In a fascinating turn of events, Larry Fink, the head of the world’s most influential asset management firm, BlackRock, has intensified his faith in the digital assets market in a recent CNBC interview. Fink suggests that cryptocurrencies, with their global implications, could potentially transcend singular currencies. An evident push in the direction of crypto adoption, BlackRock has applied for a spot market Bitcoin Exchange Traded Fund (ETF) with the U.S. securities and exchange commission, a possible hint for other institutional investors to channel their capital towards cryptocurrencies.
Despite the recent pullback of Bitcoin to its range low which is currently testing the Fib 0.236 level at $30,159, optimism remains in the cryptocurrency market. The incidental dip might present a prime time for potential investors to study the market and decide their next steps. Some of the cryptocurrencies to consider for their strong fundamentals or positive technicals include Lido DAO, Wall Street Memes, Polygon, Chimpzee, and ApeCoin.
However, the markets are not always bullish. Lido DAO, for instance, is currently facing selling pressure around the Fib 0.236 level of $2.331. Consequently, a slight draw back from yesterday’s 21.56% gain has been observed. Additionally, the price of Polygon finds resistance at levels ranging from $0.81 to $0.84, which is in line with the 100-day EMA at $0.8229.
On the brighter side, the world of cryptocurrencies has made a breakthrough in the meme-loving investors’ community. Wall Street Memes is launching the $WSM meme coin, which has already raised over $14.7 million through its presale. Viewed as a prospective contender to meme coins like Pepe, Shiba Inu, and Dogecoin, the token reflects the spirit of the retail investors who famously rattled the Wall Street establishment.
While investing in cryptos may seem equally exciting and perplexing, keep in mind Chimpzee, a charity-focused crypto start-up, has raised over $844,000 so far through the presale of its native $CHMPZ token. Investing in $CHMPZ along with other cryptocurrencies like ApeCoin (APE) could widen an investor’s portfolio, but studying the market direction and resistance levels is crucial to make informed decisions.
In conclusion, while the world of cryptocurrencies holds immense potential, it is highly volatile, unpredictable, and full of highs and lows. Like any other investment instrument, the trick lies in being well-informed, astute, and adaptable to changes. Despite the mounting skepticism, crypto enthusiasts and potential investors continue to cling on to the evident optimism and enormous potential that the world of cryptocurrencies holds.
However, standard investment advice always stands: the money you decide to invest should be the money you are willing to lose. The global financial landscape is proving to be a nerve-wracking rollercoaster, and the world of cryptocurrencies is no different.
DISCLAIMER: The opinions expressed in the article should not be considered as financial advice. The cryptocurrency market is highly volatile, invest at your own risk.
Source: Cryptonews
