Bitcoin Nears $29K, Ethereum, Dogecoin Surge After EDX Market Launch: Analyst Foresees $38K King Crypto Rally, But If You Think It Will Reach $12K Then…

Major cryptocurrencies surged on Tuesday evening following the announcement of crypto initiatives by financial services institutions. This news brought a glimmer of positivity to an otherwise somber mood due to increased regulatory pressure in the United States, including lawsuits filed against leading crypto exchanges, Binance and Coinbase.

What Happened: Banking giant Deutsche Bank said on Tuesday that it had applied for a license for digital asset custody in Germany. 

EDX Markets, a crypto exchange that has received funding from heavyweights including Charles Schwab, Citadel Securities, and Fidelity Digital Assets, began trading BTC and ETH on the same day.

Finally, last week, investment management giant BlackRock inc  BLK surprised the markets by filing for a spot BTC exchange-traded fund (ETF). 

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At the time of writing, the global crypto market capitalization stood at $1.13 trillion, an increase of 4.45% over the last day. 

On the first trading day of the week, stocks eased off their rally, causing a decline in the S&P 500 by 0.47% and the Nasdaq Composite by 0.16%. This pullback comes as the market takes a breather after hitting levels not seen in over a year.

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Analyst Notes: "Bitcoin is slightly higher as the cryptoverse embraces BlackRock's ETF filing and as EDX crypto exchange goes live. ​ Given the risk-off start to the trading week, Bitcoin's slight gain is a positive sign. ​ Bitcoin still seems poised to consolidate here but it could start to muster up a rally if gold remains under pressure and if investors grow cautious with the potential headwinds for the stock market" said Edward Moya, Senior Market Analyst at OANDA. 

Crypto analyst Michael Van de Poppe said Bitcoin is showing some interesting structures. It has managed to stay above the 200-Week EMA and has bounced back convincingly from that region. Additionally, the previous resistance level has now turned into a support level, paving the way for a potential new rally.  "Coming weeks we’ll see, but another rally to $38K is on the cards."

https://twitter.com/CryptoMichNL/status/1671256355217477632

He added, "Blackrock applies for Spot ETF.  Deutsche Bank joins for a digital asset license. Fidelity, Citadel & Schwab create exchange.  And you think Bitcoin goes to $12K. F**k off, buy your Altcoins and wait. This is your time.

Data analytics firm Santiment reported significant price pumps across the board thanks to Bitcoin’s recent jump back above $28.8k and Ethereum’s return above $1,820. Santiment’s coverage of 2,648 crypto assets revealed that trading volume is up by 30.2% compared to the past week, and discussion rates have significantly increased.

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