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Since the start of the week, the crypto market has seen some exciting price action, with yesterday’s dramatic bitcoin rally catalyzing price surges across the board. Dogecoin (DOGE) and Cardano (ADA) have been the top beneficiaries of the recent bullish run that has seen the total crypto market add over $1 billion in 24 hours.
The two popular altcoins have logged double-digit gains, with DOGE jumping 13% to break above $0.20. The meme coin is currently trading at $0.2023 as traders start coming back to the market in hopes of the much-awaited bull market continuation.
Meanwhile, ADA, the fifth-largest crypto per coinmarketcap rankings, has followed suit to register gains of more than 11% as the crypto market resurgence rages on. Cardano’s native cryptocurrency hit a high of $1.32 in a matter of hours after being stuck below $1.20 for weeks. ADA is changing hands for $1.25 at press time with a market cap of just under $41 billion and shows signs of cruising higher in the near term.
Meanwhile, Ethereum (ETH), bitcoin’s younger sibling, has logged massive price gains of over 25% in the past seven days. As a result, the top altcoin bounced nicely on Tuesday to form a high near $2,431 before slightly correcting gains.
BTC Price Hits $40K High
Bitcoin started a significant increase over the past weekend in a remarkable overnight surge that saw bulls propel the price to a high of $40,484 on Tuesday. The world’s first cryptocurrency rally above $40K in six weeks sparked a renewed bull market cycle speculations.
Dear analyst and trader Michaël van de Poppe hailed bitcoin’s trip above $40K, forecasting that the coin is now well-positioned to form support at a higher low despite today’s rejection.
“Bitcoin rejects at the range high, which isn’t strange. However, the market has made a new higher high and is in search of a higher low. The levels that I’m watching are $34,500–35,800 and the area around $32,500,” he tweeted.
That said, crypto analyst Pentoshi argued that $40K remains a decisive hurdle for the bulls but insisted that BTC was headed into the $45-$48k range in the coming weeks.
Institutional Sentiment Remains Bearish
Despite bitcoin’s current climb higher, CoinShares notes that institutional crypto products are still in decline.
In a July 26 market update, the on-chain data provider explained that $24M had exited bitcoin-based funds in a week. In addition, combined outflows from the broader crypto market hit $28M over the past seven days, compared to the $10.4M outflows seen last week.
The analysis suggests that negative sentiment still permeates institutional investor thoughts, despite the ongoing crypto market resurgence.