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Bitcoin and Ethereum are testing current resistances

Bitcoin chart analysis

Today we have a new price withdrawal from yesterday’s high from $ 43,350 to the current $ 42,000. We are still in a growing trend since March 7, and to continue, we need a break above $ 45,300, the March high. We need to continue this negative consolidation and withdraw the price to the $ 40,000 support zone for the bearish option. Additional support can be provided by the MA50 and MA200 moving averages at that level. A price break below could bring us down to a support zone of about $ 38,000. Potential more support can be found on the bottom line in the $ 36,000 zone. A fall below this price would increase the bearish pressure, and then we could see the price of bitcoin at $ 30,000.

Ethereum chart analysis

The price has dropped below $ 3,000 again, and we are now turning to $ 2,800 support. Potential lower support could be as low as $ 2,900, with support for the MA20 moving average. At $ 2,800, additional support is in the MA200 moving average. a drop in the price below this level would open up space for us in the March support zone of $ 2,500-2,600. For the bullish option, we need a refund above $ 3,000. After that, our next target is the $ 3,200 zone.

Market overview

Thailand bans crypto payments

The Thai Securities and Exchange Commission has announced a total ban on the use of cryptocurrencies as a payment method. It has also proposed new rules that would require crypto firms to disclose certain details about their systems.

According to a statement issued by the regulator, the ban is part of ongoing efforts to establish a regulated crypto market for Thai growing crypto consumers. The Council for Enterprises, within its competence, states that crypto payments should not be processed starting from April 2022. The Council results from a series of talks with the Bank of Thailand (BOT), the country’s central bank.

This means that crypto companies operating in the country can no longer advertise the acceptance of crypto as a payment method. It also extends to the cessation of any ongoing development that a crypto company can do for payment systems, tools, and wallets built on top.

The American investment bank Coven is launching a dedicated crypto division

Coven originally announced plans to move into the cryptocurrency storage business in May 2021 by entering into a partnership with Standard Custody and Trust Company.

Coven, the main American independent investment bank, has officially launched a dedicated division for cryptocurrencies and digital assets.

Coven’s new business is designed to offer a full service of trading and storing cryptocurrencies such as Bitcoin and other digital assets for institutional investors, the company announced on Wednesday.
Coven has partnered with PolySign’s cold storage-focused subsidiary, Standard Custody and Trust Company, to launch a new crypto division. The statement said that the bank is also a client of Digital Prime Technologies and a firm focused on brokerage solutions that provide business and compliance services.

Managing assets of about 16 billion dollars by the end of 2021, Coven is the main investment bank in the United States. The company is committed to outperforming its customers by “staying at the forefront of innovation,” said Coven CEO Jeffrey M. Solomon, adding:

“Through Coven Digital, our clients now have access to crypto and digital assets markets with our institutional quality and fully integrated end-to-end execution and storage capabilities.”

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