Rueters Survey Shows Growing Acceptance of Digital Assets; Cryptocurrencies Trading in The Red

By:

Published: Apr 25, 2018, 11:14 UTC

Digital assets have maintained their solid short-term trend but dropped on Wednesday morning. A recent survey from Thomson- Reuters shows a growing acceptance of cryptocurrencies by financial institutions.

The Thomson-Reuters news agency has conducted a survey of approximately 400 financial firms and found that nearly 20 percent of them are looking at the possibility of allowing digital assets to be traded within the next year. As cryptocurrencies gather more mainstream acceptance, and exchanges like the Chicago Mercantile Exchange allow for the trading of futures contracts, it is creating a foundation for institutional trading firms to engineer financial mechanisms in order to meet the demand of businesses and the public.

Ripple Provides Crypto Traders with a Solid Barometer of the Market

Ripple continues to provide crypto traders with a solid barometer. The value of XRP has climbed to about eighty-six cents per coin although, on Wednesday, the coin dropped 11%, trading at 0.80 cents. Having been at sixty-one cents per XRP only ten days ago, the gains made by Ripple are large – but they do reflect the trend experienced by other major digital assets recently. Key resistance for XRP can be visualized at the 1.00 Dollar juncture, while support now appears to be the sixty-one cents level. If Ripple is able to climb towards the one dollar mark and sustain its value, it would be the first time since mid-February it has achieved that success.

Ripple Daily Chart

Suggested Articles

Pundits Singing the Praises of Cryptocurrencies Again

The last two weeks have provided cryptocurrency pundits with plenty of opportunities to praise the surging values of digital assets again. Many analysts are predicting more value for Bitcoin and the other major coins – pointing to the historical trends of Bitcoin, which has suffered significant volatility over the past few years and always managed to recover and produce greater values. However, traders should remain alert for potential downturns as on Wednesday, cryptocurrencies suffer a sharp drop in prices. While technical charts have improved for cryptos – their values still remain in bear territory.

Frankfurt Blockchain Summit Tomorrow
Business leaders and technology innovators will gather in Frankfurt, Germany for a Blockchain Summit tomorrow. There will be roundtable discussions and networking opportunities at the event.

April 26th, Germany, Blockchain Summit Frankfurt

Yaron Mazor is a senior analyst at SuperTraderTV.

SuperTraderTV Academy is a leader in investing and stock trading education. Sign up for a class today to learn proven strategies on how to trade smarter.

About the Author

Yaron Mazorcontributor

Yaron has been involved with the capital markets since 1998. During the past 16 years, Yaron has been a day and swing stocks trader in the American market. Yaron has founded and made successful investments into businesses spanning exciting industries – from apparel to restaurants and bars, to high tech, medical technology, and education.