Recent announcements from Nasdaq have raised new questions about the harmonious convergence between stock exchanges and cryptocurrencies. Nasdaq’s proposed cryptocurrency custody service, an initiative that promised to bridge the gap between traditional and digital finance has been put indefinitely on hold. The reasons cited are the increasing ambiguity of the regulatory landscape, with Nasdaq’s CEO, Adena Friedman, highlighting this as the primary complication.
The vacuum left by Nasdaq’s withdraw creates ripples within the crypto world, as Charley Cooper, ex-chief at the CFTC points out. His view amplifies the perceived setback, underlining that the crypto industry relies on credible custodians. Nasdaq’s backing out might deliver a substantial blow to the ambitions of smaller players hoping to set up their own services. The plan to provide custodial services for the two leading cryptocurrencies, Bitcoin and Ether, has now been redirected to assist clients with potential exchange-traded funds tied to crypto assets.
Despite the setback, the crypto-verse is abound with contenders vying for attention. Among these, Flex Coin, Evil Pepe Coin, Stellar, Burn Kenny, and Cardano emerge as particularly promising players.
Flex Coin (FLEX) hit a new high of $4.761, demonstrating resilience in spite of a minor subsequent slump. Bullish signals from various technical indicators, including RSI and MACD, suggest that FLEX is poised for a strong upward momentum in the near term.
The hype around Evil Pepe Coin, a meme coin is nothing short of audacious. The crypto-starter aims to outdo the success of its illustrious sibling, Pepe Coin. With 90% of its total supply available in the presale, Evil Pepe Coin promises to prioritize its community while pushing for a $100 million market cap.
Meanwhile, Stellar’s XLM is demonstrating bullish signals after a consolidation period. Rapid upward movement and exponential moving averages all hint at a continued increase in buying pressure. Add to the mix the surge in market capitalization and trading volume, and it’s likely the investor interest in XLM will stay high.
Burn Kenny, a token that sports a unique burn mechanism, combined with affiliation to the popular animated series, South Park, has managed to fuel the market even before its presale. And lastly, Cardano (ADA) bounces back after a week of bearish sentiment, showing optimistic signs with price lift above the 50-day EMA.
Although these cryptocurrencies showcase promising indicators, investors must ensure meticulous monitoring of key resistance and support levels. While the crypto world faces its set of challenges, the potential for substantial profit keeps the players bullish. But always remember, a volatile market carries inherent risks that could result in total capital loss.
Source: Cryptonews
