With the release of China’s policy again, BTC also made a downward adjustment. But its marginal effect is gradually decreasing. Yesterday’s trend analysis is still valid. An immediate resistance on the triangle upper trend line is near the $34,400 level. The main resistance is now forming near $35,000. Bitcoin faces strong resistance from the intermediate-term downtrend since May. The current price is placing some traders on the sidelines until a decisive breakout or breakdown is confirmed.
However, Bitcoin price has successfully held the $31,000 support for two weeks, which suggests that accumulation is underway at lower levels. In addition, we need to pay attention to the impact of DeFi projects in the market, they may have a positive impact on the trend of BTC.
The crypto-based Swiss bank, Sygnum Bank, announced it has become the first bank in the world to allow its clients to stake ETH2. According to the blog post, the firm’s clients can now stake ETH through Sygnum’s institutional banking service to earn yields of up to seven percent annually. However, the bank faces competition from many crypto-native staking providers and centralized exchanges, including leading U.S. firms Coinbase and Kraken.
Sygnum positions itself as the “world’s first digital asset bank,” having secured a banking license in Switzerland and a capital market services license in Singapore during August 2019 and October 2019 respectively. Sygnum launched a staking service for Tezos (XTZ) in November 2020. The digital asset bank is also looking to support DeFi assets, offering regulated banking services for eight well-known tokens including UNI, MKR, and CRV last month.