry Fink expressed a similar idea and said that his clients are not interested in investing in cryptocurrency.
  
• Crypto-exchanges security-of-funds rating
  Information security company Group-IB, together with CryptoIns IT-platform, has published a rating of the leading Bitcoin exchanges on the security of funds stored on them, reports The Next Web.
  All exchanges were divided into four groups depending on the risk. The first group includes the most reliable, while the fourth - the least reliable.
  Criteria for determining the degree of insurance risk include the level of technical security of the exchange, the reliability of storing keys, passwords and personal data of users. The quality of individual risk management systems and the platforms' compliance with anti-money laundering (AML) and customer verification (KYC) procedures were also taken into account.
  The Group-IB experts gave first place to Kraken with an insurance premium of 1.25%. This means that insurance of 1 BTC for a 90-day period will cost 0.0125 BTC.
  Bittrex and Coinbase follow with 1.5%. The third group included Binance, Bitfinex, Bithumb, BitMEX, Localbitcoins, MyEtherWallet and Poloniex - the insurance premium of these exchanges is 1.9%.
  It is noteworthy that OKex, the second in the world in daily trading volume, along with Huobi and Coincheck is included in the list of unreliable assets in terms of insurance.
  The least reliable is the Yobit exchange. Also, the list did not include such exchanges as Zaif, Bitstamp, TopBTC and Bit-Z.
  As the statement notes, representatives of Group-IB and CryptoIns refused to disclose the criteria by which certain exchanges were included in the list of the least reliable relying on confidentiality of information.