Ether gains 60% in 2024 | Are Cryptocurrencies gaining momentum over Ether ETF approval?
On Tuesday, Ethereum was poised for its largest two-day surge in almost two years, driven by speculation over the outcome of U.S. spot exchange-traded fund applications for the world's second-largest cryptocurrency. Ether increased by over 8% to nearly $3,780, following a nearly 14% jump on Monday. Bitcoin also saw gains, now just 4% below its March peak of over $73,800.
Cryptocurrencies driven by speculative motives, retail investors should be careful: RBI Bulletin
Interest in cryptocurrencies is driven by speculative motives rather than a means of payment for real economic transactions, the RBI bulletin has said
Cryptocurrencies are driven by speculative motives and retail investors need to be more careful, the Reserve Bank of India (RBI) has said, as it continues to be sceptical of private digital currencies which it sees as a risk to the financial system. “Our findings suggest that the interest in cryptocurrencies are driven by speculative motives rather than a means of payment for real economic transactions. As the crypto ecosystem lacks accountability and stability and is marked by regulatory ambiguity, retail investors need to be more cautious,” the central bank said in its bulletin released on May 21. The RBI Bulletin is a monthly publication that offers insights into the developments in domestic and global economies but doesn’t represent the views of the central bank. Cryptocurrency is a digital asset designed to be used on the internet. The name originates from the fact that all of its transactions are highly encrypted, making the exchanges secure. It is decentralised, unlike traditional currencies, which are managed and controlled by a central authority. A cryptocurrency is finite in number and at times equated to precious metals like gold and silver.
The price action on the daily timeframe level is bouncing back from its Horizontal Support level which is marked between the $0.04089 to $0.03826 level.
The price action has left out the candle imbalance level at the upper side between the $0.05770 to $0.04942 level which will fill out after the price action retests out ➖➖➖➖➖ @MFNT
The price action of $WAXP has formed a bullish harmonic shark pattern, with the price action reversing from its Potential Reversal Zone (PRZ) between the 0.886 to 1.13 Fibonacci levels. 📈
The price action is currently holding its horizontal support level, marked between $0.06092 to $0.05734. 📊 ➖➖➖➖➖ @MFNT