Crypto Industry News:
The growing popularity of cryptocurrencies and the explosion of COVID-19 encouraged Italian Banco Sella to launch the Bitcoin trading service.
Trading takes place via the Hype platform, and the bank acts as an intermediary to limit potential security threats when exchanging cryptocurrencies. In a situation where the country is closed and everyone is stuck at home, the bank uses the growing interest in Bitcoin as a safe way to transfer money internationally in the midst of a crisis.
About 1.2 million Italians are already using Hype Banco Sella to make transactions and not only will they be able to buy and sell Bitcoins, but also pay for goods and services using cryptocurrencies.
"The cryptocurrency and Bitcoin market continues to attract interest, especially among the public, which is our customer base - by definition young and intelligent, and who are increasingly expecting that they will be able to access this world using tools they manage money on a daily basis "- says Antonio Valitutti, CEO of Hype.
Interest in cryptocurrencies and Blockchain has grown in recent months among Italian institutions. Blockchain technology was used for electronic voting in Naples, and two Italian high schools announced last week that they would be registering their Blockchain diplomas.
Technical Market Outlook:
The BTC/USD pair has made a new local high at the level of $6,863 during the weekend, but the bears had pushed the price lower towards the key zone again. Currently, the market is trading around the level of $5,827 which is just above the lower Triangle pattern line located at $5,620. Any violation of this level will likely lead to another wave down towards the nearest technical support seen at the level of $4,972. The key short-term technical support is seen at the level of $3,946 (13th March sell-off low). Please notice, that any breakout through the black trendline support will accelerate the wave down.
Weekly Pivot Points:
WR3 - $9,603
WR2 - $8,246
WR1 - $7,228
Weekly Pivot - $5,818
WS1 - $4,764
WS2 - $3,330
WS3 - $2,301
Trading Recommendations:
All the Elliott Wave based impulsive wave scenarios have been invalidated due to the important levels violation. The fear of the coronavirus consequences is too strong to traders and it rules on the financial markets, so it is better to stay away from the trading platform until the dust settles. Trade safe.
