The United States's oldest bank -- Bank of New York MellonCorp. -- announced last week that it will hold, transfer, and issue bitcoin and other cryptocurrencies on behalf of its asset management clients. This announcement marks a huge milestone for bitcoin, pushing it into the Wall Street mainstream.
Prior to this announcement, many readers know that buying cryptocurrency meant working with a non-traditional custodian, like Coinbase. For giant custodians like BNY Mellon and Fidelity, this meant have some client assets custodied elsewhere. With an increasing number of institutional and retail investors flocking to bitcoin and other cryptocurrencies, it made sense for BNY Mellon to step-in and try to take some market share.
The move to have bitcoin and select other cryptocurrencies custodied at BNY Mellon means developing a new platform, which is currently in beta. Otherwise, the digital assets would pass through the same 'plumbing,' and have the same security and insurance, as traditional holdings like stocks and U.S. Treasuries.
Cryptocurrencies by their very nature are hardly eager to enter the mainstream -- after all, they were invented as a means to circumvent archaic and outdated systems of fiat currencies and traditional contracts. However, with announcement's like BNY Mellon's, bitcoin and other cryptos take a step closer to becoming widely accepted as legitimate, which is a key step to longevity and ultimately, higher prices.
The 10-day moving average for BTC.X crossed bearishly below the 50-day moving average on April 17, 2024. This indicates that the trend has shifted lower and could be considered a sell signal. In of 19 past instances when the 10-day crossed below the 50-day, the stock continued to move higher over the following month. The odds of a continued downward trend are .
The Stochastic Oscillator has been in the overbought zone for 2 days. Expect a price pull-back in the near future.
BTC.X moved below its 50-day moving average on April 13, 2024 date and that indicates a change from an upward trend to a downward trend.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where BTC.X declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
The Momentum Indicator moved above the 0 level on April 25, 2024. You may want to consider a long position or call options on BTC.X as a result. In of 135 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are .
BTC.X may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options.
The Aroon Indicator entered an Uptrend today. In of 438 cases where BTC.X Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are .
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows